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Greenland Minerals and Energy drilling extends rare earths and multi-elements outside Kvanefjeld resource

Drill results from 2008 and 2009 at the northern Ilimaussaq Complex confirm widespread rare earths-uranium-zinc mineralization outside the Kvanefjeld area.  Results from the 2010 drilling season will be released in the coming weeks.
Greenland Minerals and Energy drilling extends rare earths and multi-elements outside Kvanefjeld resource

Intercepts from 2008 and 2009 have been confirmed from initial drilling by Greenland Minerals and Energy (ASX: GGG) at regional targets in the northern Ilimaussaq Complex, in Greenland.

The multi-element (rare earth element (TREO), uranium (U3O8), zinc (Zn)) intercepts reveal that extensive mineralization occurs up to 7 kilometres outside the Kvanefjeld resource.

Key intercepts include:

- Zone 2 hole S001 116 metres at 1.2% TREO, 440 parts per million (ppm) U3O8, 0.34% Zn S001 34m at 1.1% TREO, 346 ppm U3O8, 0.36% Zn;

- Zone 3 hole N003 116m at 1.3% TREO, 363 ppm U3O8, 0.35% Zn, and hole N002 43m at 1.4% TREO, 379 ppm U3O8, 0.38% Zn; and
             
- Steenstrupfjeld hole K154 44m at 1.4% TREO, 328 ppm U3O8, 0.30% Zn 22m at 1.3% TREO, 377 ppm U3O8, 0.35% Zn.

The three new target areas, named Steenstrupfjeld, Zone 2 and Zone 3, all feature extensive multi element mineralization and potentially represent new resource hubs within the broader project area and will continue to be evaluated.

In December 2010 GMEL received permitting to fully evaluate the Kvanefjeld multi-element project.

All results are from holes drilled in 2008 and 2009. As assay data from the 2010 field season is finalized, further results will be released in the coming weeks.

A 457 million tonne JORC Resource has already been defined at Kvanefjeld, which represents just a small percentage the broader Ilimaussaq ore field.

An interim report on the Kvanefjeld Pre-Feasibility Study, released in February 2010, indicated the potential for the multi-element resources to sustain a large-scale mining operation for decades.

In 2011 GMEL is planning on closing out the current Pre-Feasibility Study with a final report before commencing a DFS in the latter half of the year.

On December 22 Shaw Stockbroking put a BUY on Greenland Minerals & Energy with a A$2.50 target.


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