TS TSX-V: RES & AMEX: REE
-------------------------------------------------------------------------
Highlights:
-------------------------------------------------------------------------
Intercept - Grade -
Hole meters grams per ton Including
-------------------------------------------------------------------------
SUN 60 85.4 0.89 44.2 meters at 1.3 grams per ton
-------------------------------------------------------------------------
SUN 62 143.3 0.74 15.2 meters at 1.6 grams per ton
-------------------------------------------------------------------------
SUN 64 77.7 0.66 7.6 meters at 1.7 grams per ton
-------------------------------------------------------------------------
VANCOUVER, Sept. 21 /PRNewswire-FirstCall/ - Rare Element
Resources Ltd. (TSX-V: RES and AMEX: REE) is pleased to announce
the assay results from the initial eight rotary (reverse
circulation) holes (SUN-059 to SUN-066) drilled on the Sundance gold project, Wyoming (Table 1). Gold exploration activity
during 2010 is focused on: 1) more detailed definition of known
gold-mineralized targets with both in-fill and step-off drilling,
and 2) discovery of higher grade gold mineralization. The majority
of the drilling is being conducted on near-surface targets within
oxide zone mineralization, especially at Smith, Carbon, and Taylor, with the goal of
estimating a NI 43-101-compliant resources early in 2011.
Drilling Results
A total of eight holes were drilled along the main trend of the
Smith gold zone (Figure 1). The primary host rock is heterolithic
breccia that is now traced along strike for nearly 1,000 meters and
down dip for 300 meters. In drill-hole SUN-060, gold mineralization
was penetrated along strike to the northwest in peripheral wall
rock, which is now recognized as a new host rock for gold
mineralization in the target. SUN-062 effectively bridges a gap
between the historic "Smith East and Smith West" gold-mineralized
breccias, where a small historic resource was defined previously by
FMC Gold, International Curator, and Coca Mines. SUN-064 tests a
nearer surface zone along strike to the southeast. SUN-068 collared
in a newly discovered off-axis zone of heterolithic breccia before
penetrating a projection of the main zone at a depth of 250m;
assays are pending on both of these prospective zones. Additional
testing will be done to support the estimation of a mineral
resource in accordance with the requirements of NI 43-101, once all
assays are received and compiled from the remaining Smith drill
holes (SUN-067 through SUN-070).
Drilling is now underway at the Carbon target area, where an initial three
drill holes are completed (SUN-071 through SUN-073). Drilling will
begin at the Taylor target following the completion of drilling on
Carbon.
Table 1: Summary of significant gold mineralization at the Sundance Gold
Project.
-------------------------------------------------------------------------
Entire Hole Selected intervals (metres)
----------- ---------------------------
-------------------------------------------------------------------------
Average
of Highest
entire Assay Thick-
Target Depth hole in hole ness
Hole Area (m) Au g/t Au g/t From To (m) Au g/t
-------------------------------------------------------------------------
SUN-059 Smith NW 182.9 0.17 0.70 16.8 29.0 12.2 0.40
-------------------------------------------------------------------------
SUN-060 Smith NW 152.4 0.57 2.74 67.1 152.4 85.4 0.89
-------------------------------------------------------------------------
SUN-061 Smith NW 210.4 0.19 1.19 3.0 12.2 9.1 0.47
30.5 39.6 9.1 0.41
135.7 141.8 6.1 0.51
-------------------------------------------------------------------------
SUN-062 Smith 274.4 0.44 6.44 131.1 274.4 143.3 0.74
Central
-------------------------------------------------------------------------
SUN-063 Smith
North 182.9 0.10 0.41 126.5 132.6 6.1 0.27
-------------------------------------------------------------------------
SUN-064 Smith SE 182.9 0.36 2.24 39.6 117.4 77.7 0.66
132.6 138.7 6.1 0.25
158.5 167.7 9.1 0.22
172.3 178.4 6.1 0.49
-------------------------------------------------------------------------
SUN-065 Smith 283.5 0.23 2.07 0.0 15.2 15.2 0.36
Central 29.0 44.2 15.2 0.62
62.5 99.1 36.6 0.28
114.3 120.4 6.1 0.24
141.8 163.1 21.3 0.28
176.8 193.6 16.8 0.23
199.7 205.8 6.1 0.42
239.3 259.1 19.8 0.50
277.4 283.5 6.1 0.48
-------------------------------------------------------------------------
SUN-066 Smith SE 182.9 1.04 85.4 91.5 6.1 0.32
141.8 147.9 6.1 0.34
167.7 175.3 7.6 0.60
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Entire Hole Which includes (metres)
----------- -----------------------
-------------------------------------------------------------------------
Average
of Highest
entire Assay Thick-
Target Depth hole in hole ness
Hole Area (m) Au g/t Au g/t From To (m) Au g/t
-------------------------------------------------------------------------
SUN-059 Smith NW 182.9 0.17 0.70
-------------------------------------------------------------------------
SUN-060 Smith NW 152.4 0.57 2.74 73.2 117.4 44.2 1.3
-------------------------------------------------------------------------
SUN-061 Smith NW 210.4 0.19 1.19
-------------------------------------------------------------------------
SUN-062 Smith 274.4 0.44 6.44 158.5 173.8 15.2 1.6
Central 253.0 268.3 15.2 1.4
-------------------------------------------------------------------------
SUN-063 Smith
North 182.9 0.10 0.41
-------------------------------------------------------------------------
SUN-064 Smith SE 182.9 0.36 2.24 74.7 82.3 7.6 1.7
-------------------------------------------------------------------------
SUN-065 Smith
Central 283.5 0.23 2.07
-------------------------------------------------------------------------
SUN-066 Smith SE 182.9 1.04
-------------------------------------------------------------------------
Gold exploration manager, John
Ray, states that "the drilling of the Smith target shows
good continuity of the known gold mineralization and should provide
sufficient drill hole density for a reliable resource estimate.
Finding good mineralization in the gap between two historic gold
mineralized areas in the East Breccia and the West Breccia helps to
demonstrate and extend that continuity."
Illustrated in Figure 1 is the general shape of the gold
mineralized zone through a succession of level plans that outline
the gold mineralization. Note that mineralization in the
near-surface level plan (6,200 feet elevation) occurs furthest to
the southwest, and each succeeding deeper level plan is located
further to the northeast. The figure indicates that the gold
mineralized zone has an overall northwesterly strike and a steep
dip to the northeast.
Figure 1: Plan map of Smith Target area showing location of 2010
angle drill holes, 2009 NMC holes, and older vertical holes. Level
plans are outlines around drill intercepts containing greater than
0.3 g/t (300ppb) gold.
To view Figure 1 please visit:
http://files.newswire.ca/675/RareElementImage1.pdf
Geophysical Survey - CSAMT
A CSAMT (Controlled Source Audio-Magnetotelluric Technique)
survey along four lines totaling 8.6 line km was designed by Condor
Consultants and completed by Zonge Engineering in August to cover
the Taylor gold and Bull Hill REE targets. This type of survey was
successful in defining a relative conductive structure in the Smith
gold zone that harbors the bulk of the known gold mineralization.
The results of this year's survey will be utilized in further
definition of the Taylor gold resource and the search for
high-grade feeder zones, as well as guiding further exploration of
carbonatite-hosted REE mineralization at Bull Hill.
Rare Element Resources Ltd (TSX-V: RES: AMEX: REE) is a publicly
traded mineral resource company focused on exploration and
development of rare-earth elements and gold on the Bear Lodge
property.
Rare-earth elements are key components of the green energy
technologies and other high-technology applications. Some of the
major applications include hybrid automobiles, plug-in electric
automobiles, advanced wind turbines, computer hard drives, compact
fluorescent light bulbs, metal alloys, additives in ceramics and
glass, petroleum cracking catalysts, and a number of critical
military applications. China
currently produces more than 95% of the 130,000 metric tonnes of
rare-earths consumed annually worldwide, and China has been reducing its exports of rare
earths each year. The rare-earth market is growing rapidly, and is
projected to accelerate if the green technologies are implemented
on a broad scale.
ON BEHALF OF THE BOARD
Donald E. Ranta, PhD, PGeo, President & CEO
Donald E. Ranta, PhD, PGeo,
serves the Board of Directors of the Company as an internal,
technically Qualified Person. Technical information in this news
release has been reviewed by Dr. Ranta and has been prepared in
accordance with Canadian regulatory requirements that are set out
in National Instrument 43-101. This news release was prepared by
Company management, who take full responsibility for content.
Neither 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.
SOURCE Rare Element Resources Ltd.
Copyright . 21 PR Newswire
