VANCOUVER, June 17, 2011 /CNW/ - Tasman Metals Ltd. ("Tasman" or the "Company") (TSXV: TSM) (Frankfurt:
T61) (Pink Sheets: TASXF). Mr Mark Saxon, President & CEO, reports that the winter/spring drilling
program undertaken at Company's 100% owned Norra Karr heavy rare earth
element (REE) - zirconium (Zr) project in Sweden is now complete.
Twenty three new holes were completed and 6 existing drill holes were
extended, for a total of 4,734m of drilling.
The thickness of REE - Zr mineralization at Norra Karr has been expanded
significantly by this drilling program. The mineralized intrusion has
been intersected to a maximum down-hole depth of 298.8m in drill hole
NKA11040, which ended in the intrusion at the limit of the available
drill rods. This hole extended the depth of intrusion approximately
100m below the lower limit of current NI 43-101 compliant inferred
resource. Assays are awaited for much of the 2011 drilling program,
which will be reported as they come to hand.
With this substantial increase in drilling data, Tasman has contracted
independent consultants Pincock, Allen & Holt of Colorado to update the
existing NI 43-101 resource calculation. This new calculation will
define an "in-pit" resource and incorporate more than twice the
drilling data that was used in the initial calculation. This resource
will form the basis for a future Preliminary Economic Assessment on the
Norra Karr project.
Norra Karr is characterized by containing the highest proportion of the
high value HREO (heavy rare earth oxide) of all advanced projects in
the Western World, as evaluated by industry analysts at Technology
Metals Research LLC (www.techmetalsresearch.com), with HREO as a percentage of TREO (total rare earth oxide) exceeding
50%. Of particular note are the high grades of Y2O3 (yttrium oxide) and Dy2O3 (dysprosium oxide) both metals with strong demand in the lighting and
automotive industries, and with few potential sources outside China. In
addition, Technology Metals Research show Norra Karr to be the fourth
largest heavy rare earth project in the Western World by contained
Mineralization occurs within the Norra Karr peralkaline nepheline
syenite intrusion, which covers 350m x 1,100m, first discovered in
1906, and subsequently test mined for nepheline, Zr and Hf. Better
grades of mineralization in drill holes appear associated with
partially melted or pegmatitic intervals within the intrusion. Recent
mineralogical work by SGS Mineral Services has shown REE bearing
minerals to be zirconosilicates, principally eudialyte and catapleiite.
The project shows geological similarity to advanced projects at Strange
Lake (Quebec) and Dubbo (Australia).
Norra Karr is located in southern Sweden, 300km SW of the capital
Stockholm and lies in mixed farming and forestry land. The site is well
serviced by power, roads and water allowing all year round access, plus
a local skilled community. For an overview of the infrastructure and
resource at site, please see a recent 3D fly through video at http://www.tasmanmetals.com/i/videos/video1/index.html.
About Tasman Metals Ltd.
Tasman Metals Ltd is a Canadian mineral exploration and development
company focused on Rare Earth Elements (REE's) in the European region
and is listed on the TSX Venture Exchange under the symbol "TSM". REE
demand is increasing, due to the metals unique properties that make
them essential for high technology and environmentally-beneficial
applications. Since over 95% of REE supply is sourced from China, the
European Union is actively supporting policy to promote domestic supply
of REE's, to ensure the security of high-tech industry. Tasman's
exploration portfolio is uniquely placed, with the capacity to deliver
"high-tech" metals from politically stable, mining friendly
jurisdictions with developed infrastructure.
The Company's Norra Karr project in Sweden is one of the most
significant heavy REE resources in the world, and the only NI43-101
compliant REE resource in mainland Europe. With a TREO (total rare
earth oxide) cut off of 0.4%, the Inferred Mineral Resource comprises
60.5 million tonnes grading 0.54% TREO and 1.72% ZrO2 (zirconium
oxide), with 53.7% of the TREO being the higher value HREO (heavy rare
earth oxide). The resource is unusually low in radioactive metals
relative to peer projects, with less than 15 ppm each of uranium and
Tasman's cash position is approximately C$14.0 million.
For more information regarding rare earth elements, see the Rare Metal
Blog at www.raremetalblog.com or Resource Stock Digest at http://strategicmetalstocks.resourcestockdigest.com/.
On behalf of the Board,
Mark Saxon, President & CEO
Samples submitted by Tasman Metals Ltd were analyzed by the ME-MS81
technique by ALS Chemex Ltd's laboratories in Pitea, Sweden and
Vancouver, Canada, where duplicates, repeats, blanks and known
standards were inserted according to standard industry practice. Where
over-range for ME-MS81, Zr was determined using the ME-XRF10 technique.
The qualified person for the Company's exploration projects, Mark
Saxon, President and Chief Executive Officer of Tasman and a Member of
the Australasian Institute of Mining and Metallurgy and Australian
Institute of Geoscientists, has reviewed and verified the contents of
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange),
nor the Frankfurt Stock Exchange accepts responsibility for the
adequacy or accuracy of this news release.
Cautionary Note to U.S. Investors Concerning Estimates of Inferred
Resources. This news release uses the term "inferred mineral resource." We
advise U.S. investors that this term is not recognized by the U.S.
Securities and Exchange Commission. The estimation of inferrred
resources involves far greater uncertainty as to their existence and
economic viability than the estimation of other categories of
resources. U.S. investors are cautioned not to assume that estimates of
inferred mineral resources exist, are economically minable, or will be
upgraded into measured or indicated mineral resources.
Forward Looking Statements. This Company news release contains certain "forward-looking" statements
and information relating to the Company that are based on the beliefs
of the Company's management as well as assumptions made by and
information currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations, competitive
factors, general economic conditions, customer relations, relationships
with vendors and strategic partners, the interest rate environment,
governmental regulation and supervision, seasonality, technological
change, changes in industry practices, and one-time events. Should any
one or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
SOURCE Tasman Metals Ltd.
For further information:
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Company Contact: Mariana Bermudez +1 (604) 685 9316
Investor Relation Consultants - Mining Interactive
Nick Nicolaas +1 (604) 657 4058