CORRECTION FROM SOURCE: Elissa Resources Prepares to Drill Sage Creek Gold Project, Idaho
12 Mai 2011 - 12:08AM
Marketwired
A correction from source is being issued with respect to the
release sent out today at 8:01 AM ET. The location of the Sage
Creek project was erroneously listed as Nevada, the project is
located in Idaho.
Elissa Resources Ltd. ("Elissa" or the "Company") (TSX VENTURE:
ELI) reports that it is in final stages of preparations for a
600-metre drilling program at its Sage Creek Gold Project, in
east-central Idaho, U.S.A. The program will commence as soon as
snow cover at the project recedes to allow access by the drill
crews.
Elissa believes the tabular gold-bearing unit at Sage Creek
offers a straightforward target concept which can be readily tested
by a program of shallow diamond core holes. Data generated by
several previous exploration efforts - geophysical surveys,
mapping, sampling, and only limited drilling - indicate the
presence of widespread gold mineralization on the property.
Gold-bearing rock float containing up to 30 g/t gold is found
throughout the area, and up to 3.0 g/t gold was intersected over 10
m (not true thickness) in one of the old drill holes. The project
area is part of the regionally extensive Belt Supergroup
sedimentary rock sequence of Proterozoic age, which hosts many
important metal mining districts throughout northern Idaho, western
Montana and southern British Columbia. The gold-bearing target at
Sage Creek appears to be a gently dipping unit of chert and banded
iron formation. The unit shallowly underlies the area, sub-parallel
to the hill slopes, and for this reason several of the historical
gold mines on the property and nearby areas were developed as
open-pit operations.
Elissa also plans to carefully examine the Sage Creek prospect
area for possible rare earth elements (REE) mineralization. The
prospect is located along a broad regional NW-SE trending belt that
is known to host many REE occurrences, some of potentially large
size, such as the Lemhi Pass REE-Th district approximately 45 miles
(70 km) to the southeast along the Idaho-Montana border. There are
several REE deposits in the vicinity of the Sage Creek project,
some of which are reported in published literature to be enriched
in the heavy REE (HREE) minerals which are rarer and more valuable
than the light REE (LREE) minerals.
The technical information outlined in this news release, has
been reviewed and approved by Mel Klohn, PGeo, a Director of Elissa
Resources Ltd. and a Qualified Person under National Instrument
43-101.
ON BEHALF OF THE BOARD OF DIRECTORS of Elissa Resources Ltd.
Paul McKenzie, President and CEO
About Elissa Resources Ltd.
Elissa Resources is advancing its 100% owned Thor light and
heavy rare earth minerals property in Nevada, 16 miles (32km) east
of Molycorp Minerals' Mountain Pass deposit, California.
Additionally Elissa has an option to earn a 100% interest on both
the Sage Creek gold project in Idaho and the St. Elmo gold project
in Nevada. The Company also has 100% ownership of a prospective
lithium property in Nevada.
Statements in this press release other than purely historical
information, including statements relating to the Company's future
plans, objectives or expected results, constitute forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to the risks and uncertainties inherent
in the Company's business, including risks inherent in mineral
exploration and development, and uncertainties in connection with
anticipated commodity prices for minerals, growth of worldwide
market demand, exploration capital requirements, length of asset
life and availability of qualified personnel, among others. As a
result, actual results may vary materially from those described in
the forward-looking statements.
"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."
Contacts: Elissa Resources Ltd. Scott Parsons Director 604 669
8368 (ext 106) Elissa Resources Ltd. Paul McKenzie President / CEO
604 669 8368 (ext 107) contact@elissaresources.com
www.elissaresources.com
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