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Medallion to Option Red Wine REE Project in Labrador
Medallion to Option Red Wine REE Project in Labrador
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\nMedallion to Option Red Wine REE Project in Labrador\n\n\n Apr. 14, 2010 (TheNewswire.ca) -- Vancouver, BC - Medallion Resources Ltd (TSXV:MDL) (TSX.V: MDL) announces that it has signed a Letter of Intent (\"LOI\") with a private vendor (the \"Vendor\") to acquire an option on a 100% interest in a Red Wine REE exploration project, which consists of four Labrador mineral licences totalling 3325 hectares (the \"Property\"). The Property covers parts of the Red Wine peralkaline intrusive complex in an area approximately 100 kilometres northeast of Churchill Falls, Labrador. The main licence is about 20 kilometres east of provincial road #389.\"The acquisition of the Red Wine Property is an important step for us, as it expands Medallion's property portfolio with a potentially significant heavy-REE project,\" stated Medallion President Bill Bird. \"Peralkaline rocks, in particular, those that contain the mineral eudialyte, are prime targets for heavy REE's and the Red Wine rocks are well-known for REE occurrences and high concentrations of eudialyte.\"Dr. Bird added: \"Our agreement provides for a full field season of exploration work before Medallion begins a series of payments to the Vendor. The Vendor has also agreed to purchase a $50,000 private placement of Medallion's shares to assist in funding this initial exploration work. These terms are indicative of the mutual goodwill and shared purpose of Medallion and the Vendor. Our intent is to work together to provide up-to-date data to judge the Property's merit. During the coming field season, the REE industries' best consultants, including members of Medallion's Advisory Board, will be involved as we map and sample, fly an airborne radiometric survey and conduct petrographic and mineralogical analyses. The data and conclusions will be presented in an NI43-101-compliant Technical Report.\"Provided that necessary regulatory approvals are obtained, including those of the TSX Venture Exchange, and that Medallion is satisfied with its due diligence, the parties have agreed to the following terms:-Medallion will complete a summer 2010 exploration program, including mapping, sampling, an airborne geophysical survey and a NI43-101-compliant Technical Report on the Property by 31 October 2010.-As a condition of Medallion funding the summer 2010 exploration program, the Vendor agrees tha...