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Regency Greenland licence extended

By BFN News | 01:44 PM | Monday 17 November, 2014


Regency Mines' licence in southern Greenland has been extended and the company will now hold 100% of the Motzfeldt multi-element (niobium (Nb), tantalum (Ta), rare earth elements) project. Licence 2014/01 now covers 555sq km of the Gardar Province in southern-most Greenland, host to three large REE deposits, including the important Motzfeldt Centre, a part of the Igaliko Nepheline Syenite Complex. The licence area includes a multi-element prospect believed by GEUS (Geological Survey of Denmark and Greenland) to be one of the world's largest Ta deposits with a prospectivity identified by GEUS of 600 million tonnes grading 120 ppm Ta (high grade zones up to 426 ppm Ta) and 130 million tonnes grading 0.4-1.0% Nb2O5. The prospect has known and significant rare earth potential, requiring exploration. The Motzfeldt project is located 50km north-east of Greenland Minerals and Energy Limited's Kvanefjeld Project, considered to be one the world's largest rare earth resources with extensive additional resources of uranium and zinc. Licence 2014/01 was initially granted earlier in 2014 as the Qooqqup Timaa licence in ground adjacent to that held by Ram Resources Ltd's majority owned joint venture company Greenland Resources Limited and considered by the company's advisers to be prospective for potentially commercial REEs. GRL which had not completed any significant ground work on the project decided to drop its Greenland licences in the summer, in order for Ram to concentrate on its exploration in the Fraser Range of Western Australia. When Regency later discovered this it applied for an extension to Licence 2014/01 covering most of this dropped ground. Regency also announced that geologists recently returned to London after leading a two week exploration programme on the Red Sea potash prospect in north-east Sudan, supported by geologists from the Sudanese Ministry of Minerals. During the programme, the team excavated 30 pits and 7 trenches, acquired 809 ground radiometric measurements and collected 13 samples which have undergone portable x-ray fluorescence (XRF) and radiometric analysis. The data collected during the programme is now undergoing further analysis and interpretation to build a more detailed understanding of the 3D geometry of the potash prospective sedimentary basin with the intention of generating potassium anomalies for future drill testing. Further updates will be provided in due course. Chairman Andrew Bell said: "At the bottom of the market opportunities sometimes arise to pick up at no cost assets of the importance of the Motzfeldt Project, with its declared Mineral Resource and known exploration potential. This one arose, and with our group's in-house alkaline rock and Greenland exploration experience, and our knowledge of the Motzfeldt area, we took the opportunity. The potential of this area is much greater as a result of the lifting in 2014 of the ban on exploration and exploitation where radioactive elements are at greater than background levels. "Demand for rare-earth minerals continues to increase, and recognition of their strategic significance is leading powerful actors to enter this market. With our partners, we look forward to taking this project forward. "As with the assets now in Ram at the Fraser Range, and as with the Munglinup graphite assets, we are willing either to be patient in holding a project, or willing to seize opportunities in acquiring and disposing of the same project, so long as the potential for scale exists. "A low-cost mapping and geophysical exploration programme in Sudan has been concluded, and the analysis of the results will enable us to plan our next steps." Story provided by StockMarketWire.com

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