Rare Earth Metals announced the first NI 43-101 compliant independent resource estimate for the Two Tom REE, Niobium Beryllium deposit at the Red Wine property.
The property is located approximately 110 kilometers northeast of Churchill Falls in west central Labrador. The NI 43-101 Inferred mineral resource was 40.635 million tonnes grading 1.18 percent total rare earth oxide, 0.26% niobium oxide and 0.18% beryllium oxide at a 0.60% TREO cut off grade.
Mr Michael Stares president & CEO of Rare Earth Metals said that "We are extremely pleased with the results of Tetra Tech's evaluation which gives us an excellent base to work from at the Red Wine Project. We will continue to work with Tetra Tech and develop a drill program to enhance the tonnage and grade of the deposit and to initiate metallurgical work on the zone."
Rare Earth Metals said the resource areas are open along multiple directions and to depth. The resource estimate was based on over 5,140 meters of drilling in 22 holes and 4 trenches and 2,647 assay samples covering approximately 1,200 meters of strike length to an average depth 200 meters.
The estimate was prepared by Tetra Tech Wardrop, which recommends that additional drilling be conducted to further investigate and develop the known Two Tom deposit and determine continuity of the mineralized syenite and REE-Niobium Beryllium grades.
Rare Earth Metals is earning 100% interest in the Two Tom property, which is subject to two option agreements. The northwest half of the zone is optioned from Zimtu Capital Corporation and the southeast half is optioned from Roland and Eddie Quinlan. The company presently has three advanced projects in Ontario and Newfoundland and Labrador, showing multi element potential.
Rare Earth Metals has been busy in 2011 with the completion of a successful drilling campaign at its Springer Lavergne prospect in the Sudbury mining district of Ontario and the discovery of heavy rare earths on the Dory Pond prospect in the new emerging Red Wine rare earth mineral belt of Labrador.
In September, the company released a resource estimate for its Clay Howells property in Ontario with 8.5 million tonnes averaging 0.73 percent TREO with 44.15 percent iron III oxide.
(Sourced from www.proactiveinvestors.com)
