VANCOUVER, BRITISH COLUMBIA–(Marketwire – May 19, 2010) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that assay results from a recently completed reconnaissance exploration program at the Company’s 100% owned Cueva del Chacho claims in La Rioja Province, Argentina, confirmed the property’s strong potential for Rare Earth Element (“REE”) exploration. Values up to 0.33% Total REEs (“TREEs”) were obtained, with heavy rare earths comprising up to 71% of the contained TREEs. Heavy REEs (“HREEs”) are economically more attractive and rare than light REEs. A detailed summary of the more significant results is inserted below.
The strong REE values were obtained through an initial collection of 39 samples over an area of roughly 6 square kilometers on the Cueva del Chacho Property in both coarse sediments and in leucocratic granite. The hosts and controls of this mineralization are now better understood as a model for future exploration, and the property is being expanded accordingly.
“Unlike many REE concentrations, the heavier rare earths have not been depleted, with the exception of Europium,” said project geologist Dr. Richard Culbert, Ph.D. “Ratios of heavier to lighter elements, have maintained values similar to those reported for crustal averages. The heavy rare earths comprise an average of 29% of the total rare earths, ranging up to 71% if Yttrium is included, and an average of 14% with a high of 44% if it is not.”
The asterisk * represents those samples that have been submitted for petrographic analysis to definitively determine rock types.
|Sample #||TREE + Y (PPM)||% TREE + Y||% HREEs||Lithology|
|CC 21||3,333||0.33%||26.2%||altered grit*|
|CC 6||2,821||0.28%||38.3%||arkosic grit|
|CC 20||2,557||0.26%||34.1%||wash sediment|
|CC 12||2,113||0.21%||23.6%||altered grit*|
|CC 30||1,592||0.16%||21.1%||altered grit*|
|CC 31||1,170||0.12%||27.4%||altered grit*|
|CC 29||1,103||0.11%||19.4%||dark siltstone|
|CC 5||1,024||0.10%||33.2%||dark siltstone|
|CC 13||886||0.09%||24.0%||black silty phyllite|
|CC 27||818||0.08%||71.9%||fissile siltstone|
|PX 1||799||0.08%||31.7%||fine intrusive|
|CC 22||732||0.07%||38.3%||rusty alteration|
A geological report prepared by Dr. Culbert on the Cueva Del Chacho property including the recent work can be downloaded from the Company’s website at http://www.pacificbayminerals.com/projects/cueva-del-chacho.html.
About Pacific Bay. Pacific Bay has a diverse portfolio of uranium, silver and base metals properties, including extensive holdings in Quebec’s Otish Mountains Uranium region and the San Jorge uranium basin in Chubut Province, Argentina. Pacific Bay’s strategy is to explore its properties mainly through strong partnerships, such as Strateco Resources Inc. (Quebec) and UrAmerica (Argentina).
The technical information contained in this news release has been reviewed and approved by Dr. Richard Culbert, PhD., P.Geo. a consultant to the Company and a Qualified Person under policy NI43-101.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.