EANS-News: Tantalus Rare Earths AG Drilling results (with document)
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
Company Information/General update and update on drilling results from Target 1
Düsseldorf (euro adhoc) - General update and update on drilling results from
Target 1
(Tantalus-AG, Düsseldorf, 06 September 2011) The Directors of Tantalus Rare
Earths AG ("TRE"), a German company exploring an extensive area of secondary
rare earth mineralisation at surface and primary, near-surface bedrock rare
earth mineralisation in north-western Madagascar (the "TRE Project"), are
pleased to announce a general update on work progress and on new assay results
from their diamond drilling programme on Target 1, the Ampasibitika Target.
Site visit by SRK Consulting (UK) Ltd
Two members of SRK Consulting Ltd, Cardiff/UK have recently finished their site
visit to the Tantalus project. The scope of their site visit was to control the
progress of field work and the quality of operations in order to provide an
update on their Competent Person's Report and to produce a first, non-NI43-101
compliant resource estimate for 2 prospects. The latter is expected for
mid-September 2011.
Arrival of Mr. Chris Barrett, Chartered Geologist
Mr. Chris Barrett, 40, a British Chartered Geologist, has recently joined the
field team in Madagascar. Chris has more than 15 years of experience in the
mineral exploration industry, many of which he has spent in Africa. His role in
the project will be mainly to give support to the field crews, to restructure
the growing data base and to process data.
Work Progress
Work is currently progressing at a high speed on 5 out of the 6 target zones.
New results may require more detailed work on some of the prospects but the
initial field programme for 2011 should be finished before the end of this year.
The summary table showing the initial work programme for 2011 and the progress
until end of August 2011 is attached to this release as a PDF.
Diamond drilling progress on Target 1 (Ampasibitika Prospect)
All three rigs are drilling 7 days a week on two 12 h shifts on the Ampasibitika
prospect, TRE's main target for bedrock REE mineralisation and overlying REE
bearing argillaceous laterites. To-date, 214 diamond holes have been finished
and a total of 16,300 m has been drilled. At the current speed, drilling on this
prospect will be finished by December 2011.
The Company has received more assay results from ALS Chemex, Canada for a
further 11 drill holes, results for a further 35 holes are pending. The new
results confirm that the target is covered by a continuous layer of REE bearing
argillaceous laterites and that the target is underlain a set of multiple
mineralised veins that can be followed over several kilometers strike length.
The drilled widths of the REE bearing argillaceous layer averages 8.48 m which
corresponds to a true (vertical) thickness of approximately 7 m. The TREO grades
vary between 390 ppm and 1910 ppm, averaging 753 ppm in all 11 drill holes. The
ratio of HREO to TREO averages 19 and 21 % which is fairly consistent to earlier
results. Uranium and thorium grades are continuing to be very low.
Each drill hole has intersected between 1 and 4 different mineralised veins. The
drilled widths vary between less than a metre and 23 m. The best TREO grades
reach 0.24 %, Ta, Nb, Zr, Ga and Sn are also enriched. The overall ratio
HREO/TREO is 21/79. Uranium and thorium grades are low.
Commenting on these results, Ivan Murphy, Executive Director of Tantalus Rare
Earths AG said:
"This latest announcement in conjunction with recent updates continues to
validate our drill programme and strategy. It further demonstrates that in
partnership with SRK we are now close to defining a major Rare Earth Resource on
a small portion of our prospect. We are delighted to welcome Chris Barrett to
the team who brings a lot of experience in the sector and in operating in
Madagascar'"
The summary table showing the TREO, % of HREO, niobium oxide, tantalum oxide,
tin, gallium, zirconium oxide, uranium oxide and thorium oxide from 11 drill
holes pits on Target 1 is attached to this release as a PDF.
Notes to Editors
About Tantalus Rare Earths ("TRE")
TRE is a German incorporated holding company whose subsidiaries are engaged in
the exploration and development of rare earths. TRE's shares are quoted on the
Open Market of the Frankfurt Stock Exchange.
TRE's principal asset is an exploration project located in north-western
Madagascar and comprises rare earth-tantalum-niobium-zirconium-hafnium enriched
dykes and sills and Rare Earth Element ("REE") bearing argillaceous laterites
derived from the weathering of underlying alkaline intrusives.
There are numerous indications that most of the alkaline intrusive bodies within
the concession are overlain by REE bearing argillaceous laterites. TRE is
therefore considering the whole area underlain by alkaline intrusives (150 to
170 sq km) as prospective for secondary REE mineralisation in the weathering
crust.
The exploration programme aims to define the primary (vein/skarn hosted) and
secondary (argillaceous laterites) mineralisation present on the concession
towards a NI 43-101 compliant mineral resource estimate and support a detailed
feasibility study towards mine development and production.
Tantalus Rare Earths AG
Berliner Allee 12
40212 Düsseldorf
Deutschland
Telefon: +49 (0)211 52391 430
Telefax: +49 (0)211 52391 200
e-Mail: contact [at] tre-ag.com
Internet: http://www.tre-ag.com
Attachments with Announcement:
----------------------------------------------
http://resources.euroadhoc.com/us/LmpSlwod
Further inquiry note:
For further information please contact:
Ivan Murphy, Director of TRE Tel: +44 (0) 20 3214 9930
Ana Ribeiro Blythe Weigh Communications Tel: +44 (0) 207 138 3206
or +44 (0) 7980 321 505
end of announcement euro adhoc
--------------------------------------------------------------------------------
Attachments with Announcement:
----------------------------------------------
http://resources.euroadhoc.com/us/LmpSlwod
company: Tantalus Rare Earths AG
Berliner Allee 12
D-40212 Düsseldorf
phone: +49 (0)211 52391 430
FAX: +49 (0)211 52391 200
mail: contact [at] tre-ag.com
WWW: http://www.tre-ag.com
sector: Holding companies
ISIN: DE000A0SMSL4, DE000A1KRQE7
indexes:
stockmarkets: free trade/entry standard: Frankfurt
language: English