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Rare Earth Metals Corp. New Nickel-Copper-Cobalt PGE
Discovery in Manitoba, Canada
September 3, 2003
Rare Earth Metals Corp. (the “Company”) has entered into an option agreement
(the “Option Agreement”) to acquire a 100% interest in the South Bay
Nickel-Copper-Cobalt-PGE discovery subject to a 3% NSR. The agreement covers 26
blocks totaling over 60 square kilometers and is located approximately 60 km
northeast by road from the mining community of Leaf Rapids, Manitoba.
In order to exercise the option the Company is to issue a total of 500,000
shares, pay a total of $250,000 and incur exploration expenditures totalling
$1,000,000, all over a five year period.
The mineralization is comparable to that found in magmatic-sulphide hosted
nickel deposits, and is comprised of pyrrhotite, pentlandite, millerite,
chalcopyrite, pyrite and other sulphide minerals. The metaliferous zone is
exposed within a 2 meter to 7 meter wide biotite schist thought to be associated
with mafic intrusions. Regional host rocks comprise a sequence of sulphidic
metasedimentary rocks.
This discovery straddles the provincial highway northeast of Leaf Rapids
Manitoba. It is an area with excellent local and regional infrastructure
including roads, power, and existing mining communities and is approximately 300
km by road from INCO’s fully integrated nickel mining and smelting complex at
Thompson, Manitoba.
Sample assays received to date are taken from both sides of a 32 meter wide road
cut exposure by Dr. Hamid Mumin P.Eng. Assays of grab samples of mineralized
material containing up to approximately 20 modal % total sulfides include:
| Sample# |
Ni |
Cu |
Co |
Pd |
Pt |
Au |
S |
S:Ni |
| |
% |
% |
ppm |
ppb |
ppb |
ppb |
% |
Tenor |
| 13805 |
1.49 |
0.29 |
434 |
1040 |
258 |
157 |
8.01 |
5.4 |
| 13806 |
2.47 |
0.14 |
711 |
527 |
425 |
68 |
11.02 |
4.5 |
| 13052 |
1.34 |
2.72 |
390 |
1400 |
182 |
172 |
6.74 |
5.0 |
| 13810 |
0.89 |
0.78 |
223 |
632 |
214 |
107 |
7.80 |
5.8 |
| 206876 |
1.92 |
0.59 |
490 |
893 |
253 |
83 |
11.45 |
6.0 |
All assays were carried out by ACTLABS in Ontario.
ACTLABS is an accredited laboratory by the Standards Council of Canada (SCC).
The samples above were assayed using a Fire Assay ICP-OES analytical method.
The Company proposes to stake further ground in the area and it is also
contemplated that a comprehensive exploration program will commence shortly,
including line-cutting, geological mapping, geophysical and geochemical surveys.
Petrographic and mineralogical studies are in progress at Brandon University in
Manitoba.
The Company acknowledges the Manitoba Mineral Exploration Assistance Program,
the federal CEE tax credit program and a favourable business climate for mineral
exploration supported by the Manitoba Industry, Trade and Mines and the Manitoba
Geological Survey, enabling this discovery and further exploration. Rare Earth
Metals Corp. is committed to the principals of sustainable development.
For further information, please contact John Roozendaal, President, Rare Earth
Metals Corp. at (604) 6828236 in Vancouver or 866 816 0118.
The Option Agreement remains subject to the acceptance of the TSX Venture
Exchange.
On behalf of the Board of Directors
John Roozendaal
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the contents herein.
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