Aug. 19, 2010 (TheNewswire.ca) --
Vancouver, BC - Medallion Resources Ltd (TSXV:MDL) (TSX-V: MDL) has received data from its recently completed airborne geophysical survey on the company's heavy rare-earth project in the Red Wine district of Labrador. The new data both expands and supports previous estimates on the area for rare-earth mineralization. Strong magnetic and radiometric anomalies correspond to a large area on Medallion's 22-square-kilometre "A" block that is known to cover the eudialyte-bearing south Red Wine intrusion. Eudialyte is recognized as a mineral rich in the more valuable heavy rare-earth elements and is also responding well to modern metallurgy techniques. Some experts believe that eudialyte deposits may well be the world's main source of heavy-rare-earth elements.
The positive geophysical responses also aided in determining new, potentially mineralized targets on the Company's "B", "C" and "D" blocks to the east and north of the "A" block.
"This geophysical data adds significant support to the recognized rare-earth potential of Medallion's Red Wine property, stated, Dr Bill Bird, president of Medallion. Dr Bird added: "We now have two bodies of evidence, geophysical and historical mapping, to guide this month's on-the-ground field work on the company's four Red Wine property blocks."
Aeroquest Limited of Mississauga, Ontario, provided the fixed-wing Magnetic Gradiometry and Radiometrics airborne geophysical survey. Flight lines were 100 metres apart and elevation above ground was nominally 50 metres. Aeroquest flew 668 line kilometres covering all four of the company's Red Wine property blocks.
Geological mapping carried out by the Geological Survey of Canada first identified the south intrusion as one of the few large areas of the Red Wine to commonly contain concentrations of the mineral eudialyte, which, with mosandrite, is the main carrier of the rare-earth elements at Red Wine. (Curtis, L W, and K L Currie, 1981, Geology and petrology of the Red Wine alkaline complex, Central Labrador: Geological Survey of Canada, Bulletin 294, 61 pages.)
Medallion Resources Ltd (TSX-V: MDL) is exploring for large low-cost "heavy" rare-earth-element (REE) deposits with a clear metallurgical path and cost-effective infrastructure. REE's are key components required by many new energy-saving technologies including wind turbines, electric and hybrid vehicles, super magnets and all modern electronics. Medallion is headed by REE veteran Dr Bill Bird with support from an expert technical team that can meet the challenges of evaluating and cost-effectively exploring the best REE projects.
Medallion is exploring 4225 hectares of the Red Wine peralkaline intrusion in southern Labrador under an agreement (subject to regulatory approval) to option six mineral licenses. The Red Wine intrusion is known to contain elevated values of the "heavy" REE's. The company is also exploring the Eden Lake REE property in western Manitoba, under an option agreement with Rare Element Resources (NYSE:REE) (TSXV:RES) (TSX-V: RES, NYSE AMEX: REE) to earn a 65% interest. Eden Lake is a recent discovery with potential for high neodymium values and significant heavy REE by-products.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo
President & CEO
For further information visit www.medallionresources.com or contact:
William H Bird PHd, PGeo (604) 681-9558 williambird@medallionresources.com
Erica C Bearss MBA (604) 681-9558 ebearss@medallionresources.com
Company Management, takes full responsibility for content, prepared this news release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with the Company's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.
Copyright (c) 2010 Thenewswire.ca - All rights reserved.
