Bolero Resources Corp. announce that it has entered into an option agreement to acquire 100% interest in the Carbonatite Syndicate Rare Earth Claim Group, surrounding Spectrum Mining Corporation’s recently reported “Wicheeda” rare earth discovery.
The Carbonatite Syndicate Claim Group is 80 km northeast of Prince George, BC and comprises 43 mineral claims covering approximately 16,072 hectares, making it the largest contiguous land package adjoining the Spectrum Mining Corporation property.
Bolero Resources President and CEO, R. Bruce Duncan, stated “This is a very exciting time for Bolero Resources Corp. We feel Rare Earth Elements or REE’s are the commodity of the future and Bolero has strategically positioned itself in what could potentially become the next major domestic Rare Earth area of interest. Management is continually evaluating additional projects that could add value to the company.”
Spectrum Mining Corporation is a private company that recently reported significant Rare Earth Element mineralization on its Wicheeda carbonatite-syenite breccia intrusive complex rare earth discovery. (5th Annual Minerals South Conference)
Highlights from Spectrum’s neighboring property included a 48.64 metre interval which averaged 3.55% rare earth elements (“REE”), a 72.0 metre interval that averaged 2.92% REE, and a 144 metre interval which averaged 2.20% REE in three separate drill holes. In 2009, eleven NTW diamond drill holes totaling 1835 metres were drilled in the “Main Zone” from two new drilling platforms on Wicheeda. All 11 drill holes intersected significant rare earth mineralization and the Wicheeda deposit remains open in all directions.
World recognized carbonatite-rare earth specialist Dr. Anthony Mariano has examined drill core samples as well as rock samples. He concluded that the Wicheeda mineralization is mainly monazite and a bastnaesite-synchisite mineral. A heavy liquid and magnetic separation study on a composite sample of Wicheeda drill core was able to produce a high grade REE concentrate that contained 56.09 wt. % REE.
The test indicated that the Wicheeda rare earth mineralization could produce a marketable concentrate. It was noted that applying a flotation circuit should produce a 60% LREE concentrate from Wicheeda that would exceed the concentrate grade of Molycorp’s Mountain Pass which for over 40 years was the largest domestic supplier of rare earth concentrates in the world.