Rare Earth Metals Reports Six New Discoveries From Its Letitia Lake/Red Wine Property In Labrador
Thunder Bay, ON – Rare Earth Metals Inc (“Rare Earth Metals”, “RA” or the “Company”) (TSX VENTURE:RA) is pleased to report additional prospect sampling results from its Letitia Lake/Red Wine property located in west central Labrador. Significant Rare Earth Element, Niobium, Zirconium and Beryllium mineralization has been identified in 6 new zones and the strike length of 2 previously reported zones has been extended. The latest results include 6.72% TREO (Total Rare Earth Oxides) in the new Dory Pond Zone on the B3N Block, and 4.91% TREO in the Two Tom Lake Mineralized Zone on the recently optioned Zimtu Claim Block. A diamond drill program is in progress with five holes completed on the Mann #1 deposit and seven holes completed on the Two Tom Zone. Assays from the initial holes are expected shortly and will be released as they become available. A brief description of the latest prospect results is as follows:
Two Tom
The Two Tom showing, located 18 km east of the main showing at the Mann #1 Zone, has now been defined as a NW trending mineralized zone that has been traced intermittently for a strike length of 1.3 kilometers across the Quinlan Option ground onto the recently optioned Zimtu property (see previous press release dated September 2, 2010). The mineralization is found in both intermittent outcrop and within large, 50 meter by up to 200 meter size boulder fields of 80-90% mineralized angular to sub-angular boulders. Results from prospecting on the Zimtu Option claims ranged from 0.31% up to 4.91% TREO, 0.12% to 0.77% Nb2O5, 0.08% up to 0.75% BeO, and 0.14% to 3.08% Zinc. The TREO values contained from 4 to 12% Heavy Rare Earth Oxides with an average of 7% HREO. Results from previously reported prospect samples (see previous press release dated August 31, 2010) collected on the Quinlan Option ground which hosts the main Two Tom showing ranged from 0.05% to 6.31% TREO, 0.02% to 8.71% Nb2O5, and 0.002% up to 2.00% BeO. Best trench results of 5 trenches completed and previously reported as well ranged up to 1.7% TREO, 0.34% Nb2O5, and 0.27% BeO over 17.8 meters. The west to east trend of the mineralized samples from the Two Tom trend has now been traced for 3 kilometers and is believed to reflect in part the regional glacial dispersion. Drill testing of the Two Tom Lake mineralized zone is underway with seven holes completed. Up to 10 holes are scheduled to be completed by month end. A map of the sample locations can be found on the company’s website at www.RareEarthMetals.ca.
Block 3 North
Block 3 North is located 13 kilometers southwest of the Mann #1 showing. Two new showings were discovered on this block, both coincident with airborne radiometric anomalies. A description of each is as follows:
B3N-1 – (3500 meter long radiometric anomaly) – Recent results from 56 additional prospect samples ranged from 0.03% to 3.75% TREO, 0.004% to 0.41% BeO, and 0% to 5.30% ZrO2. The TREO values ranged from 4% to 68% Heavy Rare Earth Oxides with the average being 35% HREO. Previous results of prospect samples ranged from 0.44% to 2.05% TREO and 0.24% to 1.48% ZrO2. The TREO values ranged from 18% to 42 % Heavy Rare Earth Oxides.
B3N-2 – (4500 meter long radiometric anomaly) – Results from 29 prospect samples include the discovery of a large mineralized boulder field, now referred to as the Dory Pond Zone, near the southwest end of the radiometric anomaly. Results from samples taken from 1 to 3 meter size boulders along the 500 meter to 1000 meter strike extent of the Dory Pond Zone ranged from 0.09% to 6.72% TREO and 0.01% to 1.23% ZrO2. The TREO values ranged from 5% to 30% Heavy Rare Earth Oxides. Drill testing of the Dory Pond mineralized zone is scheduled to be completed by month end.
Block 3 South
The Block 3 South Block is located 18 kilometers southwest of the Mann #1 deposit and 2 new showings have been delineated in the results from 98 prospect samples. A description of the results is as follows:
B3S-1 – (1100 meter radiometric anomaly) – Results of prospect samples ranged from 0.08% up to 1.59% TREO, and 0.006% to 1.79% ZrO2. The TREO values ranged from 1% to 65% Heavy Rare Earth Oxides.
B3S-4 – (1000 meter radiometric anomaly) – Values in prospect samples ranged from 0.09% up to 1.08% TREO, and 0.11% to 0.56% ZrO2. The TREO values ranged from 14% to 50% Heavy Rare Earth Oxides.
Mann #2
The Mann #2 Block is located 5 kilometers southwest of the Mann #1 showing and encompasses eight airborne anomaly clusters. The Mann #2 Block also contains the SW Ten Mile Lake Yttrium showing. A description of the new results from 63 prospect samples is as follows:
Mann #2-04 – (1300 meter long radiometric anomaly situated 750 meters southwest of the main Mann #2 radiometric anomaly) – Results of prospect samples ranged from 0.10% up to 1.63% TREO. The results of the Nb2O5 values are pending. The TREO values contained from 3 to 61% Heavy Rare Earth Oxides with an average of 22% HREO.
Mann #2-05 – (1500 meter long radiometric anomaly which encompasses the SW Ten Mile Lake Y) – Results of prospect samples ranged from 0.03% up to 2.95% TREO and 0% up to 0.15% BeO. The results of the Nb2O5 values are pending. The TREO values contained from 3% to 58% Heavy Rare Earth Oxides with an average of 21% HREO. Y2O5 values in the recent sampling ranged from 0.002% to 0.52%.
Mann #2–08 – (500 meter long radiometric anomaly situated 3000 meters southwest of the main Mann#2 radiometric anomaly) – Results of prospect samples ranged from 0.33% up to 3.15% TREO and negligible BeO. The results of the Nb2O5 values are pending. The TREO values contained from 6 to 53% Heavy Rare Earth Oxides with an average of 21% HREO.
These latest results confirm the high potential of the Letitia/Red Wine Belt to host significant deposits of Rare Earth Element and associated Rare Metals. Mineralization continues to be found throughout the 40 km of strike length. Field work, including prospecting, geological mapping, and diamond drill testing is continuing on the various known mineralized zones and new prospects. Results from this will be released as they become available.
All prospect and diamond drill core samples were delivered by Company personnel to Activation Laboratories Ltd.’s sample preparation facility in Happy Valley-Goose Bay. The samples were processed and representative pulps sent to Activation Laboratories Ltd.’s analytical facility in Ancaster, Ontario for analysis. The digestion technique was total digestion that employs a lithium metaborate/tetraborate fusion and the analysis is completed using ICP/MS.
Wayne Reid, PGeo, is aqualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information forming the basis for release.
About Rare Earth Metals Inc.
Rare Earth Metals is a well-funded company with a focus on exploring for Rare Earth Element deposits. The Company’s shares are listed on the TSX-V exchange under the symbol RA and the OTCQX exchange under the symbol RAREF. The Company presently has two advanced projects in Ontario and Newfoundland and Labrador, both exhibiting multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore) and proximity to available infrastructure. Its flagship properties are the Clay-Howells Prospect and the Red Wine Project. The Company has recently acquired additional properties in the Coldwell Complex near Marathon, Ontario and the Lavergne-Springer REE Prospect near Sturgeon Falls, Ontario. Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under the Company’s profile at www.sedar.com. For more information please visit the Rare Earth Metals website at www.rareearthmetals.ca.
ON BEHALF OF THE BOARD OF DIRECTORS OF RARE EARTH METALS INC.:
“Michael Stares”
President and CEO
“Neither the 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 this release.”
This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s filings that are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rare Earth Metals Inc.
Michael Stares
President and CEO
Phone: (807) 623-6840
Fax: (807) 623-9526
www.RareEarthMetals.ca