Big Red Diamond (DIA-V, BIGRF-O) has acquired a 100% interest in 88 claims over a 47.1-sq.-km area about 52 km northwest of Septles, in Quebec, that are very close to a showing of rare earth elements.
Big Red’s newly staked property surrounds a showing discovered in 1976 by Soquem, a subsidiary of the Socit gnerale de financement du Qubec, formerly the provincial government’s equity investment arm.
Soquem reported historic trenching assays that revealed 1.08% yttrium, 0.455% lanthanum, 2.63% niobium, 0.21% tantalum, 7.62% zirconium and 0.025% thorium. Big Red’s property is 200 metres from the main showing.
Big Red says it will contract an airborne magnetometer/spectrometer immediately and start a detailed program of prospecting, sampling and ground geophysics.
Rare earth elements, which include minerals such as dysprosium, terbium, thulium, lutetium and yttrium, are used in electronics, aviation, atomic energy and mechanical manufacturing.
They are essential elements to many emerging green technologies, including wind power generation and hybrid and electric vehicles.
The U. S. government relies on rare earth elements for national security and defence systems.
Big Red Diamond is also active in the West Timmins gold camp and joint-venture diamond properties surrounding De Beers’ Victor diamond mine near James Bay.
At presstime, the Montrealbased junior was trading at the top of its 52-week price range of 0.5- 9.5¢ per share.
The company’s share price first reached 9.5¢ per share on July 31 following news that it had raised $75,000 in a private placement and that it had diamondiferous kimberlite intersections from two drill holes on its joint venture with Metalex Ventures (MTX-V, MXTLF-O) and Arctic Star Diamond (ADD-V, ASDZF-O) on claims optioned from Dumont Nickel (DNI-V, DMNKF-O). The claims are 7 km south of the Victor mine.
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