VANCOUVER, British Columbia, May 25, 2022 (GLOBE NEWSWIRE) -- Selten Metal Corp. (“Selten Metal” or the “Company”), an arm’s length private company incorporated under the laws of British Columbia, is pleased to provide results received from its most recent surface rock (channel) sampling program on its THOR Heavy & Light Rare Earth Element (“REE”) Project located in southern Nevada (“THOR”), where returned grades reached as high as 6.4% total rare earth oxide (“TREO”).
THOR consists of approximately 267 unpatented lode claims covering approximately 2170 hectares. The project is located in an active mining district in Clark County, Nevada, about 120 km (75 miles) south of Las Vegas and 26 km (16 miles) east of the world-renowned Mountain Pass REE mine and processing facility.
Historic petrographic studies and geologic mapping indicate that the REE mineralization at THOR appears to have formed, in large part, from the rock body itself (host unit), and is therefore of magmatic origin. Mineralization of magmatic origin has the potential for an REE bearing system of significant size. Historic magnetic/radiometric surveys, geologic mapping, and results of 2012 drilling provide supportive evidence that the Lopez Trend may be the overturned east limb of a very large, tight to isoclinal fold. This hypothetical fold closure/hinge zone and west limb are covered/hidden by thin alluvial cover (please see Elissa Resources news release, February 14, 2013). (Selten Metal cautions readers that the aforementioned historical data on the THOR project, is no longer NI 43- 101 compliant and should be interpreted as such and should not be relied upon.)
In early April of this year, a total of 27 rock samples were collected from 6 different locales at THOR in conjunction with the final stages of a NI 43-101 report. These samples were collected from the southern, central and northern parts of the project’s Lopez Trend as well as at East Black Butte and from two locations at West Black Butte (Figure 1). The REE mineralized Lopez Trend is 2.5 km long and the majority of mineralization occurs along, or near a layered intrusive lithologic contact. It is estimated that outcrop exposures along the Lopez Trend vary from 10 - 20% with the large majority of the trend covered with shallow alluvium and subcrop float. At the West Black Butte area, outcrop exposure is estimated to be <5%.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6decb2b9-7bd4-429e-8b89-b9d40896c27b
Figure 1 above: TREO assay highlight results from primarily rock channel samples (see Table/Figure 2 below for sample type) from six different areas at THOR. These six areas are South Lopez, Central Lopez, North Lopez, West Black Butte (2 areas), and East Black Butte.
Assay results recently received from Act Labs of Ancaster, Ontario, Canada verify that all 15 of the naturally occurring rare earth elements have been discovered widely at THOR including the critical 4 which are Nd (light), Pr (light), Dy (heavy), and Tb (heavy). These critical 4 are essential to permanent magnets and account for 95% of the total value of the global rare earth oxide market. (Adamas Intelligence – Rare Earth Market Outlook to 2035 – Q2 2022).
Consecutive channel samples across historic (1950’s) workings at South Lopez returned assays of 2.72% TREO (total rare earth oxide) across 15 feet or 4.57 meters including one 3 foot (0.91m) sample that assayed 5.5% TREO and one select 1 foot (0.30 m) sample that assayed 6.4% TREO (see Figure 1). Two composite dump samples from this area assayed 6.3% and 5.0% TREO, respectively. Consecutive channel samples collected across two outcrops in the North Lopez Trend assayed 2.6% TREO across 7 feet (2.13 m) and 1.7% TREO across 12 feet (3.66 m). Very anomalous channel samples ranging from 0.2% - 2.0% TREO are present at Central Lopez, East Black Butte, and THOR’s West Black Butte areas.
Table/Figure 2 below shows the assay results from the 27 samples collected in early April 2022 at THOR.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b6b8085d-0416-43b4-b2e2-9f77621385bf
Of the 27 rock samples, 21 returned assays with 0.5% or more TREO. Heavy REO as a percentage of TREO ranged from approximately 6.0 - 11.5% with South Lopez samples and 13.2 - 17.6% at North Lopez. Magnet REO which is composed of Pr2O3, Nd2O3, Tb2O3 and Dy2O3 varied from 22% to 24% of TREO in these 21 samples. As noted earlier in this press release, Magnet REO are the critical 4 REE’s that account for 95% of total value of global rare earth oxide. (Adamas Intelligence – Rare Earth Market Outlook to 2035 – Q2 2022 )
“The success of this program greatly validates the potential THOR holds towards our objective of becoming a major part of the global heavy and light REE supply chain,” said Jenny-Claire Ganasi, CEO of Selten Metal. “I anticipate having a larger exploration team on the ground soon, as we methodically advance towards permitting multiple drill locations.”
MP Materials Mountain Pass Mine (26 km or 16 miles west of THOR) was the largest REE mine in the world when it opened in 1952 and for a number of decades thereafter. In 2017, MP Materials reopened the Mountain Pass Rare Earth Mine and Processing Facility with a zero-discharge facility equipped with state-of-the-art environmental systems, the only scaled site of its kind in the Western Hemisphere.
THOR is wholly owned by NexOptic Technology Corporation (“NexOptic”) (TSXV: NXO). An option (the “Option”) to earn up to a 100% interest in THOR has been granted to Selten Metal by NexOptic. Selten Metal entered a Reverse Takeover Transaction Agreement with Railtown Capital Corp. (“Railtown”) in the first quarter of this year. (Please see Selten Metal, Railtown March 28, 2022 Joint News Release for further details.)
Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the THOR Project.
Analytical Procedures:
All samples referenced in this press release were analyzed by Act Labs of Ancaster, Ontario, Canada. Act Labs is an ISO 17025 certified and CAN-P-1579 accredited lab known for reliability of REE analyses. Two standards and two blanks were inserted into this group of samples. Samples were ground to 95% - 200 mesh and using a lithium metaborate/tetraborate fusion with subsequent analysis by ICP-OES and ICPMS. A total of 45 elements are analyzed, including the REE elements. Whole rock oxide analyses were also provided for 10 elements.
Qualified Person:
The technical content disclosed in the press release was reviewed and approved by Curt Hogge, M. Sc., CPG, independent consulting geologist, and a Qualified Person as defined under National Instrument NI 43-101.
About Selten Metal Corp.
Selten Metal was incorporated in May of 2021 and, pursuant to the Option, Selten Metal holds an option to acquire up to a 100% interested in the THOR project, consisting of roughly 2,170 hectares located in Clark County, Nevada.
German for "rare," the word "Selten" represents Selten Metal Corp.'s desire to become a leading producer of heavy and light rare earth elements in the United States-as US sourced rare earths are becoming increasingly critical to the climate economy, modern technologies and for global geopolitical stability.
Selten Metal Corp.
Suite 400 – 22 East 5th Avenue
Vancouver, BC V5T 1G8
Jenny-Claire Ganasi, Chief Executive Officer
Email: invest@seltenmetal.com www.seltenmetal.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the assay results of the surface rock and channel sampling program at THOR; Selten Metal’s objectives, goals or future plans; and the commencement and completion of exploration or drilling programs at THOR. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such actors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forwardlooking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Selten Metal disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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