Quest Reports Strong Summer Program Drill Results at Strange Lake, Intersects 144.4 Metres at 1.44% TREO, Strange Lake, Quebec
Highlights: - Strange Lake B-Zone summer drilling program was designed to complete in-fill drilling of the B-Zone rare earth deposit to the limits of the virtual 25-year open-pit mine shell on 50 m by 50 m drill centres, to a maximum vertical penetration of 150 m - Drilling shows that mineralization continues to the lateral and vertical limits of the pit shell and remains open to the southwest and northeast - Multiple, high-grade intersections of between 1.12% and 6.11% TREO over thicknesses of 2.34 m to 144.3 m characterize all holes drilled into the zone. These intersections are contained within a larger 95.2 and 147.0 m-thick mineralized envelope grading between 0.87%-1.07% TREO - Heavy REO of between 22.4% and 76.5% of TREO continues to characterize the mineralization - In addition to definition drilling, geotechnical and metallurgical test holes were completed for input into the pre-feasibility study currently underway
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 01/12/12 -- Quest Rare Minerals Ltd. (TSX VENTURE: QRM)(NYSE Amex: QRM) is pleased to report the assay results from the 2011 definition diamond drilling program completed on its Strange Lake B-Zone Rare Earth Element (REE) deposit. Final lab results for holes BZ-11-118 to BZ-11-255 have returned multiple, high-grade Total Rare Earth Oxide (TREO) intersections of between 1.12% and 6.11% over thicknesses of 2.34 m to 147.0 m. Heavy Rare Earth Oxide (HREO) represents between 22.4% and 76.5% of the TREO content intersected in the new drilling. Best intersection grades returned 1.44% TREO over 144.4 m (BZ11218); 1.23% TREO over 116.1 m (BZ11189), including 3.04% TREO over 11.7 m and 4.9% TREO over 4.9 m; and 1.18% TREO over 95.9 m (BZ11135), including 1.48% TREO over 45.6 m and 3.29% TREO over 9.9 m. Important enrichment in zirconium (ZrO2), niobium (Nb2O5) and hafnium (HfO2) continues to characterize mineralization. The detailed drill sample analysis table and typical diamond drill sections are available on Quest's website homepage at .
"Our 2011 definition program has now provided Quest with the confidence of good continuity and grade of the B-Zone deposit within the pit shell outline established by our April 2011 Revised Resource Estimate," said Peter Cashin, Quest's President & CEO. "Our exploration efforts will now focus on upgrading our Indicated and Inferred Resource into Proven and Probable Reserves, to be used in the pre-feasibility study now underway for the B-Zone. We have now defined sufficient resources to more than satisfy the minimum 25-year production model established by the Preliminary Economic Assessment report delivered in 2010. Geotechnical and metallurgical drilling in support of our pre-feasibility study was also completed during the 2011 field season."
B-Zone Definition Drill Program
Assays have been received for 138 diamond drill holes representing 17,110.4 m (see Table 1). The drilling program tested the extent of B-Zone mineralization to the limits of the Whittle Pit shell established by Quest's 43-101 Revised Resource Estimate (see Press Release : April 13, 2011), on a 50 m by 50 m drilling pattern (see Figure 1). The new drilling was focused on tight definition of the upper 150 m of the deposit, although mineralization is observed to continue down to 325 m vertical. In addition to enlarging the peripheral limits to the deposit within the pit shell, drilling indicates that good higher-grade Pegmatite-style mineralization continues to the southwest, past the established limit to the pit shell (see Figure 2). In addition to the definition drilling, 53 holes for 4,772.0 m were completed for metallurgical testing purposes across the full extent of mineralization defined within the pit shell as well as for geotechnical testing. This data will be used in the pre-feasibility study currently underway on the B-Zone.
The best results from the definition drill program (see Table 1 for drillhole locations) are:
The better grades of mineralization are associated with what is termed Pegmatite-style material, which is composed of a high proportion of pegmatite sheets that are intercalated with extremely-altered Strange Lake peralkaline granite at the uppermost parts of the B-Zone mineralized system. The highly-altered, granite-hosted zones continue to carry elevated grades of REE in excess of 0.7% TREO over core lengths of more than 314.6 m (see Press Release: December 9, 2010). These grades exceed the economic cut-off of 0.58% TREO determined for the deposit by Quest's Revised Resource Estimate for the B-Zone (see Press Release: April 13, 2011).
2012 Exploration Program
Plans for upcoming winter and summer exploration programs on the B-Zone are well advanced and will include 15,000 m of exploration and geotechnical drilling, prospecting, geological mapping and rock sampling as well as the collection of additional bulk sample material to supplement an 18-tonne sample currently in storage. This material will be used for the planned Pilot Mill testing program to be undertaken once the metallurgical flow sheet for the B-Zone has been finalized. In addition, preliminary engineering and baseline environmental work for use in the current pre-feasibility study for the B-Zone will continue. As well, parallel-path data collection for use in the subsequent bankable feasibility study (BFS) of the B-Zone has been undertaken as a means to fast-track completion of the BFS. The exploration drilling will focus on defining additional areas of surface high grade Pegmatite-style mineralization on five priority targets located on the Strange Lake property.
Quality Control
Mr. Peter Cashin, P. Geo., is the qualified person on the Strange Lake Project under National Instrument 43-101 and is 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. 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.
About Quest Rare Minerals
Quest Rare Minerals Ltd. is a Canadian-based exploration company focused on the identification and discovery of new and significant Rare Earth deposit opportunities. Quest is publicly listed on the TSX Venture Exchange and NYSE Amex as "QRM" 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 and Misery Lake areas of northeastern Quebec 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. Quest recently filed a 43-101 Indicated and Inferred Resource Estimate on the B-Zone deposit and has completed a Preliminary Economic Assessment (PEA) for the deposit. In addition, Quest announced the discovery of an important new area of REE mineralization on its Misery Lake project, approximately 120 km south of Strange Lake project. Quest continues to pursue high-value project opportunities throughout North America. As a result of a marketed equity financing completed in October 2010, Quest has a strong working capital position of $44.5 million. This will be sufficient to advance Quest's plans of completing pre-feasibility and bankable feasibility studies of the B-Zone REE deposit and to continue exploration on its other rare earth properties.
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Quest Rare Minerals Ltd. ("Quest"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. 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. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Quest's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in Quest's annual information form dated March 2, 2011, and under the heading "Risk Factors" in Quest's Management's Discussion and Analysis for the quarter ended July 31, 2011, both of which are available on SEDAR at and on EDGAR at , and could cause actual events or results to differ materially from those projected in any forward-looking statements. Quest does not intend, nor does Quest undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
To view Figure 1 - Geological and Diamond Drilling Compilation Map, B-Zone REE Deposit, Strange Lake Project, Quebec, please visit the following link:
To view Figure 2 - Cumulative Thickness Isopach Map of Pegmatite-style Mineralization, B-Zone REE Deposit, Strange Lake, Quebec, please visit the following link:
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.
Contacts:
Quest Rare Minerals Ltd.
Peter J. Cashin
President & CEO
(416) 916-0777 or Toll-Free: 1-877-916-0777
(416) 916-0779 (FAX)
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Datum: 12.01.2012 - 13:30 Uhr
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