MONTREAL, QUEBEC, Jul 25, 2012 (MARKETWIRE via COMTEX News Network) -- Geomega Resources Inc. (GeoMegA) (TSX VENTURE: GMA) announces final
assay results from Phase 2 drilling on its Montviel Rare
Earths/Niobium project located near Lebel-sur-Quevillon, Quebec.
Highlights of diamond drill (DD) holes MVL-12-52C to MVL-12-70
include:
MVL-12-55: 2.20% total rare earth oxides (TREO) + 0.33% Niobium oxide (Nb2O5) over 367.6 m from 32.9 m; Including: 3.20% TREO + 1.12% Nb2O5 over 15 m from 100.5 m; MVL-12-57: 1.62% TREO + 0.26% Nb2O5 over 243 m from 157.5 m; Including: 2.04% TREO + 1.05% Nb2O5 over 22.5 m from 261.5 m; MVL-11-61: 1.90% TREO + 0.24% Nb2O5 over 456 m from 58.5 m; MVL-11-70: 1.64% TREO + 0.22% Nb2O5 over 433 m from 32 m; Including: 2.22% TREO + 0.28% Nb2O5 over 144 m from 276 m;
"Phase 2 drilling objectives were all achieved successfully. Montviel's
Core Zone has a Rare Earths/Niobium enriched nucleus in the shape of
a croissant, the resource envelope has been extended both at surface
and depth (mineralization still present at 780 m vertical depth) and
infill drilling is completed," comments Simon Britt, CEO of GeoMegA.
An updated version of the Montviel surface plan can be viewed on the
company's website at: https://www.ressourcesgeomega.ca/news.php
MONTVIEL CORE ZONE Significant Assay Results - Phase 2 drill program (DD holes MVL-12 52C to MVL-12-70) ---------------------------------------------------------------------------- Core TREO Neodymium Niobium MHREO Section From To length (3) Oxide Oxide Fe2O3 TREO DD hole (1) (m) (m) (2)(m) (%) (%)(4) (%) (%) (%) ---------------------------------------------------------------------------- 52C 5+45W 32.9 222.0 189.1 1.59 0.26 0.11 20.5 3.2 ------------------------------------------------------------ Incl. 108.0 147.0 39.0 2.18 0.33 0.14 16.1 3.1 ---------------------------------------------------------------------------- 53 5+90W 36.8 195.0 158.2 1.72 0.29 0.09 22.4 2.9 ------------------------------------------------------------ Incl. 102.0 144.0 42.0 2.11 0.37 0.08 19.1 2.3 ---------------------------------------------------------------------------- 54 5+00W 40.0 136.5 96.5 1.63 0.27 0.16 19.8 2.6 ---------------------------------------------------------------------------- 55 5+90W 32.9 400.5 367.5 2.20 0.33 0.33 21.7 3.0 ------------------------------------------------------------ Incl. 100.5 115.5 15.0 3.20 0.47 1.12 20.8 2.5 ------------------------------------------------------------ Incl. 270 280.5 10.5 2.74 0.38 1.03 23.3 1.8 ---------------------------------------------------------------------------- 56B 4+50W 57.1 137.0 79.9 1.64 0.25 0.12 18.02 1.7 ---------------------------------------------------------------------------- 57 5+90W 157.5 400.5 243.0 1.62 0.26 0.24 22.7 3.9 ------------------------------------------------------------ Incl. 361.5 384.0 22.5 2.04 0.30 1.05 23.5 2.9 ---------------------------------------------------------------------------- 58B 5+45W 72.0 235.5 163.5 1.61 0.26 0.11 23.2 2.7 ---------------------------------------------------------------------------- 60B 5+45W 28.1 387.0 358.9 1.56 0.26 0.15 23.2 3.0 -------------------------------------------------------------------- Incl. 108.0 196.5 88.5 2.00 0.32 0.17 25.4 2.6 ---------------------------------------------------------------------------- 61 5+45W 58.5 514.5 456.0 1.90 0.30 0.24 24.5 3.7 ------------------------------------------------------------ Incl. 301.5 492.0 190.5 2.21 0.33 0.36 26.9 4.4 ---------------------------------------------------------------------------- 62 6+35W 268.5 376.5 108.0 1.72 0.29 0.29 25.3 3.5 ------------------------------------------------------------ Incl. 351.0 372.0 21.0 2.02 0.34 0.93 30.4 3.2 ---------------------------------------------------------------------------- 63 5+45W 103.5 495.0 391.5 1.51 0.24 0.13 23.6 3.8 ---------------------------------------------------------------------------- 64 4+50W 66.9 312.0 245.1 1.39 0.23 0.14 21.1 4.0 ---------------------------------------------------------------------------- 65 5+45W 178.5 471.0 292.5 1.61 0.26 0.15 23.6 3.7 ------------------------------------------------------------ Incl. 306.0 366.0 60.0 1.99 0.32 0.13 26.6 3.2 ---------------------------------------------------------------------------- 66 5+00W 58.5 301.5 243.0 1.46 0.25 0.12 20.7 2.8 ---------------------------------------------------------------------------- 67 5+90W 40.7 133.5 92.8 1.56 0.26 0.25 22.7 3.7 ---------------------------------------------------------------------------- 68 5+00W 73.5 313.5 240.0 1.46 0.24 0.10 22.0 3.2 ---------------------------------------------------------------------------- 69 5+00W 104.0 375.0 271.0 1.38 0.16 0.12 23.19 2.4 ---------------------------------------------------------------------------- 70 5+00W 32.0 465.0 433.0 1.64 0.27 0.22 23.8 3.3 ------------------------------------------------------------ Incl. 276.0 420.0 144.0 2.22 0.33 0.28 25.7 2.7 ---------------------------------------------------------------------------- 1. Azimut = N330 degrees, Dip -55 degrees on all DD holes. 2. i. True width is estimated to be 45 to 65% of core length on section 6+35W. ii. True width is estimated to be 70 to 85% of core length on sections 5+90W to 4+50W. 3. Cerium, Lanthanum, Neodymium, Praseodymium are the most abundant REO. 4. 0.1% = 1 kg/t. ----------------------------------------------------------------------------
The Phase 2 drill program consisted of 50 holes (46 in the Core Zone)
totaling 24,000 meters. The Phase 1 drill program consisted of 20
holes (18 in the Core Zone) totaling 10,065 meters. A NI 43-101
compliant resource estimate update, based on the 64 holes in the Core
Zone, has been initiated by Elzear Belzile, P.Eng., of Belzile
Solutions Inc. in Rouyn-Noranda, Quebec.
Grant of options
Following his appointment as Vice-President, Exploration, Mr. Cayer
has been granted 100,000 options on July 20, 2012 pursuant to
GeoMegA's option plan. Each option gives the bearer the right to
acquire one (1) common share at
.45 per share over a five (5)-year
period following the date of grant.
About the Montviel Rare Earths/Niobium Project
The Montviel Rare Earths/Niobium Project is located approximately 45
km west of the Cree First Nation of Waswanipi and 100 km north of
Lebel-sur-Quevillon in the southern, developed, part of Quebec's
"Plan Nord" (North of 49th parallel). The Plan Nord is an $80 billion
economic, social and environmental development plan of Northern
Quebec over a period of 25 years. Montviel's initial NI 43-101
compliant resource calculation at a base cut-off grade of 1% TREO,
released on September 29, 2011, totalled 183.9 Mt averaging 1.45%
TREO in the Indicated resources category and 66.7 Mt averaging 1.46%
TREO in the Inferred resources category. Montviel, one of the largest
TREO resource outside China, has the potential for a significant near
term role in the growing permanent magnet sector due to its proximity
to infrastructure and available labour. The PEA study, ongoing with G
Mining Services Inc., will first focus on the Rare Earths/Niobium
enrichment zone of the deposit.
NI 43-101 Disclosure
Alain Cayer, Geologist, MSc., VP Exploration, is the Qualified Person
and Claude Britt, GeoMegA's geological advisor, supervised and
approved the preparation of the technical information in this news
release.
ALS Global conducted all analyses in their Vancouver laboratory. The
analyses were done on every sample using lithium metaborate fusion,
followed by ICP analysis and completed by mass spectrometry. Specific
XRF assays were conducted on niobium. Quality control and assurance
were done by systematically using REE standards, blanks and
duplicates.
Total Rare Earth Oxides ("TREO") include: La2O3, Ce2O3, Pr2O3, Nd2O3,
Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3,
and Y2O3.
Middle and Heavy Rare Earth Oxides ("MHREO") is the sum of the middle
rare earth oxides (Sm2O3, Eu2O3, Gd2O3) and the heavy rare earth
oxides (Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3) plus Y2O3
expressed as a percent out of the TREO content.
About GeoMegA
GeoMegA, which owns 100% of the Montviel Rare Earths/Niobium project,
is a Quebec mineral exploration company focused on finding
economically viable deposits of Minor Metals (REE/W/Nb/C) in Quebec.
GeoMegA is committed to meeting Canadian mining industry standards
and distinguishing itself with its expertise, know-how and its
support and respect for local communities and the environment.
29,274,113 common shares of GeoMegA are currently issued and
outstanding.
Simon Britt, Chief Executive Officer
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our
intentions and plans. The forward-looking statements that are
contained in this news release are based on various assumptions and
estimates by the Company and involve a number of risks and
uncertainties. As a consequence, actual results may differ materially
from results forecast or suggested in these forward-looking
statements and readers should not place undue reliance on
forward-looking statements. We caution you that such forward-looking
statements involve known and unknown risks and uncertainties, as
discussed in the Company's filings with Canadian securities agencies.
Various factors may prevent or delay our plans, including but not
limited to, contractor availability and performance, weather, access,
mineral prices, success and failure of the exploration and
development carried out at various stages of the program, and general
business, economic, competitive, political and social conditions. The
Company expressly disclaims any obligation to update any forward-
looking statements, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: For Investors: Mario Spino Chief Financial Officer GeoMegA 450-465-0099 mspino@ressourcesgeomega.ca
SOURCE: GeoMegA Resources Inc.
mailto:mspino@ressourcesgeomega.ca
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