The Conversation (0)
The drilling results Spectrum Mining Corporation released in October 2009 from their Wicheeda rare earth property north of Prince George, British Columbia, have triggered a flourish of activity in the region with other companies trying to cash in on Spectrum’s find. Several companies have bought-up claims neighboring Spectrum’s property while others are setting up shop around northern BC.
By Desmond McMahon– Exclusive to Rare Earth Investing News
Alpha North Assest Management president and CEO Steve Palmer explained to The Gold Report, “There is also a private company called Spectrum Mining with a property in British Columbia. They had some very good drill results for rare earths.”
In 2009, when Spectrum sent down eleven exploratory drill holes on two new drilling platforms, all eleven holes hit significant rare earth mineralization. The deposit is still open in all directions and no one is sure how far it continues.
Rare earth specialist Dr. Anthony Mariano has worked as a mineral exploration geologist in forty-five countries and after examining Wicheeda’s drill core and rock samples, he was able to produce a high grade REE concentrate. His tests indicate Wicheeda’s rare earth is simple and easy to produce compared to most other rare earth deposits, including the dormant world-class mine at Mountain Pass in California. So, it would appear everyone is setting up stakes around Wicheeda for good reason.
Bolero Resources Corp. (TSX:BRU) was quick to stake some ground around Wicheeda and grabbed the largest piece of property neighboring the site. Bolero entered into an option agreement to acquire 100 percent interest in the Carbonatite Syndicate property, which includes 43 mineral claims and covers over 16,000 hectares.
International Montoro Resources Inc. (TSX:IMT) has acquired 4 claims covering 1,818 ha at the- Chuchinka Property, which is also bordering the Wicheeda property. Then, next door to Chuchinka is Zimtu Capital Corp. (TSX:ZC) with claims to the north and west.
Another neighbor to Wicheeda is the Carbo property, where Commerce Resources Corp’s (TSX:CCE) and Canadian International Minerals Ltd. (TSX:CIN) are partners. Last year, the results from the summer sampling program indicated the presence of both light and heavy rare earths, showing mineralization similar to Wicheeda.
Carbo’s resource estimate indicated 2,948 tonnes of tantalum and 19,881 tonnes of niobium and both rare earth elements are in high demand with fears of China restricting exports and the ensuing supply shortfall. Tantalum is primarily used in electronics, especially in cell phones and laptops because its lightweight, while niobium is primarily used in high-grade structural steel.
Canadian International Minerals is also involved elsewhere in BC and acquired the Aley Cat and Big Mack claims. Both sites appear to have a geological setting similar to the nearby Aley Carbonatite Complex, where preliminary exploration has identified eight niobium-bearing zones with the potential for mining.
The two claims are host to the Aley tantalum niobium deposit, which was discovered in 1980 by Cominco and hosts significant dykes or “sweats” that include the mineral bastnaesite and other rare earth minerals, which are indicators of potentially economic rare earth deposits and also present at the Wicheeda property.
