TYLER, Texas, Nov. 23, 2010 /PRNewswire/ -- Texas Rare Earth Resources Corp. (Pink Sheets: SDSR) is currently in the process of analyzing samples from approximately 82,000 feet of drilling completed in 1986-1987 at Round Top Mountain and surrounding areas in Hudspeth County, Texas by Cyprus Minerals and Cabot Corporation. That project was carried out to explore and develop beryllium mineralization at the lower contact of a large rhyolite body with the underlying limestones. At the time of the drilling, neither rare earth nor uranium content was analyzed. The complete set of samples presents the opportunity for Texas Rare Earth to explore the deposit without incurring drilling expense.
Texas Rare Earth has received partial results from two drill holes, RT334 and RT335, which penetrated significant thicknesses of rhyolite and tested the underlying sediments. RT334 from 10 ft. to 380 ft. contained .603 kilograms/metric ton of combined rare earth oxides and .583 kilograms/metric ton of combined niobium and tantalum oxides. The proportion of the heavy rare earth (Tb through Y) elements of this section of rhyolite was approximately 71%. Values were uniform throughout the thickness of the rhyolite. At the contact of the rhyolite and the sediments from 380 to 382.5 ft, uranium was >.1% (precise values pending) and from 382.5 to 385 ft, uranium was .049%. RT335 from 0 to 385 ft. averaged .633 kilograms/metric ton combined rare earth with .60 kilograms/metric ton of combined niobium and tantalum oxide. The proportion of the heavy rare earth (Tb through Y) elements of this section of rhyolite also was 71%.
Results from these drill holes appear consistent with the values reported by the Texas Bureau of Economic Geology in 1990. Based on their estimate of at least 1.6 billion metric tons of rhyolite, we believe there exists sufficient rare earth and other rare metal values to warrant consideration of a large tonnage open pit mine. We are also greatly encouraged by the presence of economic grade uranium mineralization at the contact below the rhyolite. This uranium mineralization associated with the already developed beryllium at the contact zone holds the potential of a "stand alone" ore body of these elements separate from the low grade rare metal bearing rhyolite. We believe that both the rare metals and the uranium may not be confined to Round Top and that high potential exists for all these metals in the three other rhyolites present within the project area.
This press release may contain forward-looking statements about the business, financial condition and prospects of the Company. Forward-looking statements, can be identified by the use of forward-looking terminology such as "believes," "projects," "expects," "may," "goal," "estimates," "should," "plans," "targets," "intends," "could," or "anticipates," or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward-looking statements in this press release include, without limitation, the Company's expectations of the value per metric ton of its mineral deposits, the percentage of heavy rare earth and ratio of heavy to light REE, the amount of metric tons contained in the Round Top rhyolite, ability to mine and economically process our mineral deposits, ability to sell our mineral product, expansion strategies, access to capital, access to joint venture partners, competition, regulatory risks, and other performance results. These statements are made to provide the public with management's current assessment of the Company's business. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, there can be no assurances that such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this press release speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this press release.
About Texas Rare Earth
Texas Rare Earth Resources Corp.'s primary focus is developing its Round Top Mountain rare earth, beryllium, uranium deposit. Texas Rare Earth's common stock trades on the Pink OTC Market under the symbol SDSR.
SOURCE Texas Rare Earth Resources Corp.