VANCOUVER, Feb. 16 /PRNewswire/ - GREENLIGHT RESOURCES INC. (TSXV.GR): In February 2010 the Company began the road of evolution from an oil and gas explorer in Texas to a Lithium/Rare Earth Element Company with a focus on Atlantic Canada. Below is a summary of the Company's accomplishments completed in the past year that got us to where we are today.
Completed a $250,000 equity financing in February 2010 when the company was trading at $0.11
Acquired an advanced staged Lithium project in Nova Scotia whereby the Company can earn a 75% interest over a three-year program
Completed a series of equity financing from April 2010 through to January 2011 for gross proceeds of $2,484,900.
Farmed out, in July 2010, its interest in the New Waverly Gas Project in San Jacinto, County, Texas for a 12.5% carried working interest. This mitigated the Company's future capital commitment and essentially completed the transformation to a "Green" company..
In September 2010, completed a 2,800 metre drill program to extend the North and South dikes at the The Brazil Lake lithium project and commenced the search for new pegmatite dikes.
Commenced a Metallurgical evaluation program aimed at testing a patented Silchlor technology to extract lithium and other metals from the Spodumene ore at Brazil Lake
Entered into a Letter of Intent ("LOI") in October 2010 to acquire 100% ownership interest of two Rare Earth ("REE") properties in New Brunswick
Entered into a LOI in November 2011 to acquire 80% ownership interest in the Kemptville Gold Mining Camp 15 minutes away from the Brazil lake Lithium Property
Have assembled an experienced team to conduct the geological and field work to advance the three projects in 2011.
Brazil Lake, Nova Scotia
The Company is currently conducting an aggressive program of prospecting, trenching and sampling to discover new spodumene-bearing pegmatite targets at Brazil Lake New pegmatite discoveries will be drill tested later in the year We are also proceeding with the testing and evaluation of its patented Silchlor Cyclic Vacuum Chlorination to lower the cost of extracting Lithium and other valuable products with minimal waste creating more valuable end products.
East Kemptville Gold Prospect, Nova Scotia
The Company is currently analyzing its recently acquired geophysical data from its induced polarization/resistivity survey over the property. We are currently processing, modelling, inverting and interpreting the data which will be incorporated into 3D maps which will include all other geochemical and drill data from property. The compiled data will assist in planning a drill program expected in the spring of 2011.
Upper Miramichi Porcupine Prospect, New Brunswick
Initiate an exploration program including prospecting, sampling and drilling at its Rare Earth Element Prospect in New Brunswick. Copper and base metals will also targeted during the program.
About GreenLight Resources Inc.:
GreenLight Resources Inc. is focused on exploration in Atlantic Canada.
Lithium and Rare Metals Project
The Company's Brazil Lake Lithium property is a hard rock lithium project, this pegmatite field under the Company's control is 8,520 acres in size. It is located approximately 30 kilometres north of Yarmouth, Nova Scotia. The Company has yet to explore this pegmatite field but plans to do so early in 2011. To date the Company has had success focusing on a small portion of the pegmatite field. Exploration and drilling has successfully revealed two Lithium bearing pegmatite dikes. In addition to Lithium, the dikes host several other rare metals such as tantalum, niobium, beryllium, tungsten tin and rubidium. Metallurgical bench testing to date has also revealed other potential economic targets, including cosmetic grade mica, silica chloride, aluminum chloride and rubidium enriched potassium feldspar.
Rare Earth Element Project
On October 15th 2010, the Company announced the signing of a letter of intent to earn up to a 100% undivided interest in the Porcupine-Upper Miramichi Rare Earth Property in New Brunswick. The primary target is the various rare earth elements (REE) that were discovered in soil samples on the property in 2007. Soil assays for REE's include Samarium (Sm), with reported with grades of up to 218 ppm (g/t) and Dysprosium (Dy) with grades of up to 98.6 ppm (g/t), Neodymium (Nd) with grades of up to 1190 ppm (g/t), Ytterbium (Yb) with grades of up to 31.3 ppm (g/t) and Yttrium (Y) with grades of up to 472 ppm (g/t). Reported assays for Heavy REE's include Terbium (Tb) with grades up to 20.3 ppm (g/t) and Ytterbium (Yb) with grades up to 31.3 ppm (g/t) while reported light rare earth metals include Cerium (Ce) with grades up to 459 ppm (g/t) and Lanthanum (La) with grades up to 1,300 ppm (g/t).
Gold Project - Kemptville
The Property is comprised of 127 claims (40 acres each) for a total of 5,080 acres. The gold property, located north of the village of Kemptville, encompasses one of Nova Scotia's historic gold mining districts, and is less than a 20 minute drive along a paved highway from the Company's Brazil Lake Lithium and rare metal property.
Eastern Geophysics Limited of West Pubnico, Nova Scotia, was recently retained to conduct an induced polarization/resistivity (IP) survey geophysical survey over the property which has been completed. SJ Geophysics Ltd. of Delta BC, has been retained to analyze the geophysical data, including processing, modelling, inverting and interpretation of the geophysical data. 3D maps will be produced compiling the geophysical data with all other geochemical and drill data from property. The compiled data will assist in planning a drill program expected in the spring of 2011.
High grade gold was discovered on the property over 100 years ago and was produced primarily in the late 1800's from two underground mines, the Kempt and the Cowan. Modern exploration techniques were used to identify a target area between the two former producers featuring numerous high grade angular float boulders, several of which have assayed over 300 g/t (grams per tonne) (about 9 ounces/ton) Au. Recent bulk till sampling over an area approximately three square kilometres has identified a very large "gold in till" anomaly measuring approximately 800 meters in width and extending 2,000 meters down ice. It is centered in an area between the two former mines, coincident with the area of high grade float. The analysis revealed gold grain counts up to about 1,000 grains in a standard 10 kilogram basal till sample. Analysis of the morphology of the gold grains indicates that they have travelled only about 100 meters from source. This technique played an important part in identifying some of the zones in the very large Rainey River gold property in Ontario. However, float samples are selective by nature and are unlikely to represent average grades on the property.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
The company also is granting options to buy 100,000 shares total to consultants of the company. The options shall be exercisable at a price of 25 cents per share and shall have a term of two years.
On Behalf of the board of directors
Ron Bourgeois, President
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Tel: (604) 488-3900, email: info@GreenLightResources.ca
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Forward-looking statements relating to future events or future performance and reflecting Green Light Resources management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Green Light Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Green Light Resources interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Green Light Resources has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
SOURCE Greenlight Resources Inc.