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Medallion Expands Red Wine Heavy Rare Earth Element Property
Medallion Expands Red Wine Heavy Rare Earth Element Property
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\nMedallion Expands Red Wine Heavy Rare Earth Element Property\n\n\n Jun. 23, 2010 (TheNewswire.ca) -- Vancouver, BC - Medallion Resources Ltd. (TSXV:MDL) , (TSX.V: MDL - \"Medallion\" or the \"Company\") announced today that it has added two additional mineral licences to the existing Red Wine heavy-rare-earth-element (REE) exploration property (the \"Property\"), in which Medallion can option a 100% interest (the \"Option\"). The two new licences are contiguous with the original northern block of the Property, which now covers an area of approximately 43 square kilometres. The Property is located about 100 kilometres northeast of Churchill Falls, Labrador. The largest licence is about 16 kilometres east of Provincial Route 389.These new mineral licenses cover important key areas of the well-known northern Red Wine peralkaline intrusion, which is known to contain eudialyte, a mineral widely expected by experts to eventually supply a significant portion of the world's heavy-REE requirements. Heavy REEs are less common and more valuable than the light REEs.\"The addition of these two mineral licences builds on Medallion's excellent land position in the region,\" reports Medallion President Bill Bird. \"The Red Wine intrusion is an exciting heavy-rare-earth prospect because the mineralogy appears to be similar to other important heavy-rare-earth properties such as Kipawa, Quebec and Dubbo, Australia. We believe that Medallion's Red Wine Property is some of the most prospective in the area and are looking forward to exploring it this summer.\"The two new licences and the original four licences are subject to a revised Letter of Intent (\"LOI\") with Polaris Capital Ltd, a private corporation, and a principal shareholder (collectively, the \"Vendors\" of the Property). Following an initial payment of $2,160 to the Vendors for additional licence acquisition costs, the LOI provides for the evaluation of the Property with a 2010 summer exploration program, at an estimated cost of $125,000, before Medallion begins a series of Property payments to the Vendors. The 2010 exploration program will involve the REE industries' best consultants, including members of Medallion's Advisory Board, to complete an airborne radiometric survey, a geological map and a sampling program for assay, petrographic and mineralogical analyses. The data and conc...