Rare Earth Metals (TSX-V:RA) has reported additional prospect sampling results from its Letitia Lake/Red Wine property located in west central Labrador, showing significant rare earth element, niobium, zirconium and beryllium mineralization in six new target zones.
The strike length of 2 previously reported zones have been extended as well, the company said.
Earlier this month, Zimtu Capital Corp (TSX-V: ZC) (FSX: ZCT1) entered into an option agreement with Rare Earth Metals, which will see Rare Earth acquire a 100% interest in mining claims totaling 508 claim units, prospective for rare earth elements located in six separate areas along the strike length of the Red Wine Belt.
Rare Earth now controls a total of 1,359 claim units totaling 338.5 square kilometres, which gives the company up to a 70% stake in all of the staked ground at the emerging Red Wine Rare Earth Element Belt.
The latest results from the area include 6.72% TREO (Total Rare Earth Oxides) in the new Dory Pond Zone on the Block 3 North, and 4.91% TREO in the Two Tom Lake mineralized zone on the recently optioned Zimtu Claim Block.
"These latest results confirm the high potential of the Letitia/Red Wine Belt to host significant deposits of Rare Earth Element and associated Rare Metals. Mineralization continues to be found throughout the 40 km of strike length," said the company in a statement.
The Two Tom showing, located 18 km east of the main showing at the Mann #1 Zone, has now been defined as a NW trending mineralized zone that has been traced intermittently for a strike length of 1.3 kilometers, across the Quinlan Option ground onto the Zimtu property.
The mineralization is found in both intermittent outcrop and within large, 50 meter by up to 200 meter size boulder fields of 80-90% mineralized angular to sub-angular boulders. The TREO values contained from 4 to 12% Heavy Rare Earth Oxides (HREO), with an average of 7% HREO.
Block 3 North is located 13 kilometers southwest of the Mann #1 showing. Two new showings were discovered on this block, both coincident with airborne radiometric anomalies.
The first showing, B3N-1, a 3500 meter long radiometric anomaly, reported recent results from 56 additional prospect samples, ranging from 0.03% to 3.75% TREO, 0.004% to 0.41% BeO, and 0% to 5.30% ZrO2. The TREO values ranged from 4% to 68% HREO, with the average being 35% HREO.
B3N-2, a 4500 meter long radiometric anomaly, saw results from 29 prospect samples, which included the discovery of a large mineralized boulder field, now referred to as the Dory Pond Zone, near the southwest end. Results from samples taken along the Dory Pond Zone ranged from 0.09% to 6.72% TREO and 0.01% to 1.23% ZrO2. The TREO values ranged from 5% to 30% HREO.
Drill testing of the Dory Pond mineralized zone is scheduled to be completed by month end.
Field work, including prospecting, geological mapping, and diamond drill testing is continuing on the known mineralized zones and new prospects. Five holes have been completed on the Mann #1 deposit and seven holes on the Two Tom Zone.
Rare Earth Metals is focused on exploring for Rare Earth Element deposits. The company has two advanced projects in Ontario and Newfoundland, which all exhibit multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore) and proximity to available infrastructure.
The company was up more than 9% on Friday, trading at $0.4 as of 12:25pm ET on the TSX-Venture Exchange.
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