|
October 15, 2007
No. 07-10
Avalon Ventures Ltd. TSX-V: AVL (the "Company") is pleased to provide the following update on the
Phase 1 drilling program on its 100% owned Thor Lake Rare Metals project
located near Yellowknife, NWT.
The target of this program was the southern part of the Lake Zone Rare
Earth Elements ("REE") target, where 16 holes totaling
2551 metres
were drilled. The 16 holes (of which three were abandoned short of the
target depth due to drilling difficulties) tested previously undrilled portions of the southern part of the Lake
Zone REE deposit where historical drilling has produced significant
intersections such as a 5.2m interval in hole 81-1 which averaged 0.70%
Y2O3 ('yttrium oxide") and 4.11% TREO ("Total Rare Earth Oxide")
having a high proportion of neodymium and the heavy rare earths. A location
map for these holes and an interpretive cross section is available on the
Company's website. The program which began in late July, 2007, was
concluded prior to the completion of the planned 3000 metres due to
the early onset of winter conditions. A second phase program is scheduled
to commence after freeze-up in January, 2008.
The current program has confirmed the presence of two mineralized
alteration zones which form distinct dark-coloured horizontal layers within
the tabular Lake Zone deposit. The zones vary in thickness from 10 to 35 metres and have
now been traced laterally over distances of 1100 metres where
they remain open for expansion. A total of 1160 samples of split drill core
and standards have been submitted for assay, but due to extensive sample
backlogs at the analytical labs, assay results are not expected for at
least 6 weeks. This program is the first to be conducted using modern
analytical methods that determine all the rare earth elements and modern
QA/QC protocols. All drill core has been split and
sent to the Acme Laboratories facility in Yellowknife for sample preparation. Assays
will be performed both by Acme and Activation Laboratories of Ancaster, ON.
Preliminary petrographic work was carried out on a suite of 14 small split
core samples collected from hole L07-54 by Dr. A.
N. Mariano, consulting mineralogist, and a recognized expert in REE
mineralogy. Dr. Mariano confirmed that the mineralized zones contain a
complex suite of REE-bearing minerals including bastnaesite, allanite,
synchisite, parasite, monazite and fergusonite along with zircon and
magnetite. Fergusonite is an yttrium-niobium-tantalum oxide mineral which
contains a high proportion of heavy REE's such as terbium (Tb) and
dysprosium (Dy) as well as the valuable light REE neodymium (Nd) in the
following relative proportions:
Dr. Mariano's mineralogical work confirmed previous observations that the
fergusonite is primarily concentrated in the lowermost mineralized horizon
which forms a 10 to 25
metre thick mineralized layer at depths of 140 to 175 metres. This
horizon is considered the primary target for development due to its
relatively high enrichment in the the heavy REE's, which are in the highest
demand because of their critical importance in new hybrid car technology
and many popular consumer electronic products such as flat screen TV's and
portable music players.
The Lake Zone contains a very large inferred resource of rare metal
mineralization as determined by independent consultant, Wardrop Engineering
and first reported on January 22, 2007, as follows:
Lake Zone: Summary of Inferred Mineral Resources
TREO + Y2O3 = the sum of all rare earth oxides plus yttrium oxide
Ta2O5 = tantalum oxide, Nb2O5 = niobium oxide ZrO = zirconium oxide
The objective of the current work is to define indicated resources in the
higher grade sub-zones within this large inferred resource that would be of
sufficient size and grade to justify development. Large parts of the
deposit covered by Thor
Lake remain untested.
These will be tested during the upcoming winter program, once a sufficient
thickness of ice has formed. Drilling operations were supervised by J.C.
Pedersen, P.Geo. and D.L. Trueman, P.Geo., under
the overall direction of the Company's Vice-President, Exploration, Dr.
William Mercer, P.Geo.
About Avalon Ventures Ltd.
Avalon Ventures Ltd. (TSX-V: AVL) is a Canadian junior mineral exploration
and development company, with a primary focus on rare metals and minerals
with high technology applications or offering environmental benefits. Avalon
currently holds a portfolio of five such projects, including three that are
at, or close to, the feasibility stage. The Company operates with high
standards for environmental protection and community engagement that meet
or exceed current industry norms.
To find out more about Avalon Ventures Ltd. (TSX-V: AVL), please visit our
website at http://www.avalonventures.com.
Shares Outstanding as at the date of this release: 52,518,623.
Cash resources: $1.3 million.
This news release is available on the Company's official on-line investor
relations site for investor commentary, feedback and questions. Investors
are invited to visit the "Avalon Ventures" IR Hub at http://www.agoracom.com/ir/avalon. In addition, investors are invited to e-mail their
questions and correspondence to AVL@agoracom.com or phone Don Bubar, P.Geo., President, at 416-364-4938. Mr. Bubar is the
Qualified Person responsible for the technical content of this news release.
The language used in this News Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company's
forward-looking statements and expectations. The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
|