Press release from TheNewswire.ca
CANADA RARE EARTHS PROVIDES EXPLORATION PROGRAM UPDATE FOR THE GOELAND RARE EARTH PROJECT, MONTVIEL CARBONATITE COMPLEX, MONTVIEL QUEBEC
Thursday, May 19, 2011
CANADA RARE EARTHS PROVIDES EXPLORATION PROGRAM UPDATE FOR THE GOELAND RARE EARTH PROJECT, MONTVIEL CARBONATITE COMPLEX, MONTVIEL QUEBEC06:30 EDT Thursday, May 19, 2011(via Thenewswire.ca) Vancouver, British Columbia, Canada - May 19th, 2011 - Canada Rare Earths Inc. (TSX.V: CJC; FSE: YXEN; OTC-BB: CJCFF) ("Canada Rare Earths" or the "Company") is pleased to provide this exploration update on it's rare earth elements focused Goéland property within the Montviel Carbonatite complex, Québec. To date the Company has been working to complete a detailed structural study, a magnetic airborne survey, retrieve and evaluate drill core from a historic drill program on the property, complete requisite drill and environmental permitting, and commence drilling the highest priority targets on the Company's Western claims. With this work the Company is refining known data and supplementing previously identified drill targets with additional locations while awaiting completion of the annual Spring break up at Montviel. At the beginning of May the Company engaged EarthMetrix Inc. of Montréal, Québec to complete the structural study of both the West and East claims; and Geotech Ltd. of Aurora, Ontario to conduct an airborne electromagnetic survey, both anticipated to be completed by month end. EarthMetrix's function is to optimize the management of natural resources by generating precise and strategic information about the surface of the ground, its structural geology, alteration zones, and exploration targets. Geotech is currently conducting an airborne electromagnetic geophysical survey ("VTEM") of approximately 300 line kilometers over the entire Goéland property. The survey will improve the interpretation and targeting of key magnetic low anomalies already identified on the Goéland property by existing Québec government airborne data. This summer's diamond drill program has two objectives: to confirm and expand historic drilling and test the true dimensions and rare earth element bearing potential of the PMVT 5 Carbonatite unit. Geomega Resources' (TSX-V: GMA) recent rare earth discovery at Montviel neighbors the Canada Rare Earths claims and has also focused on the PMTV 5 Carbonatite unit. Canada Rare Earths and Geomega's Montviel holdings currently encompass the only two known PMTV 5 Carbonatite bodies at Montviel. The world's most advanced and prolific ?REE' deposits in production or development, Bayan Obo (China), Molycorp's Mountain Pass (USA), Lynas's Mount Weld (Aus), and Rare Earth Element Resource's Bear Lodge project, are all hosted by Carbonatites. At Montviel, the commencement of the Company's Phase 1 drill program on the Goéland project is on schedule, drill and environmental permits will soon be applied for, and the company anticipates drilling to begin late June. Historical Drilling As previously announced in the Company's February 18th, 2011 press release, the Company has already identified two high priority sectors for diamond drilling, targeting the prospective PMTV5 Carbonatite unit for rare earth elements, as outlined below. The first sector is located to the North within the West block and comprises the historical diamond drill hole 93-MO-03 completed by Diabex Inc. while exploring for diamonds in the 1990's. The hole 93-MO-03 (azimuth 360°, dip -45°) was drilled to a total depth of 99.0 meters and was stopped in Carbonatite. It was collared near a small magnetic high and intersected 71.6 m of white Carbonatite with minor ijolitic dykes starting directly underneath the overburden. The true width is unknown and the Carbonatite unit remains open at depth. The second area of interest is located farther South in the West block, which includes the historical diamond drill hole 93-MO-02 also completed by Diabex Inc. Hole 93-MO-02 (azimuth 180°, dip -45°) was drilled to a total depth of 96.9 meters and was stopped while still in the Carbonatite Megabreccia. It was collared near a small magnetic high and intersected 63.4 m of Carbonatite Megabreccia interbedded with Pegmatite and volcanic horizons. The Carbonatite sections are between 0.6 and 1.5 m wide and contain ubiquitous Magnetite crystals and/or thin horizons of Magnetite. The true width is unknown and the Carbonatite Megabreccia is still open at depth. The historical drilling ended premature of testing the total depth of Carbonatite mineralization at these locations and thereby both remain open at depth. These holes 93-MO-03 and 93-MO-02 were drilled approximately 1.5 kilometers apart, which can be seen on the Company's property map at www.canadarareearths.com/projects-goeland-rare-earths-property-map.php. Since the previous announcement regarding these historical holes, the Company has made progress to try and identify and secure the old core from these holes. After discussions with previous operators, the Company believes it has identified the general area where this drill core has been stored since around the time of its drilling. A first search of the area was hampered by winter access problems and consequently, the Company will be revisiting the area this month to resume the search. Management is hopeful the old core can be recovered in good condition, in which case it may provide important insights into the geological makeup of the Company's Goéland claims. President & CEO Chad McMillan comments that the Company is eager and ready to drill test the Goéland property. "With over $2 million in the treasury, roughly 17 million shares outstanding, and given all known and historical data concerning the Goéland property and surrounding area, we believe our shareholders are in an outstanding position to benefit from positive results should this property live up to its anticipated potential." Mr. Benoit Moreau, Geo and P. Eng., Vice President of Exploration for the company is a Qualified Person for the purpose of NI 43-101 and has reviewed and approved the geological information disclosed herein. About Canada Rare Earths Inc. Canada Rare Earths is a growth company focused on the exploration and development of rare earth elements at its Goéland Rare Earths Project within the Montviel Carbonatite complex, Montviel Township Québec. The 100% owned Goéland property located 215 km north of Val-d'Or, is road accessible and consists of 47 claims totaling approximately 2,600 hectares within in the West and East blocks immediately adjacent to Geomega's (TSX-V: GMA) Rare Earths discovery in Montviel, Québec. Since the acquisition of the Goéland Project, the Company, in a short period of time, has successfully established itself in one of the largest Carbonatite complexes in North America. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All of the above is subject to TSX.V and regulatory acceptance. For more information on Canada Rare Earths, please visit www.canadarareearths.com or call 604.685.5851. On Behalf of the Board, CANADA RARE EARTHS INC. "Chad McMillan" President & CEO Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the use of proceeds from the private placement (the 'Offering'), constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain regulatory approval of the Offering and is otherwise able to complete the Offering and that actual results of the Company's exploration activities will be consistent with those expected by management. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to the Offering and to Canada Rare Earth's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, financing risks, regulatory risk, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or inability to obtain required government or other regulatory approvals and inability to complete the Offering. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Canada Rare Earths does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Copyright (c) 2011 Thenewswire.ca - All rights reserved.