Post by Franko10 ™ on Sept 20, 2004 14:23:34 GMT -5
Great Western Gold Corp.
Suite 303, 416 21st Street East
Saskatoon, SK S7K 0C2
CDNX: GWG
CUSIP: 39144H107
January 26, 2001
Firm lands funding to probe rare earth deposit
BUSINESS SECTION
The StarPhoenix
Saskatoon, Saskatchewan
Friday, January 26, 2001
Tech stock retreat aids development of Hoidas Lake find
By Murray Lyons
of The StarPhoenix
A Saskatoon junior mining company, after a year’s delay, has found the investment money it needs to do further drilling and prospecting work at a rare earth deposit in northern Saskatchewan.
Great Western Gold Corp., which trades on the Canadian Venture Exchange, is drilling about 20 holes to determine how continuous the deposit of rare earths might be at Hoidas Lake.
The core samples will be sent to the Saskatchewan Research Council (SRC) laboratory
in Saskatoon for assay results.
Garry Billingsley, Great Western’s president, says money finally became available to the company late last year after investors retreated from technology stocks and took another look at junior mining companies.
Rare earth deposits, as the name suggests, are found in relatively few places in the world.
The elements are in demand in such applications as permanent magnets in medical imaging devices, rechargeable batteries and fuel cells. Some rare earths also are incorporated in coating materials for CD-ROMs.
North American manufacturers, which buy some $600 million worth of rare earth compounds each year, must import 75 per cent of their supply.
The Hoidas Lake property was originally staked by Daren Industries Ltd. of Vancouver, a mining company interested in industrial minerals that is developing a silica deposit at a site along the Hanson Lake Road.
Billingsley's company is seeking to earn a 70 per cent interest in Hoidas Lake through its exploration of the property.
A mine operating in Australia has produced ore samples that average 20 per cent rare earth oxides, and Billingsley says individual assays of previous trench samples at Hoidas Lake have found assays at least that high.
Billingsley described the rare earth zone at Hoidas Lake as being shaped like a vertical sheet along a geological fault line.
"It appears to be about 13 metres wide and how far down it goes is anyone’s guess," he said.
While Great Western Gold also has some diamond kimberlite properties staked in the Candle Lake area, Billingsley said his company is concentrating on Hoidas Lake and rare earths because the costs of proving out a rare earth find are substantially less than developing a diamond deposit.
Billingsley says the work done at Hoidas Lake may be about 25 per cent along the road to possible production.
He says the company will likely keep drill equipment in place after spring breakup and spend some of the summer aggressively prospecting parts of the formation which have not yet seen extensive work. A mine processing 200 tonnes a day could go ahead if anywhere from 200,000 to 300,000 tonnes of ore is identified in the formation, Billingsley said. The company has hired an American technical adviser, Neil Yingling, who is an expert on re-mote sensing methods and also writes a newsletter on mining developments read in the investment community.
See the article as Adobe Acrobat PDF:
"Firm lands funding to probe rare earth deposit "
(The StarPhoenix, Friday, January 26, 2001)
--------------------------------------------------------------------------------
Great Western Gold Corp. is a Saskatchewan-based corporation engaged in the acquisition, exploration and development of unique and strategic mineral properties including diamonds and rare earth elements. Shares of the Company trade on the Canadian Venture Exchange under the symbol GWG.
For further information, please call Gary Billingsley at 1 306 664 0028.
GREAT WESTERN GOLD CORP.
Gary Billingsley
President
The Canadian Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
© 2004 Great Western Minerals Group Ltd.
Suite 303, 416 21st Street East
Saskatoon, SK S7K 0C2
CDNX: GWG
CUSIP: 39144H107
January 26, 2001
Firm lands funding to probe rare earth deposit
BUSINESS SECTION
The StarPhoenix
Saskatoon, Saskatchewan
Friday, January 26, 2001
Tech stock retreat aids development of Hoidas Lake find
By Murray Lyons
of The StarPhoenix
A Saskatoon junior mining company, after a year’s delay, has found the investment money it needs to do further drilling and prospecting work at a rare earth deposit in northern Saskatchewan.
Great Western Gold Corp., which trades on the Canadian Venture Exchange, is drilling about 20 holes to determine how continuous the deposit of rare earths might be at Hoidas Lake.
The core samples will be sent to the Saskatchewan Research Council (SRC) laboratory
in Saskatoon for assay results.
Garry Billingsley, Great Western’s president, says money finally became available to the company late last year after investors retreated from technology stocks and took another look at junior mining companies.
Rare earth deposits, as the name suggests, are found in relatively few places in the world.
The elements are in demand in such applications as permanent magnets in medical imaging devices, rechargeable batteries and fuel cells. Some rare earths also are incorporated in coating materials for CD-ROMs.
North American manufacturers, which buy some $600 million worth of rare earth compounds each year, must import 75 per cent of their supply.
The Hoidas Lake property was originally staked by Daren Industries Ltd. of Vancouver, a mining company interested in industrial minerals that is developing a silica deposit at a site along the Hanson Lake Road.
Billingsley's company is seeking to earn a 70 per cent interest in Hoidas Lake through its exploration of the property.
A mine operating in Australia has produced ore samples that average 20 per cent rare earth oxides, and Billingsley says individual assays of previous trench samples at Hoidas Lake have found assays at least that high.
Billingsley described the rare earth zone at Hoidas Lake as being shaped like a vertical sheet along a geological fault line.
"It appears to be about 13 metres wide and how far down it goes is anyone’s guess," he said.
While Great Western Gold also has some diamond kimberlite properties staked in the Candle Lake area, Billingsley said his company is concentrating on Hoidas Lake and rare earths because the costs of proving out a rare earth find are substantially less than developing a diamond deposit.
Billingsley says the work done at Hoidas Lake may be about 25 per cent along the road to possible production.
He says the company will likely keep drill equipment in place after spring breakup and spend some of the summer aggressively prospecting parts of the formation which have not yet seen extensive work. A mine processing 200 tonnes a day could go ahead if anywhere from 200,000 to 300,000 tonnes of ore is identified in the formation, Billingsley said. The company has hired an American technical adviser, Neil Yingling, who is an expert on re-mote sensing methods and also writes a newsletter on mining developments read in the investment community.
See the article as Adobe Acrobat PDF:
"Firm lands funding to probe rare earth deposit "
(The StarPhoenix, Friday, January 26, 2001)
--------------------------------------------------------------------------------
Great Western Gold Corp. is a Saskatchewan-based corporation engaged in the acquisition, exploration and development of unique and strategic mineral properties including diamonds and rare earth elements. Shares of the Company trade on the Canadian Venture Exchange under the symbol GWG.
For further information, please call Gary Billingsley at 1 306 664 0028.
GREAT WESTERN GOLD CORP.
Gary Billingsley
President
The Canadian Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
© 2004 Great Western Minerals Group Ltd.