GeoMegA Drills 830 ppm Dysprosium Oxide at Montviel
21 January 2014 - 9:30PM
Marketwired Canada
Geomega Resources Inc. (TSX VENTURE:GMA) -
Highlights of the news release:
-- Heavy rare earths zone defined over 150 m (East-West) by 130 m vertical
and still open
-- Dysprosium enrichment of 400% compared to the Core Zone
-- Drill hole #78 intersects 384 ppm Dy2O3, 90 ppm Tb2O3, 242 ppm Eu2O3 and
4 667 ppm Nd2O3 over 7.5 m
Geomega Resources Inc. ("GeoMegA" or the "Company") (TSX VENTURE:GMA) is pleased
to announce the initial results of the Phase 3 diamond drill programme ("Phase
3") on its rare earth elements ("REE") project Montviel in Quebec. Completed on
December 10, 2013, Phase 3 was conducted to define extensions of the heavy REE
zone of Montviel intersected during the Phase 2 diamond drilling programme.
"The stellar intersect of 384 ppm dysprosium oxide and 4,667 ppm neodymium oxide
over 7.5 m contains an exceptional enrichment in heavy REE for fluoro-carbonate
minerals. With the intersection of drill hole #78, the heavy REE zone currently
draws a table area of more than 150 m (East-West) by 20 m (North-South) by 130 m
vertical. The heavy REE zone, located in the south wall rock of the Core Zone,
is open laterally and at depth (CLICK HERE)." comments Alain Cayer,
Vice-President Exploration of GeoMegA.
Highlights of the partial results from drill hole MVL-13-78:
----------------------------------------------------------------------------
Section/
Dip/ Core
DDH Azimuth From To length(1) TREO(2)
------------------------------------------------
(m) (m) (m) (%)
----------------------------------------------------------------------------
78 6+35W/
45 degrees / greater than
150 degrees 180 207.35 27.35 1.4%(3)
------------------------------------------------
greater than
Inc. 183 19.5 7.50 2.28%(3)
------------------------------------------------
Inc. 183 184.5 1.50 1.13%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Section/
Dip/ Dysprosium Neodymium Europium Terbium
DDH Azimuth oxide oxide oxide oxide
------------------------------------------------
ppm ppm ppm ppm
----------------------------------------------------------------------------
78 6+35W/
45 degrees /
150 degrees 170 2 495 118 40
------------------------------------------------
384 4 667 242 90
------------------------------------------------
830 1 662 230 172
----------------------------------------------------------------------------
1. True width is estimated at 75% of core length based on structural
interpretation of the heavy REE zone.
2. Cerium, Lanthanum, Neodymium, Praseodymium are the most abundant rare
earth oxides.
3. Some samples exceeded the analytical limit (Ce, Pr) and are actually
being re-assayed.
4. 0.1% = 1 kg/ton ; 1 ppm = 1 gram/ton
----------------------------------------------------------------------------
Phase 3 totalled 2,058 m on 7 holes (including MVL-13-78) and was conducted to
define the extensions of the heavy REE zone enriched in dysprosium. The complete
results and interpretation of the heavy REE zone are expected by the end of the
month.
Global market for permanent magnets to reach $US 22.9 billion by 2018
Currently, the most critical REE are neodymium (Nd) and dysprosium (Dy) due to
the growing demand for high-performance permanent magnets. Global market
projections indicate a high growth rate of 8.7% annualized over the next 5 years
and a value of $US 22.9 billion in 2018 ($US 13.9 billion in 2012)(1) .
Technology Agreement
Under the terms of the Technology Agreement dated September 30, 2013, GeoMegA
issues 1,000,000 common share purchase warrants ("Warrants") to Dr. Pouya
Hajiani ("Hajiani") in exchange for all rights, title and interest in two (2)
patents related to the physical separation technology. The Warrants become
exercisable upon demonstration of high purity (greater than 99%) separation, in
a pilot plant using the separation technology, of the following REE from the
Montviel concentrate: neodymium (Nd), dysprosium (Dy), europium (Eu) and
praseodymium (Pr). Each Warrant entitles Hajiani to subscribe to one common
share at an exercise price of $0.15 expiring July 1st, 2018
The completion of the Technology Agreement is subject to the approval of the TSX
Venture Exchange.
NI 43-101 Disclosure
Alain Cayer, Geo., MSc., VP-Exploration, is the Qualified Person under NI 43-101
guidelines who supervised and approved the preparation of the technical
information in this news release.
ALS Global conducted all analyses in their Vancouver laboratory. The analyses
were done on every sample using lithium metaborate fusion, followed by ICP
analysis and completed by mass spectrometry. Specific XRF assays were conducted
on niobium. Quality control and assurance were done by systematically using REE
standards, blanks and duplicates.
Total Rare Earth Oxides ("TREO") include: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3,
Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3.
Heavy REE are Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu plus Y.
About GeoMegA (www.geomega.ca)
GeoMegA, which owns 100% of the Montviel rare earth elements/niobium project
located in Quebec, is a mineral exploration and development company focused on
the discovery and sustainable development of economic deposits of metals, such
as rare earth elements, niobium and graphite, in Quebec. GeoMegA is committed to
meeting Canadian mining industry standards and distinguishing itself with its
innovative engineering, stakeholders engagement and its dedication to local
transformation benefits.
GeoMegA currently has 42,825,238 common shares issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions
and plans. The forward-looking statements that are contained in this news
release are based on various assumptions and estimates by the Company and
involve a number of risks and uncertainties. As a consequence, actual results
may differ materially from results forecast or suggested in these
forward-looking statements and readers should not place undue reliance on
forward-looking statements. We caution you that such forward-looking statements
involve known and unknown risks and uncertainties, as discussed in the Company's
filings with Canadian securities agencies. Various factors may prevent or delay
our plans, including but not limited to, contractor availability and
performance, weather, access, mineral prices, success and failure of the
exploration and development carried out at various stages of the program, and
general business, economic, competitive, political and social conditions. The
Company expressly disclaims any obligation to update any forward- looking
statements, except as required by applicable securities laws.
(1) BCC Research, Permanent Magnets: Technologies and Global Markets.
FOR FURTHER INFORMATION PLEASE CONTACT:
Simon Britt
President and CEO
GeoMegA
(450) 465-0099
info@ressourcesgeomega.ca
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