LONOKE, Ark.--(BUSINESS WIRE)--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 2011 drilling program at its Powderhorn Project in Colorado, the completion of an aeromagnetic survey over its Idaho claims, and the filing of drill permits for its Idaho properties.
Colorado Drill Results
The Colorado drill program revealed that there were carbonatites and chalcedonic quartz zones which contained Rare Earth Elements (REEs). The program focused on exploration drill holes to test the thickness, grade and dimension of formations. Four holes were drilled off two drill pads, one on Rudolph Hill and the other on a large vein system present at the Goose Creek Property.
The intersections in each drill hole of the mineralized rock were recorded and sampled for analysis. The concentrations of Rare Earth Elements from select sample intervals in the zones revealed 1.2% Total Rare Earth Elements (TREE) present. Thirty-nine samples were collected from drill hole PHRH 11-1 on Rudolph Hill and eighty-five samples from three drill holes -- GS-11-1, GS-11-2 and GS-11-3 -- at the Grand Slam Vein at Goose Creek. The drill holes were logged and sampled with a stringent quality control. Drill samples were collected from HQ core and delivered from the project to Hazen Labs in Golden, Colorado. There, they were prepared for analysis at ACT Labs in Ontario, Canada.
“We are excited that the drilling has confirmed the presence of Rare Earth Elements at the Powderhorn Project. This was the goal for this season’s drilling and makes the case for this zone potentially hosting an economic rare earth deposit,” said Greg Schifrin, U.S. Rare Earths COO. “Surface work at the Powderhorn focused on the collection of rock surface samples over a large area of the property. The results indicate a significant trend with elevated rare earth elements identified during the 2011 exploration program. Additional drill targets will be identified after further study,” added Schifrin.
Aeromagnetic Survey, North Fork, Idaho
UREE also announced today that it has successfully completed a helicopter-borne aeromagnetic and radiometric survey over its North Fork property, located approximately 45Km NW of Salmon, ID. The survey data will be used to help identify drill targets for the 2012 field season.
“Prior to initiating the survey, we knew the Idaho and Montana properties we acquired in late 2011 were exceptionally well positioned with the high potential for Rare Earth Element exploration,” stated Michael Parnell, U.S. Rare Earths CEO. “Additionally, surface grab samples taken in 2009 and 2010 from the property ranged from 1% to as high as 26% Total Rare Earth Elements,” added Parnell.
With these encouraging results, the Company announced it is filing for permits to drill on its Idaho properties. “Drawing on historic work, surface geochem sampling and the aeromag data, our 2012 exploration and drilling program will focus on the Lemhi Pass and the North Fork Region,” stated Schifrin.
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) (OTCBB: UREE) is a mineral exploration, mining and claims acquisition company based in Lonoke, AR. 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 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 REGARDING FORWARD-LOOKING STATEMENTS
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