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Medallion Updates Red Wine Heavy REE Project, Proceeds with Option to Acquire 100% of the Property
Apr. 29, 2011 (TheNewswire.ca) -- Vancouver, BC - Medallion Resources Ltd (TSXV:MDL) (TSX-V:...
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\nMedallion Updates Red Wine Heavy REE Project, Proceeds with Option to Acquire 100% of the Property\n\n Apr. 29, 2011 (TheNewswire.ca) -- Vancouver, BC - Medallion Resources Ltd (TSXV:MDL) (TSX-V: MDL; OTCQX: MLLOF - \"Medallion\" or the \"Company\") a rare-earth-element (REE) explorer, announces that all data from its 2010 exploration program on the Red Wine Heavy rare-earth-element (\"REE\") Project has now been analyzed.\"We have received some positive indications of rare-earth mineralization on the Red Wine property and subsequently updated our property agreement to continue exploration,\" said Dr Bill Bird, Chairman and CEO. \"We will continue to explore our two Canadian REE properties; however, since our initial programs indicate that both properties require significant additional work, we are also working to secure a new project that can get us to production rapidly and take advantage of the extraordinary REE marketplace.\"The 2010 Red Wine program consisted of an airborne magnetic and radiometric survey, a reconnaissance mapping and sampling program, a follow-up sampling program and REE mineralogical studies. The exploration work was carried out on seven claim-group licenses in four separate claim blocks (4650 hectares in total - the \"Property\"), which lie approximately 90 kilometres northeast of Churchill Falls, Labrador.The initial REE target on the Property was a large exposed body of previously mapped Red Wine peralkaline intrusive rock, which is known to contain the REE-bearing mineral, eudialyte. While significant eudialyte was identified during the field work and all assayed samples showed elevated levels of REEs, the overall average assays for the eudialyte-bearing rock were lower than expected. Laboratory examination determined a Red Wine eudialyte total REE content of approximately 2.5%, which is low for eudialyte and explains the lower-than-expected REE assays reported for the samples of peralkaline rock. \n\n\"The Red Wine peralkaline intrusive complex is clearly a significant occurrence of REEs, which deserves continued, detailed exploration,\" continued Dr Bird. \"Our work has encountered at least three types of REE mineralization and, historically, other types have been reported, as well. Our first target, a large surface area of eudialyte-bearing peralkaline rocks, initially showed potential for a larg...