VANCOUVER, BC / ACCESSWIRE / July 12, 2024 / Rush Rare Metals Corp. (CSE:RSH) ("Rush" or the "Company) is pleased to provide the following updates after completion of its spring 2024 exploration program at its Boxi property in Quebec (hereinafter "Boxi" or the "Property") and further updates respecting its Copper Mountain Property in Wyoming (hereinafter "Copper Mountain").
Boxi Update
Boxi is a road accessible property comprised of over 8,000 hectares a short distance from Mont Laurier. Boxi was formerly held by Areva S.A. (now Orano), who held the Property based on early samples returning high values for Uranium. Orano dropped the Property following the Fukushima incident in 2013, and Uranium mining was subsequently suspended in Quebec under a temporary moratorium still in place today. Rush subsequently acquired the Property on the strength of Niobium values in samples taken by Orano in 2011.
Niobium is categorized as a critical mineral in Canada and is used to make strong, light weight and corrosion resistant steel, superconductors, and various other highly topical products. There are only three Niobium mines of any significance in the world, two of them in Brazil, and the third, the Niobec Mine, just 350km from Boxi in Quebec. At Niobec, mining occurs at between 90 and 450 meters, and Niobium grades are between 0.4 and 0.5% (based on previous disclosures made by Niobec's operator).
Given the limited number of Niobium mines world-wide, and the multiple and increasing uses for Niobium, there has been a surge of market interest in Niobium projects recently. For example, on the strength of a new Niobium discovery in Australia, WA1 Resources Ltd. has climbed from a price of $0.14 per share AUD in October 2022, to a current price of over $17 AUD per share (and a market capitalization of approximately $1B AUD) as of July 11, 2024.
The spring 2024 exploration program expands on a similar program conducted in 2023, both revolving around a mineralized dyke that runs along the surface through the Boxi Property and for a distance of as much as 15km or more. In addition to completing the spring 2024 program, some additional data was discovered on SIGEOM (a government sponsored interactive map containing geoscientific data collected within Quebec over the past 150 years) surrounding past exploration at Boxi - 15 additional samples taken along the dyke in 2011 that have not previously been reported.
In 2024, stripping and sampling along the dyke was expanded in all directions, and we have now collected or obtained historical data for a total of 58 samples (including the newly discovered 2011 samples from SIGEOM) along a corridor of just over 2km, as well as completed a limited number of shallow backpack drill holes. Results from all samples taken to date for both Niobium and Uranium are presented below on Map 1 and in Table 1:
Virtually all surface samples continue to show anomalous values for Niobium, with both high-grade and lower-grade (but still anomalous) pockets of mineralization occurring along the dyke at surface. The highest individual sample grades to date have returned Niobium (Nb205) values of 26.92%, 9.89%, 3.31%, 3.09% and 2.41% respectively, while in other cases results show lower, but still anomalous, Niobium mineralization. Overall, of 58 surface samples taken to date, half (29) have returned values of 1000ppm Niobium or more.
Limited backpack drilling returned results for both Niobium and Uranium, with numbers in each respective hole (shown on Map 1 above) ranging over the length of the hole as follows:
Preliminary analysis of the dyke and these results suggest that the pegmatites within the dyke are characterized by very large crystals that are very well formed, but the mineralization within might be characterized by automorphic minerals with high grades but which are not homogeneously distributed. Thus, while there are high-grade areas occurring throughout the dyke, they appear to occur in pockets, with areas in between showing lower but still anomalous mineralization.
Basement rocks of the Mont Laurier region, where the Boxi Project is located, belong to the Grenville geological Province of southeastern Ontario and southwestern Quebec. Uranium (U), Thorium (Th), Molybdenum (Mo) and Rare Earth Element (REE)-bearing granitic pegmatite intrusions are common in the Grenville Province. As with Boxi, these pegmatites form both concordant and discordant dykes in the gneisses, marbles, and amphibolites. They can attain widths of tens of meters to hundreds of meters and have lengths up to several kilometers. Some of the larger pegmatites are associated with mineral deposits, for example the Faraday uraniferous granitic pegmatite in Bancroft, Ontario. Boxi displays similar attributes with enrichment in U, Nb and REE's.
The highest-grade pockets of Niobium mineralization encountered thus far have also typically tested high for Uranium (U) as well as a spectrum of rare earth elements (REE's), including Cerium (Ce), Praseodymium (Pr), Neodymium (Nd), Lanthanum (La), Yttrium (Y), Samarium (Sm), Gadolinium (Gd) and Dysprosium (Dy). New high-grade pockets containing all these elements together have been found with each new round of samples obtained at Boxi. For example, in 2011 (both the original 5 samples and the recently found 15 samples), 2023, 2024 and in backpack drill holes respectively, five separate results obtained from separate locations within the dyke returned the following values:
Detailed results for all results are available on the Rush website at rushraremetals.com.
It is noteworthy that all samples taken to date have been taken at or near surface of the dyke, and the dyke's thickness and textures indicate a deep root of several hundred meters or more. Geological mapping and further observations may call for a more thorough investigation of geochemistry, and mineralization over depth, as well as for a larger geophysical survey to learn more about how and why mineralization is occurring, as it is, near surface.
Pete Smith, Rush's CEO, commented, "these results show that pockets of high-grade Niobium are still occurring within the dyke, along with interesting grades for a variety of REE's, but the consistency of the mineralization is something we are still trying to fully understand. There are several key variables that are as-of-yet unknown - for example, how often are these highly mineralized pockets occurring, and do they increase in size or intensity with depth? Are there larger areas along the dyke, or at depth, where high mineralization may be more consistent? Perhaps most importantly, within all these dykes and off-shoots, is there a larger system yet to be discovered? We will conduct further analysis and seek recommendations to ascertain our best strategy for exploration going forward, but it is noteworthy that there are many sections along the dyke, including one area identified as anomalous on SIGEOM as a radiometric anomaly, that are yet to be explored."
The Company will seek further advice and guidance regarding the best approach for continuing exploration and understanding of the dyke at Boxi. Moreover, there are additional unexplored sections of the dyke which the Company plans to investigate, including a section in the Northeast area of the dyke which is identified as an anomalous zone on SIGEOM from a previously conducted airborne radiometric survey in 1969 (shown below on Map 2), and which happen to occur right along the projected path of the dyke.
Copper Mountain Update
The Copper Mountain claim area is over 4,200 acres, located near Shoshoni in Wyoming, USA, and hosts several known Uranium deposits and historic Uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU3O8. Copper Mountain saw extensive drilling and development by Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. Operations ceased in 1980 before mining could commence due to falling Uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the project area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2023 dollars) exploring and developing Copper Mountain.
On October 18, 2023, Rush signed a property option agreement with Myriad Uranium Corp. ("Myriad") pursuant to which Myriad has the option to earn up to a 75% interest in and to Rush's Copper Mountain Project, now covering over 4,000 acres near Riverton, Wyoming. Before Myriad earns a full 75%, there are requirements for Myriad to make expenditures on the property and to make share payments to Rush, and in addition Rush retains a favourable split on early production (see previous Rush news release dated October 20, 2023 for full details).
Myriad has been engaged in a comprehensive review of a cache of recently found historical documents indicating tens of millions in previous exploration work conducted at Copper Mountain, much of it done by Union Pacific prior to 1980. Myriad's review is ongoing, but they released an interim update referenced in a Rush news release dated November 1, 2023. The newly discovered documents include historical resource estimates, mining feasibility studies, geological reports, mining plans, drill logs, and a wealth of other highly useful data. This data has, in turn, provided enormous benefit to Myriad, allowing them to focus efforts on areas previously acknowledged to have the highest grades of Uranium and to conduct advanced investigation into new areas that might otherwise have been considered as purely greenfield.
Based on their ongoing review, new claims have recently been added at Copper Mountain, including the Knob claims just southeast of the existing claim area, the Midnight Claim area, the Bonanza and Kermac/Day claim area, and the Diamond X claim area (see Rush news release dated April 24, 2024 for more information on these new areas).
It is the Company's understanding that Myriad is currently putting a drilling program together for the fall of 2024, which hopes to verify and expand on its already robust cache of historical data. In furtherance of this, Myriad has recently closed the first tranche of a planned $5,000,000 private placement, raising gross proceeds of $2,912,500. For more information see Myriad's news release dated June 25, 2024.
Myriad's CEO, Thomas Lamb, also recently conducted an interview with Crux Investor discussing the upcoming drilling program and reproduced here.
Pete Smith commented further, "we are very fortunate to have such a competent and qualified earn-in partner for the Copper Mountain project. Myriad has been making excellent strides in both analyzing the cache of newly discovered data, representing tens of millions in previous work by Union Pacific and others all focused on Copper Mountain, and Myriad has rapidly expanded the project area by adding a number of highly prospective new zones, all of which directly benefits Rush. This project is in one of the world's very best Uranium jurisdictions, is a past producer, and has the potential to become one of the USA's largest Uranium deposits based on the historical data. Our interest in Copper Mountain remains substantial even if Myriad meets all of its earn-in requirements, and we are absolutely rooting for them to continue with their successful development of this asset every step of the way."
Qualified Person
Michael Anderson, P. Geo, a "Qualified Person" for the purpose of National Instrument 43-101, has reviewed and approved the scientific or technical information included in this news release respecting the Boxi Property. There were no limits on the verification process. Further scientific or technical information in this news release respecting the Boxi Property is based on an independent geological report titled "43-101 Technical Report on the BOXI REE-Nb-U Deposit" dated August 6, 2022 and available at Rush's disclosure record on SEDAR+ ().
About Rush Rare Metals Corp.
Rush Rare Metals Corp. is a mineral exploration company focused on its Boxi Property located in the Province of Québec, Canada. Rush also owns the Copper Mountain Project located in Wyoming, USA, which it has optioned to Myriad Uranium Corp. Rush currently has a 100% interest in both properties. For further information, please refer to Rush's disclosure record on SEDAR+ () or contact Rush by email at psmith@rushraremetals.com or by telephone at 778.999.7030, or refer to Rush's website at .
Rush Contacts:
Peter Smith
Chief Executive Officer
psmith@rushraremetals.com
###
Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
SOURCE: Rush Rare Metals Corp.