Vancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - RARE EARTH RIDGE CORP. (the "Company" or "Rare Earth Ridge"), is pleased to announce it has entered into an agreement dated November 8, 2023 (the "Agreement"), to acquire an additional claim (the "Conrad Claim") adjacent to the Company's Mount Major Hart property (the "Property").
The Property is located in north-central British Columbia (BC), Canada (Figure 1). With the acquisition of the Conrad Claim, the Property now comprises six (6) British Columbia mining claims covering 2,563 ha (6,333 acres), located about 93 km East-Northeast of the village of Dease Lake, within the Northwest Region of northern British Columbia (Figure 2). Access is by helicopter from Dease Lake which is located along BC Highway 37 and with access to accommodation, fuel and grocery services.
Historical sediment sampling combined with recent sediment sampling by Rare Earth Ridge along the western boundary of its Property identified a prominent target for both rare earth elements and yttrium (TREE+Y) and tin on the Conrad Claim. The prior silt sediment samples combined with the Rare Earth Ridge sampling results highlighted a 2.8 km x 1.8 km area as anomalous for both TREE+Y and tin that straddles the Mount Hart and Conrad Claims. Silt sediment samples from creeks draining the area range from 620 to 1197 ppm TREE+Y. These drainages are also anomalous for tin with values ranging from 16 to 304 ppm in the silt sediment samples. The area of anomalous TREE+Y and tin occurs along the contact between the favourable peralkaline Mount Major Hart granite and older ultramafic rocks and suggests potential for both TREE+Y and tin greisen deposits. Additionally, the acquired claim expands the property from 1,910 to 2,563 hectares providing valuable and highly prospective additional ground for long term planning.
The Property is located in the tin-tungsten belt of British Columbia within an area having undergone multiple terrane collisions, combined with prolonged thrust and extensional faulting. The Property covers much of the Major Hart pluton, a peralkaline granite with a lithologic composition suitable for the enrichment of TREE+Y and other critical metals.
Pursuant to the Agreement, the Company intends to acquire the Conrad Claim for 6,000,000 common shares of the Company. In addition, there is a 2.0% net smelter royalty ("NSR") on the Conrad Claim from commercial production. The Company has the right to purchase the 50% of the 2% NSR from the vendors for $1,000,000 at any time prior to commencement of commercial production. The vendor is an entity controlled by a director of the Company and the vendor is therefore non-arm's length from the Company. That director abstained from voting on the Company's approval of this transaction.
Figure 1: Location map, Mount Major Hart property
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Figure 2: Claim map, Rare Earth Ridge property
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The Company also announces that Mr. Jake Tiley has resigned as a Director to pursue other opportunities. We thank Mr. Tiley for his time with the board and wish him success in his future endeavours.
QA/QC
Historical silt sediment samples were collected by contractors employed by a former holder of mineral titles in the area of the Conrad Claims. The methodology of sample collection and analysis of these samples is described in British Columbia Geological Survey Assessment Report 32384. The Historical silt sediments were gathered from the actively flowing channels of streams and placed in appropriate containers. The silt sediment samples were sent to Acme Analytical Laboratories in Vancouver B.C. where they underwent standard sample preparation before under going a lithium metaborate / tetra borate fusion followed by analysis by ICP-MS analysis for rare earth elements and tin. Silt sediment samples collected by Rare Earth Ridge's personnel were collected from the actively flowing stream channel, placed in kraft paper envelopes and sent to ALS Laboratories in Vancouver where the samples were dried and screened to -80 mesh. A sub sample of the screened material underwent a 4-acid digestion prior to being analysed by multi element ICP MS +REE package.
Michael McClintock, P.Eng. with the McClintock Group is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosures in this release.
About Rare Earth Ridge Resources
Rare Earth Ridge Resources Corp. is a Canadian junior mining exploration company with its 100% owned Mount Major Hart property located in British Columbia. The Company is focussed on rare earth elements and critical metals. More information can be found at the Company's website at www.rareearthridgeresources.com. The Company is a private company.
ON BEHALF OF RARE EARTH RIDGE RESOURCES CORP.
"Barry Miller"
President, CEO and Director
T: (778) 232-1878
E: barry@rareearthridge.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Rare Earth Ridge. Forward-looking information is based on certain key expectations and assumptions made by the management of Rare Earth Ridge. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although Rare Earth Ridge believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Rare Earth Ridge can give no assurance that they will prove to be correct.
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