VANCOUVER, June 15 /CNW/ - Rare Element Resources Ltd. (TSX-V: RES)
("Rare Element" or the "Company") is pleased to announce its planned
rare-earth-element (REE) exploration and evaluation program for 2009 on the
Company's 100% owned Bear Lodge property located in northeastern Wyoming, USA.
Ten to fifteen drill holes are planned for the Bull Hill area in order to
confirm and expand the known resource, and to test new target areas. The
drilling should provide material for continued metallurgical testing to
develop a commercial process to economically recover the rare earths.
Drilling planned for the Bull Hill Southwest resource area will include
in-fill, step-out, and confirmation (metallurgical sample) holes. The
following REE targets will be tested:
1) In-fill drilling of large-diameter confirmation holes will test the
main resource area in part to provide mineralized sample material for
metallurgical testing. These holes will also contribute to upgrading
the inferred resource category.
2) Step-out drilling to the west will test an offset portion of the
deposit across the West Bull Hill fault, which is currently
interpreted as the western boundary of the deposit. One or more holes
may be drilled to a depth of up to 2,000 feet to test for a
conceptual carbonatite plug beneath a carbonatite stockwork zone.
3) Expansion of the deposit uphill from the resource area in the
uppermost portion of the oxidized carbonatite dikes has potential to
add 3 to 5 million tons of oxidized mineralized material averaging
4.0 to 4.5% REO. This zone of mineralization is open both to the
northwest and to the southeast.
The most attractive target in addition to Bull Hill Southwest is the Bull
Hill Northwest target, located about 1,000 feet north of the Bull Hill
Southwest target. The Bull Hill Northwest target was identified by the
historical drill-hole WP-2. Drill hole WP-2 was an angle hole that intercepted
186 feet of near-surface REE mineralization averaging 9.56% REO(*) in the depth
interval from 23 to 209 feet. The orientation of these dikes(?) is not known
with certainty, but one interpretation suggests that they may have a true
thickness of 40.3 feet. Several closely spaced holes will be drilled to
determine and test the orientation and continuity of the mineralization.
During the past several years (2004-2008) Rare Element split, sampled,
and assayed only the massive carbonatite or oxidized carbonatite (FMR)
intervals in the drill holes. In 2009 the Company plans to split, sample, and
assay a number of additional intervals in the older drill holes that have
significant stockworks or veins of carbonatite that occur adjacent to the
massive dikes in order to provide a more complete dataset of REE assays and
contribute to a more robust resource model.
"Rare Element is focused on expanding the resource and establishing a
viable metallurgical process to understand the full potential of the
rare-earth mineralization on the Bear Lodge property. The exploration program
is being accelerated to achieve an accurate valuation of the property, in
parallel with the gold exploration activities being conducted by Newmont
Mining", stated Don Ranta, President of Rare Element.
(*) These Hecla Mining Company drill-hole assay data are historical and
were prepared before the introduction of National Instrument 43-101- Standards
of Disclosure for Mineral Projects ("NI 43-101"). They may not be relied upon
until they are confirmed using methods and standards that comply with those
required by NI 43-101. These data are used to guide exploration as the Company
conducts additional drilling in accordance with the requirements of NI 43-101.
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded mineral
resource company focused on gold and strategic metals such as the rare-earth
elements. Rare Element and Newmont have entered into the Sundance gold
exploration joint venture on the Company's Wyoming property. Newmont has the
right to earn a 65% working interest in Rare Element's property, excluding any
rights to the rare-earth elements and uranium but including rights to gold and
other metals, by performing US$5 million in property work expenditures over a
five-year period. Newmont also has the right to earn an additional 15% working
interest by completing a positive project feasibility study.
Rare Element's Bear Lodge property, Wyoming, also encompasses one of the
largest disseminated rare-earth occurrences in North America (M H Staatz,
1983, US Geological Survey Professional Paper 1049D). In parallel with the
Sundance gold-focused exploration project, Rare Element has completed a NI
43-101 compliant resource estimate and a Technical Report on the Bear Lodge
Rare-Earth Mineralization. The Company is also continuing with a metallurgical
testing program of the drill-hole samples collected during 2008 and planning a
2009 drilling program to increase the resources.
ON BEHALF OF THE BOARD
Donald E. Ranta, Phd. PGeo.
Director, 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
For further information:
For further information: refer to the Company's website at
www.rareelementresources.com or contact: Donald E Ranta, President & CEO,
(604) 687-3520, firstname.lastname@example.org; Mark T. Brown, CFO, (604)
687-3520 ext. 242, email@example.com