Quest Rare Minerals Ltd. (TSX:QRM)(NYSE MKT:QRM)(NYSE Amex:QRM) is
pleased to announce that it has resumed exploration and
pre-feasibility study ("PFS") work at its Strange Lake project as
well as field exploration activities at its Misery Lake project as
part of its 2012 exploration programs. Metallurgical work to the
B-Zone (see Press Release: May 15, 2012) continues to proceed as
planned and is showing good progress to delivering an optimized
flow sheet for the deposit.
Strange Lake Exploration Project
At the Strange Lake Project, Quest will be completing 1)
exploration drilling in four areas of the property, 2) geophysical
surveys over the B Zone and its surroundings and 3) technical and
logistical support for the PFS team. Two diamond drill rigs from
Boreal Drilling of Val d'Or, Quebec are being used for this
program. Both drill rigs are currently on site and drilling
commenced on July 23.
A 2,500 m exploration drilling program is planned to drill test
four target areas: 1) to test the southwestern extension of the B
Zone deposit where high grade pegmatite-hosted mineralization was
intersected returning 2.44% total rare earth oxide (TREO) over 8.2
m (Hole BZ11205) and 2.77% TREO over 11.6 m (Hole BZ11240, Figure
1); 2) the pegmatites intersected in historical hole LB-23
(historical Iron Ore Company (IOC) drill hole, Figure 2),
henceforth called the SLW Zone; 3) the Quebec side of the Main Zone
deposit where near surface rare earth element (REE) mineralized
pegmatite was intersected by Quest in 2009 (Figure 3), returning up
to 1.96 % TREO over 11.0 m (Hole SL09002); and 4) additional high
grade mineralized pegmatite south of the B-Zone, henceforth called
the A-Zone. Quest, with the assistance of Abitibi Geophysics Inc.
of Val d'Or, Quebec, will conduct a geophysical investigation of
the B Zone (Figure 4) to define geophysical signatures of the
deposit that can be applied to the identification of new REE
deposits at Strange Lake and elsewhere. An initial orientation
survey will be conducted over the B Zone deposit and if results are
positive the survey will be expanded to surrounding regions of the
Strange Lake Alkali Complex.
Strange Lake B-Zone Pre-Feasibility Study Work
A 1,000 m drilling program has been planned by AMEC of
Mississauga, Ontario to drill geomechanical and geotechnical
monitoring holes for the PFS. These holes will be drilled within
the proposed pit shell and along its northern edge. This drilling
program is expected to be completed by the end of August 2012. In
addition, a 150 m decommissioning drilling program is also planned,
south of the B Zone Deposit, to assist with the location of the
potential mine's infrastructure.
Pre-feasibility field work on the B-Zone project commenced in
July 2012 and is being executed by a seasoned team of engineers and
technicians. AECOM of Montreal, Quebec is currently conducting
environmental and off-site infrastructure surveys. All field work
is expected to be completed by the end of September 2012.
Metallurgical Investigation Progress Report
On May 15, 2012, Quest reported that work at Process Research
Ortech Inc., which commenced in the first quarter of 2012, showed
that significant progress in the separation of the various metal
oxide components through solvent extraction (SX) of B-Zone
mineralization had been achieved. Flow sheets to achieve the
separation of zirconium, niobium, uranium, thorium, and REE
concentrate were established. Quest reported that bench scale work
had confirmed these flow sheets to the extent that a zirconium
hydroxide product and a REE+Y oxalate product had been produced.
Uranium and thorium had also been successfully extracted from the
circuit with the intention of producing an environmentally stable
discharge product. Significant work has been carried out on niobium
and titanium separation since that time. Quest is pleased to report
that a solvent extraction method for the separation of niobium and
titanium has been identified. Economic optimization on the reuse of
reagent is currently being investigated. Each of the separation
streams will be confirmed by Quest's mini-pilot plant work which is
targeted to commence in Q4 2012.
Flotation test work aimed at reducing the overall mass of ore
sent to the leaching stage by rejecting barren minerals has been
conducted over the last two months. Two different floatation
reagents show great promise and although there are small losses of
economically relevant metals, there is important sample mass
reduction which should lead to reduced capital and operating costs
for the envisaged mining operation. An economic assessment will be
carried out following completion of the floatation test program in
August and this will be incorporated if economic benefits are
indicated.
Misery Lake Exploration Project
At the Misery Lake Project an all-season 20-man new camp is near
completion and field crews are expected to mobilize to the area
soon. The diamond drill rigs and crews will be mobilized on site in
early August. The drilling program is anticipated to last two
months with one drill.
In 2011, several boreholes showed promising new REE
mineralization, particularly in holes ML11009 (1.61% TREO over 0.35
m, Figure 5) and ML11010 (6.77% TREO over 0.44 m and 1.75% TREO
over 1.46 m, Figure 6), located near the core zone of the main
Misery Lake layered syenite intrusion. A 5,000 m drilling program
has been planned and will drill test the surroundings of these
holes and will also drill test the two southernmost intrusions and
any subsequent geophysical targets on the property.
Quest plans to continue prospecting magnetic and radiometric
anomalies throughout the Misery Lake project area. In 2012, more
resources will be directed towards the two southern magnetic
features, which although less well-defined, are spatially
associated with REE-mineralized float and outcrops of similar
composition to the host rocks in the main Misery Lake magnetic ring
feature. If mapping and prospecting are successful, Quest will
drill-test these two magnetic ring features to identify subsurface
REE mineralization.
Quest received a proposal from Abitibi Geophysics Inc. of Val
d'Or, Quebec to conduct magnetic, radiometric and IP ground
geophysical surveys at Misery Lake. Any positive results from these
surveys will be evaluated by field crews and verified by diamond
drilling.
Quality Control
Mr. Pierre Guay, P. Geo., is the qualified person on the Strange
Lake and Misery Lake Project exploration under National Instrument
43-101 and is responsible for this news release.
About Quest Rare Minerals
Quest Rare Minerals Ltd. is a Canadian-based exploration company
focused on the identification and discovery of new and significant
Rare Earth deposit opportunities. Quest is publicly listed on the
TSX and NYSE MKT as "QRM" and is led by a highly-respected
management and technical team with a proven mine finding track
record. Quest is currently advancing several high-potential
projects in Canada's premier exploration areas: the Strange Lake
and the Misery Lake areas of northeastern Quebec. Quest's 2009
exploration led to the discovery of a significant new Rare Earth
metal deposit, the B-Zone, on its Strange Lake property in North
Eastern Quebec. Quest recently filed a 43-101 Indicated and
Inferred Resource Estimate on the B-Zone deposit and has completed
a Preliminary Economic Assessment (PEA) for the deposit. In
addition, Quest announced the discovery of an important new area of
REE mineralization on its Misery Lake project, approximately 120 km
south of Strange Lake project. Quest continues to pursue high-value
project opportunities throughout North America. As a result of a
marketed equity financing completed in October 2010, Quest has a
strong working capital position of $41.7 million and is able to
execute on its project intentions. This is expected to be
sufficient to advance Quest's plans of completing PFS and bankable
feasibility studies of the B-Zone REE deposit and to continue
exploration on its other rare earth properties.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable Canadian and U.S. securities
legislation. Forward-looking information and statements may
include, among others, statements regarding the future plans,
costs, objectives or performance of Quest Rare Minerals Ltd.
("Quest"), or the assumptions underlying any of the foregoing. In
this news release, words such as "may", "would", "could", "will",
"likely", "believe", "expect", "anticipate", "intend", "plan",
"estimate" and similar words and the negative form thereof are used
to identify forward-looking statements. Forward-looking statements
should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether, or the
times at or by which, such future performance will be achieved. No
assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits that Quest will derive. Forward-looking
statements and information are based on information available at
the time and/or management's good-faith belief with respect to
future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond Quest's control. These risks, uncertainties and
assumptions include, but are not limited to, those described under
"Risk Factors" in Quest's annual information form dated January 23,
2012, and under the heading "Risk Factors" in Quest's Management's
Discussion and Analysis for the fiscal year ended October 31, 2011
and the quarter ended April 30, 2012, all of which are available on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov, and could cause
actual events or results to differ materially from those projected
in any forward-looking statements. Quest does not intend, nor does
Quest undertake any obligation, to update or revise any
forward-looking information or statements contained in this news
release to reflect subsequent information, events or circumstances
or otherwise, except if required by applicable laws.
To view the map associated with this press release, "Figure 1 -
B-Zone Southwest Extension Drilling Map, Strange Lake Project,
Quebec," please visit the following link:
http://media3.marketwire.com/docs/QRM3107_figure1.pdf.
To view the map associated with this press release, "Figure 2 -
SLW Target Area Drilling Map, Strange Lake Project, Quebec," please
visit the following link:
http://media3.marketwire.com/docs/QRM3107_figure2.pdf.
To view the map associated with this press release, "Figure 3 -
Main Zone Drilling Map, Strange Lake Project, Quebec," please visit
the following link:
http://media3.marketwire.com/docs/QRM3107_figure3.pdf.
To view the map associated with this press release, "Figure 4 -
Geophysical Survey Plan Map, Strange Lake Project, Quebec," please
visit the following link:
http://media3.marketwire.com/docs/QRM3107_figure4.pdf.
To view the map associated with this press release, "Figure 5 -
Central Area Drilling Location Map, Misery Lake Project, Quebec,"
please visit the following link:
http://media3.marketwire.com/docs/QRM3107_figure5.pdf.
To view the map associated with this press release, "Figure 6 -
North Central Drilling Location Map, Misery Lake Project, Quebec,"
please visit the following link:
http://media3.marketwire.com/docs/QRM3107_figure6.pdf.
Contacts: Quest Rare Minerals Ltd. Peter J. Cashin President
& CEO (416) 916-0777 (416) 916-0779
(FAX)peter.cashin@questrareminerals.com Quest Rare Minerals Ltd.
Mehdi Azodi Director, Investor & Corporate Affairs (416)
916-0777 or Cell: (416) 779-3268 (416) 916-0779
(FAX)mehdi.azodi@questrareminerals.com
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