VANCOUVER, Jan. 13, 2012 /CNW/ - Tasman Metals Ltd. ("Tasman" or the "Company") (TSXV - TSM; Frankfurt - T61; NYSE AMEX - TAS). Mr Mark Saxon, President & CEO, is pleased to announce that the fourth phase of drilling is now underway at the Norra Karr heavy rare earth and zirconium project in southern Sweden. This drilling program will infill the resource area to 50 m section spacing, and acquire up to eight tonnes of mineralized rock for metallurgical test work. The Phase 4 program will consist of an additional 40 holes for a total of approximately 8000 m. Two drill rigs are now on site, and the program is anticipated to take approximately three months to complete.
Results from the Phase 4 drilling program will advance the current NI43-101 compliant inferred mineral resource towards indicated and measured status. Larger diameter drill core will supply bulk material for a pilot plant scale test of Tasman's metallurgical process, which is scheduled to commence in 2012. In addition, extensive geotechnical data is being collected under the guidance of an independent consultant, which will provide a basis for pit design in Tasman's planned pre-feasibility study.
"We are pleased to have this important next phase of drilling underway at Norra Karr in southern Sweden" said Mark Saxon, Tasman's President & CEO. "We currently have two drill rigs on site, operated by two Swedish drill contractors who have performed very well for us in the past. In this phase, core cutting, core logging, and all rig support will be undertaken at Tasman's new core depot set up in Gränna, the village closest to the Norra Karr project."
Norra Karr is characterized by being unusually enriched in the high value HREO when compared to peer projects tracked by industry analysts at Technology Metals Research LLC (www.techmetalsresearch.com), with HREO as a percentage of TREO exceeding 50%. Of particular note are the high grades of Y2O3 (yttrium oxide), Dy2O3 (dysprosium oxide) and Tb2O3 (terbium oxide), 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 metal.
Mineralization occurs within the Norra Karr peralkaline nepheline syenite intrusion, which covers an area of 350m by 1100m, 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, both of which are soluble in sulphuric acid. 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, please see a recent 3D fly through video at http://www.tasmanmetals.com/i/videos/video1/index.html. A recent ResourceStockDigest interview with Tasman CEO Mark Saxon can be heard at: http://resourcestockdigest.com/archives/interview_hold/index.php?&content_id=2453.
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 thorium.
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
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), the American Stock Exchange or 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.
Cautionary Statements. Certain statements found in this release may constitute forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the speaker's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. 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. Forward-looking statements cannot be guaranteed and actual results may vary materially due to the uncertainties and risks, known and unknown, associated with such statements. Shareholders and other readers should not place undue reliance on "forward-looking statements," as such statements speak only as of the date of this release.
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