U.S. Rare Earths, Inc. Announces Drill Results for Initial Idaho Drill Program
NEW YORK, Feb. 19, 2013 /PRNewswire/ — U.S. Rare Earths, Inc., “UREE”, (OTCBB: UREE), a rare earths exploration company with mining claims in Idaho, Montana, and Colorado, announced the results from its initial drilling program on its Diamond Creek property in Idaho.
Results indicate that Drill Hole No.1, which ran 123 meters, intersected approximately 1 meter of true thickness rare earth element mineralization assaying > 0.5% total rare earth elements near the top of the hole. Drill Hole No.1 drilled down along dip of the mineralized feature. Drill Hole No. 2′s position, limited by permitting and weather, was an attempt to re-intersect the REE mineralization to provide more data on thickness, depth and direction. Drill Hole No. 2 also drilled down dip along the mineralized feature and intersected REE mineralization at a deeper level around 16 meters with assays returning <0.2% total rare earth elements content. Analysis on the core samples was provided by Activation Laboratories of Ontario, Canada. Standards with cross-check assay work is now being completed along with sub-surface modeling of the drill program by the project QP, Mr. Howard Dunn of Process Engineering.
The December drilling was the first known sub-surface work in the entire Diamond Creek area. “We are encouraged by the results of this first look at Diamond Creek, which suggest the potential for significant REE mineralization,” said Kevin Cassidy, CEO of UREE. “When we consider that Diamond Creek is one of our four properties in Idaho and Montana, we are adopting a district approach in our exploration and development program.”
In addition to the drill results, surface channel samples, collected by U.S. Rare Earths’ Qualified Person, Process Engineering, and assayed by ALS laboratories in Nevada, support the drilling results and — when combined with surface spectrometer readings — indicate that the mineralized trend is a minimum of 40 meters long and estimated to be about 1 meter in thickness.
The core drilling in Diamond Creek was completed by Ruen Drilling, which mobilized a rig in early December 2012, following UREE’s acquisition of a drill permit in late October. Ruen was able to complete two drill holes before standing down due to inclement weather.
The Company received its 2013 drill program permit for North Fork, Idaho in December 2012, and has 2013 permits pending for its properties in the Lemhi Pass, Idaho and Sheep Creek, Montana.
U.S. Rare Earths’ properties in Idaho’s Lemhi Pass have been recognized in the U.S. Department of Energy’s Critical Materials Strategy publication to have significant showings of Heavy Rare Earth Elements, in particular for the five Rare Earths identified by DOE as being at “Critical Risk”: Dysprosium, Europium, Neodymium, Terbium and Yttrium.
About U.S. Rare Earths, Inc.:
U.S. Rare Earths, Inc. (“USRE”, “U.S. Rare Earths” or the “Company”) is a mineral exploration, mining and claims acquisition company. Formerly Colorado Rare Earths, Inc., the Company holds over 12,000 acres of mining claims for rare-earth elements in Colorado, Idaho and Montana. In Colorado, these claims include the Powderhorn Property in Gunnison County, and Wet Mountain Property in Fremont and Custer Counties. Additional claims include the Lemhi Pass Property in Lemhi County, Idaho and Beaverhead County, Montana; Diamond Creek and North Fork Properties in Lemhi County, Idaho and the Sheep Creek Property in Ravalli County, Montana.
Rare earth elements are critical to many existing and emerging 21st century applications including clean-energy technologies such as hybrid cars and electric vehicles; high-technology applications including cell phones and digital music players; hard disk drives used in computers; microphones; fiber optics; lasers; and in addition, critical defense applications such as global positioning systems, radar and sonar; and advanced water treatment applications, including those for industrial, military, homeland security, domestic and foreign aid use. For more information visit www.usrareearths.com.
Safe Harbor Statement Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as “desires,” “believes,” “anticipates,” “plans,”"expects,” “intends,” “estimates” or similar expressions. These statements are not guarantees of the Company’s future performance and are subject to risks, uncertainties and other important factors that could cause its actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, rare-earth industry risks, estimates of mineralized materials, litigation risks, plans to raise capital, and board, management and governance risks.. Additional information regarding factors that could cause results to differ materially from management’s expectations is found in the Company’s SEC filings. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements. The Company disclaims any obligation to update forward-looking statements.
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SOURCE U.S. Rare Earths, Inc.