VANCOUVER, BC / ACCESSWIRE / April 2, 2024 / Rush Rare Metals Corp. (CSE:RSH) ("Rush" or the "Company) is pleased to announce that it has compiled an exploration plan for the spring of 2024 at its Boxi property in Quebec ("Boxi" or the "Property"). The program revolves around a mineralized dyke that runs along the surface through the Boxi Property for as far as 15km.
Previous stripping and sampling along the dyke, which took 22 cut samples along a corridor of just under 2km, all returned anomalous values for niobium (Nb205), with the highest individual sample grades being 26.92%, 6.91%, 3.09%, 2.41% and 2.32%, respectively (see Rush's previous news release dated October 16, 2023, which also has a complete list of samples and results).
This spring, the Company plans to conduct further stripping in key areas previously presenting as highly anomalous in a spectrometer survey (see circled areas in Figure 1 below). Further sampling will be done in newly stripped areas. The Company will also collect channel samples across both old and newly exposed areas of the dyke, which should provide insights into the pattern of mineralization relative to the various types of intrusions occurring. Simultaneously, the Company will undertake detailed geological mapping, which should provide further insights as to the nature of mineralization, as well as the expected shape and depth of the dyke. Finally, the Company is planning some backpack drilling (using a hand-held backpack drill, which can reach depths of up to 7-8 meters) and/or bulk sampling, which will provide insight into the consistency of mineralization across larger intervals.
The entire early-season program is expected to cost approximately $60,000 and is anticipated to reveal significant detail about the overall economic potential of the dyke.
"Given the amount we expect to learn about the dyke, program costs are remarkably low, mainly due to easy project access (a gravel road runs straight to our main exploration zone), the fairly unchallenging terrain (flat, boreal forest), and the fact that the dyke itself runs right along the surface, meaning there is no over-burden to deal with and less overall ‘guesswork' in completing most planned tasks," said Pete Smith, CEO of Rush. "Moreover, provincial and/or federal exploration incentives are expected to result in a significant refund to Rush of up to 30 to 40% of all money spent."
One previously stripped and sampled section of the dyke is shown below in Figure 2.
It is also noteworthy that although the dyke runs along the surface, its thickness and textures indicate a deep root of several hundred meters or more, and a possible feeder from a larger magma chamber below. Based on work conducted over the spring, we anticipate that we will learn a great deal about the dyke's full strike length, its expected overall shape and size below surface, and the likelihood of potential larger sources below. Based on new information, we may engage in a larger-scale drill program later in the summer/fall.
Work is expected to start in mid-April, depending on access due to any remaining snow from the winter season. In addition to the work mentioned above, it is expected that further general prospecting will be conducted throughout the Property over the summer on an opportunity basis. The Property is substantial, at over 8,000 hectares, and there may be further dykes and off-shoots of the main dyke yet to be discovered.
Mr. Smith further commented: "We are extremely excited about our prospects at Boxi, and the board can't wait for exploration to commence. We are using an excellent contractor, Resources Maxima, helmed by Michel Belisle, who knows the Property better than anyone. Quebec is also a top-notch jurisdiction for mining, with highly qualified geologists readily available to assist with our geological mapping. While niobium is certainly a lesser-known element in geological circles, we have support from people with abundant experience with it, including Michel Jebrak, P. Geo., who is a geology professor at both the Université du Québec à Montréal and the Université du Québec en Abitibi-Témiscamingue. We have also secured the services of the MSA Group to assist us with our overall exploration strategy."
About the Company
Rush currently has 100% ownership in two projects - the aforementioned niobium property in Quebec called Boxi, and a former uranium producer in Wyoming known as Copper Mountain.
BOXI
Boxi is a road-accessible property comprised of more than 8,000 hectares a short distance from Mont Laurier. Boxi was formerly held by Areva S.A. (now Orano), which held the property based on early samples returning very high values for uranium (including one sample returning a value of 11.9% U308). This early work for Orano was conducted by Resources Maxima, the company currently assisting Rush with exploration. Orano dropped the property in 2013 following the Fukushima incident, and uranium mining was subsequently suspended in Quebec under a temporary moratorium that remains in place. Rush originally acquired the property from Resources Maxima (which picked up the original core clams after they were dropped by Orano) on the strength of niobium values in samples taken in 2011.
Niobium is categorized as a critical mineral in Canada and is used to make strong, lightweight and corrosion-resistant steel, superconductors, and various other highly essential products. There are only three niobium mines of any significance in the world. Two are in Brazil, and the third, the Niobec Mine, is located just 350km from Boxi in Quebec. Mining at Niobec 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).
COPPER MOUNTAIN
On October 18, 2023, Rush signed a property option agreement with Myriad Uranium Corp. ("Myriad") pursuant to which Myriad has the option (the "Option") to earn up to a 75% interest in and to Rush's Copper Mountain Project, now covering approximately 3,000 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. In addition, Rush retains a favourable split on early production (see previous Rush news release dated October 20, 2023 for full details).
Myriad has begun a comprehensive review of a cache of recently found historical documents indicating tens of millions of dollars spent on previous exploration work at Copper Mountain, much of it done by Union Pacific prior to 1980. Myriad's review is ongoing, but it 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 it to focus 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 Myriad's ongoing review, new claims have recently been added at Copper Mountain, including the Knob claims just southeast of the existing claim area. It is expected that more claims will be added soon. It is the Company's understanding that Myriad is currently putting an exploration plan together for the summer of 2024 in order to verify and expand on its already robust cache of historical data.
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+ (www.sedarplus.ca).
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. For further information, please refer to Rush's disclosure record on SEDAR+ (www.sedarplus.ca) or contact Rush by email at [email protected] or by telephone at 778.999.7030, or refer to Rush's website at www.rushraremetals.com.
Rush Contacts:
Peter Smith
Chief Executive Officer
[email protected]
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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.
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SOURCE: Rush Rare Metals Corp.