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TORONTO, ONTARIO--(Marketwire - July 19, 2010)
- Avalon Rare Metals Inc. (TSX:AVL)(OTCQX:AVARF) ("Avalon" or
the "Company") is pleased to announce all the remaining assay
results from its 2010 winter drill program on the Nechalacho rare earth
elements ("REE") deposit Thor Lake, Northwest Territories,
Canada. The
winter drill program concluded on April 20, 2010 with 11,398 metres
completed in 43 holes. Initial results from the first 22 holes were
announced on May 12, 2010 and this release discloses assay results from
the remaining 21 holes.
The recent
results are highlighted by (1) the discovery of extensions to the high
grade Basal Zone in step-out holes drilled to the north, west and south
of the presently delineated Inferred Resources and (2) further high
grade REE intersections in several holes drilled to define the Basal
Zone in the West Long Lake area including the following exceptional
intercepts:
-- L10-232 with 2.07% TREO and 27.4% HREO/TREO(1) over 47.45 metres, -- L10-236 with 2.50% TREO and 30% HREO/TREO over 16.55 metres, -- L10-237 with 2.16% TREO and 30% HREO/TREO over 16.75 metres, -- L10-244 with 2.16% TREO and 29% HREO/TREO over 21.1 metres and -- L10-245 with 2.35% TREO and 30% HREO/TREO over 24 metres.
2010 WINTER DRILL
PROGRAM OBJECTIVES
As previously
disclosed on May 12, 2010 (News
Release 10-06), the winter program utilized two rigs with Rig #1
carrying out "in-fill" definition drilling to convert more of
the Inferred Resources in the Basal Zone to the Indicated level of
confidence, and focusing on areas that are only accessible under frozen
conditions. The drill holes in this release include the west end of
Long Lake ("West Long Lake") and two step out holes to the
west of this area on Thor Lake (see Table 1 below).
Rig #2, which has
greater depth capability, initially tested for the extension of the
Basal Zone immediately south of Long Lake, then conducted condemnation
drilling on proposed tailings sites (drill holes L10-231, L10-233,
L10-235, L10-239 and L10-241) and finally returned to testing south of
Long Lake (drill holes L10-243, L10-245 and L10-247).
All the
definition drill holes were designed to reduce hole spacing in the
Basal Zone to an average of 50 metres, the minimum requirement to
classify the resources as Indicated. Assay results from 21 holes are
reported in this release, with all but five holes (the geotechnical
holes and L10-248), intersecting significant REE mineralization in the
Basal Zone (see Table 2 and 3 below). A drill plan, including all drill
holes completed to date, has been posted on Avalon's Thor Lake project
website at: http://www.avalonraremetals.com/projects/thor_lake/thor_lake_intro/.
STEP-OUT DRILLING
On June 14, 2010
(News
Release 10-08), Avalon reported that Nechalacho now ranks as the
second largest REE deposit in the world by reported TREO and the third
largest contained niobium deposit in the world by reported Nb2O5. Three
step-out holes reported in this release, L10-243, L10-241 and L10-249,
confirm extensions to the deposit to the south, north and west
respectively, with all of these holes intersecting the Basal Zone
beyond the boundaries of the existing Inferred and Indicated Mineral
Resources and demonstrating that the deposit is still open in all three
directions. This confirms the geological model where extensions to the
Basal Zone mineralization under unmineralized cover rocks were predicted
to occur from aeromagnetic data.
Drill hole
L10-241, located on Cressy Lake (200 metres north of Thor Lake),
intersected Basal Zone with 1.27% TREO and 23% HREO/TREO over 14
metres. It is believed that the Basal Zone in this area was partially
"dyked-out" by a late diabase dyke and that this intercept is
not necessarily representative of the Basal Zone at this location. Near
vertical diabase dykes in the Nechalacho deposit are generally wide
spaced, narrow in width and do not greatly affect the tonnage. As this
intercept is about 390 metres northwest of the closest historic drill
hole, about 570 metres northwest of the closest modern drill hole, and
is not included in the Inferred Resource, the intercept is considered
highly significant for expanding the deposit to the north. As well as
promising REE values, the intercept included typical niobium and
tantalum values for the Basal Zone. Final zirconium analyses are
pending.
Testing for
mineralization 100 metres south of the most southerly drill hole located
on Long Lake, L10-243 intersected the Basal Zone with 1.44% TREO and
21% HREO/TREO over 18 metres. This intercept demonstrates that the
south shore of Long Lake, a linear escarpment that had been previously
interpreted as a fault displacing the mineralization, is simply an
erosional feature and, in fact, the Basal Zone remains open to the
south.
On the west end
of Thor Lake, hole L10-249 intersected 1.34% TREO and 19% HREO/TREO
over a long intercept of 53 metres, some 400 metres further west than
any previous drill holes that intersected mineralization. The thickness
of the intercept, along with the higher grade portion with 1.63% TREO
over 21 metres, is particularly encouraging.
The REE
mineralization at Nechalacho is magnetic and reflected by an airborne
magnetic anomaly covering a large area of approximately 8 square
kilometres, yet the present resource covers a smaller area of just 1.5
square kilometres, at the approximate centre of this anomaly. The
recent step-out hole intercepts confirm the correlation between the
airborne magnetic anomaly and subsurface REE mineralization.
Significantly, less than 20% of the prospective area indicated by the
magnetic anomaly has been explored to date.
DEFINITION
DRILLING & CURRENT WORK
Definition
drilling on the West Long Lake target area at 50 metre hole spacing has
continued to intersect very high grade REE mineralization in the Basal
Zone. Highlights among the drill holes in this area include L10-232
with 2.07% TREO and 27.4% HREO/TREO over 47.45 metres, L10-236 with
2.50% TREO and 30% HREO/TREO over 16.55 metres, L10-237 with 2.16% TREO
and 30% HREO/TREO over 16.75 metres, L10-244 with 2.16% TREO and 29%
HREO/TREO over 21.1 metres and L10-245 with 2.35% TREO and 30%
HREO/TREO over 24 metres. It is anticipated that these results will
increase both the tonnage and grade of the Indicated Resources in the
deposit when the resource estimate is updated this summer. Results of
the resource update are expected to be available by mid to late August.
The summer drill
program commenced with one rig on June 28, 2010. The first drill holes
are for geotechnical purposes in the areas of planned site
infrastructure, following which this rig will continue definition
drilling in the West Long Lake. The second rig, converted to recover
very large diameter PQ core, will commence drilling around July 25,
2010.
The new airstrip
was completed as of July 14, 2010, with the inaugural landing planned
for July 20, 2010. Rock fill for the airstrip construction was obtained
from waste rock piles left from historic mining at the T-Zone enabling
further reclamation of the T-Zone site. In addition, three old
abandoned trailers at the T-Zone site were moved to a location near the
airstrip and refurbished to serve as additional camp space for contract
work crews through the summer.
Stantec
Engineering, EBA Consultants and Knight Piesold have commenced the
summer program of environmental and engineering work at site. This
comprises on-going baseline environmental data collection as well as
field engineering studies of proposed tailings sites.
SAMPLING PROTOCOL
All drill core
from the 2010 program was split on site, sampled on two metre intervals
and for the first two months, shipped to the ALS Chemex facility in
Vancouver, BC, and then in March-April, shipped to the ALS Chemex
facility in Yellowknife, for sample preparation. For most drill holes,
it is standard practice for Avalon to split the core in half, and then,
in the case of Basal Zone mineralization, one half into quarters. One
quarter is used for assay purposes and the second quarter is retained
as a core library sample. The remaining half core is then stored for
future metallurgical purposes. Core from outside the Basal Zone,
including Upper Zone core, is simply halved, and half sent for assay
purposes.
Analytical
standards were prepared from crushed rejects of historical Lake Zone
samples, then analysed at five separate laboratories to determine
reproducible values. These standards were then routinely inserted into
the sample batches to monitor core analyses. Barren diabase drill core
is inserted as blanks. Selected duplicates are also analyzed at an
alternative independent laboratory. The results reported to date were
produced by ALS Chemex and achieved acceptable standard values for the
main REE of economic interest (neodymium, terbium and dysprosium).
All samples are
analysed at ALS Chemex in Vancouver by lithium metaborate/tetraborate
fusion and dilute nitric acid digestion, followed by whole rock and 45
element multi-element ICP analysis, being ALS sample method ME-MS81.
All samples contained within intercepts above the 1.6% cut-off criteria
and any additional samples exceeding analytical limits or of geological
significance are rerun using similar ALS method ME-MS81H for higher
concentration levels. ME-MS81H is a similar method but with greater
dilution in the analytical procedure. Every tenth sample has a
duplicate pulp prepared which, with inserted standards and blanks, is
sent to Acme Analytical in Vancouver for check analyses. Results are
monitored for key elements, and in cases of QA/QC issues, re-analysis
is requested.
Details of the
factors used to calculate rare earth oxides are posted on www.avalonraremetals.com
along with complete analytical data. Drilling operations were performed
by Foraco Drilling Ltd. of Yellowknife, NWT under the supervision of
J.C. Pedersen, P.Geo. Bruce Hudgins, P.Geo., maintained the geological
database and monitors QA/QC on the laboratory analyses. The Company's
Vice-President, Exploration, William Mercer, Ph.D., P.Geo. (Ont), P.
Geol. (NWT) provided overall direction on the project. The qualified
persons for the purposes of this news release are William Mercer and
D.S. Bubar, P. Geo., President.
About Avalon Rare
Metals Inc. (TSX:AVL), (OTCQX:AVARF)
Avalon Rare
Metals Inc. is a mineral exploration and development company focused on
rare metals deposits in Canada. Its flagship project, the 100%-owned
Nechalacho Deposit, Thor Lake, NWT, is emerging as one of the largest
undeveloped rare earth elements resources in the world. Its exceptional
enrichment in the more valuable 'heavy' rare earth elements, which are
key to enabling advances in clean technology and other growing
high-tech applications, is one of the few potential sources of these
critical elements outside of China, currently the source of 95% of world
supply. Avalon is well funded, has no debt and its work programs are
progressing steadily. Social responsibility and environmental
stewardship are corporate cornerstones. Avalon's performance on
community engagement in the north earned it the 2010 PDAC Environmental
and Social Responsibility Award.
Shares
Outstanding: 79,004,270. Cash resources: approximately $9 million.
To find out more
about Avalon Rare Metals Inc., please visit our website at www.avalonraremetals.com.
For questions and feedback, please e-mail the Company at ir@avalonraremetals.com.
This news release
contains forward-looking information and is subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking information. Forward-looking information is based on
the opinions and estimates of management at the date the information is
given, and is subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially
from those projected in the forward-looking information. The
forward-looking information contained herein is given as of the date
hereof and the Company assumes no responsibility to update or revise
such information to reflect new events or circumstances, except as
required by law.
(1) Total Rare
Earth Oxides (TREO) refers to the elements lanthanum to lutetium, plus
yttrium, expressed as oxides. See Avalon's website for conversion
factors from elements to oxides. Heavy Rare Earth Oxides (HREO) refers
to the elements europium to lutetium, plus yttrium, expressed as oxides
as a percentage of the TREO. HREO/TREO refers to the proportion of
heavy rare earth oxides as a percentage of the total rare earth oxide
content of the rock.
Table 1: Drill Hole Locations ---------------------------------------------------------------------------- Drill Hole Easting Northing Elevation Depth Dip Azimuth No. NAD83 NAD83 (meters) (meters) (degrees) (degrees) Area ---------------------------------------------------------------------------- West Long L10-229 416,351 6,886,047 237.10 248.21 -89 0 Lake ---------------------------------------------------------------------------- West Long L10-230 416,153 6,886,048 237.07 251.80 -90 0 Lake ---------------------------------------------------------------------------- Proposed tailings L10-231 417,214 6,888,605 247.61 401.00 -89 0 area ---------------------------------------------------------------------------- West Long L10-232 416,101 6,886,099 237.05 282.40 -89 0 Lake ---------------------------------------------------------------------------- Proposed tailings L10-233 417,322 6,888,807 247.52 197.00 -89 0 area ---------------------------------------------------------------------------- West Long L10-234 416,002 6,886,146 237.15 272.65 -89 0 Lake ---------------------------------------------------------------------------- Proposed tailings L10-235 417,912 6,889,222 247.12 440.00 -88 0 area ---------------------------------------------------------------------------- West Long L10-236 416,152 6,886,100 237.10 263.50 -88 0 Lake ---------------------------------------------------------------------------- West Long L10-237 416,202 6,886,099 237.08 284.00 -89 0 Lake ---------------------------------------------------------------------------- West Long L10-238 416,198 6,886,046 237.10 278.00 -90 0 Lake ---------------------------------------------------------------------------- Proposed tailings L10-239 418,200 6,889,281 247.18 207.00 -89 0 area ---------------------------------------------------------------------------- West Long L10-240 416,102 6,886,049 236.99 290.00 -89 0 Lake ---------------------------------------------------------------------------- Cressy L10-241 416,502 6,887,745 244.64 407.60 -89 0 Lake ---------------------------------------------------------------------------- West Long L10-242 416,051 6,886,096 237.17 274.00 -89 0 Lake ---------------------------------------------------------------------------- &
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Avalon Rare Metals Inc.
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EXPLORATEUR |
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CODE : AVL.TO |
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ISIN : CA0534701002 |
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Avalon Rare Metals est une société d’exploration minière basée au Canada. Avalon Rare Metals détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont SEPARATION RAPIDS, WARREN TOWNSHIP, EAST KEMPTVILLE, LILYPAD LAKES, THOR LAKE, CEDARTREE LAKE, WOLF / DISRAELI (SEAGULL) et NECHALACHO au Canada. Avalon Rare Metals est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 10,4 millions CA$ (7,7 millions US$, 6,9 millions €). La valeur de son action a atteint son plus haut niveau récent le 15 avril 2011 à 9,65 CA$, et son plus bas niveau récent le 09 avril 2020 à 0,03 CA$. Avalon Rare Metals possède 189 340 000 actions en circulation. |
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| 27/09/2007 | Industry Bulletin |
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| Publication de commentaires terminée |
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