Elissa Resources, Ltd. (ELSRF: OTC Link) | Elissa Resources Plans Additional Geophysical Survey at its Thor Rare Earth Project, Nevada

Elissa Resources Plans Additional Geophysical Survey at its Thor Rare Earth Project, Nevada

Sep 08, 2011

OTC Disclosure News Service

Vancouver, BC, Canada –

 NEWS RELEASE

 

  ElissaResources Plans Additional Geophysical Survey at its Thor Rare Earth Project,Nevada

Vancouver, British Columbia, March 30,2011: Elissa Resources (“Elissa” or the “Company”) (TSXV-ELI) Following successful results from a district-scale detailedhigh-resolution airborne magnetic geophysical survey completed in November,2010, Elissa Resources (“Elissa”) announced today it is planning to conduct a groundgeophysical (magnetic) survey on specific sections of its 100% owned Thor RareEarth Elements (REE) Project, in southern Nevada. The project lies 26 km (16miles) east of the Mountain Pass REE mine and processing plant, which arecurrently being re-opened by Molycorp Minerals (NYSE:MCP).  At Thor, multiple samples collected duringextensive exploration programs in 2010 returned Rare Earth Element analysesranging from anomalous to 10.6% REE. Mapping and mineralogy studies indicate that the REE mineralization atThor occurs in large discrete shear zones as phosphate minerals containingsignificant amounts of very scarce and valuable Heavy Rare Earth Elements(HREE). This stands in contrast to the neighbouring Mountain Pass Mine, wherethe REE occur within a large igneous carbonate body as carbonate mineralscontaining substantial amounts of Light Rare Earth Elements (LREE) but apaucity of HREE. 

Elissahas identified significant REE mineralization at Thor in nine widely separateprospect localities in three distinct discovery zones referred to as the LopezTrend, the Black Butte area and the NED area. A fourth area of interest is theSantos Trend. Work carried out to date includes a high-resolution ultralightairborne magnetic survey, surface mapping, extensive ground radiometricsurveys, satellite imagery studies, channel sampling of historical surfaceworkings and other limited surface exposures, and detailed petrographicstudies. The airborne magnetic survey was useful in helping delineate the LopezTrend and the Black Butte area, but due to rugged terrain difficulties was notas effective in enhancing or defining the NED target area.

TheLopez Trend, a mostly covered, 2.4-km long structural zone from 50 to 150 mwide, is a compelling drill-ready target area. The zone is intermittently markedby anomalous radioactivity and/or REE-bearing samples along its length.Elissa’s 2010 exploration programs suggest that the Lopez Trend may becontinuous through the covered areas. Later this year, Elissa plans to complete a shallow drill program to testthe Lopez Trend.  There are indicationsthat the sub­parallel Santos Trend, lying in a covered alluvial valley to thewest, may represent a second similar, shallowly buried mineralized zone. 

To date, Elissa hascollected 127 total rock samples from the Thor Project, mostly continuouschannel samples taken across widths of one to several metres from limited rockexposures throughout the project area. More than half of these samples (70total) returned assays showing anomalous ( 0.1%) to very significant(0.5%) amounts of REE, representing various targets within each of theproject’s separate discovery zones. Of these samples,  22 returned assays of 1.3% to 10.6% (average2.6%) total REE, with the more valuable HREE comprising a significant fraction(3 to more than 9 percent, average 5.3 percent) of the total REE contained inthe samples.  

Theproposed detailed ground magnetic survey will focus primarily on the NED targetarea, 1.6 km east of the northern end of the Lopez Trend.  Samples taken in the NED area in 2010 werelimited to a single outcrop comprised of biotite-rich, dark-coloured igneous rock that averaged 1.50% total REE.Petrographic studies indicate the unusual rock type is magmatic in origin and thatthe REE-bearing minerals occur as disseminated inclusions in the biotite.  Indications are that the outcrop may be thesurface expression of a much larger concealed igneous body.  The magnetic survey will help define theperimeters of this REE-bearing body. The REE mineralization, like that in theLopez Trend and Black Butte area, is enriched in the more valuable HREE.

During the third quarter of 2010, the Thorproject was separately visited by two independent, respected REE specialists,Dr. James Clark, a geological consultant with extensive background andexpertise in REE deposits, and Dr. David Jessey, a Professor at CaliforniaPolytechnic, who is very familiar with the geology and REE mineralization ofthe Mojave Desert Region. The conclusions are that the apparent size and tenorof the Lopez Trend discovery zone may be generally similar to other REE veinsystems that comprise currently attractive, viable exploration targets.

ElissaResources also wishes to report that as of March 28, 2011 its shares commencedtrading on the TSXV under the trading symbol ELI. Elissa Resources was formedout of the successful 2010 Prophecy Resource Corp. / Red Hill Energy mergerwhereby shareholders of Red Hill Energy received shares of Elissa Resources ona 1 for 4 basis. (Please see Prophecy Resource Corp. / Red Hill Energy April 7,2010 news)

Amore in-depth analysis of the prior exploration programs at Thor includingspecific details of both HREE LREE assay results can be viewed in arecently completed NI 43-101 Technical Report available on www.sedar.com , and in Elissa’s November 16, 2010 newsrelease available at www.elissaresources.com

The technical information outlined in this news release, has beenreviewed and approved by Mel Klohn, PGeo, a Director of Elissa Resources Ltd.and a Qualified Person under National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS ofElissa Resources Ltd.

PaulMcKenzie, President and CEO

About Elissa Resources Ltd.

Elissa Resources is advancing its 100% owned Thor lightand heavy rare earth minerals property in Nevada, 20 miles (32km) east ofMolycorp Minerals’ Mountain Pass deposit, California. Additionally Elissa hasan option to earn a 100% interest on both the Sage Creek and St. Elmo goldprojects also in Nevada. The Company also has 100% ownership of a prospectivelithium property in Nevada.

Statements in this press release other than purelyhistorical information, including statements relating to the Company’s futureplans, objectives or expected results, constitute forward-looking statements.Forward-looking statements are based on numerous assumptions and are subject tothe risks and uncertainties inherent in the Company’s business, including risksinherent in mineral exploration and development, and uncertainties inconnection with anticipated commodity prices for minerals, growth of worldwidemarket demand, exploration capital requirements, length of asset life andavailability of qualified personnel, among others. As a result, actual resultsmay vary materially from those described in the forward-looking statements.

“NeitherThe TSX Venture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.”

For furtherinformation: Scott Parsons, Director 604 669 8368 (ext 106) or Paul McKenzie(ext 107) Email: contact@elissaresources.com

www.elissaresources.com

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/ELSRF/news?id=35494

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