QUANTUM Begins Fieldwork at Jungle Well and Laverton REE Projects, Australia
The Jungle Well Project is located less than 200 km west of Lynas Resource Corp’s Mount Weld Project. The exploration target is a carbonatite hosted REE deposit similar to the Mount Weld Project. Mount Weld is one of the richest, large REE deposits know worldwide and is host to an estimated 17.49 Mt of 8.1% REO’s; secondary REE minerals occur within the regolith atop the Mount Weld Carbonatite.
At Jungle Well, historic sampling in 2007, adjacent to a circular magnetic anomaly returned from 6.98 to 8.07% REE’s*. Follow-up exploration in 2009 confirmed the earlier results, with two samples of 5.74 and 8.29% REE’s. The current exploration program will confirm historic results and evaluate the potential for the project to host a large, high-grade, REE deposit.
The Laverton REE Project is located about 45 km north of Mount Weld. It encompasses a number of circular magnetic features that may represent carbonatite. These features will be evaluated for their potential to host REE occurrences.
(* REE’s as reported herein include in decreasing order of abundance: Cerium, Lanthanum, Neodymium, Yttrium, Praseodymium, Gadolinium, Erbium, Ytterbium, and Europium; these are not reported as oxides. Sample analysis did not include the full suite of REE’s.)
In other corporate activities, the Company is pleased with ongoing drilling at the Elk Creek Niobium and Rare Earth project in Nebraska, with the first set of results due in the next few weeks. Results will be announced as received.
On Behalf of the Board,
For further information, contact Peter Dickie, President and CEO of the Company at (604) 669-9330.
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