(PRZCF.OTCBB)
(TSXV.GR)
VANCOUVER, Feb. 16 /PRNewswire/ - GREENLIGHT RESOURCES
INC. (TSXV.GR): In February
2010 the Company began the road of evolution from an oil and
gas explorer in Texas to a
Lithium/Rare Earth Element Company with a focus on Atlantic Canada. Below is a summary of the
Company's accomplishments completed in the past year that got us to
where we are today.
Completed a $250,000 equity financing in February 2010 when the company was trading at
$0.11
Acquired an advanced staged Lithium project in
Nova Scotia whereby the Company
can earn a 75% interest over a three-year program
Completed a series of equity financing from
April 2010 through to January 2011 for gross proceeds of $2,484,900.
Farmed out, in July
2010, its interest in the New Waverly Gas Project in
San Jacinto, County, Texas for a
12.5% carried working interest. This mitigated the Company's future
capital commitment and essentially completed the transformation
to a "Green" company..
In September 2010,
completed a 2,800 metre drill program to extend the North and South
dikes at the The Brazil Lake
lithium project and commenced the search for new pegmatite
dikes.
Commenced a Metallurgical evaluation program
aimed at testing a patented Silchlor technology to extract lithium
and other metals from the Spodumene ore at Brazil Lake
Entered into a Letter of Intent ("LOI") in
October 2010 to acquire 100%
ownership interest of two Rare Earth ("REE") properties in
New Brunswick
Entered into a LOI in November 2011 to acquire 80% ownership interest
in the Kemptville Gold Mining Camp 15 minutes away from the
Brazil lake Lithium Property
Have assembled an experienced team to
conduct the geological and field work to advance the three projects
in 2011.
2011 Objectives
Brazil Lake, Nova
Scotia
The Company is currently conducting an
aggressive program of prospecting, trenching and sampling to
discover new spodumene-bearing pegmatite targets at Brazil
Lake New pegmatite discoveries will be drill tested later in
the year We are also proceeding with the testing and
evaluation of its patented Silchlor Cyclic Vacuum Chlorination to
lower the cost of extracting Lithium and other valuable products
with minimal waste creating more valuable end products.
East Kemptville Gold Prospect, Nova Scotia
The Company is currently analyzing its recently
acquired geophysical data from its induced polarization/resistivity
survey over the property. We are currently processing,
modelling, inverting and interpreting the data which will be
incorporated into 3D maps which will include all other geochemical
and drill data from property. The compiled data will assist
in planning a drill program expected in the spring of 2011.
Upper Miramichi Porcupine Prospect,
New Brunswick
Initiate an exploration program including
prospecting, sampling and drilling at its Rare Earth Element
Prospect in New Brunswick. Copper and base metals will also
targeted during the program.
About GreenLight Resources Inc.:
GreenLight Resources Inc. is focused on
exploration in Atlantic
Canada.
Lithium and Rare Metals Project
The Company's Brazil Lake Lithium property is a
hard rock lithium project, this pegmatite field under the Company'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
The Property is comprised of 127 claims (40
acres each) for a total of 5,080 acres. The gold
property, located north of the village of Kemptville, encompasses one of Nova Scotia's historic gold mining districts,
and is less than a 20 minute drive along a paved highway from the
Company's Brazil Lake Lithium and rare metal property.
Eastern Geophysics Limited of West Pubnico, Nova Scotia, was recently
retained to conduct an induced polarization/resistivity (IP) survey
geophysical survey over the property which has been
completed. SJ Geophysics Ltd. of Delta BC, has been retained to analyze the
geophysical data, including processing, modelling, inverting and
interpretation of the geophysical data. 3D maps will be
produced compiling the geophysical data with all other
geochemical and drill data from property. The compiled data
will assist in planning a drill program expected in the spring of
2011.
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.
Patrick
Forseille, P. Geo., a Qualified Person as defined by NI
43-101 is responsible for the technical information contained in
this release.
The company also is granting options to buy
100,000 shares total to consultants of the company. The options
shall be exercisable at a price of 25
cents per share and shall have a term of two years.
On Behalf of the board of directors
"Ron Bourgeois"
Ron Bourgeois, President
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Tel: (604) 488-3900, email:
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 . 16 PR Newswire