|October 05, 2009|
Playfair Expands into Rare Earth Exploration
|News Release 2009-11|
Playfair Mining Ltd. is pleased to announce the 100% acquisition by staking of four large claim blocks in central Labrador. Playfair's claims, located in the Letitia Lake - Red Wine River region, cover a highly prospective area which is enriched in both rare metals and rare earth elements (REE).
Playfair's Joy REE project is located within the historic rare metals (beryllium, zirconium, yttrium and niobium) and rare earth elements (REE) Letitia Lake - Red Wine River exploration camp. This camp has many regional-scale lithological and geochemical similarities to the Strange Lake REE-Zr-Y-Nb-Beryllium deposit owned by Quest Uranium Corporation, located 260 kilometres to the northwest. Like Strange Lake the Joy REE Project area is underlain by middle mesoproterozoic peralkaline rocks which are enriched in rare earth elements and other uncommon metals. Importantly, the area is also marked by extensive regional scale rare element lake sediment & till anomalies and also numerous surface prospects.
Playfair Chairman Don Moore states, "We are very pleased to provide shareholders the opportunity to explore an exciting new addition to Playfair's industrial metal portfolio. Playfair's expansion into the vital world of REE exploration complements our long held view on tungsten, as another strategic group of metals which are facing geopolitically related supply challenges. Playfair considers this exploration camp as being in its infancy and is pleased to be among first movers in re-discovering this most intriguing and under explored REE region".
The Joy REE project claim blocks envelop a combination of both lake sediment and till geochemical samples which are anomalous in a range of rare metals (Zr, Be, Nb, Y, Hf) and rare earth elements (La, Ce, Sm, Eu, Dy, Th & U). These lake sediment and till samples were collected by the government of Newfoundland and Labrador on rough 4km and 2km centres, respectively. The geochemical anomalies are considered to be locally derived as indicated by government glacial history studies and the bedrock sources are yet to be uncovered. The claims cover no historical prospects.
Together the four claim blocks total 313 claims, cover a combined total surface area of 7,825 hectares (19,335 acres) and are located about 250 kilometres south of Voisey's Bay or 160 km northwest of Goose Bay. The Churchill Falls highway #500 is favourably located about 100 kilometres to the south of the project area.
During the 1950's and 1960's, the Letitia Lake - Red Wine River region was the focus of both rare metal and rare earth element (REE) exploration. These explorations led to the discovery of several beryllium, zirconium, niobium and REE element showings; the most notable are the Mann # 1 & 2, Michelin #1, Two Tom Lake and North Red Wine No. 1 to 4. The Mann # 1 is perhaps the most significant of these prospects; where historic documents report rock sampling (surface and drilling) show average results of 0.35-0.40% BeO & 0.24% Nb2O5. Rock samples collected from the Two Tom Lake showing are anomalous in Be and Nb and highly enriched in REE; reportedly averaging about 2% REE. In 1969, surface bulk rock samples were collected from the North Red Wine property, analyses of these samples showed that the mineralized zones are highly anomalous in ZrO2 (about 13%), yttrium (1.8%) and REE (2.5%).
Playfair is currently completing a digital compilation of historical exploration and government geoscientific data for the region. The future proposed exploration program may include more detailed lake sediment-till sampling, prospecting, geological mapping and an airborne radiometric-magnetic geophysical survey.
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 engines/batteries in hybrid cars, consumable electronics, (Blackberries, iPods, flat screen televisions), miscellaneous green energy technologies and military applications.
REE exploration fits well with PLY's mandate of accumulating strategic metal assets. The Joy REE land acquisition complements PLY's view on tungsten, as the geopolitical and supply problems facing REE and tungsten are similar. China's self serving stance on many speciality metals continues to reflect that it requires the majority of its internal production for its own national growth, effectively starving the rest of the world of these critical metals. Their recent change in position on REE further solidifies China's plans for such strategic assets.
Michael Moore P.Geo is the Qualified Person who has reviewed the technical information contained in this News Release on behalf of Playfair.
ON BEHALF OF THE BOARD
"D. Neil Briggs"
D. Neil Briggs
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.
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