GeoVenCap Begins Drilling on Silver Zones at California Lake (West of Bathurst)

GeoVenCap Inc. is pleased to announce that diamond drilling has commenced on its California Lake Silver Project located in northern New Brunswick to further delineate silver zones, called A and B, identified in previous drilling. A contract has been signed with Forages La Virole of Rimouski, Quebec to complete a 2000 meter drill program.

Historical drilling had tested the A Zone over a strike length of 579 meters with intersections reported ranging up to 6,987 g/t Ag (see March 26, 2012 news release). The A Zone remains open down dip and along strike to the northwest and southeast. Hole C-87-21, drilled on the northwest end of the A Zone intersected an estimated true width of 4.1 meters (41.1-45.3 meters down hole) grading 42.4 g/t Ag and 0.35 g/t Au, and 1.7 meters (90.1-91.7 meters down hole) grading 1,450 g/t Ag and 0.42 g/t Au. Hole C-87-28, drilled on the southeast end of the A Zone intersected an estimated true width of 6.1 meters (38.3-45.1 meters down hole) grading 106.2 g/t Ag and 0.15 g/t Au. Silver mineralization has also been identified by limited drilling to the southwest of the A Zone.

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Cache Assays Confirm New Targets For Welsford REE Exploration

Cache began its 2012 exploration season in April after the analysis of results from the Welsford 2011 soil sample programs and the 2011 Welsford trenching (March 7, 2012 news release).  The initial April work was completed on the Welsford REE Extension Property (claims outlined in purple on attached diagram 1). The work was focused on following up on two areas with positive results from the soil sampling and radiometric prospecting program conducted in 2011.

The first area explored surrounds a Heavy Rare Earth Element (HREE) anomalous soil sample from 2011 that yielded 154.3 ppm HREE (including only Tb, Yb, and Lu results from Instrumental Neutron Activation Analysis (INAA)). The work included radiometric prospecting and rock sampling. A total of three rock samples were collected from areas that showed anomalous radioactivity of approximately 1,200 counts per second (CPS). The average background radioactivity is approximately 400 CPS. One sample was collected from a dykelet discovered underlying a thin layer of moss. The dyke is steeply dipping and varies between 2.5 and 3.0 cm wide. It contains a greater amount of amphiboles than the granitoid host in which it is in sharp contact. One sample was taken of the dyke and one was taken of the host granite. Another sample was taken as a channel cut over 1 metre, in an area that locally displayed anomalous radioactivity of approximately 1,200 CPS. This channel cut sample is of interest as there were no apparent physical features observed in the field to differentiate between the anomalous and non-anomalous radioactive zones.

The samples were analysed by Activation Laboratories Inc. (Actlabs) Code 8 – REE Assay Package (ICP and ICP/MS) at their facility in Ancaster, Ontario. A Certified Standard Reference Material was submitted with the samples for quality control purposes, and its results are considered satisfactory for reporting.

The dykelet sample returned values of 0.137% Y2O3, 3.045% ZrO2, 0.268% Nb2O5, and 0.371% Total Rare Earth Oxides (TREO) of which 780.8 ppm representing 25% of the TREO are Heavy Rare Earth Oxides (HREO). TREO includes La2O3, Ce2O3, Pr2O3, Nd2O3, and Sm2O3 as Light Rare Earth Oxides (LREO) and Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Tb2O3, and Lu2O3 as Heavy Rare Earth Oxides (HREO).

The second area explored is an outcrop that was found in 2011 to yield anomalous radioactivity up to 1,900 CPS where the average background radioactivity in the region is approximately 400 CPS. The outcrop is a fully exposed cliff-face that ranges up to about 10 metres high and extends about 130 metres in length (see Diagram 2). A total of 6 samples were collected in this area, all of which varied between 1,000 and 2,500 CPS. The follow-up exploration successfully identified multiple sets of pegmatite and aplite dykes within the outcrop showing anomalous radioactivity up to 2,500 CPS, some of which were sampled.

Two of the six samples returned significant Y+Zr+Nb+REE concentrations. These two samples were collected from a set of pegmatite dykes that showed anomalous radioactivity varying between 1,800 and 2,500 CPS. This anomalous outcrop is located approximately 200 metres to the East-Northeast of the dykelet described above from the first area explored. One of the grab samples returned values of 0.158% Y2O3, 3.250% ZrO2, 0.262% Nb2O5, and 0.310% TREO and a second grab sample contained 0.136% Y2O3, 3.566% ZrO2, 0.176% Nb2O5, and 0.206% TREO, of which 0.115% (37% of TREO) and 0.089% (43% of the TREO) respectively are HREO.

These results are considered quite significant and will warrant additional work. Cache is planning detailed mapping and sampling of the outcrop exposure. The results will be used to determine an optimal trenching and/or drilling program in order to assess the potential of these dykes.

Cache has also begun its 2012 exploration program on the Welsford REE Outer Property, where the highest priority zone yielded values up to 38,800 CPS in the 2011 exploration program. The work program thus far in 2012 has involved additional radiometric prospecting, preliminary hand trenching, and rock sampling. An area approximately 1.5 metre by 1 metre was hand trenched, revealing relatively shallow outcrop (0.3 to 0.5 metre depth) that reported an increased anomalous radioactivity of up to 46,000 CPS. The radioactive zone was traced between 1.0 metre to 1.5 metre width over a length of 6 metres.  In contrast, the known dykes located within the Inner claims and the pegmatite dykes located on the Extension claims have only displayed up to 2,500 CPS, making this site of considerable potential for significant Y+Zr+Nb+REE mineralization. After the Company receives confirmation of the expected positive Y+Zr+Nb+REE results, a trenching program is anticipated to uncover the outcrop to expose the full of extent of the anomaly for detailed mapping and sampling.

All samples have been submitted to Activation Laboratories Inc. (Actlabs) in Fredericton, New Brunswick for analysis preparation by crushing, splitting, and pulverizing the samples using a mild steel for low contamination (up to 0.2% Fe), followed by Code 8 – REE Assay Package (ICP and ICP/MS) at their facility in Ancaster, Ontario.

The overall purpose of the 2012 Welsford Exploration programs will be to actively explore the various Welsford Properties in search of the source of the known Zr-Nb-Y-REE enriched aplitic dykes or other dyke swarms or a potential cupola within the host Welsford Peralkalic Intrusive Complex.

TO VIEW TABLE AND DIAGRAMS COPY URLS BELOW INTO NEW BROWSER WINDOWS

Table 1 - Summary of the reported results from samples collected from the Welsford REE Extension Target

http://thenewswire.ca/client_files/2012-05-08-0.pdf

Diagram 1 – The Welsford REE Properties

http://thenewswire.ca/client_files/2012-05-08-1.pdf

Diagram 2 – Photo of Welsford REE Extension Property outcrop

http://thenewswire.ca/client_files/2012-05-08-2.pdf

Diagram 3 – Photo of the Welsford REE Outer Property Target

http://thenewswire.ca/client_files/2012-05-08-3.pdf

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REE's Could Give Canada Political Advantages

The Canadian Chamber of Commerce has jumped on the bandwagon to promote Canadian rare earth projects and deposits, suggesting  Canada's REE resources could give the nation increased "political leverage and influence" in the search for rare earths outside of China.

In the report "Canadian Rare Earth Deposits Can Offer a Substantial Competitive Advance," The Canadian Chamber advocates an "opportunity for Canada to start punching above its weight in leveraging what is often referred to as the ‘oil of the 21^st Century.'"

Chamber CEO Perrin Beatty observed, "Canada has 1.1 billion pounds of rare earths locked in black shale deposits (the Alberta Black Shale Project) worth an estimated $206 billion.  In addition, several other Canadian mines across the country show great potential."

"We have been blessed with great geology and we have a tremendous opportunity to turn out resource richness into a significant competitive advantage," he added.

 "With the Japanese, Americans and Europeans now searching for ways to counter China's monopoly, Canada is in a very enviable position," Beatty stressed.

In their report, the chamber noted Canada has 1.1 billion pounds of rare earth locked in the Alberta Black Shale Project, that were previously not recoverable unless large amounts of cyanide and arsenic were used to liquefy the ores-"a process that is considered dangerous and illegal in many parts of the world."

"Now, a new, more cost-effective and environmentally friendly technology that uses water, air and microbes (a technique known as bioheap leaching) can be used to release the rare earths from the black shale deposits," the report said.

The Chamber suggested several other Canadian mines show great potential including Avalon Rare Metals Nechalacho REE project in the Northwest Territories, Great Western Minerals Hoidas Lake Project in northern Saskatchewan, Midland Exploration's exploration project in Ytterby, Pele Mountain Resources' Eco Ridge Mine Uranium and Rare Earth Elements Project in Elliot Lake, Ontario, and Matamec Exploration's Zeus property in the Temiscamingue region of Quebec.

Other rare earth projects cited in the report include Quest Rare Earth Mineral's rare earth projects in Strange Lake and Misery Lake areas of northeastern Quebec, Cache Exploration's exploration of Welsford rare earth properties in New Brunswick and the Cross Hills and Louil Hills rare earth properties in Newfoundland, Kirrin Resources' exploration projects in Newfoundland and Labrador and Quebec, and Forum Uranium's North Thelon Project in Nunavut.


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Northcliff Resources to Acquire 100% of Sisson

Northcliff Resources Ltd. of Vancouver will acquire full ownership of a New Brunswick base-metals project (Sisson) by purchasing the remaining 30 per cent share owned by Geodex Minerals Ltd. (TSXV:GXM).

Northcliff began building its stake in the Sisson tungsten-molybdenum project through a 2010 option agreement with Geodex.

Under the option agreement, Northcliff has the right to earn 70 per cent of the project by spending $17 million on exploration and other costs. That commitment is expected to be fulfilled by next month.

Under their new deal, Northcliff will get full ownership of the project by issuing 16 million of its common shares and paying $1 million cash to Geodex. Northcliff will also return about 3.3 million common shares of Geodex for cancellation.

The Geodex shares had been valued at 30 cents each when Northcliff acquired them but they've declined since then. On Wednesday, Geodex shares traded at eight cents on the TSX Venture Exchange.

Northcliff shares last traded on April 12 at 55 cents, giving the company a market value of $33.8 million.

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Tungsten Continues to Rise

Few investors know that tungsten was the number one metals performer in the world last year, gaining 35% while most other metals declined in price.

Tungsten has retreated a bit so far in 2012 but the current price of about $425 per metric ton is still historically high. With demand increasing at a rate of about 8% a year and production declining,it’s likely that the price of tungsten is will rise over the next few years.

Tungsten is classified as a rare metal though it’s found in many countries. It is indispensable because of its many applications. It’s the second hardest material with the second highest melting point (diamonds ranks as first in both categories), and thus there are few materials that can be substituted for it. In the U.S. tungsten’s uses include tools and machinery primarily in the metal-working, construction, mining, and oil and gas drilling industries.  It is estimated that 25% of the use is in light filaments and 10% for artillery and weapons.

Why is tungsten rising in price? Like several other metals, the tungsten market has been controlled by China. Tungsten prices jumped 35% in 2011 and remain historically high. That is because of concerns that China, the leading producer and consumer, has been reducing exports. This concern is so great that in 2011, the UK Geological Survey put tungsten at the top of its list of economic metals whose supply is at risk. China has taken several steps to reduce production and exports of tungsten:  they have shut down small mines as unsafe, implemented export quotas, and added export duties.

It is not that easy to invest in tungsten.  There are two Canadian companies currently focused primarily on tungsten production.  Malaga, Inc. produces tungsten in Peru, and is increasing production.  The stock  trades at about 15 cents.  North American Tungsten is in production in the Northwest Territories, Canada.  It began production in 1962, and has shut down the mines several times when the tungsten price got too low.  It’s stock trades at about 43 cents. Geodex Minerals is an exploration company with properties in New Brunswick, Canada.  It is exploring for tungsten, molybdenum, rare earth elements, and other metals and minerals.

These are micro-cap companies, in other words, be prepared for volatility and risk, while hoping for gains. Further, with tungsten prices at highs, and the supply-demand characteristics, one can anticipate other companies making efforts to discover and produce tungsten.

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Greenlight to Define Drill Targets Near Mount Pleasant

Greenlight Resources Inc. is pleased to announce that it has commenced an exploration program over its 6,560 acre Otter Lake property in northern Charlotte County, New Brunswick.

Exploration Highlights;

-Objective of current program is to define drill targets for 2012 drilling season

-Up to 4.4% Tungsten mineralization is primarily Wolfanite hosted in bedrock

-Several gold targets with a wide range of values up to 30 grams per ton throughout the property

Chris Anderson, President of Greenlight states "This belt is highly mineralized and is in close proximity to the Mt. Pleasant Mine, (ADE - TSX.V) which is in the planning stages of coming back on stream. Primarily we are addressing the Tungsten and Gold targets however there is interesting showings in Zinc (up to 4.5 %), Lead (up to 6.3%) and Silver (up to 596 g/t). This type of exploration play is a good example of why GreenLight's A-Team of explorers have been focused on exploring Atlantic Canada. We are glad to see that our vision has been recently endorsed by the Fraser institute, as they have recently named New Brunswick as the #1 mining region in the world."

The program to be conducted on the claim blocks will consist of a gravity survey as well as IP surveys over selected targets. Geophysical interpretation of existing aeromagnetic data in combination with the gravity/IP data will be compiled along with historical exploration data. Trenching over several historic showings will be conducted.The gravity work is proposed in order to get a picture of the subsurface contact relationships between the granite and the intruded metasediments. The gravity, in concert with depth modelling derived from the aeromagnetic data will outline areas of cupola development. These cupolas, which serve as focal points for mineralized stockwork development, would then become targets for drilling.The exploration program will be focussed on exploration of five main target areas.

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SLAM Exploration Resumes in Saint Quentin

Slam Exploration Ltd. is pleased to report it has resumed exploration activities at its recently acquired gold discovery located near Saint Quentin, New Brunswick. 


Local prospector Tim Lavoie discovered gold-bearing quartz veins in the fall of 2011. SLAM acquired the property through an option agreement and followed up with additional prospecting and trenching in December. The trenching reveals a series of quartz veins in bedrock over a strike length of 250 m. These quartz veins locally contain visible gold and grab samples ranging up to 493 g/t gold were reported by SLAM in a press release dated January 9, 2012. 

The current prospecting program is designed to further trace this gold-bearing structure along strike using the same techniques that were successfully employed in December. The SLAM team has already identified a control structure and expects to extend the potential strike extent of this system with this program.

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Slam Drill Nickel, Copper, Cobalt at Goodwin Nickel Project

SLAM Exploration Ltd. is pleased to announce assays ranging up to 1.45% nickel, 1.00% copper and 0.06% cobalt over 0.7m in the first hole at its wholly owned Goodwin nickel project in northern New Brunswick. The 3.2m zone from 5.8m grading 0.47% nickel is beneath a trench excavated at the original discovery in 1955 by Rio (SLAM news release March 01, 2012). The 8.25m zone grading 0.36% nickel, 0.30% copper and 0.02% cobalt from 115.3m represents a new discovery and is open in all directions.

DDH              From         To     Metres       Co %       Cu %       Ni %
GW12-01          5.80       9.00       3.20       0.02       0.13       0.47
GW12-01        115.30     123.55       8.25       0.02       0.30       0.36
GW12-01        115.85     116.55       0.70       0.06       1.00       1.45
GW12-01        119.38     120.00       0.62       0.06       0.37       1.08
GW12-01        115.30     138.35      23.05       0.01       0.14       0.22

These are drilled core intervals. True widths have not been determined.

The above intervals are associated with sulphide mineralization in coarse grained norite. Assays are pending on sulphide intercepts in holes GW12-02 and GW12-03 drilled from a site approximately 130m east of hole GW12-01. 

SLAM CEO, Mike Taylor is excited about these results. "Intrusion-hosted deposits like Goodwin have potential for large tonnage. With this new nickel project, work to start soon on our new gold project at Saint Quentin and a NI43-101 resource estimate pending on Nepisiguit, SLAM expects to be very active in the mineral-rich Bathurst mining area. New Brunswick has tremendous mineral potential and is currently rated the world's most attractive jurisdiction for mineral exploration and development, as announced by the Fraser Institute, February 23, 2012."


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