Rare Element begins 2012 exploration at Bear Lodge
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2012-06-26 16:34 ET - News Release
Mr. Randall Scott reports
RARE ELEMENT REPORTS 2012 DRILLING AND EXPLORATION PROGRAM
UNDERWAY
Rare Element Resources Ltd.'s 2012 drilling and exploration program
has commenced at the Bear Lodge rare earth element (REE) project in
Wyoming.
Drilling
Three core drill rigs and one reverse circulation drill rig are
currently at Bear Lodge. The goals of the drilling program this
year include:
A development program to expand and enhance the current reserve and
resource base at the Bull Hill deposit with infill and step-out
drilling;
Infill and step-out drilling at the growing Whitetail Ridge deposit
designed to expand the current resource and upgrade a portion of
that resource to the measured and indicated categories. The
Whitetail Ridge deposit is enriched in the more critical and more
valuable heavy rare earth elements (HREEs) relative to the Bull
Hill deposit, as described in a press release dated May 7,
2012;
Exploration drilling to establish inferred resources at the Carbon
and East Taylor REE target areas, both of which exhibit significant
HREE-enrichment (see press release dated May 7, 2012);
Condemnation drilling on the physical upgrade plant (PUG) site and
on state Section 16, the proposed stockpile/waste facility
site.
Approximately 15,000 metres of drilling are budgeted for this
year's program. In addition to the drilling program, the
exploration activities will include geological mapping, soil and
rock chip geochemical surveys, and bulk sampling with
large-diameter core for metallurgical testing purposes.
Metallurgy
Metallurgical test work of bulk sample material from the Whitetail
Ridge, Carbon and East Taylor areas is currently under way at
Mountain States R&D International (MSRDI) in Vail, Ariz., under
the direction of Dr. Roshan Bhappu. The test work is focused on
determining the best process to recover the REEs from these ores,
which are significantly enriched in HREEs compared with the Bull
Hill deposit material. Based on the results from this test work and
results from exploration drilling at Whitetail Ridge, Carbon and
East Taylor, the company will decide during the last quarter of
2012 on whether to integrate development of one or more of the
HREE-enriched areas into the definitive feasibility study (DFS) and
permitting timeline for the Bear Lodge project. The current work
plan for 2012 now includes accelerated tasks based on the
possibility of expanded HREE resources. An affirmative decision to
include significant zones of enhanced HREE abundance in the DFS
would provide substantial upside to the project and bring
additional shareholder value. The decision to investigate the HREE
potential at this point in time will assist in keeping the project
schedule as close as possible to the 2016 production ramp-up
goal.
Randall Scott, president and chief executive officer, stated: "We
are excited to have this year's exploration and drilling program
started. We believe that by expanding our drilling program into the
Whitetail Ridge, Carbon and East Taylor deposit areas, we will
provide additional benefits for Rare Element to increase its heavy
rare earth element profile. We are dedicated to the advancement of
the Bear Lodge project and maximizing the value for
shareholders."
We seek Safe Harbor....