Tasman Metals shares rally on high rare earth grades at Norra Karr

Tasman Metals (CVE:TSM) announced Wednesday it intersected high-grade rare earth element (REE) and zirconium (Zr) mineralization at its Norra Karr project in Sweden, with grades 26% higher than its current inferred mineral resource estimate.
The strong results caused the company's stock on the TSX Venture Exchange to jump 4.22% on Wednesday to trade at $4.69 per share as of 1:08 pm EDT.
Tasman's recently completed phase three program, which drilled 4,734 metres in 23 new holes and extended six existing ones, found 0.68% total rare earth oxides (TREOs) and 1.85% zirconium oxide (ZrO2) over 241.3 metres in drill hole NKA11038, at a cut off of 0.2%. Of the TREO, 55% constituted the more valuable heavy rare earth oxides (HREOs).
Other highlights from the program included 0.8% TREO and 2.06% ZrO2 over 54.7 metres, also in hole NKA11038, and 0.55% TREO and 1.71% ZrO2 over 264.4 metres, including 0.66% TREO, and 1.88% ZrO2 over 70.2 metres in hole NKA11-039. The company said that the three TREO intersections comprised 57%, 47%, and 51.7%, HREO, respectively.
"These substantial new intersections from Norra Karr, with grades well above the current resource grade . . . will feed into the recently commissioned update to the NI 43-101 resource being completed by Pincock, Allen & Holt," said president and CEO, Mark Saxon.
Tasman's prior inferred mineral resource showed 60.5 million tonnes grading 0.54% TREO and 1.72% ZrO2, with 53.7% of the TREO being the higher valued HREO, at a cut-off grade of 0.4%.
The Norra Karr property is 300 kilometres southwest of Stockholm, and is situated in mixed farming and forestry land. Industry analysts have evaluated the property, claiming it contains the highest proportion of HREO in the western world, Tasman said.