|
Rare Earth Metals Corp Reports Winter Exploration at the Lynn Lake
Nickel-Copper Property, Manitoba Has Commenced
February 1, 2006
(REM – TSX.V) Rare Earth Metals Corp. (the
“Company”) reports that project operator North American Palladium Ltd. (PDL.TSX,
PAL.AMEX) has commence d w inter exploration at the Company’s Lynn Lake
Nickel-Copper property in Manitoba, Canada. This winter’s program will target
two of the five claim blocks held by the Company and that have been selected as
priority areas by North American Palladium following the completion and
interpretation of their airborne geophysical survey flown in the summer of 2005.
The winter program will include the refurbishing and cutting of 70 line
kilometers of grid control lines in preparation for ground geophysical
surveying. Upon completion of the grid-cutting, an Induced Polarization ground
geophysical survey will commence. The ground survey will be used to define
target areas potentially hosting nickel-copper mineralization for drill testing.
North American Palladium has advised Rare Earth Metals that dependant of the
results of the IP survey, a drill program may be implemented in the spring of
2006.
REM is pleased that NAP has decided to stake additional claims, enlarging two of
the five claim blocks held by the Company. President John Roozendaal states “We
believe North American Palladium’s decision to expand the prospective land
package and commence a winter program is a very positive step forward for the
project, which reinforces our belief in the property’s potential to host
nickel-copper deposits such as those produced from the nearby nickel mines”.
The Lynn Lake Nickel-Copper project is being operated by North American
Palladium Ltd. (NPL.TSX) under the terms of an Option/JV agreement signed
between the companies announced July 12, 2005. The terms of the Option require
completion of an aggregate of $1.4 Million CND in exploration activity
expenditures and payments of $550,000 CND over a 4 year period to earn 50% in
the 2,796 hectare Lynn Gabbros Nickel-Copper properties in Manitoba, Canada.
Historically, Lynn Lake is the third largest nickel producing region in Canada .
Sherritt Gordon Mines Ltd. mined the Lynn Lake nickel-copper deposits from
1953-1976. These mined deposits were discovered in two mafic-ultramafic
intrusive bodies, known as the “ Main ” and the “El” gabbroic plugs. The Main
and El gabbroic plugs produced 20,151,146 tonnes of ore at an average grade of
1.023% Ni and 0.535% Cu from three mines over the 24 year period. The five claim
blocks held by Rare Earth Metals cover the known extent of five separate
mafic-ultramafic bodies which have noted similarities to the two mined
intrusions.
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 & 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
|
