Mayne Minerals targets a Rare Earths “HOTSPOT” in Northern British Columbia

VANCOUVER, British Columbia, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Mr. Robert Rosenblat, President of Mayne Minerals Inc, a private Vancouver based mining company reports that the company has acquired an option on a large land package designated as the Hart prospect, in Northern British Columbia, Canada. The Hart property is a frontier project containing multiple occurrences of both Light and Heavy rare earth elements (REEs) together with a significant amount of rare metals (RM). This project covers an area of more than 5000 hectares.                        

A reconnaissance grass roots sampling program in 2010, conducted by a previous property holder, discovered a large area of highly anomalous REEs/RM in both stream sediments and rock samples. The area of interest covers at least 1.5 km wide by 3.5 km long and extends over an elevation difference of more than 150 metres, suggesting an igneous rock mass exceeding 2 billion tonnes.

The project is comparable in size to other world class, low grade rare earth deposits. The Roundtop intrusion in southern Texas, USA, recently acquired by USA Rare Earth, contains approximately 480 million tonnes (total mass of inferred + indicated), grading 0.06% REE. Another deposit, comparable in size to Mayne Mineral’s project, is the Canakli deposit located in Turkey, at 494 million tonnes containing 0.07% REEs, which is contained within an intrusive rock of similar nature to that of the Company’s northern BC project. The average grade of Rare Earths contained in rock samples from the Property area is approximately 0.065%, comparable to the Roundtop and Canakli grades. The Project area is also highly enriched in rare metals. Reference: BC Geological Survey Assessment Report 32384, 2011.

The reader is cautioned that the REE content of the samples taken may not be representative of the project as a whole and additional work including trenching, bulk sampling and drilling under the supervision of a Qualified Person is necessary before any tonnage and grade can be established for the Hart project.

The 2010 reconnaissance program was limited as to the amount of samples which were collected on a random basis from streams and rocks. Assay results revealed high values in rare earth/metals. The heavy metal stream sediment concentrates and silts are extremely anomalous in tin, zirconium, niobium, yttrium, and total rare earth elements. Stream sediment sampling returned grades up to 18.7% tin together with tungsten, fluorine, boron, rubidium, and beryllium plus elevated scandium values. Rubidium values are exceeding 700ppm, an amount atypical for fertile or tin specialized granites. In addition, heavy mineral concentrates returned up to 10% for Zirconium oxide, greater than 0.4% Hafnium, and 2.0% Niobium to mention a few of the anomalous elements. Further, the initial report contained whole rock discrimination plots of the peralkaline granite, interpreted to indicate a unique Rare Earth/Metal “hot spot” or mantle plume.

The Company has recently completed an airborne magnetometer-radiometric survey on the Property; results are pending. A Company consultant will be leaving soon to the property to do further sampling and mapping.

Mayne Minerals has other claim holdings throughout BC, including in the Golden Triangle, Telegraph Creek area, and on Vancouver Island. Also, the Company has an option on a former Graphite Producer, the Bell Mine, in Buckingham Quebec (See Mayne Minerals website for further details).

Management:

Mr. Robert Rosenblat has had extensive experience in mining, financial and marketing with over 65 years experience in the junior mining sector throughout Canada. In 1978, he was instrumental in the development of the Kipawa rare earths deposit in Quebec, which was later acquired by Unocal.

Mr. Wayne Lockhart P.Geo., a director and Consultant to the Company who was formerly Professor of Geology at the University of New Brunswick. A Project Generator with 60 years experience with major, mid-sized and junior companies, he has been involved in the founding and listing of a number of TSX-V junior exploration companies. His projects have resulted in numerous discoveries of base, precious metals and gems, industrial minerals within Canada, Philippines, Africa and Greenland. He was instrumental in leading several of these discoveries into production.

The Company looks forward to reporting the results of field examination of the Hart prospect and to confirming the REE and Rare Metal values.

Information of a technical and scientific nature that forms the basis for disclosure in this release has been prepared and approved by Dr. Stewart A Jackson, P.Geo. , a Qualified Person under National Instrument 43-101.

For further information please contact:

Mr. Robert Rosenblat	Christina Rao
President & CEO	Capital Markets
604.760.0364	604.723.7480
Robert@mayneminerals.com	IR@MayneMinerals.com

Cautionary Note Regarding Forward-Looking Statements 

Certain of the statements made and information contained herein is "Forward-looking information" within the meaning of applicable securities laws, including statements concerning our plans, future financings and operations, and the timing and completion of any acquisition or future business opportunities. Such forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, general economic, market and business conditions, including in light of the COVID-19 pandemic, changes in national and local government legislation or regulations regarding environmental factors, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; dependency on equity market financings to fund operations; and other risks and uncertainties, including those described in each management's discussion and analysis released by the Company. Forward looking statements in this release include but are not limited to “the project is comparable in size to other world class, low-grade rare-earth deposits; of the samples taken may not be representative of the project as a whole; results of an airborne Magnetometer-radiometric survey are pending; a consultant will be doing further sampling soon.”

In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise

Historical results have not been verified by a QP as defined under NI-43-101 and are treated as historical exploration information. Prepared largely by or under the supervision of qualified professional geologists or engineers, such historical information disclosed herein is found within reports the Company has on file and in the B.C. Provincial Government assessment report.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.