VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2011) - TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE:TNR) is pleased to announce the acquisition of 100% ownership interest in the Seabrook Rare Earth Element Carbonatite Complex in northern Ontario (the "Property") through a combination of staking and option.
Key Highlights:
- 100% ownership and coverage of the Seabrook Carbonatite Complex;
- Significant REE potential indicated from previous operators' limited exploration;
- 4 grab samples grading 0.6, 1.5, 4.7 and 10.3% Nb2O5; and
- One sample grading 0.47% Ce2O5 and 0.22% La2O3 where only the Ce and La were analyzed for.
"The Seabrook Carbonatite Complex represents a significant addition to TNR's Rare Earth Elements property portfolio that also includes the Big Beaver House Carbonatite; one of the largest carbonatites in Ontario," states Gary Schellenberg, CEO – TNR Gold Corp. "TNR's inclusion of two highly prospective and under-explored REE properties represent excellent exploration targets for REEs and is a prime example of the opportunities that the Company continues to source out, identify and acquire."
The Seabrook Property consists of three claims covering 32 Units and totaling 512 hectares. Two of the claims totaling 23 Units were acquired through staking by the Company and the remaining one claim consisting of 9 units is under option to the Company, contingent on Exchange approval. The Company can acquire a 100% interest in the optioned claim by issuing an aggregate $111,000 cash payment, 450,000 shares and accumulating $750,000 in exploration expenditures over a three year period to the claim owners (the "Optionor"). In addition, TNR agrees to pay to the Optionor a net smelter returns royalty (the "Royalty") of 2.0% of which TNR shall have the right to purchase up to 75% of the Royalty (being 1.5%) at any time prior to the commencement of commercial production upon the payment of $500,000 per each 25% of the Royalty (being each 0.5%).
Seabrook Carbonatite
The Seabrook Carbonatite Complex is one of the southernmost Carbonatite complexes in Ontario located 100 kilometres NE of Sault Ste. Marie and 10 kilometres west of highway 129 along a provincial Forest Access Road. The Seabrook Project is accessible year round with a powerline transecting the property and the Aubrey Falls Dam and Generating Station situated within 12 kilometres.
The Seabrook Carbonatite is approximately 1.5 x 2.5 kilometres in area and elongated along a north-south trend forming a tadpole shaped complex consisting of Sovite and Silicocarbonatite in the bulbous northern portion and Ijolite in the tail to the south. The entire complex is enveloped by a well developed aureole of Fenitized granitic rocks.
The limited past exploration on the Seabrook Carbonatite has indicated significant REE potential. In 1955, W. Bussineau reported 4 grab samples* grading 0.6, 1.5, 4.7 and 10.3% Nb2O5. In 1971, Canpac Minerals Ltd. and Gunnex Ltd. reported grab samples grading up to 0.90% Nb and outlined 3 areas of high Nb values which were never followed up by drilling. In 1977, P.C. Thurston et al. as part of a geological survey of the Chapleau area for the Ontario Division of Mines returned a sample of Sovite grading 0.47% Ce2O5 and 0.22% La2O3 where only the two REE elements (Ce + La) were analyzed.
Big Beaver House Carbonatite
TNR Gold Corp. acquired by staking the Big Beaver House REE property, one of the largest carbonatite complexes in Ontario at 5 by 5 kms in scale. The property consists of eleven claims totaling 2,688 hectares and is located 40 kms northeast of Golcorp.'s Musselwhite gold mine.
The project has experienced minor historic exploration due to the almost complete absence of outcrops however the limited drilling that did occur indicated significant REE potential when the Ontario Geological Survey analyzed the historic drill core and reported Nd+La+Ce grades up to 3,200 ppm.
* Grab samples are by definition selective and are unlikely to represent average grades on the property.
The Company is currently planning and coordinating the 2011 exploration programs on their REE properties and will provide more details near the commencement of field operations.
John Harrop, P.Geo, is the company's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release. To view additional details on the Seabrook and Big Beaver House Carbonatite Complexes, please visit our website (www.tnrgoldcorp.com) and select the project presentations.
ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORP.
The Company is a diversified international metals exploration company focusing on the continued advancement of existing properties and identifying and acquiring new prospective projects. The Company has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to the Company's wholly owned subsidiary International Lithium Corp upon completion of a proposed plan of arrangement.
The objective of the proposed plan of arrangement is to spin out the Company's rare metals property interests into a separate public company, International Lithium Corp. This proposed plan of arrangement has been approved by the Company's shareholders and the courts of British Columbia. The Company will now proceed with the spin out and will provide updates on the progress of the spinout in further news releases. For further details of the spinout, please refer to Stockwatch news dated May 26, 2010, or visit International Lithium's website.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the combined companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
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