Quantum Rare Earth Developments Corp. (CVE:QRE) (OTCQX:QREDF) said Thursday that it has filed its updated NI 43-101 resource report on its Elk Creek niobium-rare earth element project in southeastern Nebraska.
Last month, the company released an updated NI 43-101 compliant estimate for the project, which was prepared by Tetra Tech Wardrop, adding an indicated resource.
new report added a higher grade indicated resource of 19.3 million
tonnes grading 0.67% niobium (Nb2O5), at a 0.4% niobium cut-off grade,
for 129,182 contained niobium oxide tonnes.
resources increased from 80.1 million tonnes grading 0.62% niobium in
the last estimate in April 2011 to 83.3 million tonnes grading 0.63%
niobium for 523,844 tonnes of contained niobium oxide.
company said the report specifically deals with the core niobium zone,
and does not reflect results of any of the rare earth element zones also
located on the property.
The NI 43-101 resource will be available on SEDAR and on the company's website shortly, Quantum said.
resource update was the result of an additional three holes completed
by the company at the Elk Creek niobium deposit in 2011.
Creek niobium deposit is an elongate, approximately east-west
orientated mineral occurrence, in excess of 800 metres along strike.
deposit remains open to the east, west and at depth, and is hosted by
the Elk Creek Carbonatite, which is an intrusive complex of carbonatite
and related rocks.
The property was held under an option agreement during the 1970s and 1980s by Molycorp Inc., at which time considerable exploration took place.
Elk Creek Carbonatite is the only primary niobium deposit known to be
under development in the U.S., and the highest grade undeveloped niobium
deposit in North America, said Quantum. It is an oval shaped magnetic
and gravity anomaly about seven kilometres in diameter.
is mainly used in the form of ferro-niobium to produce HSLA (High
Strength, Low Alloy) steel for use in automotive, structural and
pipeline industries. The market for ferro-niobium has grown an average
of 10% per year for the past decade, and is forecast to continue that
growth pattern in the coming years.
Currently, the U.S. imports
100 percent of its niobium needs. Niobium, which is listed as a
strategic metal, is being considered for national stockpiling not only
in the U.S., but also in China and several European countries.