Vancouver, BC — Medallion Resources Ltd (TSX.V: MDL) today released results of a new rare-earth-element (REE) distribution study, based on previous sampling, which supports the potential for high neodymium and heavy rare-earth-element (REE) values at the Eden REE Project in Manitoba. Collation of this previous data provided a secure population of 254 geochemical rock samples representing 60 distinct mineral suites from throughout the project’s eight-square-kilometre REE mineralized area.
The distribution percentages for three groups of samples are as follows:
- The 254 samples from all 60 mineral suites.
- A sub group of 83 samples from 15 mineral suites, which contain a level of elevated total rare-earth oxides (TREO’s) greater than 0.3%.
- A sub group of 41 samples from a single mineral suite (hydrothermal veins), which average 5.3% TREO’s.
Table of REE Distribution Percentages, which are not to be construed as assay values (see below)
|Rare-Earth Element||254 samples from throughout area||83 samples (> 0.3% TREO’s)||41 samples from veins (avg 5.3% TREO’s)|
|Heavy REE’s + Eu & Y||9%||7%||7%|
“These distribution percentages provide a very encouraging indication of the potential value of the Eden REE occurrence. The best news is the very high percentage of neodymium, which, due to its demand for super magnets and for electric-vehicle motors and generators , currently is the highest-priced light REE, ” said Medallion president Bill Bird. “The 21% neodymium is almost double the distribution percentage found at the world’s best-known REE mines, Mountain Pass, California and Bayan Obo, China.
“Add to that, we have a 7% distribution percentage for the combined heavy REE’s, europium and yttrium. This percentage is more than ten times the heavy REE’s distribution percentage at Mountain Pass. Overall, the mineralization is enriched in the lighter REE’s, which is to be expected with a carbonatite-hosted occurrence; however, the mineralization is somewhat of a hybrid with this relatively high heavy-REE distribution percentage. Additional heavy REE’s, with their current high prices, can make a big difference in project economics.
“We also are pleased to see that the distribution percentages remain fairly constant throughout the sampled area and within the different mineral-suite groupings. This indicates that we are dealing with a unified REE mineralization system and that we have a usable sample population.”
REE distribution percentages are used to compare, categorize and evaluate different types of REE deposits and occurrences. They should not be considered as assays. They represent a ratio of the expected amounts of the various REE’s within a given deposit or occurrence. For example, for the above reported Eden hydrothermal-vein mineral suite with an assay average of 5.3% TREO’s and a neodymium distribution percentage of 21, the actual neodymium average assay value would be 21% of 5.3%, or 1.11% neodymium. At the Mountain Pass, California REE mine, where the neodymium distribution percentage is only 11%, a sample that assays 5.3% TREO’s will only contain 0.58% neodymium.
The heavy REE’s (HREE’s) include gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium and lutetium. Recently, REE exploration companies have been reporting a combined percentage for the HREE’s plus europium and yttrium. The table above adopts this format as well, so that the Eden REE Project distribution percentages can be more easily compared with other deposits and occurrences.
The assay data used for the distribution study resulted from samples gathered during previous exploration and studies of the Eden REE Project property. All samples were reviewed; however, only those samples with secure data were selected. The security criteria included firm location data, detailed rock descriptions, secure sample-handling techniques and industry-standard REE assaying and reporting techniques. The author of the distribution study, Dr Hamid Mumin, a Professional Geologist and Qualified Person, also oversaw the original sample collection, assaying and reporting procedures employed for the secure samples used in this study.
Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements, which are key components required by many new energy-saving technologies including wind turbines, electric and hybrid vehicles, super magnets — and virtually all modern electronics. Medallion is well positioned to take part in potential breakthroughs in the exploration for these rare metals. Medallion has concluded an agreement with Rare Element Resources to option a 65% interest in a joint venture to explore the Eden Lake REE property in Western Manitoba, which is a recent discovery and one of North America’s ten most promising REE prospects. A large mineralized area, high-grade assays and multiple-mineralization styles support targets for mineralization over a large surface area. The agreement with Rare Element Resources and the related filing of an NI43-101-compliant Technical Report on the Eden property remain subject to final regulatory approval.
For Further Information: check Medallion’s web site www.medallionresources.com
William H Bird (888) 827-6611 firstname.lastname@example.org
Erica C Bearss (604) 681-9558 email@example.com
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. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company’s future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with the Company’s exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company’s plans.