Mr. Tony Ricci of Electric reports
ELECTRIC METALS OPTIONS EIGHT RARE EARTH SYENITE-CARBONATITE COMPLEXES IN MONTVIEL AREA, QUEBEC
ElectricMetals Inc. has entered into an option agreement with Zimtu CapitalCorp. and a group of three private individuals to purchase a100-per-cent interest in eight claim blocks in the Abitibi region ofQuebec near Geomega Resources Inc.'s Montviel property. The claimblocks are referred to collectively as the Abitibi claims.
The Abitibi claims total 21,600 hectares (216 square kilometres) andcover most of the known syenite occurrences surrounding the Montvielsyenite-carbonatite complex, which has recently returned results of 485metres of 1.44 per cent TREO (total rare earth oxide) including 111metres of 2.09 per cent TREO (see Geomega's news release in Stockwatchon March 31, 2011).
Four of the 11 local syenite complexes have already been confirmed tohost carbonatite. Of the eight claim blocks that comprise the Abitibiproperties, at the Ailly complex, approximately 10 kilometres south ofMontviel, historical drilling has intersected carbonatite similar tothat which hosts REE mineralization at Montviel, but was not assayed forREE at the time.
The Abitibi syenite-carbonatite complexes were emplaced along two majorstructural corridors. The Abitibi claims cover most of the knownsyenite occurrences that have intruded these trends. Because syeniteoccurs with carbonatite at Montviel and Ailly, the remaining syenites ofthe Abitibi claims may also be prospective for carbonatite emplacementand associated REE mineralization. With one confirmed but unassayedcarbonatite occurrence and the potential to host additional favourableREE hosting lithologies, the Abitibi claims present a large-scale,highly prospective target in Canada's new REE district.
Abitibi option agreement
Under the terms of the option agreement dated April 5, 2011, the companyhas the option to purchase a 100-per-cent interest in the Abitibiclaims by paying $250,000 and issuing 5.5 million shares of the companyover two years. The property is subject to a 2-per-cent net smelterroyalty, 1 per cent of which can be purchased for $500,000.Consul-Teck Mineral Exploration Consultants Inc. of Val d'Or, Que., willoperate the exploration program in year one.
Information for this news release was gathered from a number of publicgovernment records, and from data provided by the property vendors.Chris Taylor, MSc, PGeo, is the qualified person as defined by NationalInstrument 43-101, and has reviewed and is responsible for the accuracyof this news release.