TORONTO, ONTARIO--(Marketwire - Jan. 12, 2012) - Quest Rare Minerals Ltd. (TSX VENTURE:QRM)(NYSE Amex:QRM) is pleased to report the assay results from the 2011 definition diamond drilling program completed on its Strange Lake B-Zone Rare Earth Element (REE) deposit. Final lab results for holes BZ-11-118 to BZ-11-255 have returned multiple, high-grade Total Rare Earth Oxide (TREO) intersections of between 1.12% and 6.11% over thicknesses of 2.34 m to 147.0 m. Heavy Rare Earth Oxide (HREO) represents between 22.4% and 76.5% of the TREO content intersected in the new drilling. Best intersection grades returned 1.44% TREO over 144.4 m (BZ11218); 1.23% TREO over 116.1 m (BZ11189), including 3.04% TREO over 11.7 m and 4.9% TREO over 4.9 m; and 1.18% TREO over 95.9 m (BZ11135), including 1.48% TREO over 45.6 m and 3.29% TREO over 9.9 m. Important enrichment in zirconium (ZrO2), niobium (Nb2O5) and hafnium (HfO2) continues to characterize mineralization. The detailed drill sample analysis table and typical diamond drill sections are available on Quest's website homepage at www.questrareminerals.com.
"Our 2011 definition program has now provided Quest with the confidence of good continuity and grade of the B-Zone deposit within the pit shell outline established by our April 2011 Revised Resource Estimate," said Peter Cashin, Quest's President & CEO. "Our exploration efforts will now focus on upgrading our Indicated and Inferred Resource into Proven and Probable Reserves, to be used in the pre-feasibility study now underway for the B-Zone. We have now defined sufficient resources to more than satisfy the minimum 25-year production model established by the Preliminary Economic Assessment report delivered in 2010. Geotechnical and metallurgical drilling in support of our pre-feasibility study was also completed during the 2011 field season."
B-Zone Definition Drill Program
Assays have been received for 138 diamond drill holes representing 17,110.4 m (see Table 1). The drilling program tested the extent of B-Zone mineralization to the limits of the Whittle Pit shell established by Quest's 43-101 Revised Resource Estimate (see Press Release : April 13, 2011), on a 50 m by 50 m drilling pattern (see Figure 1). The new drilling was focused on tight definition of the upper 150 m of the deposit, although mineralization is observed to continue down to 325 m vertical. In addition to enlarging the peripheral limits to the deposit within the pit shell, drilling indicates that good higher-grade Pegmatite-style mineralization continues to the southwest, past the established limit to the pit shell (see Figure 2). In addition to the definition drilling, 53 holes for 4,772.0 m were completed for metallurgical testing purposes across the full extent of mineralization defined within the pit shell as well as for geotechnical testing. This data will be used in the pre-feasibility study currently underway on the B-Zone.
The best results from the definition drill program (see Table 1 for drillhole locations) are:
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Length %
HOLE-ID FROM TO (m) TREO% LREO% HREO% (HREO/TREO)
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BZ11118 12.86 54.47 41.61 1.6260 0.8491 0.7769 47.78
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including 18.30 30.57 12.27 2.3812 1.1662 1.2150 51.03
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BZ11122 9.00 115.19 106.19 1.1078 0.6264 0.4814 43.46
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including 27.18 44.00 16.82 1.7909 0.7524 1.0387 58.00
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and including 27.18 34.90 7.72 2.7055 1.0407 1.6649 61.54
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and including 84.41 96.10 11.69 1.3249 0.7121 0.6130 46.27
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BZ11124 16.80 72.40 55.60 1.1349 0.6233 0.5115 45.07
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including 16.80 32.50 15.70 1.4139 0.8132 0.6007 42.48
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and including 69.18 72.40 3.22 2.4528 1.1808 1.2714 51.83
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BZ11125 2.82 126.00 123.18 1.1257 0.5773 0.5484 48.72
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including 19.80 37.25 17.45 2.5327 0.8238 1.7088 67.47
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and including 27.60 35.25 7.65 3.6087 0.9373 2.6714 74.03
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and including 79.94 97.50 17.56 1.0490 0.6454 0.4036 38.47
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BZ11126 3.00 126.00 123.00 1.0726 0.5951 0.4773 44.50
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including 31.00 60.64 29.64 1.8610 0.9088 0.9522 51.16
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and including 31.00 39.71 8.71 2.4447 1.0988 1.3456 55.04
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and including 50.46 55.36 4.90 3.6769 1.8551 1.8218 49.55
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and including 50.46 60.64 10.18 2.3681 1.2265 1.1416 48.21
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BZ11135 1.25 97.00 95.75 1.1843 0.6218 0.5626 47.50
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including 4.75 50.36 45.61 1.4832 0.6760 0.8073 54.43
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and including 40.50 50.36 9.86 3.2870 1.0947 2.1922 66.69
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and including 4.75 6.58 1.83 3.3806 1.6622 1.7179 50.82
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BZ11138 2.30 126.00 123.70 1.0830 0.6115 0.4717 43.55
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including 2.30 45.00 42.70 1.3366 0.7258 0.6109 45.70
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and including 6.73 17.34 10.61 1.5308 0.7573 0.7734 50.52
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and including 27.86 36.00 8.14 1.6422 0.9113 0.7310 44.51
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and including 92.00 109.64 17.64 1.2895 0.7180 0.5715 44.32
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BZ11141 3.77 126.00 122.23 1.1390 0.6134 0.5256 46.14
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including 3.77 47.36 43.59 1.5088 0.6900 0.8188 54.27
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and including 9.33 27.00 17.67 1.8384 0.8029 1.0356 56.33
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and including 20.31 27.00 6.69 2.2973 0.9061 1.3910 60.55
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and including 44.00 47.36 3.36 3.2102 1.1954 2.0148 62.76
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BZ11143 1.69 126.00 124.31 1.1291 0.6668 0.4623 40.94
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including 46.87 64.00 17.13 2.7298 1.5151 1.2148 44.50
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BZ11150 9.20 111.00 101.80 1.0993 0.6641 0.4352 39.59
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including 45.94 59.25 13.31 1.9343 0.9742 0.9600 49.63
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and including 53.89 59.25 5.36 2.1683 0.8414 1.3270 61.20
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and including 75.50 81.68 6.18 1.4024 0.8750 0.5278 37.64
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BZ11164 6.00 126.00 120.00 1.0924 0.5848 0.5076 46.47
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including 23.90 73.65 49.75 1.4425 0.6794 0.7631 52.90
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and including 58.98 60.55 1.57 2.0250 1.1133 0.9118 45.02
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and including 68.45 73.65 5.20 4.1464 1.4708 2.6756 64.53
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BZ11176 6.49 150.00 143.51 1.0957 0.6054 0.4903 44.75
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including 11.00 60.35 49.35 1.3325 0.6583 0.6741 50.59
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and including 22.16 60.35 38.19 1.4486 0.6917 0.7570 52.25
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BZ11189 9.90 126.00 116.10 1.2293 0.7328 0.4965 40.39
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including 32.54 36.48 3.94 4.9015 2.3843 2.5172 51.36
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and including 76.66 88.34 11.68 3.0352 1.5811 1.4541 47.91
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BZ11218 5.65 150.00 144.35 1.1437 0.6226 0.5211 45.56
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including 17.60 18.60 1.00 3.1681 2.4576 0.7105 22.43
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and including 34.48 40.48 6.00 2.0526 0.7954 1.2572 61.25
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and including 118.15 126.15 8.00 2.6715 1.2857 1.3858 51.87
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BZ11228 3.30 126.00 122.70 1.1060 0.6576 0.4484 40.54
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including 4.60 58.41 53.81 1.3265 0.7528 0.5737 43.25
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and including 24.50 30.65 6.15 2.0825 1.2053 0.8772 42.12
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and including 38.38 44.60 6.22 1.9376 0.9378 0.9998 51.60
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Where: TREO=Total Rare Earth Oxides, includes Y2O3=yttrium oxide (i),
La2O3=lanthanum oxide (i), Ce2O3=cerium oxide (i), Pr2O3=praseodymium
oxide (i), Nd2O3=neodymium oxide (i), Sm2O3=samarium oxide,
Eu2O3=europium oxide, Gd2O3=gadolinium oxide, Tb2O3=terbium oxide (i),
Dy2O3=dysprosium oxide (i), Ho2O3=holmium oxide, Er2O3=erbium oxide,
Tm2O3=thulium oxide (i), Yb2O3=ytterbium oxide, Lu2O3=lutetium oxide
(i); LREO=light rare earth oxides, includes La2O3=lanthanum oxide,
Ce2O3=cerium oxide, Pr2O3=praseodymium oxide, Nd2O3=neodymium oxide,
Sm2O3=samarium oxide; HREO=heavy rare earth oxides, includes Y2O3=yttrium
oxide, Eu2O3=europium oxide, Gd2O3=gadolinium oxide, Tb2O3=terbium oxide,
Dy2O3=dysprosium oxide, Ho2O3=holmium oxide, Er2O3=erbium oxide,
Tm2O3=thulium oxide, Yb2O3=ytterbium oxide, Lu2O3=lutetium oxide. The
principal REO at the B-Zone are depicted by an asterisk (i).
The better grades of mineralization are associated with what is termed Pegmatite-style material, which is composed of a high proportion of pegmatite sheets that are intercalated with extremely-altered Strange Lake peralkaline granite at the uppermost parts of the B-Zone mineralized system. The highly-altered, granite-hosted zones continue to carry elevated grades of REE in excess of 0.7% TREO over core lengths of more than 314.6 m (see Press Release: December 9, 2010). These grades exceed the economic cut-off of 0.58% TREO determined for the deposit by Quest's Revised Resource Estimate for the B-Zone (see Press Release: April 13, 2011).
2012 Exploration Program
Plans for upcoming winter and summer exploration programs on the B-Zone are well advanced and will include 15,000 m of exploration and geotechnical drilling, prospecting, geological mapping and rock sampling as well as the collection of additional bulk sample material to supplement an 18-tonne sample currently in storage. This material will be used for the planned Pilot Mill testing program to be undertaken once the metallurgical flow sheet for the B-Zone has been finalized. In addition, preliminary engineering and baseline environmental work for use in the current pre-feasibility study for the B-Zone will continue. As well, parallel-path data collection for use in the subsequent bankable feasibility study (BFS) of the B-Zone has been undertaken as a means to fast-track completion of the BFS. The exploration drilling will focus on defining additional areas of surface high grade Pegmatite-style mineralization on five priority targets located on the Strange Lake property.
Quality Control
Mr. Peter Cashin, P. Geo., is the qualified person on the Strange Lake Project under National Instrument 43-101 and is responsible for this news release. Material for analysis has been obtained from drill core which was cut in half using a diamond saw. Half of the core was sent to the lab for analysis, with the remaining half left on-site for future reference. A strict QA/QC program is followed which includes the use of elemental standards, duplicates and blanks. Analyses were performed by Activation Laboratory Limited of Ancaster, Ontario.
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 Venture Exchange and NYSE Amex 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 Misery Lake areas of northeastern Quebec and the Plaster Rock area of northwestern New Brunswick. 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 northeastern 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 $44.5 million. This will be sufficient to advance Quest's plans of completing pre-feasibility 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 March 2, 2011, and under the heading "Risk Factors" in Quest's Management's Discussion and Analysis for the quarter ended July 31, 2011, both 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 Figure 1 - Geological and Diamond Drilling Compilation Map, B-Zone REE Deposit, Strange Lake Project, Quebec, please visit the following link: http://media3.marketwire.com/docs/758047_fig_1.pdf
To view Figure 2 - Cumulative Thickness Isopach Map of Pegmatite-style Mineralization, B-Zone REE Deposit, Strange Lake, Quebec, please visit the following link: http://media3.marketwire.com/docs/758047_fig_2.pdf
Table 1 - Summer Diamond Drillhole Location Table, B-Zone Deposit, Strange
Lake, Quebec
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HOLE-ID Easting Northing Elevation (m) Length Dip Azimuth
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BZ11118 427980 6243074 449 125.30 -90.00 0.00
BZ11119 428027 6243000 457 114.05 -90.00 0.00
BZ11120 428063 6242949 463 117.00 -90.00 0.00
BZ11121 428094 6242897 472 117.00 -90.00 0.00
BZ11122 427967 6243023 454 115.19 -90.00 0.00
BZ11123 427994 6242969 459 117.00 -90.00 0.00
BZ11124 428022 6242910 468 126.00 -90.00 0.00
BZ11125 428063 6242837 480 126.00 -90.00 0.00
BZ11126 428087 6242794 487 126.00 -90.00 0.00
BZ11127 428111 6242750 496 126.00 -90.00 0.00
BZ11128 428134 6242711 504 126.00 -90.00 0.00
BZ11129 428158 6242667 513 123.00 -90.00 0.00
BZ11130 428189 6242611 525 126.00 -90.00 0.00
BZ11131 428147 6242599 525 99.00 -90.00 0.00
BZ11132 428127 6242633 521 117.00 -90.00 0.00
BZ11133 428025 6242813 481 99.00 -90.00 0.00
BZ11134 427998 6242866 473 151.00 -90.00 0.00
BZ11135 428058 6242756 492 97.00 -90.00 0.00
BZ11136 427965 6242922 463 150.00 -90.00 0.00
BZ11137 427932 6242876 468 150.00 -90.00 0.00
BZ11138 427961 6242819 475 126.00 -90.00 0.00
BZ11139 428005 6242744 490 129.00 -90.00 0.00
BZ11140 427862 6242894 461 124.74 -65.00 150.00
BZ11141 427909 6242815 473 126.00 -90.00 0.00
BZ11142 427856 6243003 450 126.00 -90.00 0.00
BZ11143 428031 6242702 496 126.00 -90.00 0.00
BZ11144 427945 6242751 485 126.00 -90.00 0.00
BZ11145 427981 6242693 494 126.00 -90.00 0.00
BZ11146 428057 6242657 504 125.30 -90.00 0.00
BZ11147 427902 6242942 458 125.80 -65.00 150.00
BZ11148 428023 6242617 505 100.50 -90.00 0.00
BZ11149 428086 6242607 521 101.00 -90.00 0.00
BZ11150 428051 6243067 451 111.00 -90.00 0.00
BZ11151 428107 6242574 525 97.27 -90.00 0.00
BZ11152 428054 6242571 521 99.00 -90.00 0.00
BZ11153 427872 6242980 451 150.00 -65.00 150.00
BZ11154 428075 6242531 527 99.00 -90.00 0.00
BZ11155 428034 6242492 532 150.00 -90.00 0.00
BZ11156 427813 6242943 452 117.00 -65.00 150.00
BZ11157 427993 6242456 533 102.06 -90.00 0.00
BZ11158 428002 6242538 515 102.00 -90.00 0.00
BZ11159 428098 6243015 458 117.00 -90.00 0.00
BZ11160 427988 6242583 508 102.00 -90.00 0.00
BZ11161 428162 6242880 479 90.45 -90.00 0.00
BZ11162 427787 6242918 453 126.00 -65.00 150.00
BZ11163 428135 6242825 486 101.70 -90.00 0.00
BZ11164 427959 6242625 499 126.00 -90.00 0.00
BZ11165 428136 6243018 460 123.00 -90.00 0.00
BZ11166 427970 6242510 514 111.00 -90.00 0.00
BZ11167 427814 6242874 461 126.00 -90.00 0.00
BZ11168 428139 6243117 450 126.00 -65.00 150.00
BZ11169 428168 6242967 465 101.70 -90.00 0.00
BZ11170 427915 6242698 489 127.30 -90.00 0.00
BZ11171 427840 6242829 466 126.00 -65.00 150.00
BZ11172 428202 6242914 476 101.76 -90.00 0.00
BZ11173 427989 6242582 508 80.00 -90.00 0.00
BZ11174 428163 6243072 455 123.00 -90.00 0.00
BZ11175 427931 6242584 504 124.44 -90.00 0.00
BZ11176 427894 6242643 495 150.00 -90.00 0.00
BZ11177 428191 6243028 460 126.00 -90.00 0.00
BZ11178 428217 6242983 467 97.86 -90.00 0.00
BZ11179 428242 6242941 476 98.81 -90.00 0.00
BZ11180 427745 6242901 454 126.00 -65.00 150.00
BZ11181 428324 6242988 473 102.00 -90.00 0.00
BZ11182 428301 6243034 467 99.00 -90.00 0.00
BZ11183 427897 6242537 512 150.00 -90.00 0.00
BZ11184 428278 6243077 460 126.00 -90.00 0.00
BZ11185 427702 6242876 460 126.00 -65.00 150.00
BZ11186 428253 6243120 455 106.36 -90.00 0.00
BZ11187 427777 6242746 473 125.50 -90.00 0.00
BZ11188 427975 6242427 539 147.00 -90.00 0.00
BZ11189 428228 6243164 452 126.00 -90.00 0.00
BZ11190 428295 6243148 455 126.00 -90.00 0.00
BZ11191 427722 6242841 465 126.00 -65.00 125.80
BZ11192 428207 6243100 456 125.90 -90.00 0.00
BZ11193 428340 6243171 452 125.33 -90.00 0.00
BZ11194 427922 6242494 517 102.00 -90.00 0.00
BZ11195 427752 6242789 469 123.00 -90.00 0.00
BZ11196 428238 6243047 463 126.00 -90.00 0.00
BZ11197 428365 6243127 460 126.00 -90.00 0.00
BZ11198 427694 6242388 517 126.20 -90.00 0.00
BZ11199 427813 6242582 500 123.00 -90.00 0.00
BZ11200 427709 6242763 470 126.00 -65.00 150.00
BZ11201 427866 6242492 514 102.00 -90.00 0.00
BZ11203 427625 6242409 507 125.00 -90.00 0.00
BZ11204 427791 6242420 518 126.00 -90.00 0.00
BZ11205 427744 6242301 528 153.00 -90.00 0.00
BZ11206 427842 6242433 521 102.00 -90.00 0.00
BZ11207 427786 6242329 528 102.00 -90.00 0.00
BZ11208 428378 6242903 493 99.44 -90.00 0.00
BZ11209 427673 6242726 465 105.00 -65.00 150.00
BZ11210 427761 6242372 521 102.00 -90.00 0.00
BZ11211 427719 6242345 523 126.00 -90.00 0.00
BZ11212 427769 6242259 534 141.00 -90.00 0.00
BZ11213 427682 6242211 535 150.00 -90.00 0.00
BZ11214 427725 6242235 534 126.00 -90.00 0.00
BZ11215 427675 6242621 475 126.00 -65.00 150.00
BZ11216 427736 6242415 515 126.00 -90.00 0.00
BZ11217 427650 6242366 517 141.00 -90.00 0.00
BZ11218 427715 6242552 495 150.00 -65.00 150.00
BZ11219 427711 6242459 509 147.22 -90.00 0.00
BZ11220 427817 6242476 514 126.00 -90.00 0.00
BZ11221 427686 6242502 501 135.00 -90.00 0.00
BZ11222 427742 6242503 503 150.00 -65.00 150.00
BZ11223 427791 6242519 507 126.00 -90.00 0.00
BZ11224 427661 6242545 494 126.00 -90.00 0.00
BZ11225 427727 6242631 483 126.00 -90.00 0.00
BZ11226 427891 6242447 521 123.39 -90.00 0.00
BZ11227 427697 6242682 468 120.00 -65.00 150.00
BZ11228 427886 6242754 477 126.00 -90.00 0.00
BZ11229 427644 6242474 498 150.00 -65.00 150.00
BZ11230 428267 6242896 486 101.74 -90.00 0.00
BZ11231 427751 6242691 476 126.00 -65.00 150.00
BZ11232 428354 6242948 483 100.67 -90.00 0.00
BZ11233 428169 6242765 498 102.00 -90.00 0.00
BZ11234 427581 6242383 511 123.00 -90.00 0.00
BZ11235 427746 6242598 492 125.75 -90.00 0.00
BZ11236 428203 6242707 516 99.00 -90.00 0.00
BZ11237 428335 6243079 465 126.00 -90.00 0.00
BZ11238 427611 6242632 477 138.26 -90.00 0.00
BZ11239 428185 6242836 489 102.00 -90.00 0.00
BZ11240 427607 6242340 518 149.53 -90.00 0.00
BZ11241 428265 6243201 455 126.00 -65.00 330.00
BZ11242 427635 6242590 487 141.00 -90.00 0.00
BZ11243 427675 6242322 522 148.00 -90.00 0.00
BZ11244 427617 6242723 471 125.80 -65.00 150.00
BZ11245 427678 6242816 465 126.00 -90.00 0.00
BZ11246 427632 6242297 525 174.00 -90.00 0.00
BZ11248 427595 6242561 488 150.00 -65.00 150.00
BZ11249 427620 6242517 494 165.00 -65.00 150.00
BZ11250 427563 6242315 520 145.33 -90.00 0.00
BZ11251 427600 6242452 501 150.00 -90.00 0.00
BZ11252 427657 6242254 532 150.00 -90.00 0.00
BZ11253 427613 6242228 533 150.00 -90.00 0.00
BZ11254 427700 6242279 530 148.75 -90.00 0.00
BZ11255 427588 6242272 526 150.00 -90.00 0.00
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TOTALS 138 17110.40
------------------------------------
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Peter J. Cashin
President & CEO
(416) 916-0777 or Toll-Free: 1-877-916-0777
(416) 916-0779 (FAX)
info@questrareminerals.com
www.questrareminerals.com