Rare Earth Metals
Corp., (REM – TSX.V), October 26, 2005 ,
(the “Company”) announces
that Harvest Gold Corporation (“Harvest Gold”), its wholly owned
subsidiary, has optioned certain mineral claims (the “Wyatt Claims”)
from William Kuran. The Wyatt Claims consist of 11 contiguous claims
covering an area of approximately 15.5 square km. The property is
located in the Garner Lake region in the SE part of the Rice Lake Gold
Belt in Manitoba , Canada .
The Rice Lake Belt covers the
Western extent of the Uchi geologic terrain. This terrain hosts the
giant Red Lake Gold Camp and the Pickle Lake Gold Camp. The main
geologic structure at Rice Lake is the Wanipigow fault, a major regional
structure that has been traced from the Rice Lake gold camp in the
west, through the Red Lake gold camp, to the Pickle Lake gold camp in
the east. Rocks in the Rice Lake Gold Belt are similar in age to those
at Red Lake and include mafic-ultramafic rocks, basalt, rhyolite,
sulphide and oxide iron formation and ankerite alteration. The important
geologic similarities between the Rice Lake Belt and the Red Lake Belt
make Rice Lake , an ideal location for finding large, high grade gold
deposits which are the targets of this project.
Harvest Gold’s Wyatt Claims encompass rocks
similar in age and composition to those that host the San Antonio Gold
mine which has had over 1.4 million ounces of historical production. The
San Antonio Mine is currently being rehabilitated and is expected to be
back into production in Q4, 2005. A number of other discoveries such as
the Central Manitoba , Hope, Oakland-Rockland and Beresford Lake
deposits have produced high grade ore. They occur to the north and
northwest of the Wyatt Claims, occur in the same geological setting, and
are currently undergoing renewed exploration for additional reserves. A
number of these deposits are associated with extensive shear zones and
zones of silicification.
Harvest Gold has discovered that splays of
the regional Wanipigow fault cross the Wyatt property. One of these
structures is a 100 m wide shear zone that hosts gold-bearing
arsenopyrite mineralization. This newly discovered mineralization on the
Wyatt property represents a new type of gold mineralization in a part
of the belt that is relatively unexplored.
The claims are contiguous with the western
border of Wildcat Exploration Ltd’s (WEL: TSX.V) Garner Lake Claim
block. In August 2005, Wildcat announced the discovery of two gold
occurrences during its first mapping program of the Garner Lake block.
Highlights include grab samples with 153.2 g/t Au, 40.16 g/t Au, 29.56
g/t Au and 28.4 g/t Au. A second gold showing was discovered by Wildcat
in an area that straddles our mutual claim boundary and represents the
southward extension of the gold-bearing arsenopyrite mineralization in
the shear zone on the Wyatt Claim block. Gold assays of up to 3.8 g/t Au
have been announced by Wildcat following three days of exploration in
the area adjacent to the Wyatt Claims.
On the Wyatt claims this zone contains
abundant arsenopyrite that is distributed widely within a zone of
ankerite-chlorite alteration, which extends laterally for over 1 km to
the north and has a minimum width of 100m. Several days prospecting
across the shear zone revealed a number of arsenopyrite- and
pyrite-bearing zones of silicification.
Harvest Gold has initiated a
short field program to establish baselines, prospect and systematically
sample the shear zone and collect geochemical samples in low lying and
swampy areas. This program has located several old trenches that expose a
quartz vein with widths up to 60 cm; these occur outside the main shear
zone and at the margin of the gabbroic intrusion. Given the initial
success of the exploration on this property, Harvest Gold intends to
prospect and map the shear zone as long as weather permits.
President John Roozendaal says “The Wyatt
Claims are located in a belt which has produced over 1.7 million ounces
of gold. The geologic setting is similar to the San Antonio mine. This
area of the belt has newly discovered gold mineralization and is, in our
opinion, under-explored. Infrastructure support is excellent as the
town of Bisset , home to the San Antonio mine and mill, is less than
40km away. Harvest is very interested in the potential of the Rice Lake
Gold Belt.”
To earn a 100% interest in the Wyatt Claims,
Harvest Gold is required to make payments totaling $60,000 and issue a
total of 600,000 shares, staged over the next two years. The Wyatt
Claims will be subject to a 3% Net Smelter Royalty (the “NSR”), with
Harvest Gold having the option to purchase 2/3 of the NSR from the
vendor at a rate of $250,000 per percent.
As detailed in Rare Earth Metals Corp’s
Information Circular dated September 13, 2005 and filed on SEDAR, the
Company is to effect a restructuring (the “Restructuring”) whereby
Harvest Gold is to be “spun off” as a separate company to be listed on
the TSX Venture Exchange (the “Exchange”). This Restructuring was
approved by the Company’s shareholders on October 7, 2005 and remains
subject to Exchange acceptance.
The technical information in
this release has been reviewed by Dr George Gale, P.Eng, Qualified
Person
On behalf of the Board of Directors,
John Roozendaal B.Sc
President, CEO & Director
Rare Earth Metals Corp.
For more information about Rare Earth Metals
Corp.
please review the company’s website
www.RareEarthMetals.net
or speak with a Company representative toll free 866 816 0118 or by
emailing
info@rareearthmetals.net
The TSX Venture Exchange has not reviewed this press release and does
not
accept
responsibility for the adequacy or accuracy
of this
release.
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