HALIFAX, Feb. 21, 2012 /CNW/ - Namibia Rare Earths Inc. ("Namibia Rare Earths" or the "Company") (TSX: NRE) is pleased to report that it has completed the first 20 holes (2,061 meters) of a planned 6,000 meter resource drilling program on the Area 4 heavy rare earth enriched1 target on the Lofdal Rare Earth Project in northwestern Namibia (Figure 1). A total of 950 samples have been submitted for sample preparation by Activation Laboratories Ltd. in Windhoek and over 650 samples have been received for analysis at their laboratory in Canada. In addition, nine of 13 planned trenches have been completed and are ready for sampling. First results should be available for release within the next 2 weeks. The resource program is on schedule for completion by the end of April with delivery of the NI 43-101 compliant mineral resource report in the third quarter of 2012. Concurrent with the drilling program, 100 line kilometers of gradient array induced polarization geophysical surveys have been completed over prospective extensions of the favourable heavy rare earth-enriched structure emanating from Area 4 and a more detailed pole-dipole array survey is being carried out over potential drill targets.
Don Burton, President of Namibia Rare Earths stated, "All aspects of the planned resource drilling program are proceeding on schedule and the targeted mineralized zones are being intersected as predicted from our preliminary modeling. Lab turnaround time is anticipated to be within 2 weeks from receipt of samples in Canada so this will shortly provide a steady flow of drill results. The results of the geophysical surveys are confirming the position of favourable structures on the ground which will be ground-truthed by geological mapping and sampling. Geophysical interpretations will be provided following completion of the pole-dipole survey within the next two weeks."
Resource Drilling Program
The mineral resource drilling program is being carried out on the Area 4 heavy rare earth enriched1 target where the 2011 exploration drilling program had delineated significant rare earth mineralization over a 650 meter strike length (Figure 2). The 6,000 meter drilling program will focus on the first 75 vertical meters of the zone with selected step back holes to 100-150 vertical meters. Drilling services are being provided by JGM Drilling and Exploration of Namibia. Down-hole geophysical surveys for rock density measurements have been completed on 16 drill holes to date by Gregory Symons Geophysics of Namibia.
Drill results previously released from Area 4 (Company press releases August 3, September 15 and December 5, 2011) have demonstrated that the zone exhibits exceptional heavy rare earth enrichment of 70 to 95% over drill widths of 4.0 to 19.0 meters with average grades of between 0.2 to 1.3% TREO. Within this zone there are higher grade intervals over drill widths of 0.35 to 6.0 meters with average grades of 1.0 to 6.2% TREO with up to 98% heavy rare earth enrichment. Highlights have been reported as follows:
- 1.28% TREO over 16.00 meters with 94.5% HREE enrichment (including 6.18% TREO over 2.00 meters with 98.4% HREE enrichment)
- 0.92% TREO over 19.00 meters with 91.5% HREE enrichment (including 2.43% TREO over 6.00 meters with 96.3% HREE enrichment)
- 0.66% TREO over 11.00 meters with 85.4% HREE enrichment (including 1.69% TREO over 2.00 meters with 90.3% HREE enrichment)
- 0.62% TREO over 10.00 meters with 81.0% HREE enrichment (including 1.04% TREO over 4.00 meters with 94.2% HREE enrichment)
- 0.57% TREO over 12.52 meters with 85.8% HREE enrichment (including 1.66% TREO over 2.14 meters with 97.2% HREE enrichment)
- 0.56% TREO over 9.00 meters with 73.4% HREE enrichment (including 1.14% TREO over 3.00 meters with 87.8% HREE enrichment)
- 0.49% TREO over 9.00 meters with 81.2% HREE enrichment (including 1.05% TREO over 2.89 meters with 87.7% HREE enrichment)
- 0.40% TREO over 4.28 meters with 86.2% HREE enrichment (including 0.98% TREO over 0.49 meters with 97.8% HREE enrichment)
- 0.34% TREO over 11.00 meters with 88.3% HREE enrichment (including 1.38% TREO over 1.00 meters with 97.0% HREE enrichment
Intercept widths are reported as down the hole widths and are not necessarily true widths. Interpreted dips of the mineralized zones vary from 45 to 80 degrees and all holes were drilled at -55 degrees. For a complete listing of all analytical results please refer to tables in respective Company press releases Company press releases of August 3, September 15 and December 5, 2011.
43-101 Resource Estimate
MSA Group of South Africa has been engaged to deliver a National Instrument 43-101 compliant resource estimate which is targeted to be completed in third quarter 2012. Independent Qualified Persons working with MSA on the project include H. Scott Swinden, PhD, P.Geo. of Swinden Geoscience Consultants Ltd. and Peter Siegfried, MSc, MAusIMM of GeoAfrica Prospecting Services cc who co-authored the qualifying technical report for the Company's initial public offering in 2011. Geological services are being provided by Remote Exploration Services Namibia (Pty) Ltd. under the supervision of Franck Bizouerne, Exploration Manager for Namibia Rare Earths Inc. Mineralogical studies and support are being provided by Dr. James Clarke of Applied Petrographics (USA) and samples are being submitted to Activation Laboratories Ltd. for preparation (Namibia) and analyses (Canada).
Donald M. Burton, P.Geo. and President of Namibia Rare Earths is the Company's Qualified Person and has reviewed and approved this press release.
About Namibia Rare Earths Inc.
Namibia Rare Earths Inc. is developing a portfolio of mineral exploration projects in Namibia and is currently focused on the accelerated development of the Lofdal Rare Earths Project. The Company completed a CDN$28.75 million initial public offering and Toronto Stock Exchange listing in April, 2011 and is well funded to carry out its development program. The common shares of Namibia Rare Earths Inc. trade on the Toronto Stock Exchange under the symbol "NRE".
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THE CONTENT OF THIS RELEASE
1 As per industry norms heavy rare earths ("HREE") and their oxide equivalents ("HREO") comprise europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu) and yttrium (Y). Light rare earths ("LREE") and their oxide equivalents ("LREO") comprise lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd) and samarium (Sm). Total rare earths ("TREE") and their oxide equivalent ("TREO") comprise HREE+LREE (HREO+LREO). "Heavy rare earth enrichment" is the ratio of HREE:TREE or HREO:TREO expressed as a percentage. Ratios are calculated from source data and may vary from use of rounded numbers in tables.
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