VANCOUVER, June 17, 2011 /CNW/ - Tasman Metals Ltd. ("Tasman" or the "Company") (TSXV: TSM) (Frankfurt: T61) (Pink Sheets: TASXF). Mr Mark Saxon, President & CEO, reports that the winter/spring drilling program undertaken at Company's 100% owned Norra Karr heavy rare earth element (REE) - zirconium (Zr) project in Sweden is now complete. Twenty three new holes were completed and 6 existing drill holes were extended, for a total of 4,734m of drilling.
The thickness of REE - Zr mineralization at Norra Karr has been expanded significantly by this drilling program. The mineralized intrusion has been intersected to a maximum down-hole depth of 298.8m in drill hole NKA11040, which ended in the intrusion at the limit of the available drill rods. This hole extended the depth of intrusion approximately 100m below the lower limit of current NI 43-101 compliant inferred resource. Assays are awaited for much of the 2011 drilling program, which will be reported as they come to hand.
With this substantial increase in drilling data, Tasman has contracted independent consultants Pincock, Allen & Holt of Colorado to update the existing NI 43-101 resource calculation. This new calculation will define an "in-pit" resource and incorporate more than twice the drilling data that was used in the initial calculation. This resource will form the basis for a future Preliminary Economic Assessment on the Norra Karr project.
Norra Karr is characterized by containing the highest proportion of the high value HREO (heavy rare earth oxide) of all advanced projects in the Western World, as evaluated by industry analysts at Technology Metals Research LLC (www.techmetalsresearch.com), with HREO as a percentage of TREO (total rare earth oxide) exceeding 50%. Of particular note are the high grades of Y2O3 (yttrium oxide) and Dy2O3 (dysprosium oxide) both metals with strong demand in the lighting and automotive industries, and with few potential sources outside China. In addition, Technology Metals Research show Norra Karr to be the fourth largest heavy rare earth project in the Western World by contained metal.
Mineralization occurs within the Norra Karr peralkaline nepheline syenite intrusion, which covers 350m x 1,100m, first discovered in 1906, and subsequently test mined for nepheline, Zr and Hf. Better grades of mineralization in drill holes appear associated with partially melted or pegmatitic intervals within the intrusion. Recent mineralogical work by SGS Mineral Services has shown REE bearing minerals to be zirconosilicates, principally eudialyte and catapleiite. The project shows geological similarity to advanced projects at Strange Lake (Quebec) and Dubbo (Australia).
Norra Karr is located in southern Sweden, 300km SW of the capital Stockholm and lies in mixed farming and forestry land. The site is well serviced by power, roads and water allowing all year round access, plus a local skilled community. For an overview of the infrastructure and resource at site, please see a recent 3D fly through video at http://www.tasmanmetals.com/i/videos/video1/index.html.
About Tasman Metals Ltd.
Tasman Metals Ltd is a Canadian mineral exploration and development company focused on Rare Earth Elements (REE's) in the European region and is listed on the TSX Venture Exchange under the symbol "TSM". REE demand is increasing, due to the metals unique properties that make them essential for high technology and environmentally-beneficial applications. Since over 95% of REE supply is sourced from China, the European Union is actively supporting policy to promote domestic supply of REE's, to ensure the security of high-tech industry. Tasman's exploration portfolio is uniquely placed, with the capacity to deliver "high-tech" metals from politically stable, mining friendly jurisdictions with developed infrastructure.
The Company's Norra Karr project in Sweden is one of the most significant heavy REE resources in the world, and the only NI43-101 compliant REE resource in mainland Europe. With a TREO (total rare earth oxide) cut off of 0.4%, the Inferred Mineral Resource comprises 60.5 million tonnes grading 0.54% TREO and 1.72% ZrO2 (zirconium oxide), with 53.7% of the TREO being the higher value HREO (heavy rare earth oxide). The resource is unusually low in radioactive metals relative to peer projects, with less than 15 ppm each of uranium and thorium.
Tasman's cash position is approximately C$14.0 million.
For more information regarding rare earth elements, see the Rare Metal Blog at www.raremetalblog.com or Resource Stock Digest at http://strategicmetalstocks.resourcestockdigest.com/.
On behalf of the Board,
"Mark Saxon"
Mark Saxon, President & CEO |
Samples submitted by Tasman Metals Ltd were analyzed by the ME-MS81 technique by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada, where duplicates, repeats, blanks and known standards were inserted according to standard industry practice. Where over-range for ME-MS81, Zr was determined using the ME-XRF10 technique. The qualified person for the Company's exploration projects, Mark Saxon, President and Chief Executive Officer of Tasman and a Member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists, has reviewed and verified the contents of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note to U.S. Investors Concerning Estimates of Inferred Resources. This news release uses the term "inferred mineral resource." We advise U.S. investors that this term is not recognized by the U.S. Securities and Exchange Commission. The estimation of inferrred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources.
Forward Looking Statements. This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
