TYLER, Texas, Oct. 6 /PRNewswire/ -- Texas Rare Earth Resources Corp. (Pink Sheets: SDSR), formerly Standard Silver Corporation, announced today it has executed a 20 year lease ("Lease") with the Texas General Land Office covering 860 acres at Round Top Mountain in Hudspeth County, Texas ("Round Top"). Additionally, Texas Rare Earth owns prospecting permits for approximately 10,000 acres adjacent to the Lease. We believe the favorable mineralogy and the 67% heavy to light rare earth ratios in samples from the deposit may offer attractive targets ranging from a one billion ton plus bulk low grade mineable deposit hosted in the Round Top rhyolite intrusive, to more conventional higher grade targets hosted deeper in the intrusive and in the carbonate wall rocks. Should processing of this rhyolite prove feasible, we believe Round Top has the potential to become a long term domestic source of these strategically vital metals.
Management plans to pursue several alternatives for developing the rare earth (REE) potential of Round Top. Round Top was the site of extensive drilling in the 1980's by Cabot Corporation and Cyprus Minerals. Based on published sets of samples (Price et al 1990 GSA Special Paper 246), as well as internal sampling now in progress, we believe that the in place value per metric ton of the rhyolite is sufficient to warrant examining the possibility of developing a large scale open-pit mining operation if a process can be developed to concentrate the rare earth minerals. The mass of the Round Top rhyolite body has been estimated by Texas Bureau of Economic Geology geologists to be at least 1.6 billion metric tons. The heavy to light rare earth ratio of 67% seen to date is highly encouraging. There also exists a possibility that other minerals containing other rare elements such as niobium, tantalum, zirconium, hafnium and lithium may be co-produced.
There may exist enriched phases within the Rhyolite. The samples analyzed to date are predominantly from the border zone of the rhyolite body. Preliminary examination of drill samples indicates a wide variation of grain-size and alteration style within the rhyolite. We believe that there is the possibility that phases of this rhyolite will be enriched in REE and other rare elements and that this concentration and stratification of the REE in the cooling igneous rock may be analogous to the geology in Avalon's Thor Lake deposit.
High grade replacement deposits in the underlying limestones and veins or pegmatites within the rhyolite may exist. Unlike most REE deposits now being explored, the Round Top mineralizing system has not been deeply eroded and only its upper parts are exposed. A striking feature of this deposit is the intensity of hydrothermal alteration and brecciation associated with it and the high fluorine content of the rhyolites, 1.3% for the Round Top rhyolite. These rhyolites have intruded thick sections of carbonate rocks. Carbonate rocks are extremely reactive and are readily replaced by fluorite when contacted by solutions high in fluorine. Fluorine is the active agent that mobilizes the REE, beryllium and uranium and other metals in these types of geologic systems. REE's are significantly less soluble than beryllium or uranium and can be expected to be the first elements deposited deeper in the system and would be expected to form replacements in the first limestones they come in contact with.
We are currently evaluating data from the Cabot Corp-Cyprus Minerals beryllium exploration and development program in the late 1980's for rare earths and uranium. Samples from approximately 200 reverse circulation and core drill holes aggregating approximately 45,000 feet have been sorted and securely stored. Equipment and facilities have been established for detailed re-logging. To date, some 44 of these drill holes have been re-logged. Selected samples are being submitted for chemical analysis. In addition to REE, we believe the property may contain commercial quantities of beryllium and uranium.
To more accurately reflect its focus on the development of the heavy earth Round Top deposit, the company has changed its name to Texas Rare Earth Resources Corp.
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. There are approximately 23 million shares outstanding.
SOURCE Texas Rare Earth Resources Corp.