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Rare Element Resources Ltd. announces final 2010 assay results from
seven additional rotary (reverse circulation) holes drilled on the Sundance
Gold Project, Wyoming (drill holes SUN-086 to SUN-092). A total of
thirty-four rotary drill holes containing 21,605 feet (6,585 m) was drilled during 2010 on near-surface targets within
oxide zone mineralization at the Smith, Carbon, and, most recently, Taylor
target areas (Figure 1). Initial drilling results were reported from the
Smith target (see news release dated September 21,
2010), and the second news release (November 15, 2010)
reported results primarily from the Carbon target. This third release covers
the conclusion of the 2010 drill program with results from the Taylor target
area. Gold exploration activity during 2010 was focused on: 1) detailed
definition of known gold-mineralized targets with in-fill drilling, 2)
step-off drilling from known mineralization, and 3) discovery of gold mineralization
in a new peripheral gold target.
Figure 1: Plan map showing the location of the
Smith, Carbon, and Taylor gold target areas within part of Rare Element
Resources' Sundance Property. The gold targets surround the Bull Hill REE
deposit. The drill hole collars from the 2010
program are shown in yellow. Drill-indicated gold-mineralized areas that
contain greater than 300 ppb (>0.3 g/t) gold for each target area are
shown as ruled polygons.
Taylor
Gold Target
Drilling conducted to define a potential
resource at the Taylor gold target area in 2010 included a total of eight
drill holes (SUN-085 through SUN-092). The program was terminated owing to
inclement weather. The Taylor drill hole distribution is shown in Figure 2,
along with a polygon depicting the known extent of drill-indicated gold intercepts
greater than 300 ppb (>0.3 g/t) Au over significant widths. The gold
mineralization at Taylor is a hovering plume-like mass hosted by Tertiary
alkaline intrusions and Cambro-Ordovician
sandstones of the Deadwood Formation. The mineralization generally extends
from the surface to a depth of about 400 feet (125m). Representative
grades within the plume, based on results from the 2010 program, are shown in
Table 1 and include 0.56 g/t over 71.6m (SUN-085), 0.67 g/t over 137.2m
(SUN-089), 0.45 g/t over 56.4m (SUN-091), and 0.42 g/t over 64.0m
(SUN-092). In addition, SUN-089 contains a high grade interval of 3.05
g/t over 12.2m between 515-555 feet (157-169.2m), which may indicate
proximity to a feeder structure. Drill hole SUN-090 tested another
potential feeder structure, marked by a pronounced resistivity protrusion
(2010 CSAMT survey) that extends from depth and intersects the
gold-mineralized plume. Gold assays results from SUN-090 contain 0.67
g/t Au over 192.1m, including a high-grade portion with 1.34 g/t Au over
62.5m from surface to a depth of 62.5m.
Figure 2: Plan map of the Taylor gold target area
showing the location of 2010 drill holes (yellow collars) with respect to
previous drilling, and the footprint of gold mineralization defined by drill
intercepts greater than 300 ppb (>0.3 g/t) gold over significant widths.
John Ray, Sundance project exploration manager,
states, "Higher grade gold zones seen in drill holes SUN-089 and SUN-090
attest that higher-grade gold zones are present in the Taylor system, and the
interpreted continuity of these zones will be used as vectors to further
define their extent. An untested CSAMT resistivity anomaly west of the
known gold mineralization at Taylor could represent the roots of a second
satellite shoot of gold mineralization. Another key result from this
year's program is the interpretation of the 'hovering' aspect of plume-like
portions of both the Taylor and Carbon gold systems, where deeper
intersections in drill holes can be in barren rock underlying anomalous gold
at shallower depths within the plume."
Table 1: Selected significant gold intercepts
from the 2010 drilling program at the Taylor target area, Rare Element
Resources' Sundance Project, Wyoming.
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Intercepts >20ft and
>0.40 g/t Au
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Hole #
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TD, ft
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Prospect
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From,
ft
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To,
ft
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Length
(ft)
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Length
(m)
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Grade,
g/t Au
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G-T = Gram
* thickness
(m)
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SUN-085
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700
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Taylor North
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0
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235
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235
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71.6
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0.56
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40.3
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SUN-086
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620
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Taylor North
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0
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70
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70
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21.3
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0.44
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9.3
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85
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105
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20
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6.1
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0.40
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2.5
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140
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190
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50
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15.2
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0.41
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6.2
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215
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235
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20
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6.1
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0.42
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2.6
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270
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290
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20
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6.1
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0.74
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4.5
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315
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335
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20
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6.1
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0.48
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2.9
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360
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390
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30
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9.1
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0.69
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6.3
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440
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460
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20
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6.1
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0.66
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4.0
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SUN-087
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600
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Taylor
North
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65
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155
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90
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27.4
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0.41
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11.3
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370
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390
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20
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6.1
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0.40
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2.4
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SUN-089
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560
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Taylor
North
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110
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560
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450
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137.2
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0.67
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92.3
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includes 996 ppb/45'
(195-240')
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includes 3046 ppb/40'
(515-555')
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SUN-090
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630
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Taylor
North
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0
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630
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630
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192.1
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0.59
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114.1
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includes 1340 ppb/205'
(0-205')
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SUN-091
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600
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Taylor
North
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200
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385
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185
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56.4
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0.45
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25.2
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SUN-092
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360
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Taylor
North
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0
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210
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210
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64.0
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0.42
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26.8
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Rare Element Resources Ltd (TSX-V: RES
& AMEX: REE) is a
publicly traded mineral resource company focused on exploration and
development of rare-earth elements and gold on the Bear Lodge property.
Rare-earth elements are key components
of the green energy technologies and other high-technology applications. Some
of the major applications include hybrid automobiles, plug-in electric
automobiles, advanced wind turbines, computer hard drives, compact
fluorescent light bulbs, metal alloys, additives in ceramics and glass,
petroleum cracking catalysts, and a number of critical military applications.
China currently produces more than 95% of the
130,000 metric tonnes of rare-earths consumed
annually worldwide, and China has been
reducing its exports of rare earths each year. The rare-earth market is
growing rapidly, and is projected to accelerate if the green technologies are
implemented on a broad scale.
ON BEHALF OF THE BOARD
Donald E. Ranta, PhD, PGeo,
President & CEO
Donald E. Ranta,
PhD, PGeo, serves the Board of Directors of the Company as an
internal, technically Qualified Person. Technical information in this
news release has been reviewed by Dr. Ranta and has been prepared in accordance with
Canadian regulatory requirements that are set out in National Instrument
43-101. This news release was prepared by Company management, who take
full responsibility for content. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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