As the demand for Rare Earth Elements (REE) increase, Butler Resource Corp. (NEX – BTD.H) has acquired the Archie Lake Rare Earth Element Property located 50 km east of Uranium City, Saskatchewan and 50 km south of Great Western Minerals Hoidas Lake REE Deposit. Readers may recall our coverage of Great Western and its Hoidas lake property, which is considered to be one of the attractive REE projects in North America. Historic exploration and results on the property returned significant concentrations of REE. The property consists of one mineral claim covering an area of 2,108 hectares.
The property has seen considerable exploration work in the past and is on file with the Saskatchewan Ministry of Mines (not NI43-101 compliant). Historic exploration on the property includes an airborne radiometric survey and follow-up prospecting and trenching over one of the anomalies identified. The main showing is postulated to be a paleo-placer type deposit, with monazite crystals constituting up to 50% of the rock in places. The assay reports from the previous exploration showed that ten samples analyzed by spectrographic analysis method showed elevated concentrations of Rare Earth Oxides, with values ranging from 0.1 to 15.7% RE2O3 and averaged 4.04% RE2O3. Individual elemental rare-earth abundances are in the following order: lanthanum, cerium, gadolinium, lutetium, terbium and ytterbium, with trace amounts of scandium and yttrium.
The property has been acquired from Zimtu Capital Corp. and 877384 Alberta Ltd. Acquisition costs are a total of $40,000 and 2,000,000 shares payable on Exchange approval. The property is subject to a 2% NSR, of which one half (1%) may be purchased back for $1,000,000.