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QUC NEWS TODAY
Quest's B-Zone REE Deposit Confirmed asa LargeInferred Resource, Strange Lake Project, Quebec
Highlights:- An Inferred Resource Estimate for the deposit wasdetermined usingcut-off grades of 0.7%, 0.8%, 0.85%, 0.9%, 1.0%, 1.1%and 1.2% Total RareEarth Oxides (TREO) and an average specific gravityof 2.72 g/cc - Usinga base-case cut-off grade of 0.85%, the B-Zonehosts an InferredResource of 114.8 million tonnes grading nearly 1.0%TREO, 1.973%zirconium oxide, 0.208% niobium pentoxide, 0.053% hafniumoxide and0.082% beryllium oxide - Heavy rare earths represent between43% and 51%of the TREO in the deposit - Wardrop concludes that theresourcesestimate indicates the deposit has potential of hosting aneconomicmineral resource which warrants further investigation anddevelopment
TORONTO,ONTARIO, Apr 07, 2010 (MARKETWIRE via COMTEXNews Network) --
QuestUranium Corporation (TSX VENTURE: QUC) ispleased to announce a newNational Instrument 43-101 compliant resourceestimate for its B-Zonerare earth deposit within the Strange lakeproject, Quebec. The estimatewas prepared by Wardrop Engineering Inc.("Wardrop"), who has alsorecommended that the deposit warrants furtherinvestigation anddevelopment. The Strange Lake Project is located 195km northeast ofSchefferville, Quebec and 125 km west of the giantVoisey's Baynickel-copper-cobalt deposit, eastern Labrador (see Figure1).
Thebase-case resource was estimated using a Total Rare EarthOxide (TREO)cut-off grade of 0.85% TREO (Table 1). At this cut-off,the B-Zone hostsan Inferred Resource of 114.8 million tonnes grading0.999% TREO, 1.973%zirconium oxide, 0.208% niobium pentoxide, 0.053%hafnium oxide and0.082% beryllium oxide. In addition, Table 2illustrates the gradeaverages for all of the Rare Earth oxides at thevarious cut-offs.
Itis estimated that Heavy Rare Earth Elements(HREE) represent between 43%and 51% of the TREO in the deposit.
Mineralisationwithin thedeposit is currently open in all directions. It is intendedto expand theknowledge of this with further, higher-density diamonddrilling, plannedto take place in 2010. Drilling will also assess theresource potentialof other REE occurrences identified on the propertyin 2009. In addition,a program of metallurgical testing and advancedmineralogical studies ofthe deposit is currently advancing.
Itis intended that the datafrom these studies will form the basis for afuture PreliminaryAssessment (PA) of the deposit.
Table 1 Inferred Resource Estimatefor the Strange Lake B Zone Deposit.
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Proportion
TREO%Tonnes of HREO(ii)
Cut-off (x000 t) TREO%(i) inTREO% ZrO2% Nb2O5% HfO2% F% BeO%
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1.20%11,809 1.354 51% 2.097 0.291 0.055 0.908 0.129
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1.10%21,757 1.260 50% 2.101 0.272 0.056 0.861 0.119
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1.00%40,388 1.161 47% 2.069 0.248 0.056 0.842 0.108
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0.95%54,560 1.112 46% 2.051 0.236 0.055 0.818 0.100
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0.90%82,541 1.048 44% 2.008 0.220 0.054 0.773 0.090
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0.85%114,823 0.999 43% 1.973 0.208 0.053 0.729 0.082
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0.80%133,654 0.975 43% 1.957 0.203 0.053 0.705 0.078
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0.70%137,639 0.970 43% 1.955 0.202 0.053 0.697 0.077
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(i)includes Y2O3
Where: HfO2 - hafnium oxide; ZrO2 - zirconium oxide;Nb2O5 - niobium
pentoxide; F - fluorine; BeO - beryllium oxide
Notes:
1.Total Rare Earth Oxides (TREO) includes: La2O3,Ce2O3, Pr2O3, Nd2O3,
Sm2O3,Eu2O3, Gd2O3, Tb2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3,
Lu2O3,Y2O3
2. Heavy Rare Earth Oxides (HREO) includes: Eu2O3, Gd2O3,Tb2O3, Tb2O3,
Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3
3.Wardrop considers a base case cut-off grade of 0.85% TREO to be
reasonablein the absence of metallurgical data and economic
parameters (i.e.operating costs).
4. average specific gravity of 2.72 g/cc
5. Theresource estimate has been classified as an Inferred Resource for
thisreason and for the relatively wide-spaced sample support within
thecurrent outlined deposit.
6. Resource Estimate is based on:
- Adatabase of 19 drill holes totalling 3,905.3m of diamond drilling
wheresamples were composited on 2m lengths.
- Specific gravity (SG) usedthe overall mean of 2.72 g/cc from 80 SG
readings
- Geologicalmodel bounded by 0.9% TREO limit above and below the
deposit
-Block model was estimated by Ordinary Kriging interpolation method
onblocks 40m x 40m x 10m.
- Resource Estimate assumes 100% recovery asmetallurgical results
are pending.
"The WardropResource Estimate for the B-Zone REE depositreported today is furtherconfirmation of Quest's firm belief that weare in the process ofbuilding a very important source of rare earthelements, particularly ofhighly-valued Heavy REE." said Peter J.Cashin, Quest's President andCEO. "All indications are that we will beable to greatly enhance thevolume and surface dimensions of themineralization for the depositthrough diamond drilling in 2010. Incombination with the impendingMetallurgical work by Hazen Research, duein the latter part of Q2 2010,we intend to demonstrate the economicviability of the current resourcethrough a Scoping Study of thepreliminary economics of the B-Zonedeposit. We also intend to drilltest new areas of mineralization withinthe host Strange Lake AlkaliGranite identified during 2009 exploration;these could greatly expandthe important mineral inventory that we havebeen building on theproperty."
Understanding the Rare Earth MetalMarket
Thediscovery of significant quantities of rare earthmetals in the StrangeLake area, northeastern Quebec, has driven Quest toseek strongperspectives on this new, highly valuable set of metalliccommoditiesand to broaden its mineral asset base. Currently, 97% of theworld'srare earth metals are produced in China, whose abundant resourcesandlow production costs have made it a key source of these metals.Chinahas placed strict controls on REE mining, production and export inorderto maximise its own use of the resources. As a result, the past 4yearshave brought fundamental change to the global industry, taking itfromoversupply to demand shortages. Of the total rare earths producedbyChina, 98% of these are what is termed Light Rare Earth Elements(LREE)which are the more common members of the Lanthanide series onthePeriodic Table of Elements. Most of the current applications whichuserare earths are LREE because of greater Chinese availability ofthesemetals. Alternatively, China produces only very small amounts ofwhat istermed Heavy Rare Earth Elements (HREE). A lack of an abundantprimarysupply of the rarer, more valuable HREE has impeded the expansionof thecurrent and developing technologies which use them. Quest'sStrangeLake deposits are unusually enriched in the HREE and presentthemselvesas some of the world's only potential primary sources of thesemetals.
Duringthe 1990s and early 2000s, significant productionsurpluses andcoincident low REE prices led to most non-Chinese rareearth producersceasing their operations and almost exclusive reliance onChinasupplies. With curbing of exports from China and continued growthdemandelsewhere, the supply-demand deficit is causing great concern tomajorREE consuming countries (Japan, Korea, Taiwan, Euro zone,UnitedStates), and they are anxious to identify new sources of rareearths.With excellent prospects for growth in the hybrid automanufacturing,aerospace, defence and electronics industries, demandgrowth in REE of8-11% per year is projected. There is a pressing needfor newnon-Chinese production capacity in the next 3 to 5 years. Thishasfocused attention on the re-opening of the Molycorp operationinMountain Pass, on probable loparite production increases from theKolaPeninsula, Russia and Lynas Corporation's plans to process MountWeldore in Australia. Other potential REE sources such as Nolans,Australiaand Hoidas Lake and Nechalacho (Thor Lake) in northern Canadaare alsobeing considered for potential production.
On the basisthatChina will adhere to the announced production and export limits,thereis a real prospect that by 2012 to 2013 the country will onlyproducesufficient material to satisfy domestic consumption. To meettheestimated global demand of 200,000t REO in 2012, approximately60,000tof new capacity will be needed to meet the unfulfilled demandfromoutside China. In addition, it is estimated that world demandcouldreach 250,000 tonnes of REE per year by 2015, up from 135,000tonnes in2008. Primary production is unlikely to keep pace with theincreasingdemand.
2010 Exploration Program
Quest intendsto carryout a significant program of trenching, geological mapping,geochemicalsampling and 15,000 m of diamond drilling with four rigs ontheproperty.
A total of 13,000 m of diamond drilling will focusonthe area that is currently the object of Quest's Resource Estimationofthe B-Zone (drilled on approximately 150-m centres). The objectiveofthe program will be to upgrade and expand the deposit by drillingateither 75 m or 50 m centres across the area of mineralization definedtodate. As well, because Quest's 2009 drillholes into the Zone wereallstopped in mineralization, more powerful drill machines will bebroughtin so as to allow Quest to penetrate the full vertical extent ofthemineralized system. Two drills will be used for this purpose. Athirddrill will be used to explore the eastern half of the B-Zoneradiometricanomaly. This is intended to expand this part of the depositinto theInferred Category. Finally, a fourth drill will be used to testnewareas of surface mineralization discovered on the property in 2009.Atotal of 2,000 m of drilling will be required for this part ofthecampaign.
It is anticipated that exploration crews will arriveonthe property sometimes in June. Quest intends to establish apermanent,winterized camp installation on the property at projectstart-up so asto allow Quest to explore on the property year-round.
QualifiedPersons
Peter Cashin, P. Geo. is the Qualified Person on theStrange LakeProject. Mr. Cashin has read and approved the disclosure ofthetechnical information in this news release.
Tim Maunula,P.Geo.,Chief Geologist with Wardrop, is the Qualified Personresponsible for themineral resource estimate. The effective date of theresource is April5, 2010.
About Quest Uranium
QuestUranium Corporation is aCanadian-based, exploration company focused onthe identification anddiscovery of new world-class Rare Earth depositopportunities. TheCorporation is publicly-listed on the TSX VentureExchange as "QUC" andis led by a highly-respected management andtechnical team with a provenmine-finding track record. Quest iscurrently advancing severalhigh-potential projects in Canada's premierexploration areas: theStrange Lake area of northeastern Quebec, theKenora area of northwesternOntario and the Plaster Rock area ofnorthwestern New Brunswick. Quest's2009 exploration led to thediscovery of a significant new Rare Earthmetal deposit, the B-Zone, onits Strange Lake property in northeasternQuebec. The Corporation iscurrently completing a 43-101 ResourceEstimate and Metallurgical studyas part of an on-going economicevaluation of the deposit. Questcontinues to pursue high-value projectopportunities throughout NorthAmerica.
This news release containsstatements that constitute"forward-looking information" or"forward-looking statements" within themeaning of applicable securitieslegislation. This forward-lookinginformation is subject to numerousrisks and uncertainties, certain ofwhich are beyond the control of QuestUranium Corporation ("Quest").Actual results or achievements may differmaterially from thoseexpressed in, or implied by, this forward-lookinginformation. Noassurance can be given that any events anticipated bytheforward-looking information will transpire or occur, or if any ofthemdo so, what benefits that Quest will derive therefrom.Forward-lookinginformation is based on the estimates and opinions ofQuest's managementat the time the information is released. Quest doesnot undertake anyobligation to update publicly or to revise any of theforward-lookingstatements, whether as a result of new information,future events orotherwise, except as may be required by applicablesecurities laws.
Figure1 - Strange Lake Project Location Map,Quebec is available at thefollowing web link:https://media3.marketwire.com/docs/quc407fig1.pdf.
Figure2- Geology and Mineralization Compilation Map, Strange LakeProject,Quebec is available at the following web link:https://media3.marketwire.com/docs/quc407fig2.pdf.
Table 2 -Average Metal Oxides at Various TREOCut-off Grades, B-Zone Deposit,Strange Lake Project, Quebec is availableat the following web link:https://media3.marketwire.com/docs/quc407tab2.pdf.
Neither TSXVenture Exchange nor its Regulation ServicesProvider (as that term isdefined in the policies of the TSX VentureExchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.
Contacts: Quest Uranium Corporation Peter J.Cashin President & CEO(416) 916-0777 or 1-887-916-0777 (416)916-0779 (FAX)info@questuranium.com www.questuranium.com
SOURCE:QuestUranium Corporation
mailto:info@questuranium.comhttps://www.questuranium.com
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