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RARE EARTH REPORTS ASSEAN LAKE SUMMER DRILLING RESULTS AND
UPDATES ROW & LASS CLAIMS SURFACE EXPLORATION PROGRAM.
October 26, 2004
(REM – TSX)… Rare Earth Metals Corp. (the “Company”)
announces that JV partner and project operator Canadian Gold Hunter (CGH-TSX),
have released the final results for this summers’ drill program at Assean Lake
Manitoba. The assay results for all 15 holes (HT-04-162 to 176) totaling 4,496
meters drilled during the summer on the Assean Lake gold project in Manitoba are
shown in the table below.
See Table Here
The Hunt Zone is a shear-hosted deposit which has been traced to date by
drilling for 600 metres along strike and to a depth of over 300 metres with gold
grades up to 27.2 g/t over 4.27 metres.
The BIF Zone has a potential strike length of 800 m within magnetite Banded Iron
Formation (BIF) and with gold grades up to 4.26 g/t over 1.75 m (0.12 oz/t over
5.7 ft); limited drilling to date.
The last eleven holes of the summer program tested a variety of targets. HT-166
and HT-171 to 175 tested the westerly plunge of the Hunt Zone to depths up to
500 m. The Hunt Zone is displaced by a steep fault that cuts the zone at an
acute angle and produces a fault window between 250 and 350 m depth (see
accompanying long section). Structural measurements within the fault suggest a
likely easterly offset of the Hunt Zone along the fault structure.
HT-167 to 170 tested the south east side of the Hunt Zone for parallel gold
zones. HT-176 tested the BIF Zone at depth, 200 m east of the Hunt Zone.
Row Lass and Wood Claims update.
Rare Earth Metals is awaiting the final report from the Mobil Metal Ion (MMI)
geochemistry survey conducted in August and September 2004, on the adjacent Lass
and Wood claims. The MMI survey is designed to detect mineralization buried
beneath overburden. This report, in conjunction with results from the 81.8 line
kilometer ground Magnetic and HLEM geophysics program, will be used in target
selection for the proposed winter drill program in early 2005.
The Row-Lass and Wood claims are held by the Company and cover the East-West
extents of the Assean Lake Shear Zone (ALSZ). The ALSZ is a major regional
structure, controlling deposition of gold mineralization in the area. Gold
occurrences have been discovered at various locations over a 23 km long portion
of the ALSZ, covered by our claims. Geologic structures like the ALSZ are
associated with major gold camps of the Canadian Shield.
The Assean Lake project is a 60-40 joint venture between Canadian Gold Hunter
Corp. and Rare Earth Metals Corp. The adjacent Row Lass & Wood claims are held
100% by Rare Earth Metals Corp.
On behalf of the board,
John Roozendaal
President C.E.O. & Director
Drill results and technical data have been reviewed by Jan Christoffersen,
P.Eng., a Qualified Person pursuant to NI-43-101. The mineralized drill core
intervals are split in the field and sent to ALS Chemex in Vancouver for
analysis. The intervals containing visible gold are assayed by fire-assay
procedure for metallics gold. This procedure involves pulverizing a one-kg
sample and passing the prepared pulp through a 150 mesh (106 micron) screen. The
+150 mesh material is analyzed in its entirety by fire assay. The -150 mesh
material is homogenized and a 50-gram subsample is assayed by fire assay with
gravimetric finish. The samples from sections that did not contain visible gold
were fused by fire assay and analyzed by atomic absorption spectroscopy. A
series of standards are routinely introduced with each batch of samples. Quality
controls include preparation and analysis statistics performed to industry
standards
For more information about Rare Earth Metals Corp. please review the company’s
website www.RareEarthMetals.net or speak with a Company representative toll free
866 816 0118 or by emailing info@rareearthmetals.net.
The TSX Venture exchange does not accept responsibility for the adequacy or
accuracy of this release.
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