PLANO, Texas, April 24, 2014 /PRNewswire/ -- U.S. Rare
Earths, Inc. (OTCQB: UREE), a domestic rare earths exploration
company with 25,000 acres of mining claims in Idaho, Montana and Colorado, announced that it has completed its
preliminary exploration and assessment of a portion of its claims
located in the Lemhi Pass region of western Montana and eastern Idaho. The
independent report, prepared by Process Engineering and compliant
with the NI 43-101 standard, demonstrates a significant
concentration of both critical and heavy rare earths in the
company's Lemhi Pass projects.
The company also said that it plans to continue the assessment
of its broader claim package in Lemhi Pass. For the purposes
of exploration, U.S. Rare Earths plans to reopen existing adits,
which are horizontal mines extending underground more than 400
meters or 1,300 feet, and are known to intersect one of the largest
identified mineralized veins of both heavy and critical rare earths
located within the continental United
States.
Historic exploration of the Lemhi Pass by governmental and
private entities identified what many believe to be the highest
concentrations of rare earths elements in the U.S. It was
during this earlier exploration that the adits on the property were
first opened. U.S. Rare Earths holds more than 700 claims
covering more than 14,000 acres in the Lemhi Pass region.
Claims are located in areas historically identified as promising,
including two existing adits which the company believes should aid
exploration.
For purposes of evaluation, U.S. Rare Earths separated these
claims into five individual exploration project areas: the Last
Chance, Sheep Creek, North Fork,
Lemhi Pass and Diamond Creek
projects. The company has done NI 43-101-compliant
exploration on three of these, the Last Chance, North Fork and Diamond
Creek properties. According to the report, results of
the drilling so far confirm and advance historic findings regarding
rare earth concentrations.
"The Lemhi Pass region is generally recognized as having some of
the highest concentrations of rare earth elements in North
America. We are very pleased that the preliminary survey of
our projects, compliant with the NI 43-101 standard, confirms a
high concentration of both critical and heavy rare earths," said
Kevin Cassidy, CEO of U.S. Rare
Earths. "While further exploration is needed to
establish reserves, we are encouraged to move forward with
further exploration and testing."
Assessment highlights are detailed below.
Last Chance
U.S. Rare Earths explored nine of the
total 44 claims that make up the Last Chance Project, including two
major veins. These are the Last Chance, historically
identified as the largest vein in the Lemhi pass area, up to 12 meters thick with a
known length of 1,326 meters, and the Beaverhead vein. NI 43-101 compliant
exploration in 2013 included channel sampling of 12 separate
channels, two to nine meters long, located along the Last Chance
vein strike; 71 samples were taken at one-meter intervals. Core
drilling involved eight HQ-sized holes, of 1,004 meters total
cores, showing the vein to be from two to nine meters in
width. Assays of 165 data points along the Last Chance vein
showed rare earth element (REE) concentrations generally consistent
with historic evaluations, with concentrations as high as 11,425
grams per ton and heavy rare earths constituting approximately 30%
of the deposit.
Two existing adits with a combined total length of 405 meters
intersect and follow the Last Chance vein. The company has
applied for a permit to open and explore these adits this
summer. Underground access to the Last Chance prospect's
mineralized vein material can potentially provide up to 2500 ton of
material for process development and assessment work not typically
available to exploration-phase investigations.
North Fork
Channel
sampling in 2013 identified several veins of highly significant
rare earth mineralization. One vein was traced for 1,317
meters with samples returning moderate to high rare earth
mineralization. Another vein reached 400 meters.
Diamond Creek
NI 43-101
compliant exploration was performed in 2012. Channel sampling
of two channels found REE assays averaging as high as 6,623
ppm. Core drilling involved two core-holes of 160 meters.
Rare earths elements are essential to cell phones, technologies
for national security and defense, and to those for renewable
energy. Rare earths are classified as heavy or light.
Heavy or critical rare earths are those used in most
technologies. The U.S. is currently dependent on China for its supply of rare earth minerals,
sometimes known as "tech metals."
U.S. Rare Earths is working to establish a supply chain for rare
earths elements in the U.S. The company plans to
continue with the expansion of its Phase II drilling program
initiated late last year, Cassidy said.
"We are working toward extraction, separation and distribution
of critical rare earths in the U.S. This resource of heavies
is vital to meeting domestic needs for rare earths, so that we are
no longer dependent on China for
our rare earths supply, especially in the area of national
security," he said. "We believe it is imperative that the
U.S. have a domestic source of rare earths for essential
technologies. Our goal is a complete solution for the domestic
supply chain."
About U.S. Rare Earths, Inc.
U.S. Rare Earths, Inc. is
a U.S.-based domestic mineral exploration, mining and claims
acquisition company based in Plano, Texas. The company holds mining
claims for rare earth elements encompassing more than 25,000 acres
in Colorado, and in the Lemhi Pass
Region of Idaho and Montana.
Rare earth elements are essential to many existing and emerging
21st century applications. Rare earths are used in technology
including cell phones, computer hard disk drives and digital music
players; for critical defense applications such as global
positioning systems, radar and sonar; in clean energy technologies
such as hybrid cars and electric vehicles; for microphones, fiber
optics and lasers; and in 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
Some statements contained in
this news release are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
and, therefore, involve uncertainties or risks that could cause
actual results to differ materially. These statements may contain
words such as "desires," "believes," "anticipates," "plans,"
"expects," "intends," "estimates" or similar expressions. These
statements are not guarantees of the Company's future performance
and are subject to risks, uncertainties and other important factors
that could cause its actual performance or achievements to differ
materially from those expressed or implied by these forward-looking
statements. Such statements include, but are not limited to,
rare-earth industry risks, estimates of mineralized materials and
associated radionuclides, litigation risks, plans to raise capital,
and board, management and governance risks. Our forward-looking
statements are based on assumptions and analyses made by us in
light of our experience and our perception of historical trends,
current conditions and expected future developments, and other
factors that we believe are appropriate under the
circumstances. Additional information regarding factors that
could cause results to differ materially from management's
expectations is found in the Company's SEC filings, including the
Company's Form 10-K filed April 15,
2014. Investors are cautioned that forward-looking
statements are not guarantees of future performance and that actual
results could vary materially from those expressed or implied in
the forward-looking statements. The forward-looking
statements in this press release speak only as of the date
hereof. Although we may from time to time voluntarily update
our prior forward-looking statements, we disclaim any commitment to
do so except as required by securities laws.
SOURCE U.S. Rare Earths, Inc.