Vancouver, British Columbia -- Canada Rare Earths Inc. ("the Company") (TSX-V: CJC) announces that early Phase 1 drilling has successfully intersected a large carbonatite intrusion at its Goeland rare earth exploration project located in Montviel, Quebec.
As of the last drilling update received by the Company on September 8th, 2011, the Company was drilling in carbonatite, having already drilled through over 200 meters of the material. This body was intersected as expected (coincident with the Company's magnetic data), and as drilling is ongoing, the true depth and width of the body remain unknown. The core is described as consisting of 60% carbonates with augite and/or hornblende (dark green to black minerals) and possibly bastnasite, with a minor presence of pyrrhotite and magnetite. To view pictures of the drill core, please visit http://canadarareearths.com/projects-goeland-rare-earths.php.
Drilling continued until the morning of September 11th, 2011 when a temporary hiatus commenced to respect the traditional local hunting period. The Company will resume operations in 2 weeks time, moving on to the next hole which will further enhance the definition of this carbonatite system.
Benoit Moreau, Vice President of Exploration for the Company comments, "the host rocks, mainly granitic rocks from the Archean basement, are intensely fractured and altered thus confirming the presence of a large intrusion system. More specifically, prior to crosscutting the carbonatite rocks, the basement rocks are completely altered and leached. These rock units are very well defined and strongly correlated with available magnetic data. Finally, the Pmtv5 unit as mapped and described by Quebec's Ministere des Ressources natuelles et de la Faune (MRNF) coincides with the drilling currently performed by the Company. I am very pleased to achieve this exciting milestone in the Company's exploration program, and look forward to our future drilling as we move south towards the second historical hole drilled on the property."
Chad McMillan, President & CEO adds that "given the prominence of rare earth elements ("REE's") in carbonatite related deposits worldwide, and the recent local carbonatite hosted REE discovery by Geomega Resources (TSX-V: GMA) within the same intrusive complex, we are thrilled to confirm the presence of this large carbonatite body within our claims."
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.
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.
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 of Canada Rare Earths Inc.
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.
