Wednesday, 29 February 2012

Rare Element hits 176.8 metres at 1.21 g/t gold at Sundance

Rare Element Resources (TSE:RES) (AMEX:REE) said late Monday it intersected the best assay results to date at its Sundance gold project in Wyoming.
Hole SUN-116, drilled on the Smith gold target, intersected 1.21 grams per tonne (g/t) gold over 176.8 metres, including 4.5 g/t gold over 24.4 metres.
Meanwhile, hole SUN-117, collared to the west of SUN-116, intersected 12.2 metres at 1.35 g/t gold, while SUN-118 hit 12.2 metres at 1.24 g/t gold.
Rare Element said these results are beginning to define a new target area adjacent to the main Smith deposit, where the mineralization extends from the surface to a depth of 300 metres, remaining open.
Exploration manager, John T. Ray, said: "SUN-116 located at the Smith target area has the highest gold grades and thickest interval of plus 1 g/t Au ever reported for the entire district and is open in two directions.
"We are excited about the discovery of this new prospect and anticipate determining the size and orientation of its high-grade nucleus."
Meanwhile, the mineralization at the Taylor gold target extends from surface to a depth of about 400 metres.
Hole RES11-31 intersected 71.3 metres grading 0.77 g/t gold, while RES11-32 hit 0.55 g/t gold over 70.7 metres, and RES11-33 intersected 0.49 g/t gold over 49.7 metres.
"Most of the holes in the East Taylor area have significant near-surface intercepts of +1 g/t Au," continued Ray.
"Our goal of the 2011 drilling to find areas of higher grade gold mineralization was achieved. Over the next few years, additional drilling will be needed to determine the extent of this mineralization."
These results are from the company's 2011 drill campaign at the Sundance project, which saw the completion of 34 reverse circulation (RC) drill holes and two core drill holes, totaling 6,989 metres.
Separately, the company also reported Monday 2011 results from Section 16, which is located east of Rare Element's Bull Hill project. Section 16 is under consideration for a stockpile and waste facility for the proposed rare earth element (REE) mine.
Rare Element drilled 15 RC holes on Section 16 during 2011, totaling 2,296 metres, in order to assess the REE and gold mineralization potential. The results from four holes on the west side of the section suggested minimal exploration potential, the company said, with hole SUN-093 returning 0.46 g/t gold over 7.6 metres.

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