Redhill Resources Corp.: Induced Polarization Survey at Honey Comb Hills Completed
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/14/11 -- Redhill Resources Corp. (TSX VENTURE: RHR) ('Redhill' or the 'Company') is pleased to announce that the 4.5 line kilometer Induced Polarization Survey (IP) at the Company's Honey Comb Hills Rare Earth project in Juab County Utah, has been completed. The Honey Comb Hills Property is 20 miles west of IBC Advanced Alloys Project also in Juab County.
Results from the survey indicate that prospective lithologies, overlain by shallow alluvial cover extend to the east of the main Honeycombs Butte. In addition, chargeability anomalies suggest the presence of sulfides at depth in the Main zone. Moreover, the survey indicates that similarly, favorable lithologies extend to the south of the main zone, again under shallow alluvial cover. A more detailed survey to extend the current lines to the east and new lines to the south is contemplated for the coming field season.
The Property comprises of an alkalic rhyolite flow dome complex which exhibits highly anomalous rare earth elements, lithium, beryllium, and rubidium. Mineralization occurs throughout the dome but appears to be higher in grade within a flat to gently dipping sequence of rhyolite tuffs and breccias. Initial surface sampling report assays of up to 1043 ppm total rare earth oxides (TREO), 1690 ppm lithium, greater then 1000 ppm beryllium and 1270 ppm rubidium. Detailed mapping shows an anomalous area of roughly 500 by 1000 meters with a satellite anomalous area of 500 by 500 meters. In addition, both anomalies are flanked by quaternary alluvium and could extend substantially under shallow cover.
The Honey Comb Hills Property is in the same county, and hosts a similar geologic environment, to nearby Spor Mountain Mine. Spor Mountain Mine is owned by Brush Engineered Metals and produces approximately 48,000 tonnes of bertrandite ore annually grading 0.35% beryllium representing nearly 60% of world production. Studies conducted by the U.S. geological survey and by the U.S. Bureau of Mines in the 1960's confirm the extent and grade of the beryllium deposits in this area.
This news release has been reviewed by Brent Butler, a Qualified Person as that term is defined in NI 43-101.
The Company would also like to report the grant of 4,800,000 incentive stock options to certain directors, officers, employees and consultants of the Company at a price of $0.11 per common share, exercisable for a 5 year period.
REDHILL RESOURCES CORP.
Graham Harris, Chairman
'This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.'
'The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.'
Contacts:
Redhill Resources Corp.
Investor Relations
604-662-8184
investor@redhill-resources.com
www.redhill-resources.com