Great American Energy, Inc. Announces Phase I Exploration Plan Details for Great Bear Rare Earth Project in BC, Canada
DENVER--(BUSINESS WIRE)-- Great American Energy, Inc. (OTCBB: SRBL) ("Great American Energy" and/or "the Company") announces 2013 exploration plan details for the Company's Phase I Bear Creek Rare Earth Project in BC, Canada, which warrants a further work program based on the property's potential mineralization.
The Company's exploration plan has been designed to better determine the resource and production potential of the Bear Creek Rare Earth Project, which consists of 10 mining claims totaling ~7,311 acres (~2,959 hectares) that contain potential for significant resources of rare earth elements (REEs) and may contain rare earth oxides. The property lies within the Rocky Mountain Rare Metal Belt, which runs from southeast to northwest BC. In total, the BC Geological Survey has mapped 106 rare metal and/or REE occurrences in the province, most of which fall within the belt.
The Company's Phase I 2013 exploration program will obtain the maximum geological data possible through geochemical and geological mapping. Both of these approaches will collect significant information by providing at least two initial layers of geological data that can be coupled with a subsequent Phase II geophysical program to identify drill targets. In addition, neither geochemical nor geological mapping require a work permit, enabling the exploration program to advance more quickly and at lower cost.
The 2013 exploration work area covers an 8-km2 area (4-km east-west by 2-km north-south). The area was selected from areas that previously underwent assessment work in 2010 and 2011; yielded the highest REE assay results; and which correspond with local regional faulting and the Intrusive known as the Trail Pluton.
The Phase 1 exploration program will initiate defining the structural components, mineralized zones and extent of outcrop hosting the Chromite cubes/tetrahedrons REE rocks. Geochemical soil sampling will be performed across a 200m east-west area with 100m line spacing and sample sites offset by 100m to optimally cover the target area. It is expected that roughly 350 to 375 soil samples will be collected across the target area.
Detailed geological mapping of the area will occur at the same time as the soil sampling program. Mapping will focus on lithology, structure, alteration, mineralization and veining. Coupled with the mapping program will be prospecting and rock sample collection (roughly 40 to 50 rock samples) for REE analysis across the area of study.
"Our geochemical soil sampling and geological mapping efforts will effectively advance our understanding and assessment of the Bear Creek Rare Earth Project," commented Felipe Pimienta, Great American Energy's CEO. "Once our Phase I data is in hand and analyzed, we'll be better able to evaluate the project's full potential while determining next steps toward quantifying the project's resource and production potential."
Learn more about the Bear Creek Rare Earth Project, the Company, and its recent news at Great American Energy's website: http://www.gamericanenergy.com.
ABOUT GREAT AMERICAN ENERGY, INC.
Great American Energy, Inc. is a publicly traded (OTCBB: SRBL) mineral exploration and development company focused on supporting America's growing clean energy and clean tech industries. Based in Denver, Colorado, Great American Energy is dedicated to responsibly identifying, acquiring and developing mineral assets in America and US-friendly countries. The Company's portfolio of projects currently targets lithium and rare earth element production, both of which are essential to America's clean energy and clean tech industries. For more information on the Company and its activities, visit Great American Energy's website at http://www.gamericanenergy.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Great American Energy, Inc.
Felipe Pimienta, CEO
999 18th Street
This press release includes certain statements that are forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on Great American Energy, Inc.'s current expectations and projections regarding future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to Great American Energy Inc.'s anticipated new developments, business prospects, financial performance, strategies and similar matters. Great American Energy, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
1. Bear Creek Rare Earth Project Report. Dr. Stewart A. Jackson, PhD, P, GeoI., Feb. 12, 2011.
2. Resource World Magazine, Aug. 2010.
3. BC Ministry of Energy and Mines website, July 4, 2012.
Great American Energy, Inc.
Steve Carr, 1-800-673-5088
KEYWORDS: United States North America Canada Colorado
The article Great American Energy, Inc. Announces Phase I Exploration Plan Details for Great Bear Rare Earth Project in BC, Canada originally appeared on Fool.com.
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