|
RARE EARTH REPORTS SUCCESSFUL DRILLING AND FUTURE
PLANS FOR LONGSTREET GOLD-SILVER PROJECT, NYE COUNTY, NEVADA
February 15, 2005
(REM – TSX.V) Rare Earth Metals Corp. (the
“Company”) reports the final results for the drill holes from the 2004 program,
completed at its Longstreet gold-silver mine project in Nye County, Nevada. The
property is located 55 km (30 miles) NE of Tonopah, Nevada. The Company has an
option to acquire a 100% interest in the property.
The drilling was successful in intercepting gold-silver mineralization within
and beyond the historic resource area and also in the down-dip direction. Of
importance, several higher grade silver and gold intervals were intercepted in
the deeper holes, namely PR-17, PR-18, and PR 21 which indicate there is
potential for higher grade mineralization as the system deepens. Though drilling
to date has concentrated on the near surface mineralization, which is thought to
be prospective for open pit heap leach extraction methods, the deeper drilling
results just received, support a much larger target potential for the property.
There are 8 known areas of gold-silver mineralization at surface on the
property, only one of which, the Longstreet Zone, has undergone extensive
drilling. Future work on the property will address the potential for a much
larger Round Mountain type mineralizing system while continuing evaluation for
additional open pit heap leach amenable mineralization on the property. A review
of all the drill data for the project and analysis of the 23 angled drill holes
contrasted with the historic drill data has led to the following observations:
Angled drilling does appear to significantly improve the drill width and grade
of mineralized veins recognized in the 1988 pre-feasibility study by Mine
Development Associates, 1988, Longstreet Project Pre-Feasibility Study. (Note,
that the 1988 pre-feasibility study is not compliant with National Instrument
43-101.)
The results to date support the potential for an economic deposit. The next step
in evaluating this potential should begin with the commissioning of a 3
dimensional geologic model of the Longstreet resource.
The potential for higher grade mineralization below the surface oxide zones is
supported in the drill data and that these potentially larger targets should be
a focus of upcoming exploration programs.
The table below lists the assay results for all the holes in the 2004 program,
testing mineralized sheeted veins in and around the Longstreet Mine Property’s
Main Zone. In the 1988 preliminary feasibility study, Mine Development
Associates (MDA) of Sparks, Nevada, reported a measured resource of 3,277,900
tonnes of mineralization grading 0.82 g/t Au and 19.5 g/t Ag, excluding talus,
(Qualifying Report, March 14, 2003, G.A Harron P. Eng., P.Geo) Report link
http://www.rareearthmetals.net/pinpic.pdf
Drill Hole Number T. Depth (meters) Dip Angle From To Interval (Meters) Au g/t
Ag g/t Gold Equivalent 60:1 Ag:Au Ratio
PR10* 91.44 -45 10.67 22.86 12.19 2.92 29.7 3.42
Including* 10.67 13.72 3.05 8.95 91 10.47
PR10* 91.44 -45 28.96 36.58 7.62 0.63 16 0.9
PR11* 91.44 -45 25.91 30.48 4.57 1.46 20.9 1.81
PR12* 91.44 -45 41.15 44.2 3.05 0.5 5.8 0.6
PR12* 91.44 -45 89.92 91.44 1.52 0.53 93.4 2.09
PR13 91.44 -45 22.86 25.91 3.05 2.26 27.6 2.72
PR14 91.44 -45 9.14 10.67 1.52 1.01 56.2 1.94
PR14 91.44 -45 65.23 67.06 1.52 0.27 90.4 1.78
PR16 91.44 -45 12.19 19.81 7.62 0.81 17.3 1.10
PR16 91.44 -45 32.00 35.05 3.05 1.10 8.9 1.24
PR16 91.44 -45 54.86 56.39 1.52 1.01 19.4 1.33
PR17 91.44 -45 67.06 70.10 3.05 2.39 518.0 11.02
Including 67.06 68.58 1.52 4.45 998.0 21.08
PR17 91.44 -45 76.20 77.70 1.52 0.60 77.9 1.90
PR18 106.68 -45 85.34 88.39 3.05 4.59 53.25 5.48
Including 85.34 86.86 1.52 8.38 77.5 9.67
PR22 121.92 -45 105.16 106.68 1.52 0.29 60.4 1.30
PR22 121.92 -45 114.30 118.87 4.57 0.65 318.7 5.96
Note asterisk * indicates previously released results.
Richard Kern (P.Geo) of Reno, Nevada is the qualified person as required under
NI 43-101 and has reviewed the technical information contained in this press
release. All samples were prepared and assayed by ALS Chemex, Reno, Nevada.
Analysis is done using 50 gram fire assays with an AA finish up to 10 g/t gold
and a gravimetric finish if over 10 g/t.
Drill hole PR15 was drilled at the Southern edge of the known resource area and
returned no significant assay results. PR19 was abandoned at a depth of 76.2 m
due to poor ground conditions. PR 20 was not drilled due to difficult road
access conditions. Upon reviewing the drill hole sections, it appears that PR21
was not drilled deep enough to reach target depth of the higher grade veins seen
in holes PR17, PR 18 and PR22. Drill holes PR23 and PR24 did not intersect
significant mineralization and may indicate either pinching off of the vein
structure or down-faulting of the zone.
The Longstreet property is located in the Monitor Range, within the
volcanic-hosted Walker Lane gold trend that includes world-class deposits such
as the Comstock and Goldfields mining camps. Longstreet is approximately 47 km
(29 miles) south-east of the Round Mountain gold mine (Barrick/Kinross). The
gold-silver mineralization at the Longstreet Main Zone consists of volcanic
hosted, structurally controlled, sheeted veins in a caldera setting. The
geology, structure and mineralization at Longstreet appear to be very similar to
the Round Mountain mine.
The Longstreet property hosts 8 separate gold-silver targets. Four of the
prospective zones including the Longstreet Main Zone are heap-leach, open-pit
targets with sulphide mineralization potential at depth. The remaining three
zones are deeper, “bonanza” style high-grade gold-silver targets. To learn more
about the Longstreet Project link to http://www.rareearthmetals.net/gold-project-nevada.html
The TSX Venture exchange does not accept responsibility for the adequacy or
accuracy of this release.
On behalf of the Board of Directors,
John Roozendaal B.Sc.
President, CEO & Director
Rare Earth Metals Corp.
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
|
