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TORONTO,
ONTARIO--(Marketwire - March 17, 2010) - Quest Uranium Corporation (TSX
VENTURE:QUC) is pleased to provide an update on exploration activities
for the Corporation's Strange Lake rare earth element (REE) project,
northeastern Quebec. Currently, Quest is advancing a significant,
multi-faceted evaluation program for its recently-discovered B-Zone REE
deposit. A program of preliminary resource estimation, metallurgical
testing and advanced mineralogical studies of the deposit is currently
advancing. The data from these studies will be used to undertake a
Scoping Study-level preliminary economic evaluation of the deposit. In
addition, planning for a significantly-expanded 2010 exploration
program for the Strange Lake property is well underway; the exploration
program is expected to include diamond drilling, geochemical sampling,
geological mapping, gridding and trenching. Sufficient working capital
is currently available to complete all of the Corporation's current
exploration plans. The Strange Lake project is located 175 km northeast
of Schefferville, Quebec and 125 km west of the giant Voiseys Bay
nickel-copper-cobalt deposit, eastern Labrador (see Figure 1).
It is expected that Quest's consulting engineers, Wardrop Engineering
Inc. of Toronto, Ontario, will deliver a 43-101 Inferred Resource
Estimate for the B-Zone in late March or early April, as scheduled. In
parallel to this work, Hazen Research of Golden, Colorado, has been
advancing a detailed metallurgical study on a one-tonne bulk sample
collected from the B-Zone during the 2009 exploration program. Detailed
mineralogical characterization and theoretical liberation studies have
been completed on the mineralization. Currently, Hazen is undertaking
preliminary physical separation experiments for B-Zone material. The
results for this next phase of the metallurgical work are expected
soon. Upon receipt of the Wardrop and Hazen final reports, they will be
incorporated into a Scoping Study of the preliminary economics of the
deposit by Wardrop. It is expected that study results will be delivered
by mid-June.
"We are extremely pleased with the progress of the advanced work
in defining the size, metallurgical character and economics of our
important B-Zone rare earth deposit." said Peter J. Cashin, Quest's
President and CEO. "In addition to the definition of what appears
to be a significant deposit of Heavy REE, all indications are that we
will be able to greatly enhance the volume and surface dimensions of
the mineralization for the deposit through diamond drilling in 2010. We
also intend to drill test new areas of mineralization along the
periphery of the host Strange Lake Alkali Granite identified during
2009 exploration; these could greatly expand the important mineral
inventory that we have been building on the property."
STRANGE LAKE EXPLORATION HISTORY AND 2009 PROGRAM RESULTS
The Strange Lake property is one of four claim blocks that Quest holds
in the George River area, covering a total of 2,160 km2. The property
hosts a historical, pre-43-101 Rare Earth metal resource of 52 million
tonnes which straddles the Quebec-Labrador provincial border
(historical resource estimate, pre-National Instrument 43-101;
Venkatswaran, 1983 - 52 million tonnes @ 3.25% ZrO2, 0.56% Nb2O5, 0.66%
Y2O3, 0.12% BeO and 1.30% TREO). Quest holds 100% of the Quebec portion
of the deposit.
Discovered by the Iron Ore Company of Canada in the late-1970s, the
company completed full feasibility, project engineering and
metallurgical studies on the deposit. Excellent metallurgical recoveries
of the rare earths were reported from the IOC work and subsequently
confirmed by Mitsui Mining & Smelting of Japan in 1996.
The B-Zone REE deposit was discovered in the summer of 2009 as a
follow-up to a 2.2 km-long airborne radiometric geophysical anomaly
Quest had identified in 2008, about 3 km northwest of the IOC Main Zone
deposit (see Figure 2). By mid-July, field crews had traced the new
zone at surface for 1.7 km in strike and over 400 m in width (see Press
Release: August 19, 2009). Grab samples returned up to 14.3% TREO and
showed strong values in Yttrium, Zircon, Niobium and Hafnium. More
importantly, the Heavy Rare Earths (HREE) constituted between 50% and
65% of the total REE in the rock.
Earlier
indications from Quest's compilation of the historical drilling over
the area showed that IOC had intersected up to 60 m of mineralization
at the western margin of the B-Zone anomaly but did not follow up on
its initial work. Quest drilling completed last fall over the western
half of the geophysical target has now traced the zone for 1.1 km in
strike length, over 500-600 m in width and 135 m vertically. All holes
were stopped in mineralization and the zone remains open in all
directions. The best drill results are listed below in Table 1. In addition,
2009 exploration resulted in the discovery of new areas of surface
mineralization at B-East, A, SLG and Apurna Lake.
2010 EXPLORATION PROGRAM
In addition to the Resource Estimate and metallurgical work outlined
earlier, Quest intends to carry out a significant program of trenching,
geological mapping, geochemical sampling and 15,000 m of diamond
drilling with four rigs on the property.
A total of 13,000 m of diamond drilling will focus on the area that is
currently the object of Quest's Resource Estimation of the B-Zone (in
progress, drilled on approximately 150-m centres). The objective of the
program will be on upgrading and expanding the deposit by drilling at
either 75 m or 50 m centres across the area of mineralization defined
to date. As well, because Quest's 2009 drillholes into the Zone were
all stopped in mineralization, more powerful drill machines will be
brought in so as to allow Quest to penetrate the full vertical extent
of the mineralized system. Two drills will be used for this purpose. A
third drill will be used to explore the eastern half of the B-Zone
radiometric anomaly. This is intended to expand this part of the
deposit into the Inferred Category. Finally, the fourth drill will be
used to test new areas of surface mineralization discovered on the
property in 2009. A total of 2,000 m of drilling will be required for
this part of the campaign.
It is anticipated that exploration crews will arrive on the property
sometimes in June. Quest intends to establish a permanent, winterized
camp installation on the property at project start-up so as to allow
Quest to explore on the property year-round.
Quality Control
Mr. Peter Cashin, P. Geo., is the qualified person on the Strange Lake
Project under National Instrument 43-101 and was responsible for this
news release. Material for analysis has been obtained from drill core
which was cut in half using a diamond saw. Half of the core was sent to
the lab for analysis, with the remaining half left on-site for future
reference. Whole core was collected for the purposes of the bulk sample
for B-Zone mineralization and sent directly to Hazen Research. A strict
QA/QC program is followed which includes the use of elemental
standards, duplicates and blanks. Analyses were performed by Activation
Laboratory Limited of Ancaster, Ontario and by Hazen Research, Inc. of
Golden, Colorado.
The 1983 historical mineral resource estimate referred to in this press
release was prepared before the introduction of National Instrument
43-101. No qualified person has undertaken sufficient work to classify
this historical resource estimate as current mineral resources or
mineral reserves. Accordingly, Quest is not treating the historical
resource estimate as current mineral resources or mineral reserves, as
defined in National Instrument 43-101, and the historical resource
estimate referred to in this press release should not be relied upon.
About Quest Uranium
Quest Uranium Corporation is a Canadian-based, exploration company
focused on the identification and discovery of new world-class Rare
Earth deposit opportunities. The Corporation is publicly-listed on the
TSX Venture Exchange as "QUC" and is led by a
highly-respected management and technical team with a proven
mine-finding track record. Quest is currently advancing several
high-potential projects in Canada's premier exploration areas: the
Strange Lake area of northeastern Quebec, the Kenora area of
northwestern Ontario and the Plaster Rock area of northwestern New
Brunswick. Quest's 2009 exploration led to the discovery of a
significant new Rare Earth metal deposit, the B-Zone, on its Strange
Lake property in northeastern Quebec. The Corporation is currently
completing a 43-101 Resource Estimate and Metallurgical study as part
of an on-going economic evaluation of the deposit. Quest continues to
pursue high-value project opportunities throughout North America.
This news release contains statements that constitute
"forward-looking information" or "forward-looking
statements" within the meaning of applicable securities
legislation. This forward-looking information is subject to numerous
risks and uncertainties, certain of which are beyond the control of
Quest Uranium Corporation ("Quest"). Actual results or
achievements may differ materially from those expressed in, or implied
by, this forward-looking information. No assurance can be given that
any events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that Quest
will derive therefrom. Forward-looking information is based on the
estimates and opinions of Quest's management at the time the
information is released. Quest does not undertake any obligation to
update publicly or to revise any of the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/QUC317fig1.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/QUC317fig2.pdf
Table 1 - Best Diamond Drilling Results from the B Zone, Strange Lake
Project, Quebec
-------------------------------------------- -------------------------------------------- -------------------------------------------- BZ09001 5.10 16.00 10.90 1.78 50.0 -------------------------------------------- including 5.10 9.00 3.90 3.23 -------------------------------------------- BZ09002 66.00 75.00 9.00 1.98 59.8 -------------------------------------------- including 66.00 69.40 3.40 3.47 -------------------------------------------- BZ09003 19.00 31.00 12.00 2.18 58.5 -------------------------------------------- including 19.00 26.00 7.00 2.81 -------------------------------------------- BZ09008 4.00 93.50 98.50 1.11 42.4 -------------------------------------------- including 11.00 22.32 11.32 1.69 46.9 -------------------------------------------- including 28.93 33.00 4.07 2.52 48.9 -------------------------------------------- BZ09011 2.00 68.00 66.00 1.16 40.8 -------------------------------------------- including 4.00 10.00 6.00 2.52 65.1 -------------------------------------------- BZ09016 15.10 53.55 38.45 1.23 50.4 -------------------------------------------- including 46.72 53.55 6.83 2.13 51.6 -------------------------------------------- including 48.00 51.00 3.00 3.35 59.6 -------------------------------------------- BZ09017 65.53 82.28 16.75 1.45 43.4 -------------------------------------------- including 65.53 68.68 3.15 3.74 38.8 -------------------------------------------- BZ09019 63.30 97.37 34.07 1.27 45.2 -------------------------------------------- including 71.00 77.12 6.12 2.63 54 --------------------------------------------
Where:
TREO equals Total Rare Earth Oxides ; HREO equals Heavy Rare Earth
Oxides
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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