Canada Rare
Earths Resumes Drilling At Goeland Rare Earth
Project, Quebec
Continues to
Intersect Carbonatite Intrusion
Vancouver,
British Columbia, Canada - October 11, 2011 - Canada Rare Earths Inc.
("Canada Rare Earths" or the "Company") (TSX-V: CJC) has resumed
drilling at the Goeland rare earth exploration
project in Montviel, Quebec.
Hole GO-3 is the
third hole in the Company's Phase 1 exploration program and is now nearing
completion. In GO-3,
the Company has successfully intersected carbonatite
at a depth of 24 meters, and continued to intersect this carbonatite
intrusion to a total depth of 386 meters, for a total length of 362 meters.
(Given the orientation of the drill rig, the true vertical depth is
approximately 70% of these dimensions). From 386 to 414 meters, the Company
appears to have intersected a Gabbro dyke with approximately 10 to 20% carbon
content, so it is unclear if the carbonatite
intrusion will continue to expand at depth at this location. Drilling is
ongoing and will continue to investigate as it is anticipated the hole will be
drilled to approximately 500 meters before the Company moves on to hole GO-4.
GO-3 is an
approximately 500 meter step out along strike south of hole
GO-2. GO-2 was spotted to intersect carbonatite, but
also to investigate associated events surrounding this intrusion. The Company
intersected carbonatite in GO-2 as anticipated at 195
meters through to 465 meters, for a total of 270 meters, ending in
mineralization. The Company stopped GO-2 to respect the local moose break
hunting period, and sought best to move on to GO-3 in lieu of continuing to
drill at this location at this time.
For
reference, Hole GO-1 was spotted 500 meters to the northeast of hole GO-2 and
although it encountered heavily altered rocks and carbonate veining suggestive
of a nearby intrusion, the hole was stopped at 225 meters as it had not yet
encountered carbonatite and the Company chose to move
to its second location, GO-2, farther south.
Upon
completion of hole GO-3, the Company will move on to
hole GO-4, to be drilled approximately another 500 meters stepping out to the
south of GO-3 along strike. GO-5 is anticipated to step out approximately 500
meters south of GO-4, and GO-6 approximately another 500 meter step out of
GO-5, moving towards and past the second historical hole drilled on the
property in 1993. This historical hole was drilled roughly 1.5 kilometers to
the South of GO-2 and intersected carbonatite at 25 meters, extending the known
depth of the carbonatite mineralization in that area roughly 75 meters, to the
total depth drilled. The carbonatite remains open at depth at that location.
To help
demonstrate the details of this drill program, the Company is currently
preparing a drill location map which will soon be available on the Company's website.
This
carbonatite discovery holds great potential for the Company as worldwide,
carbonatite-related deposits are a major host for REE's. The world's most
advanced and prolific REE deposits in production or development, Bayan Obo
(China), Molycorp's Mountain Pass (USA), Lynas's Mount Weld (Aus), and Rare
Earth Element Resource's Bear Lodge project (USA), are all hosted by
carbonatites.
The Company
is hopeful the first assay results from the program will be received within the
next 3 to 4 weeks.
More
information on the Goeland Rare Earth exploration program will be provided when
available.
Mr. Benoit
Moreau, Geo and P. Eng., Vice President of Exploration for the Company, is a
Qualified Person for the purpose of NI 43-101 and has verified the technical
contents disclosed in this release.
ABOUT CANADA
RARE EARTHS INC.
Canada Rare
Earths is a growth company focused on the exploration and development of rare
earth elements led by its 100% owned Goeland Rare Earths Project within the
Montviel carbonatite complex, Montviel Township Quebec, immediately adjacent to
Geomega's (TSX-V: GMA) recent rare earth discovery. The Goeland property,
located 215 km north of Val-d'Or, is road accessible and consists of 47 claims
totaling approximately 2,600 hectares. Since the acquisition of the Goeland
Project, the Company, in a short period of time, has successfully established
itself in one of the largest Carbonatite complexes in North America.