Elissa Expands Land Position at Thor Rare Earth Project, Prepares for Additional Geophysics, Nevada
11 Juli 2011 - 2:30PM
Marketwired
Elissa Resources ("Elissa" or the "Company") (TSX VENTURE: ELI)
reports that it has increased its land holdings in the vicinity of
its Thor heavy and light rare earth (REE) project. The Thor project
is located in the eastern Mojave Desert region of Nevada, 47 miles
(76 km) south of Las Vegas and 16 miles (28 km) east of Molycorp
Minerals' Mountain Pass REE mine and processing facility in the
neighbouring state of California. The new ground in the Thor
project area was selected for having potential to host REE
mineralization similar to that already defined by Elissa on the
current prospect block. The new lands increase Elissa's 100%-owned
holdings in the Thor Project area by approximately 12% to a total
of 1,805 hectares.
The Thor REE Project is represented at surface by both heavy and
light rare earth elements. The ratio of heavy to light rare earths
in assays of surface samples from the Thor Project is significant,
averaging approximately 1 part heavy REE per 10 parts light REE.
Included are significant amounts of the four rare earth elements
deemed by the United States Department of Energy (December, 2010
report) to be in a critical state of supply shortage (neodymium,
terbium, dysprosium and yttrium).
Substantial REE mineralization in the Thor Project has been
discovered in at least nine widely separate prospect localities in
three distinct discovery zones. The largest of these is the Lopez
Trend, a 1.5 mile (2.6 km) long REE-bearing zone that is coincident
with a prominent magnetic anomaly identified in Elissa's airborne
geophysical survey carried out late last year (2010). Elissa
intends to follow up results of the airborne geophysical survey
with a more detailed, extensive ground magnetic survey set to begin
later this month (July). Results of this geophysical survey will be
incorporated into selecting and prioritizing targets for the
Company's core drilling program set to begin later in the year. The
Company is also reviewing and aggressively pursuing REE
opportunities in other parts of Nevada and neighbouring states.
Additionally the Company wishes to clarify information
attributed to a news release issued on June 29, 2011 by a similarly
named European communication services company which was incorrectly
picked up by at least one major news reporting agency as having
been issued by Elissa Resources Ltd.; Elissa Resources therefore
confirms that it currently has 28,845,517 shares outstanding.
The technical information outlined in this news release, has
been reviewed and approved by Curt Hogge, MSc, a consultant to
Elissa Resources, a member of the AIPG, and a Qualified Person as
defined in the current 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 heavy and
light rare earth elements project in Nevada, 16 miles (28 km) east
of Molycorp Minerals' Mountain Pass deposit, California.
Additionally Elissa has an option to earn a 100% interest on both
the Sage Creek and St. Elmo gold projects also in Nevada. Elissa is
also reviewing and aggressively pursuing REE opportunities in other
parts of Nevada and neighbouring states.
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. Paul McKenzie President / CEO
604 669 8368 (ext 107) contact@elissaresources.com
www.elissaresources.com
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