Greenlight to Acquire Rare Earth Element (REE) property in New Brunswick
(PRZCF.OTCBB)Â (PH0.FRANKFURT) (TSXV.GR)
dated
Vendors”) to earn up to a 100% undivided interest in the
Porcupine-Upper Miramichi Rare Earth Property (“Property”) located
fifty kilometers west of Newcastle,
the Property agreement is subject to the Company’s due diligence and to
the acceptance of the TSX Venture Exchange.
Porcupine-Upper Miramichi Property
The Property consists of 86 claims held in three separate claim blocks
covering 3,440 acres. The property is underlain by Ordovician
intrusives, metavolcanics and metasedimentary rocks. The common
lithologies present are porphyritic (quartz-feldspar) felsic volcanics,
highly contorted quartzite and phyllitic metasediments gneissic granite
and minor mafic volcanics. All lithologies have undergone greenshist
metamorphism. Two exploration plays occur on the property. The south
claim block contains a REE exploration target while the North claim
block contains gold, silver and base metal targets.
Rare Earth Elements -Â South Claim Block
The primary target is the various rare earth elements (REE) that were
discovered in soil samples on the property in 2007. Subsequent
geochemical surveys confirmed very high values for REE mineralization
over an area 100 meters square with individual assays showing the
presence of several important heavy rare metals (“HREE”). A total of
300 soil samples were taken over an area covering approximately 200
meters square.
Assays for REE’s include Samarium (Sm) which is increasingly used for
high power magnets, is reported with grades of up to 218 ppm (g/t) and
Dysprosium (Dy) with grades of up to 98.6 ppm (g/t), Neodymium (Nd)
with grades of up to 1190 ppm (g/t), Ytterbium (Yb) with grades of up
to 31.3 ppm (g/t) and Yttrium (Y) with grades of up to 472 ppm (g/t)Â
. Reported assays for HREE’s include Terbium (Tb) with grades up to
20.3 ppm (g/t) and Ytterbium (Yb) with grades up to 31.3 ppm (g/t)
while reported light rare earth metals include Cerium (Ce) with grades
up to 459 ppm (g/t) and Lanthanum (La) with grades up to 1,300 ppm
(g/t).
Based on soil geochemistry to date, the source of the REE’s is believed
to be directly under the area with the high anomalous values or
upstream to the south west. The next phase of exploration is to conduct
shallow exploratory drilling to determine the nature of the bedrock in
the anomalous area.
Copper and Base Metals – North Claim Block
The North Claim Block is believed to lie within an extension of the belt
of rocks hosting the Chester deposit and mineralization on the property
may be favourable for the occurrence of
mineralization. In 1995 BHP Minerals Canada carried out a geochemical
survey and a statistical review of geochemical data. A total of 652,
soil, stream sediment and seep sediment samples were collected. This
survey documents highly anomalous samples with values as high as 7175
ppm Cu (g/t), 3894 ppm Zn (g/t), 18360 ppm Pb (g/t).
In 1998, Eastmain Resources Inc. acquired the property from BHP and
carried out an evaluation of the mineral exploration potential and a
geochemical survey. Previous anomalies were confirmed. Follow up work
was recommended but not carried out.
In 2007 two packsack drill holes, P-07-01 and P-07-02 were drilled.Â
Hole P-07-01 was collared on the mineralized outcrop found in 2006 and
P-07-02 was collared 20 meters to the northeast. Hole P-07-01 for the most part cut a section of tuffaceous volcanic sediments with
strong sericite and chlorite alteration throughout. Several sections
were silicified. One ten inch silicified section ran Ag 9.1 oz/ton. Cuttings samples analyzed, show elevated Cu, Pb, Zn and
W (Tungsten) throughout the hole. The hole was stopped at 78 feet in a feldspar porphyry when a drill rod
broke.  Â
DDH P-07-02 intersected the same tuffaceous volcanic sediment package as in hole one
and ended in a granite. Of note in hole two was a fluorite vein
cutting the tuffaceous mineralized horizon. One 4 inch section of core
returned values of Pb 2100 ppm (g/t), Zn >10,000 ppm (g/t) and W 192
ppm (g/t).
Cuttings samples analyzed from both holes show elevated Ag, Cu, Pb , Zn
and 408 ppm W. Of 20 samples analyzed, 15 samples ran greater than 100
ppm W.
In 2009 a pole dipole IP survey was carried out on over the mineralized
outcrop drilled in 2007 and the surrounding area. The IP survey shows
that hole P-07-01 barely penetrated the top of an IP anomaly. Extension
of hole P-07-01 would be a priority target.      Â
is responsible for the technical information contained in this release.
LOI Terms
In consideration of the acquisition, the Company will pay the vendors,
Exchange issue common shares of the Company to the vendors for
consideration of
work commitments on the Property of
The Company will also make payments to the Vendors of
next five years. Upon completion of the minimum work commitments and
payments above, the Company will earn a 100% undivided ownership
interest in the Property.
Upon completion of due diligence and TSX acceptance, the Company intends
to implement a work program on the property which includes a drill
program to test the REE soil anomalies.
About Greenlight Resources Inc.:
Greenlight Resources Inc. is a Canadian exploration company focused on
the discovery and development of Lithium and rare metal deposits. The
Company is currently focused on the 8,520 acre
located approximately 30 kilometres north of
Project. Drilling to date has successfully revealed two Lithium
bearing pegmatite dikes. In addition to Lithium, the dikes host
several other rare metals such as tantalum, niobium, beryllium,
tungsten tin and rubidium. Metallurgical bench testing to date has also
revealed other potential economic targets, including cosmetic grade
mica, silica chloride, aluminum chloride and rubidium enriched
potassium feldspar.Â
On Behalf of the board of directors
“Ron Bourgeois”
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Tel: (604) 488-3900,  email: info@GreenLightResources.ca
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that term is defined in the policies of the TSX Venture Exchange)
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Forward-looking statements relating to future events or future
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SOURCE Greenlight Resources Inc.