Texas Rare Earth Resources Corp. Announces Results for Nine Historic Drill Holes
HOUSTON, March 28, 2011 /PRNewswire/ — Texas Rare Earth Resources Corp.(OTCQB:TRER) has completed analysis of 1103 drill samples from the 1984-88 drilling program conducted by Cabot Corporation and Cyprus Minerals. All or a portion of forty-six out of an estimated two hundred fifty existing drill holes have been re-logged and re-analyzed. The rare earth element and other metals are consistent with the original study by the Texas Bureau of Geology that was published in the Geological Society of America, Special Paper 246 in 1990. This study first described the rare metal content of the large mass of intrusive igneous rock that makes up the body of Round Top Mountain, and is the basis for our interest in this deposit. The nine drill holes cited below were selected because they are widely distributed and roughly define an area approximately six thousand feet by four thousand feet within the approximate seven thousand foot known diameter of the intrusive rhyolite body. They intersected the entire body of the rhyolite.
DH Feet of Rhyolite REE Metal avg. % Heavy REE 201 505 .05% 70% 225* 270 .055% 71% 252* 305 .053% 71% 287* 250 .055% 70% 334 380 .052% 71% 335 385 .053% 71% 336 555 .051% 70% 337 395 .051% 70% 378 700 .049% 69%
The average thickness of rhyolite in these holes is 416 feet although three of the holes (*) were near the thin northern margin of the rhyolite body. Analyses are in % of REE metal and heavy REE is defined as being those elements with atomic weight of terbium and higher plus yttrium.
The results of these analyses confirms our earlier interpretation and gives confidence that the entire body of rhyolite is uniformly mineralized and that the size is potentially in the range of the 1.6 billion metric tons as estimated by the Texas Bureau of Economic Geology in their 1990 publication.
This re-analysis of the archived drill holes continues, but a new 12,000 foot reverse circulation drilling program is scheduled to start upon agency approval of an exploration plan. The objective of the new drilling by TRER is to better define the thickness and margins of the rhyolite and to ultimately define a resource. We intend to contract independent consultants to oversee this drilling and to advise us on QA/QC considerations. This drilling is expected to produce over 100 tons of samples which will be used to begin design of a metallurgical process to recover the REE and other potentially valuable minerals.
Texas Rare Earth’s management believes that the estimated large tonnage size, high percentage of heavy REE’s and the likelihood that the REE’s are contained in chemically simple fluoride
minerals, hold potential for this deposit to become an economically important, domestically based source of strategic metals.
Texas Rare Earth Resources Corp. will be participating in the John Tumazos Very Independent Research Metals and Mining Conference, on March 30th and 31st, at the New York Helmsley Hotel in New York City.
This press release may contain forward-looking statements about the business, financial condition and prospects of the Company. Forward-looking statements, can be identified by the use of forward looking terminology such as “believes,” “projects,” “expects,” “may,” “goal,” “estimates,” “should,” “likelihood,” “plans,” “targets,” “intends,” “could,” or “anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward looking statements in this press release include, without limitation, the Company’s expectations of the value per metric ton of its mineral deposits, the percentage of heavy rare earth and ratio of heavy to light REE, the amount of metric tons contained in the Round Top rhyolite, ability to mine and economically process our mineral deposits, ability to sell our mineral product, expansion strategies, access to capital, access to joint venture partners, competition, regulatory risks, and other performance results. These statements are made to provide the public with management’s current assessment of the Company’s business. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, there can be no assurances that such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this press release speak only as of the date of this press release and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this press release.
About Texas Rare Earth
Texas Rare Earth Resources Corp.’s primary focus is developing its Round Top Mountain rare earth-uranium-beryllium and affiliated strategic minerals project. Texas Rare Earth’s common stock trades on the OTCQB Market tier under the symbol TRER.
For Further Information please contact:
Daniel Gorski-CEO: Texas Rare Earth Resources Corp .
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SOURCE Texas Rare Earth Resources Corp.