Press release from TheNewswire.ca
Canada Rare Earths Resumes Drilling At Goeland Rare Earth Project, Quebec; Continues to Intersect Carbonatite Intrusion
Tuesday, October 11, 2011
Canada Rare Earths Resumes Drilling At Goeland Rare Earth Project, Quebec; Continues to Intersect Carbonatite Intrusion06:28 EDT Tuesday, October 11, 2011(via Thenewswire.ca) Vancouver, British Columbia - (October 11th, 2011) -Canada Rare Earths Inc. ("the Company") (TSX-V: CJC) has resumed drilling at the Goeland rare earth exploration project in Montviel, Quebec. Hole GO-3 is the third hole in the Company's Phase 1 exploration program and is now nearing completion. In GO-3, the Company has successfully intersected carbonatite at a depth of 24 meters, and continued to intersect this carbonatite intrusion to a total depth of 386 meters, for a total length of 362 meters. (Given the orientation of the drill rig, the true vertical depth is approximately 70% of these dimensions). From 386 to 414 meters, the Company appears to have intersected a Gabbro dyke with approximately 10 to 20% carbon content, so it is unclear if the carbonatite intrusion will continue to expand at depth at this location. Drilling is ongoing and will continue to investigate as it is anticipated the hole will be drilled to approximately 500 meters before the Company moves on to hole GO-4. GO-3 is an approximately 500 meter step out along strike south of hole GO-2. GO-2 was spotted to intersect carbonatite, but also to investigate associated events surrounding this intrusion. The Company intersected carbonatite in GO-2 as anticipated at 195 meters through to 465 meters, for a total of 270 meters, ending in mineralization. The Company stopped GO-2 to respect the local moose break hunting period, and sought best to move on to GO-3 in lieu of continuing to drill at this location at this time. For reference, Hole GO-1 was spotted 500 meters to the northeast of hole GO-2 and although it encountered heavily altered rocks and carbonate veining suggestive of a nearby intrusion, the hole was stopped at 225 meters as it had not yet encountered carbonatite and the Company chose to move to its second location, GO-2, farther south. Upon completion of hole GO-3, the Company will move on to hole GO-4, to be drilled approximately another 500 meters stepping out to the south of GO-3 along strike. GO-5 is anticipated to step out approximately 500 meters south of GO-4, and GO-6 approximately another 500 meter step out of GO-5, moving towards and past the second historical hole drilled on the property in 1993. This historical hole was drilled roughly 1.5 kilometers to the South of GO-2 and intersected carbonatite at 25 meters, extending the known depth of the carbonatite mineralization in that area roughly 75 meters, to the total depth drilled. The carbonatite remains open at depth at that location. To help demonstrate the details of this drill program, the Company is currently preparing a drill location map which will soon be available on the Company's website at www.canadarareearths.com. This carbonatite discovery holds great potential for the Company as worldwide, carbonatite-related deposits are a major host for REE's. 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 (USA), are all hosted by carbonatites. The Company is hopeful the first assay results from the program will be received within the next 3 to 4 weeks. More information on the Goeland Rare Earth exploration program will be provided when available. 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 verified the technical contents disclosed in this release. About Canada Rare Earths Inc: Canada Rare Earths is a growth company focused on the exploration and development of rare earth elements led by its 100% owned Goeland Rare Earths Project within the Montviel carbonatite complex, Montviel Township Quebec, immediately adjacent to Geomega's (TSX-V: GMA) recent rare earth discovery. The Goeland property, located 215 km north of Val-d'Or, is road accessible and consists of 47 claims totaling approximately 2,600 hectares. Since the acquisition of the Goeland Project, the Company, in a short period of time, has successfully established itself in one of the largest Carbonatite complexes in North America. For more information on Canada Rare Earths and the Goeland project, please visit www.canadarareearths.com or call 604.685.5851. On Behalf of the Board, Chad McMillan President and CEO 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. FORWARD LOOKING STATEMENTS Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's plans for and intentions with respect to exploration of the Goeland Project, constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 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 any required government or other regulatory approvals and any required financing to complete the Company's planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating 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 may include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns and bad weather. 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.