TSX-V: RES
VANCOUVER, July 13 /PRNewswire-FirstCall/ - Rare Element
Resources Ltd. (TSX-V: RES) is pleased to announce that drilling
has begun on the Sundance gold
project, which lies on the same property as the Bear Lodge
rare-earths project in Wyoming.
Gold exploration activity during 2010 will be focused on: 1) more
detailed definition of known gold-mineralized targets with in-fill
drilling, and 2) discovery of higher grade gold mineralization. The
vast majority of the drilling will be conducted on near-surface
targets with oxide zone mineralization, especially Smith, Taylor,
and Carbon (Figure 1). Work is
being conducted under a permit that allows up to 200 acres of
disturbance.
One reverse circulation drill rig will be used initially to test
the gold mineralization with approximately 35-40 angle drill holes,
ranging from 500 to 800 feet in depth. A second drill rig may be
added later in the program. A few deeper holes will be drilled
where geological conditions and target concepts warrant testing for
high-grade gold mineralization.
Over the past 4 years, geologist John
Ray managed exploration activities on the Sundance venture. Through his guidance the
Sundance gold-focused exploration
project was advanced significantly, and the geology, geochemistry,
and geophysics of the entire project area are much better
understood. During this time, the gold mineralized areas were
expanded and better defined. A total of 45 holes were drilled in
the venture area and another 13 holes into claims held outside the
venture. Many of the holes contain long intervals of low-grade gold
mineralization (Table 1). The outside claims have now been
transferred to the Company. Previous metallurgical testing of gold
project drill samples indicates excellent gold recoveries (70-80%)
depending on the crush size.
"Rare Element recognizes the opportunity to define a significant
low-grade gold resource with a relatively modest exploration
program of in-fill drilling. With John
Ray managing our gold project, we have a seasoned veteran
guiding our gold exploration," stated Dr. Don Ranta, President.
The Company's evaluation effort on the gold system is planned to
culminate in an NI 43-101-compliant resource estimate that is
scheduled for completion early in 2011.
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded
mineral resource company focused on exploration and development of
rare-earth elements and gold on the Bear Lodge property. Gold
exploration is being conducted as the Sundance project.
Rare-earth elements are key components of the green energy
technologies and other high-technology applications. Some of the
major applications include hybrid automobiles, plug-in electric
automobiles, advanced wind turbines, computer hard drives, compact
fluorescent light bulbs, metal alloys, additives in ceramics and
glass, petroleum cracking catalysts, and a number of critical
military applications. China
currently produces more than 95% of the 130,000 metric tonnes of
rare-earths consumed annually worldwide, and China has been reducing its exports of rare
earths each year. The rare-earth market is growing rapidly, and is
projected to accelerate if the green technologies are implemented
on a broad scale.
ON BEHALF OF THE BOARD
Donald E. Ranta, PhD, PGeo,
President & CEO
Donald E. Ranta, PhD, PGeo,
serves the Board of Directors of the Company as an internal,
technically Qualified Person. Technical information in this news
release has been reviewed by Dr. Ranta and has been prepared in
accordance with Canadian regulatory requirements that are set out
in National Instrument 43-101. This news release was prepared by
Company management, which takes full responsibility for content.
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.
Figure 1 Bear Lodge Mountains Geology and Location Map of Gold
Targets
http://files.newswire.ca/675/Figure-1-Rare-Element.doc
Table 1 Examples of Recent Drilling Results on Sundance Gold Project
Target Interval (m) Intercept (m) Gold Assay (g/t)
------------ ------------- ----------------
Sun-01 Carbon 1.5 - 48.8 47.3 0.56
includes 19.8 - 29.0 9.2 1.17
Sun-02 Carbon 1.5 - 39.6 38.1 0.40
plus 83.8 - 141.8 57.9 0.53
Sun-08 Taylor 0 - 126.5 126.5 0.44
Sun-09 Taylor 0 - 175.3 175.3 0.44
Sun-11 Carbon 7.6 - 54.9 47.3 0.46
Sun-13 Taylor 3.0 - 44.2 41.2 0.49
Sun-21 Carbon 0 - 155.5 155.5 0.66
includes 0 - 36.6 36.6 1.35
Sun-22 (Carbon) 0 - 45.7 45.7 0.66
includes 30.5 - 44.2 13.7 1.33
Sun-38 (Carbon) 1.5 - 86.9 85.4 0.47
includes 48.8 - 57.9 9.1 1.18
Sun-043 Smith 142 - 218 76 0.85
Sun-044 Smith 138 - 94 56 1.05
Sun-049 Smith 239 - 283 44 1.24
SOURCE Rare Element Resources Ltd.