(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.GR)
VANCOUVER, Aug. 18 /CNW/ - GREENLIGHT RESOURCES INC. (TSXV.GR), announces that it has signed a drilling agreement with Maritime Diamond Drilling Ltd., of Brookfield, Nova Scotia, to conduct a diamond drill program on its Brazil Lake Lithium and Rare Metal property in Nova Scotia. The program has commenced.
The drilling will be carried out on the two previously identified pegmatite dikes with the bulk of the drilling targeting the North dike. Approximately 1620 m in 10 holes will be drilled to define the North dike down to the -125 meter level over a strike length of 150 meters. Three tiers of holes will be drilled at 75 meters, 100 meters, and 125 meters. These holes will assist to define the geometry and grade of the North pegmatite dike. The second target is the South dike which will receive approximately 560 meters in 5 holes to define the dike down to the 50 meter level. If these holes are successful, the Company intends to drill another tier of holes at the 75 meter level which would entail a further 700 meters of drilling.
The current budget is for approximately 2,500 meters of drilling which allows for some exploratory holes outside of the main two target areas. Until very recently, the Company has had field crews conducting a detailed prospecting and mapping program over the property surrounding the current know dikes. The focus is on locating other pegmatite dikes in addition to the established North and South dikes. Excess drilling footage will be used to drill these new targets should any be found.
On June 17, 2010, the Company filed a NI 43-101 compliant report on the Brazil Lake property. Approximately 30 holes were drilled by the property's previous private owners. Results indicated that cores returned Li2O grades of economic interest. More specifically, hole BZ-02-15 returned a weighted average Li2O grade of 1.47% over a true width of 12.53 meters, beginning at a down hole depth of 30.9 m, and BZ-93-4 returned a weighted average grade of 1.27% Li2O over 20.9 meters true width, beginning at a down hole depth of 47.1 meters. These intercepts and others contain sub-interval Li2O grades exceeding 2.5%.
Other Potential Rare Metals and Industrial Minerals
Prior work on the Brazil Lake pegmatites has also been directed toward definition of valuable mineral or metal components additional to lithium, and preliminary results show that potential exists for creation of industrial mineral products such feldspar, quartz and mica. The company is also investigating potential for recovery of rubidium, tantalum and tin from the pegmatites. On March 2nd, the Company announced assay results from drill holes which addressed other rare metals contained within the Brazil Lake pegmatites. These included rubidium ("Rb"), beryllium ("Be") and tantalum ("Ta"). Examples of the grades included Hole No.02-15 in the lithium pegmatites which returned values up to 1,398 parts per million ("ppm") Rb over 15.3 meters including 2,625 ppm Rb over 4.2 meters. Hole No.02-24 in the lithium pegmatites returned Be values of up to 200 ppm over 35.8 meters, including 304 ppm Be over 14.9 meters. Also, hole No.93-2 in the lithium pegmatites returned Ta values of up to 102 ppm over 24 meters, including 541 ppm Ta over 1.0 meter.
John F. Wightman, M. Sc., FGAC, P. Eng., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
About Greenlight Resources Inc.:
Greenlight Resources Inc. is a Canadian exploration company focused on the discovery and development of Lithium and rare metal deposits. The Company is currently focused on the 3,160 acre Brazil Lake property is located approximately 30 kilometres north of Yarmouth, Nova Scotia, and 12 kilometres west of the Avalon Rare Metals (AVL) East Kemptville Project. Drilling to date 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.
On Behalf of the board of directors
Ron Bourgeois, President
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Forward-looking statements relating to future events or future performance and reflecting Petro Horizon's 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 Petro Horizon 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 Petro Horizon's 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 Petro Horizon 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.
For further information: For further information: Mr. John Curle, Investor Relations, 604-488-3900, IR@GreenLightResources.ca