Pancontinental Uranium Corporation: High Value Rare Earth Elements (“REE”) Stream Sediment Results and New REE Hard Rock Drill Intersection at Charley Creek Project

Marketwire | March 10, 2011 | 3:29 pm Battery Metals Energy Australia Rare Earth Uranium 

Pancontinental Uranium Corporation (TSX VENTURE:PUC) (“Pancon”) and its joint venture partner Crossland Uranium Mines Limited (“Crossland”) (ASX:CUX) are pleased to provide the following update on the latest results from their expanding (REE) exploration program at their Charley Creek project, 100 kilometres North West of Alice Springs, in the Northern Territory, Australia.

As well as continuing high value returns from stream sediment sampling at the project, Crossland, the operator, has discovered a new promising REE drill intersection in unweathered bedrock. The hard rock drill intersection points to a total area of over 40 square kilometres prospective for REE deposits.
The outstanding assay results to date from the stream sediment sampling, along with awaited auger drill results, have the companies on track to complete a resource evaluation later this year on an initial alluvial volume.

Pancon and Crossland believe that these results present opportunities for low cost production of a heavy mineral concentrate with high REE values from the large volumes of alluvial sediment deposits at Charley Creek.

Highlights:

  • New hard rock REE target identified
  • The re-assay of a 2008 air core hole CCA121 has returned a 5 metre interval averaging 1.03% Total Rare Earth Oxides* (TREO), from values in excess of 0.5% TREO, commencing at 37m down hole, with Heavy REO representing 8.3% of TREO.
  • Also near Cattle Creek, four heavy mineral stream sediment samples have returned values of 6.3%, 2.6%, 6.8%, and 8.0% TREO, reflecting a consistent anomalous drainage source which may be related to the bedrock intersection. This indicates an area of over 40 square kilometres which Pancon and Crossland now believe is prospective for REE deposits.
  • A new air core drilling program will commence next week on the hard rock REE target identified at Cattle Creek, were the drill intersection occurred.

REE Stream Sediment Sample Results

  • Of 195 stream sediment sample concentrates so far assayed, three returned over 32% TREO, with a peak value of 38.4% TREO; 12 returned over 16% TREO; 25 returned over 8% TREO, 45 returned over 4% TREO and 74 returned over 2% TREO. Only four samples had insufficient non-magnetic heavy mineral content to produce an assay result. Each of the sample sites reported represents between 2 and 4 square kilometres of drainage basin.
  • A further approximately 200 stream sediment samples are currently being processed and assayed.

Auger Drilling Progress

  • Crossland has also conducted auger drilling of alluvium proximal to some of the known REO source areas in the Cockroach Dam prospect area of the Charley Creek project. Over 700 samples have been taken and are at various stages in the preparation process.
  • This first-pass auger drilling program is sampling a total area of around 42 square kilometres on a 400m X 100m grid in two drainages.
  • Both the stream sediment sample concentrates and the drill pulps have REE distributions with relatively high proportions of heavy REE, those REE above europium on the Periodic Table (Heavy REE, or HREE).

Immediate Program

  • Further assays are awaited from the stream sediment sampling and auger drilling programs.
  • A new air core drilling campaign at the Cattle Creek hard rock REE discovery will commence on March 17, and auger drilling and stream sediment sampling are continuing.

Read background information about this project here.

Image: Crossland is exploring portions of these extensive flats around Mount Chapple for alluvial deposits of Heavy
Minerals containing REE

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