Canadian Orebodies Inc. (TSX VENTURE:CO - News;
"Orebodies") is pleased to announce assay results from grab samples
taken from the Tebishogeshik showing on its Zigzag Lithium/Rare Metals
property (the "Property") under option from Ultra Lithium Inc.
("Ultra"). The Property is subject to an Option Agreement with
Ultra and the underlying property owners to acquire an 80% legal and
beneficial interest (subject to a 2% NSR retained by the Owners, 50% of which
can be purchased by Orebodies for $1,000,000).
Highlights
-- Grab samples from the Tebishogeshik showing on the Zigzag property have
yielded significant lithium, tantalum and rare metals values in
individual samples of up to:
4.09% Li2O, 501 ppm Ta2O5, Rb 2,280 ppm, Be 408 ppm,
-- 23% of the 39 grab samples taken from the Tebishogeshik showing exceeded
the upper detection limits for Tantalum (greater than 100 ppm).
Zigzag Property Overview
The Property in total consists of 129
claim units comprising 2,064 hectares, located approximately 60 km northeast
of Armstrong, Ontario. The property is host to 5 historical lithium and rare
metal showings of consequence.
Historical highly anomalous tantalum and
cesium values are notably widespread on the property and indicate a high
potential for zoned, complex-type pegmatites enriched in tantalum and cesium.
Complex-type pegmatites are excellent targets for economic deposits of lithium,
tantalum, cesium and rubidium such as the Tanco pegmatite in Manitoba.
Zigzag Sampling Overview
There were a total of 39 grab samples
collected during Orebodies preliminary reconnaissance work of the
Tebishogeshik showing on the Zigzag property which have yielded high grade
lithium, tantalum and rare metals. Orebodies is waiting for further assay
results from channel sampling that was also completed on the Zigzag Property,
Dempster East showing which will be released when received.
TABLE 1 - HIGHLIGHTED GRAB ASSAYS FOR TEBISHOGESHIK SHOWING
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Li2O Ta2O5 Be Cs Ga Nb Rb Sn
Sample # (%) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm)
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H181117 4.09% 78.4 222 56.2 98.9 47.6 510 28.1
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H181105 1.95% 122.1 53.7 101 73.5 46 2100 19.1
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H181237 1.57% 106.5 32.9 131 84.7 59.8 2110 36
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H181233 0.05% 501.9 307 71.8 83.2 73.6 770 19.2
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H181236 0.82% 392.0 215 124 61.5 55.8 2280 15.7
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H181231 0.06% 389.5 32.3 109 107.5 115.5 1610 53.5
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H181118 1.53% 361.4 129.5 92.5 73.5 63.6 1860 26.1
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(Grab samples are selective by nature and are unlikely to represent future
average grades on the property.)
Tantalum Information
Tantalum is a specialty metal which is
highly corrosion resistant and has the highest ability to hold and release
electricity. These characteristics make it essential for electronic devices
(tantalum capacitors) and specialty applications such as jet engines. Several
events in the global market have caused the price of tantalum to increase
significantly as of late, mainly the fact that two of the largest producers
have shut down (Tanco deposit in Canada and Talison Tantalum in Australia)
which represents nearly half of the world market. These shutdowns have led to
a global supply that has fallen behind demand and the market now requires
additional production from new projects.
Orebodies Zigzag property is very
interesting for the fact that besides high grade lithium, tantalum could have
one of the most considerable economic benefits as historically there have
been a significant amount of samples collected that demonstrate widespread,
high grade results. Breaks (2003) stated that individual analysis from the
Tebishogeshik Lens 3 exceeded 80 wt % Ta2O5 and were amongst the highest
documented in lithium-rich pegmatite of Ontario.(i)
(i)(historical in nature and not 43-101
compliant and therefore should not be relied upon.)
It should be noted that typically
samples with higher tantalum values tend to have low lithium values as is
representative of sodic aplite and albitite-rock units that represent
significant host-rocks for tantalum mineralization. This is demonstrated by
the Tanco Mine in Manitoba and the Wodgina and Greenbushes Mines of Western
Australia. However, there are samples with high lithium values that also
carry strong anomalous tantalum.
All samples were submitted to ALS and
analyzed using four acid digestion and ICP-MS. For more information on assay
methodology please visit the ALS Laboratory Group. Website at http://www.alsglobal.com
This press release has been prepared
under the supervision of Mr. Don Hains (P.Geo.)., who is an independent
consultant to the Company and a "qualified person" (as such term is
defined in National Instrument 43-101). Mr. Hains has verified the technical
data disclosed in this press release.
Forward Looking Information:
This press release contains certain
"forward-looking statements". All statements, other than statements
of historical fact, that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the future
(including, without limitation, statements relating to mineral resources,
potential mineralization, exploration results and the Company's plans with
respect to the exploration and development of the Properties) are
forward-looking statements. These forward-looking statements reflect the
current expectations or beliefs of the Company based on information currently
available to the Company. Forward-looking statements are subject to a number
of risks and uncertainties that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking statements,
and even if such actual results are realized or substantially realized, there
can be no assurance that they will have the expected consequences to, or
effects on the Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other things,
changes in commodity prices, changes in equity markets, failure to establish
mineral resources, changes to regulations affecting the Company's activities,
delays in obtaining or failures to obtain required regulatory approvals,
uncertainties relating to the availability and costs of financing needed in
the future, the uncertainties involved in interpreting drilling results and
other ecological data, and the other risks involved in the mineral
exploration and development industry. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
Contact:
Gordon McKinnon
Canadian Orebodies Inc.
President & CEO
(705) 268-9000
www.canadianorebodies.com |