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Greenlight Resources to acquire Historic producing gold mining camp - Up to 9oz/t Gold in float
Nov. 5, 2010 (Canada NewsWire Group) --
(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.GR)
VANCOUVER, Nov. 5 /CNW/ - GREENLIGHT RESOURCES INC. (TSXV.GR), announces the acquisition of a high grade gold prospect following a site visit and other due diligence by company executives while in Nova Scotia to review the Company's recent diamond drill program at its Brazil Lake Lithium and Rare Metal property.
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 Brazil Lake property. This acquisition is geographically strategic as it allows Greenlight's geological field crew quick access between the two properties thereby reducing exploration costs on both properties.
The Property is comprised of 127 claims (40 acres each) for a total of 5,080 acres. These claims control a strike length of over 8 kilometres along the potentially mineralized Kemptville Shear Zone. 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. Following property acquisition by the present owners, AYARCO Gold Corporation Ltd. (AYARCO), a privately owned Nova Scotia company, 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. These boulders occur across the glacial trend for over 300 meters. The target area is further defined by a strong B-horizon soil anomaly just down ice from the float area with values of up to 450 ppb/t Au (parts per billion per tonne).
Recent exploration by AYARCO in 2006 to 2008, included taking over 250 bulk till samples over an area approximately three square kilometres. The samples were screened at 2 millimetres and tabled for the presence of visible gold for gold grain counts and shape classification to quantify the number and morphology of gold grains. The survey 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.
GreenLight may acquire up to a 80% undivided interest in the property from AYARCO by making cash option payments of $170,000 over the next three years and conducting exploration work of $1,300,000 over the next twenty-six months. This acquisition is subject to TSX approval .
John F. Wightman, M. Sc., FGAC, P. Eng., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
About Greenlight Resources Inc.:
Lithium and Rare Metals Project
Greenlight Resources Inc. is a Canadian exploration company focused on the discovery and development of Lithium and rare metal deposits. The Company is currently focused on the 3,160 acre Brazil Lake property is located approximately 30 kilometres north of Yarmouth, Nova Scotia, and 12 kilometres west of the Avalon Rare Metals (AVL) East Kemptville Project. Drilling to date 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, 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).
On Behalf of the board of directors
"Ron Bourgeois"
Ron Bourgeois, President
Ron Bourgeois, President
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
%SEDAR: 00014357E
Investor Relations:
John Curle
Email: IR@GreenLightResources.ca
http://greenlightresources.ca/
