VANCOUVER, Jan. 13 /PRNewswire/ - GREENLIGHT RESOURCES
INC. (TSXV.GR), announces that the prospecting team has
once again been mobilized to the Brazil Lake Lithium Property. The
exploration program for 2011 will consist of mapping and a
prospecting program, on the unexplored ground staked in early march
2010. This area is approximately 7 km by 2 km and surrounds the
company's recently drilled Lithium bearing pegmatites. Pegmaties do
occur in swarms and this area is covered in pegmatite float showing
it is worthy of a detailed exploration program. Approximately 80 km
of grid with 100 meter line spacing will be established. Areas that
show the presence of lithium pegmatite float will be soil sampled
using SGH (soil-gas-hydrocarbons) sampling protocols established by
Activation Labs based in Aurora Ontario. Areas where pegmatites
were previously identified such as at Deerfield, Church Road,
Bloomfield, Gardiners Mills and North Brazil Lake will also be
tested using the SGH technique. Test sampling over the known
lithium bearing pegmatite dikes will provide the comparative
background for this work. Any anomalous situations identified by
this survey will be followed up with excavator trenching in a
effort to identify drill targets.
The Company further announces that the repairs
at the assay lab have been completed. A majority of the assay
results from the 2800m structural testing drill program completed
last fall, on the lithium bearing pegmatites at Brazil Lake, have
now been received and are being interpreted. When the remaining
assay's are received, they will be mapped and processed as well.
Results will be released upon completion.
The Company also announces that it has closed
the first tranche of its non-brokered private placement consisting
of 2,200,000 units in the capital stock for total gross proceeds of
$396,000 announced on December 15, 2010. The Company has
closed a total of 1,517,500 units of common shares for total gross
proceeds of $273,150. The second tranche of the offering has
been submitted for TSX approval and is expected to close in the
near term. Each unit consists of one common share and one
share purchase warrant. Each share purchase warrant will entitle
the holder thereof to purchase one additional share of the Company
at a price of $0.25 per share for a period of one year from the
closing date of the private placement. The shares are subject
to a four month hold period.
About GreenLight Resources Inc.:
GreenLight Resources Inc. is focused on
exploration in eastern Canada.
Lithium and Rare Metals Project
The Company's Brazil Lake Lithium property is a
hard rock lithium project, this pegmatite field under the
companie's control is 8,520 acres in size. It is located
approximately 30 kilometres north of Yarmouth, Nova Scotia. The
company has yet to explore this pegmatite field but plans to do so
early in 2011. To date the company has had success focusing on a
small portion of the pegmatite field. Exploration and drilling has
successfully revealed two Lithium bearing pegmatite dikes. In
addition to Lithium, the dikes host several other rare metals such
as tantalum, niobium, beryllium, tungsten tin and rubidium.
Metallurgical bench testing to date has also revealed other
potential economic targets, including cosmetic grade mica, silica
chloride, aluminum chloride and rubidium enriched potassium
feldspar.
Rare Earth Element Project
On October 15th 2010, the Company announced the
signing of a letter of intent to earn up to a 100% undivided
interest in the Porcupine-Upper Miramichi Rare Earth Property in
New Brunswick. The primary target is the various rare earth
elements (REE) that were discovered in soil samples on the property
in 2007. Soil assays for REE's include Samarium (Sm), with
reported with grades of up to 218 ppm (g/t) and Dysprosium (Dy)
with grades of up to 98.6 ppm (g/t), Neodymium (Nd) with
grades of up to 1190 ppm (g/t), Ytterbium (Yb) with grades of
up to 31.3 ppm (g/t) and Yttrium (Y) with grades of up to 472
ppm (g/t). Reported assays for Heavy REE's include Terbium
(Tb) with grades up to 20.3 ppm (g/t) and Ytterbium (Yb) with
grades up to 31.3 ppm (g/t) while reported light rare earth metals
include Cerium (Ce) with grades up to 459 ppm (g/t) and Lanthanum
(La) with grades up to 1,300 ppm (g/t).
Gold Project - Kemptville
On November 5, 2010, the Company, announced a
letter of intent to acquire a high grade gold prospect located in
one of Nova Scotia's historic gold mining districts. The
Property is comprised of 127 claims (40 acres each) for a total of
5,080 acres. High grade gold was discovered on the property
over 100 years ago and was produced primarily in the late 1800's
from two underground mines, the Kempt and the Cowan. Modern
exploration techniques were used to identify a target area
between the two former producers featuring numerous high grade
angular float boulders, several of which have assayed over 300 g/t
(grams per tonne) (about 9 ounces/ton) Au. Recent bulk till
sampling over an area approximately three square kilometres has
identified a very large "gold in till" anomaly measuring
approximately 800 meters in width and extending 2,000 meters down
ice. It is centered in an area between the two former mines,
coincident with the area of high grade float. The analysis
revealed gold grain counts up to about 1,000 grains in a standard
10 kilogram basal till sample. Analysis of the morphology of
the gold grains indicates that they have travelled only about 100
meters from source. This technique played an important part
in identifying some of the zones in the very large Rainey River
gold property in Ontario. However, float samples are selective by
nature and are unlikely to represent average grades on the
property. The company has recently completed a IP Survey over
the property, as well as a soil sampling program using SGH
(soil-gas-hydrocarbons) sampling protocols established by
Activation Labs based in Aurora Ontario. The company is currently
interpreting the data from these programs and digitizing previous
work to assist in identifying drill targets.
Patrick Forseille, P. Geo., a Qualified Person
as defined by NI 43-101 is responsible for the technical
information contained in this release.
On Behalf of the board of directors
"Ron Bourgeois"
Ron Bourgeois, President
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info@GreenLightResources.ca
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking statements relating to future events or future
performance and reflecting Green Light Resources management's
expectations or beliefs regarding future events include, but are
not limited to, statements with respect to completion of the
private placement and related matters. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Green Light Resources to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, risks related to actual results of current
exploration activities; changes in project parameters as plans
continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in Green Light Resources interim and
annual financial statements and management's discussion and
analysis of those statements, all of which are filed and available
for review on SEDAR at www.sedar.com. Although Green Light
Resources has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward looking statements.
SOURCE Greenlight Resources Inc.
Copyright . 13 PR Newswire
