Elissa Resources Commences Drilling at Thor Rare Earth Project, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/11/12 -- Elissa Resources ("Elissa" or the "Company") (TSX VENTURE: ELI)(OTCQX: ELSRF)(PINKSHEETS: ELSRF) reports that drilling has commenced at its 100%- owned Thor heavy and light rare earth element (REE) project in Nevada. Multiple diamond core drill holes will initially target the Lopez Trend, a 1.6-mile (2.6-km) long REE-bearing monazite structure that is coincident with a prominent magnetic anomaly.
"The commencement of drilling at Thor is a significant milestone for the Company and the Lopez Trend is the largest zone defined at Thor to date," said Paul McKenzie, President and CEO of Elissa Resources. "Thor has strong surface representations of nine heavy and five light rare earth elements, which correspond with strong magnetic anomalies defined by both airborne and ground geophysics."
The Thor Project is represented at surface in nine heavy rare earth elements and five light rare earth elements including dysprosium, neodymium, yttrium and terbium in addition to lanthanum, cerium, praseodymium, samarium, gadolinium, holmium, erbium, thulium, ytterbium, and lutetium grading from anomalous to 10.6% (12.75% rare earth oxide). These strong surface representations of both heavy and light rare earths correspond with prominent magnetic anomalies defined by both a district-scale airborne magnetic geophysical survey and a detailed follow-up ground magnetic geophysical survey.
Thor has REE discoveries in at least nine widely separate prospect localities within three distinct and sizeable discovery zones. The property is located in southern Nevada, approximately 47 miles (76 km) south of Las Vegas and is 16 miles (28 km) east of Molycorp Minerals' (NYSE: MCP) Mountain Pass REE mine and processing facilities in the neighbouring state of California. A minimum of 5,000 ft (1,500 m) will be drilled in this first phase drill program. The Company anticipates completion of the planned drilling program in Q1-2012.
The technical information outlined in this news release, has been reviewed and approved by Mel Klohn, PGeo, Director of Elissa Resources, and a Qualified Person as defined in the current National Instrument 43-101.
About Elissa Resources Ltd.
Elissa Resources is advancing its 100%-owned Thor heavy and light rare earth element (REE) project in Nevada, 16 miles (28 km) east of Molycorp Minerals' Mountain Pass REE deposit and processing facility, California. Elissa also owns a 100% interest in the Ulysses Project located in eastern Idaho and south- western Montana, U.S.A., and has an option to earn a 100% interest on both the Sage Creek (Idaho) and St. Elmo (Nevada) gold projects.
On behalf of the Board of Directors,
Paul McKenzie, President & CEO
Disclaimer: Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. We seek safe harbour.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.