Toronto, Ontario--(Newsfile Corp. - November 27, 2023) - Quebec Rare Earth Elements Corp. (CSE: QREE) (the "Company") is pleased to announce the acquisition of additional lands abutting the Lynx REE project located in Quebec, Canada. The Lynx REE project is located 15 km north of Dolbeau-Mistassini and 90 km northwest of Saguenay, Quebec, and covers 2,034 Ha (20.3 sq. km). The additional property abutting Lynx was acquired by staking and covers a further 2,543 Ha (25.4 sq. km) for a total of 4,577 Ha (45.7 sq. km). See Figure 1 below for location of Lynx and Carcajou REE properties, close to Saguenay, QC, a major Regional Hub with daily flights to Montreal.
Figure 1 - Location of Lynx and Carcajou REE Properties, Close to Saguenay, QC, Major Regional Hub
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Lynx REE Project Overview
The Lynx REE Project covers a late mafic igneous intrusive plug covering an estimated area of 6km x 2km based on recent government geological mapping and airborne geophysical data (Figure 2). Sporadic outcropping exposures of the intrusive shows a coarse grained diopside-apatite-biotite mineralogy with minor amounts of carbonate, and titanite. The project has seen minimal historical work, limited to mapping and sampling.
The limited historical work was completed by Tectonic Resources Inc, the vendors of the project. Samples taken returned interesting results, including up to 4,925 PPM of Total Rare Earth Oxides (TREO) with NdPr/TREO ratios of up to 0.3. In addition, a pegmatite dykes near the intrusive has returned up to 3.8% TREO.
Figure 2: Lynx Project magnetic vertical gradient map with recent grab sample results.
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Lynx Project Location
The Saguenay area is located within the Grenville Gneiss Province of the Canadian Shield. Two known carbonatite intrusives hosting niobium (Niobec) and rare earths elements (Crevier carbonatites), are located 80 km SE and 70km NW respectively from the Lynx property. The Lynx property and intrusive have direct access via well-maintained forestry roads from the near-by town of Dolbeau-Mistassini. Figure 3 below shows the Lynx REE property and its proximity to the existing Carcajou REE property.
Figure 3 - Location of Lynx and Carcajou REE Properties
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Lynx has Excellent Potential for a REE Discovery
Benoit Desormeaux, President & CEO, states 'With the increasing need for green energy sources to reduce CO2 emissions, we believe that the need for REEs will significantly increase in the near term. The fundamental REE demand for permanent magnets and the need for customers and governments to seek REE supply chains outside of China will drive REE demand in mining jurisdictions like Quebec. The Saguenay area is a favourable area for REE mineralization as indicated by proximate known carbonatites and Nb-REE deposits. Despite this favourable setting, the Lynx project has never been drilled. We believe the Lynx project has excellent potential for a new REE discovery.'
Strategy and 2024 Plans
QREE is in the process of establishing a 2024 work program for Lynx. As the Company continues to evaluate its existing pre-resource REE properties, Lynx and Carcajou, it is also evaluating external development projects (PEA or better) with published technical studies. The work plan for 2024 will be communicated when approved.
Visit our website at www.QREE.ca.
Qualified Person (QP)
The technical information in this news release has been reviewed and approved by Richard Roy, P.Geo, consulting geologist to QREE, who is a "Qualified Person" (as defined in NI 43-101).
About QREE
Quebec Rare Earth Elements Corp. (QREE) is a mining exploration and development company focused on Rare Earth Elements (REE), primarily in the favourable mining jurisdiction of Quebec. QREE is lead by a Quebec based team that has decades of mining experience across all stages of development, from grass roots discoveries, resource development, economic studies, financing, construction, production and on-going operations. Local community engagement is a core principle on which we seek to build a sustainable, high quality, high integrity business for the benefit of all stakeholders. QREE is listed on the Canadian Securities Exchange under the symbol "QREE".
For More Information, Please Contact:
QUEBEC RARE EARTH ELEMENTS CORP.
Benoit Desormeaux, CPA
President & Chief Executive Officer
Email: info@QREE.ca
Tel: 1-833-572-2333
Toronto Office:
Suite 401 - 217 Queen Street West
Toronto, ON M5V 0R2 Canada
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including, but not limited to, the Company's ongoing business plan. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about QREE's business and the industry and markets in which it operates. Such forward information and statements are based on numerous assumptions, including among others, that general business and economic conditions will not change in a material adverse manner, that locations of historical mineral resources estimates and showings could lead to new mineralization discoveries and potentially be verified as current mineral resource estimates, that financing will be available if and when needed and on reasonable terms to conduct further exploration and operational activities, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct QREE's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by QREE in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of QREE to differ materially from any projections of results, performances and achievements of QREE expressed or implied by such forward-looking information or statements, including, among others: limited operating history, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, delays or failure to obtain required permits and regulatory approvals, no known mineral resources/reserves, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; changes in laws and regulation, competition, and uninsurable risks, community relations, delays in obtaining governmental or other approvals and the risk factors with respect to QREE set out in QREE's public disclosures filed with the Canadian securities regulators and available under QREE's profile on SEDAR at www.sedar.com.
Although QREE has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. QREE undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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