Rare Earth Results From Playfair South Block
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/10/10 -- Playfair Mining Ltd. (TSX VENTURE: PLY) is pleased to announce that Rare Earth Metals (TSX VENTURE: RA) has completed preliminary sampling of the 2010 airborne geophysical anomalies on the Playfair South claim block.
Rare Earth Metals can earn a 51 percent interest in Playfair's 313 claim unit property as described in Playfair's February 17th, 2010 news release.
Playfair Mining's assets include the Seal Lake copper-silver camp, where the company is targeting sizable Kupferschiefer-style Cu-Ag mineralization. Playfair also owns four advanced stage tungsten deposits in Canada. While the Seal Lake copper-silver project is the company's current exploration focus, the tungsten and the rare earth assets give the company unique exposure to a portfolio of strategic mineral exploration properties poised to benefit from supply and demand imbalances being created by China.
The Playfair South Block is located in the southwest portion of the historical Letitia Lake - Red Wine rare earth metals exploration camp; encompassing 15 airborne geophysical anomaly clusters that have strike extents ranging from 200 meters to 1000 meters. Prospecting and geological mapping completed to date by RA have resulted in 3 previously unreported mineralized showings on the PLY-S-02, PLY-S-05 and PLY-S-10 radiometric anomalies. The rare earth metal mineralization is hosted by predominantly peralkaline intrusive rocks and is generally characterized by an abundance of Eudialyte mineralization and is dominated by heavy rare earth oxides and Zirconium (ZrO2). Geochemical analyses of prospect samples from three of the new discoveries follow:
PLY-S-02 - (800 metre long radiometric anomaly) Prospect samples ranged from 0.11% to 1.38% TREO and 0.02% to 3.01% ZrO2. The TREO (total rare earth oxides) values ranged from 37% to 43% HREO (heavy rare earth oxides).
PLY-S-05 - (1000 metre long radiometric anomaly) Results here include the discovery of a 5 to 13 meter wide actinolite chlorite schist zone exposed for a strike length of 110 meters. Traces of eudialyte have been reported and geochemical analysis of prospect samples returned values that ranged from 0.51% to 2.41% TREO and 0.09% to 0.48% ZrO2. The TREO values ranged from 5% to 20% HREO.
PLY-S-10 (CD Zone) - Located 2 kilometres southwest of the PLY-S-05 anomaly, this mineralization is described as a minimum 3 meter wide pegmatitic gossan zone with rare metal values ranging from 0.19% to 5.37% TREO and 0.05% to 2.56% ZrO2. The TREO values ranged from 26% to 85% HREO.
These zones are scheduled for channel sampling. Additionally, a number of other disseminated eudialyte zones have been located, however, analyses from prospect samples collected from these areas are pending.
Don Moore, Playfair's Chairman stated, 'We are pleased that the 2010 exploration work at Red Wine is beginning to show promise. In addition to the known historical showings on the PLY South Block, Rare Earth Metals has discovered three new REE zones so far. We look forward to the results of the detailed follow-up work.'
About Letitia Lake - Red Wine Exploration, Labrador Canada
The historic Letitia Lake - Red Wine exploration camp hosts numerous showings containing rare metals (beryllium, zirconium, yttrium and niobium) and rare earth elements (REE). This camp has many regional-scale lithological and geochemical similarities to the Strange Lake REE-Zr-Y-Nb-beryllium exploration camp, located 260 kilometres to the northwest. Like Strange Lake the Red Wine area is underlain by middle mesoproterozoic peralkaline rocks which are enriched in rare earth elements and other uncommon metals. The Red Wine REE district is located 120 km northeast of Churchill Falls, Labrador and is within 40 kilometres of an existing resource road originating at Churchill Falls. The estimated centre of the Red Wine REE camp is only 10 kilometres southwest of the western extent of Playfair's Seal Lake Copper-Silver exploration property.
China produces more than 90% of the world's REE and has recently taken steps to hoard its own production creating well founded supply concerns for the worlds developed countries. Rare earth metals and elements are used in a variety of critical ways, such as in the production of magnets/engines/batteries in hybrid cars, consumable electronics, (Blackberries, iPhones, flat screen televisions), miscellaneous green energy technologies and military applications.
Michael Moore, PGeo, is the qualified person who has reviewed the technical information contained in this news release on behalf of the company.
ON BEHALF OF THE BOARD
D. Neil Briggs, Director
Forward-Looking Statements: This Playfair Mining Ltd News Release may contain certain 'forward-looking' statements and information relating to Playfair which are based on the beliefs of Playfair management, as well as assumptions made by and information currently available to Playfair management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.
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.
Contacts:
Playfair Mining Ltd.
D. Neil Briggs
Director
604 687-7178 or Toll Free: 888-244-6644
604 687-7179 (FAX)
www.playfairmining.com