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REM Update: Uranium Enrichment at the Eden Lake
Carbonatite / Alkaline Complex
11/16/2004 5:13:41 PM
John Roozendaal President & CEO, reports that “due to a renewed interest in
Uranium exploration, the rapid rise in the price of Uranium and an anticipated
short fall in mine reserves in the coming years” management wishes to update
shareholders on the potential for Uranium mineralization on the Eden Lake
Property, Manitoba.
At the Company’s request project geologist Dr. Hamid Mumin (P. Eng.) has
summarized the occurrence of Uranium mineralization on the property. Dr. Mumin,
a member of the Company’s technical advisory board has overseen the exploration
of the project since the discovery of Manitoba’s first Carbonatite Complex at
Eden Lake in 2002. (http://www.remcorp.info/carbonatite-complex.html)
Dr Hamid Mumin (P. Eng.) reports: “The Eden Lake Complex occurs within a
regional (~25 km x 8 km) zone of anomalously high eU and eTh radiometric
readings delineated by GSC (Geologic Survey of Canada) airborne radiometric
surveys carried out in the early to mid 1980s. Subsequent ground scintillometer
reconnaissance carried out by the Manitoba Geologic Survey, confirmed the
regional survey results, and identified local “hotspot” areas at Eden Lake.
Subsequent detailed work at Eden Lake since 2002, has determined that the source
of the anomalous radiometrics was U and Th in patches within alkaline host rocks
of the Eden Lake Complex, and within high-grade REE-bearing veins that are
hydrothermal in origin.
The REE-U-Th vein complex is presently known to occur over a minimum area of ~
2.0 km by 150 meters, where outcrop becomes covered by overburden. The
mineralization is believed to originate from hydrothermal fluids emanating from
alkaline and carbonatite intrusions of the Eden Lake Complex.
Assays to date have returned values of up to 8,800 ppm U plus Th in grab samples
of the vein material (average of 35 samples collected in 2003 was > 3,000 ppm U
plus Th plus approximately 50,000 ppm total Rare Earth Metals). In samples
assayed to date, the Th content exceeds the U content by ~ 3:1. As presently
exposed and mapped, the REE-U-Th veins are narrow (up to 0.5 meters in width)
and sporadically distributed over the anomalous region.
The U potential of the complex appears to be dependent upon the occurrence of a
high-concentration of hydrothermal veining and/or replacement bodies below the
anomalous zone at surface, or in the adjacent unexposed low ground and
overburden-covered areas. Widespread hydrothermal alteration throughout the (~8
km2) core of the Eden Lake Complex indicates that abundant fluid activity as
well as extreme fractionation of alkaline host rocks has occurred in this
region. Consequently, there may be potential for a large-scale, low to moderate
grade exploration target at Eden Lake with REE-U-Th.
The Eden Lake claim block covers an area of approximately 28 sq km and is
located 35 km WNW of the community of Leaf Rapids, Manitoba. REM has an option
from Strider Resources to acquire a 100% interest in the Eden Lake Project.
Rare Earth Metals Corp. is a mineral exploration company actively exploring for
new gold deposits at Assean Lake, Manitoba and at the Longstreet Mine Project in
Nye County, Nevada where a drill program is currently underway. REM is also
exploring for nickel at South Bay, Manitoba and at its Lynn Gabbros project near
Lynn Lake, Manitoba.
For more information about Rare Earth Metals Corp’s exploration projects in
Manitoba and Nevada call toll free 866 816 0118 or visit our website
www.RareEarthMetals.net
The TSX Venture exchange does not accept responsibility for the adequacy or
accuracy of this release.
On behalf of the board;
John Roozendaal, President & CEO, Director
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