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Geomega Resources Inc
Symbol GMA
Shares Issued 42,825,238
Close 2014-01-28 C$ 0.285
Market Cap C$ 12,205,193
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Geomega drills 27.35 m of 1.43% TREO at Montviel

2014-01-29 08:37 ET - News Release

Mr. Simon Britt reports

GEOMEGA RESOURCES INC.: HEAVY RARE EARTH ZONE DEFINED OVER 350 M BY 20 M BY 230 M AND STILL OPEN AT DEPTH

Geomega Resources Inc. has released the complete results of phase 3 diamond drilling on its rare-earth-elements project Montviel in Quebec. Located in the south wall rock of the Core zone, the heavy REE zone (HREE-S zone) was intersected by five drill holes over 350 metres (east-west) by 20 m (north-south) by 230 m vertical and is still open in depth. The heavy REE minerals are fluoro-carbonates similar to those found in the Core zone.

Highlights of the news release:

  • HREE-S zone extended over 200 m (east-west) by 100 m vertical and is still open at depth;
  • Preliminary interpretation of a second enrichment zone in the northwest wall rock of the Core zone;
  • Dysprosium enrichment of over 400 per cent compared with the Core zone;
  • Heavy-rare-earth enrichment in fluoro-carbonate minerals.

"The 3-D modelling, and the mineralogical and geochemical characterization realized in collaboration with the Universite du Quebec a Montreal have allowed a precise geological interpretation of the HREE-S zone. Also with these works, a new heavy REE zone, located in the northwest wall rock of the Core zone, is taking form. The width of the HREE-S zone and the preliminary interpretation of a second zone confirm the excellent potential of the Montviel carbonatite to contain heavy REE enrichment," commented Alain Cayer, vice-president of exploration of Geomega.

                     PHASE 3 HIGHLIGHTS (DIAMOND DRILLING OF 2,058 METRES)  
        
                                                        Dysprosium   Neodymium   Europium   Terbium
Hole          From         To    Core length       TREO      oxide       oxide      oxide     oxide
                (m)        (m)            (m)        (%)      (ppm)       (ppm)      (ppm)     (ppm)

77           172.5     181.85           9.35       1.13        101       2,389        103        28
             196.6      205.1           8.50       0.85        118       1,606         85        30
78           180.0     207.35          27.35       1.43        170       2,495        118        40
including    183.0      190.5           7.50       2.38        384       4,667        242        90
including    183.0      184.5           1.50       1.13        830       1,662        230       172
79           231.0      243.0          12.00       1.85        101       2,896        129        25
81           186.0      208.5          22.50       0.69        105       1,388         77        24
83           240.0      253.5          13.50       0.76        112       1,595         87        28
             259.5      267.0           7.50       0.66        112       1,610         75        28
             282.0      300.0          18.00       0.55        100       1,190         74        25

1. True width is estimated between 60 per cent to 75 per cent based on structural interpretation of 
the HREE-S zone.                                          
2. Cerium, lanthanum, neodymium and praseodymium are the most abundant rare-earth oxides.                                                               

Drill holes MVL-13-80 and MVL-13-82 completed phase 3, and defined the east and west extremities of the HREE-S zone. The new geological interpretation will be available on the company's website in the upcoming days.

Global market for permanent magnets to reach $22.9-billion (U.S.) by 2018

Currently, the most critical REEs are neodymium and dysprosium due to the growing demand for high-performance permanent magnets. Global market projections indicate a high growth rate of 8.7 per cent annualized over the next five years and a value of $22.9-billion (U.S.) in 2018 ($13.9-billion (U.S.) in 2012).

Physical separation technology of REE -- neighbour elements

The company expects that the results of the next series of separation tests to isolate neighbour REEs such as neodymium versus praseodymium and dysprosium versus terbium will be available and disclosed prior the end of February.

Technology agreement

On Jan. 27, 2014, the TSX Venture Exchange conditionally approved the technology agreement between Dr. Pouya Hajiani and the company. Under the terms of the technology agreement, the company shall issue one million common share purchase warrants to Dr. Hajiani in exchange for all rights, title and interest in two patents related to the physical separation technology. The warrants become exercisable upon demonstration of high-purity (greater than 99 per cent) separation in a pilot plant using the separation technology of the following REE from the Montviel concentrate: neodymium, dysprosium, europium and praseodymium. Each warrant entitles Dr. Hajiani to subscribe to one common share at an exercise price of 15 cents expiring July 1, 2018.

National Instrument 43-101 disclosure

Alain Cayer, PGeo, MSc, vice-president of exploration, is the qualified person under NI 43-101 guidelines who supervised and approved the preparation of the technical information in this news release.

ALS Global conducted all analyses in its Vancouver laboratory. The analyses were done on every sample using lithium metaborate fusion, followed by ICP analysis and completed by mass spectrometry. Specific XRF assays were conducted on niobium. Quality assurance and quality control were done by systematically using REE standards, blanks and duplicates.

We seek Safe Harbor.

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