GMA... Geomega drills 520.65 m of 1.51% TREO at Montviel Geomega Resources Inc (C:GMA)
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Last Close 7/29/2011 $2.65
Tuesday August 02 2011 - News Release
Mr. Simon Britt reports
GEOMEGA ANNOUNCES FINAL RESULTS OF PHASE 1 AT MONTVIEL. HIGHLIGHTS INCLUDE 2.15% TREO OVER 250.65 M IN MVL 11-18 AND 1.51% TREO OVER 520.65 M IN MVL 11-15
Geomega Resources Inc. has released the final assay results from its phase one drill program on the Montviel property. Highlights include 2.15% TREO over 250.65 meters in hole MVL 11-18 from 133.55 meters, 1.51% TREO over 520.65 meters in hole MVL-11-15 from 28.35 meters and 1.31% TREO over 593.5 meters in MVL-11-16 from 27.5 meters.
The Phase 1 drill program consisted of 20 holes (18 in the Core Zone) totaling 10,065 meters. The rare earth mineralization is now confirmed over a strike length of 700 meters, a horizontal width up to 420 meters and a vertical depth up to 550 meters. The average grade increases to the West. The mineralization remains open to the North East, South West and at depth. Several holes ended in mineralization.
Neodymium oxide approximates 18% of the TREO in the Core Zone.
Significant REO assay results within the Core Zone and both exploration holes are listed in Table 1 and 2 respectively. Table 3 lists significant assay results for niobium and phosphate oxides.
"These last set of results confirm Montviel's world class content in neodymium. Montviel's location, in Quebec (Plan Nord eligible), road accessible, nearby electric power and rail networks, is equally world class. Our focus has shifted towards project economics while we pursue the definition of the deposit. Neodymium demand is fundamentally solid, combined with praseodymium and potential niobium and phosphate by-products, Montviel should compete with the more advanced rare earth projects in the near future." comments Simon Britt.
A 43-101 compliant resource estimate, based on the first 18 holes in the Core Zone, has been initiated by SGS Geostat Ltd. ("SGS") of Montreal, Quebec. The property visit was performed last June. The initial resource estimate is expected to be completed in or about September.
A map showing the location of drill holes will be posted shortly on GeoMegA's website at: ressouresgeomega.ca. |
