Press release from TheNewswire.ca
Canada Rare Earths Provides Exploration Update on Goeland Project, Montviel, Quebec
Thursday, December 08, 2011
Canada Rare Earths Provides Exploration Update on Goeland Project, Montviel, Quebec06:30 EST Thursday, December 08, 2011(via Thenewswire.ca) Vancouver, British Columbia - December 8, 2011 - Canada Rare Earths Inc. ("the Company") (TSX.V: CJC; FSE: YXEN; OTC-BB: CJCFF) is pleased to provide this exploration update on its rare earth elements focused Goeland property within the Montviel Carbonatite complex, Quebec. To date, the Company has completed 10 drill holes (GO-1 through GO-9) of approximately 4,050 meters, with the 11th hole (GO-10) currently being drilled and three additional holes now planned. Nearly 3,400 samples have been shipped to the laboratory for assays. During the course of drilling, the Company has successfully intersected a combination of several alteration zones, carbonatite, and syenite. In addition to the altered zones and carbonatite intersected through holes GO-2 (drilled 468 meters) and GO-3 (drilled 525 meters), several alteration zones were also encountered in GO-1, and most notably in holes GO-4 (drilled 435 meters), GO-5 (drilled 522 meters) and GO-6 (drilled 483 meters) that show strong sodic and ultrapotassic characters with the presence of riebeckite, aegirine and phlogopite. In addition, in hole GO-9 (drilled 384 meters), visual examination has confirmed a carbonatite dyke followed by a syenite alternating with gabbro. Field observations of the various cores from all the drill holes are indicating "very unusual minerals" and although some can be identified, not all are readily identifiable. In hole GO-4, bastnasite, a rare earth bearing mineral, was confirmed by a qualitative analysis by the UQAM laboratory in Montreal. Visual evaluation of the core by the Company's geological team suggests this mineral may be present in many of the other holes as well, though the Company is awaiting assay results to confirm the possible extent of this bastnasite mineralization. Given the nature of the alteration encountered particularly in these holes, together with the confirmation of rare earth bearing bastnasite in GO-4, the company decided to concentrate the remaining Phase 1 drilling in the vicinity of GO-4, GO-5 and GO-6 to better define the extent of these alteration zones. The Company completed holes identified as GO-1 through GO-7B resulting in a total distance of 3,000 meters north to south, leaving additional potential locations open to the south. Holes GO-8, GO-9 and GO-10 have been drilled north and east of GO-4, GO-5, and GO-6, respectively. Hole GO-11 was spotted east of GO-9, and GO-12 and GO-13 will be drilled respectively east of GO-3 and GO-8. Please click here to view a drill location schematic for further clarity, or visit the Company's website. Currently, the Company anticipates that the Phase I drill program will complete 14 drill targets with all core logged, split and sent to the assay lab by December 23, 2011. As previously mentioned, approximately 3,400 samples have been shipped to ALS Minerals in Val-D'Or, Quebec for analysis and the Company continues to await results. The Company will report these findings as appropriate as these assays are received. Meanwhile, Benoit Moreau, Vice President of Exploration for the Company comments that, "the confirmed presence of bastnasite in hole GO-4 is encouraging and supports the drilling strategy used thus far. By closely exploring the contact zone between the carbonatite system and host rocks, it enhances the chances to find the most sought heavy rare earth element mineralization and to locate additional light rare earth element mineralization inside the carbonatite complex." Chad McMillan, President & CEO adds that "we are very excited to have intersected several alteration zones here at Goeland. These various altered zones, carbonatite, and even syenite, combined with the successful qualitative identification of bastnasite in hole GO-4 and the visual identification of other intriguing but as yet unknown minerals in our core are promising clues as to the potential of this project. We await our assay results with great anticipation." More information on this drill 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 reviewed the geological information disclosed herein. About Canada Rare Earths Canada Rare Earths is a growth company focused on the exploration and development of rare earth elements at 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. Worldwide, carbonatite-related deposits are a major host for rare earths elements ("REE"). 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. 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. For more information on Canada Rare Earths Inc., please visit www.canadarareearths.com or call 604.685.5851. On Behalf of the Board, "Chad McMillan" President & CEO 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. 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