Quantum Announces 43-101 and Sampling Program at Elk Creek Niobium/Rare Earth Project
December 17 2010 - 2:05AM
Marketwired
Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE)(PINK
SHEETS: QREDF)(FRANKFURT: BR3) ("Quantum", the "Company") is
pleased to announce that it has retained Wardrop Engineering Ltd.
of Toronto, Ontario to undertake an independent resource estimate
for the historic Elk Creek Niobium Deposit, located near Elk Creek,
Nebraska. It is anticipated that the NI 43-101 compliant resource
estimate and Technical Report will be completed during the 1st
quarter of 2011.
The company has begun an extensive (re)sampling program of
existing sample pulps associated with the historic drill programs,
which were completed during the 1970's and 1980's by Molycorp Inc.
A majority of drill pulps, rejects and core from these programs,
was preserved at the University of Nebraska, and are available to
the company. All samples are being analyzed by ALS Chemex in
Vancouver, BC according to their ME-ICP06 whole rock package and
ME-ICP81h suite. High Niobium values will be checked by XRF
analysis. Results are expected by mid- to late-January 2011.
The results of this work will support the Technical Report being
prepared by Wardrop Engineering, which will be an independent
review of the niobium mineralization in the core of the Elk Creek
Carbonatite, in addition to the known Niobium and REE
mineralization outside of the historic resource area.
The Elk Creek Carbonatite is an intrusive complex of carbonatite
and related rocks, and is host to significant niobium and rare
earth element (REE) mineralization. These Late Proterozoic-age
intrusive rocks are situated approximately 200 metres below an
almost flat-lying cover of Pennsylvanian-aged marine carbonate and
shale.
The property was originally held under an option agreement
during the 1970's and 1980's by Molycorp Inc., at which time
extensive exploration was completed, including the drilling of 113
holes. Based upon the drilling in Section 33, a historic resource
estimate of "39.4 million tons of 0.82 per cent Nb2O5, (which) is
open to the north, west and at depth", was prepared by Molycorp
Inc. for the core zone (Molycorp internal memorandum, Feb. 5,
1986).
All niobium and rare earth element drill results, as well as
estimates of historic resources predate, and are therefore
non-compliant with, National Instrument 43-101 reporting standards.
The company is not treating the historical estimates as current
mineral resources or reserves, and the company has not undertaken
any independent investigation of the drill results or resource
estimates, nor has it independently analyzed the results of the
previous exploration work in order to verify the resources, and
therefore the historic drill results and estimates should not be
relied upon. The company believes that these historical drill
results and estimates provide a conceptual indication of the
potential of mineral occurrences within the project, and are
relevant to the continuing exploration.
In other news, the Company held its Annual General Meeting on
December 13th, and all standing resolutions were passed. As part of
the electoral process at the meeting, the Company is pleased to
announce that Jody Dahrouge, P.Geo, has been elected to the board
of directors.
Mr. Dahrouge is a graduate of the University of Alberta with a
Bachelor's Degree in Science (Geology). Since 1998, he has been the
President of Dahrouge Geological Consulting Ltd. a company he
founded. He has worked on a variety of early stage through
development projects worldwide including coal, industrial minerals,
rare metals, base and precious metals, and uranium projects. His
experience, insight and energy will provide tremendous value in the
development of the Elk Creek and Archie Lake projects.
Qualified Person: This news release has been read and approved
by Mr. John Gorham, P. Geo., of Dahrouge Geological Consulting
Ltd., a qualified person under National Instrument 43-101.
Wardrop, A Tetra Tech Company (Wardrop) is a wholly owned
subsidiary of Tetra Tech Inc., a publicly traded company with
annual revenues exceeding $2.1 Billion and more than 12,000
employees and 330 global offices. Wardrop is a leading provider of
consulting, environmental, engineering, procurement and
construction services. Its Mining division provides a full range of
services from exploration through to mine development, operations
and mine remediation.
On Behalf of the Board,
Peter Dickie, President
"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: Quantum Rare Earth Developments Corp. Peter Dickie
President and CEO (604) 669-9330 (604) 669-9335 (FAX)
www.QuantumRareEarth.com
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