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Tasman Metals announces maiden resource at Swedish project

28th February 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Toronto-listed Tasman Metals on Wednesday announced a maiden National Instrument (NI) 43-101-compliant resource estimate for the company's fully owned Olserum heavy rare-earth element (REE) project, in Sweden, giving it a second – and the only – resource-stage REE project within the European Union.

The company said Olserum potentially held an indicated resource of 4.5-million tons grading 0.6% total rare-earth oxides (TREOs) and an inferred resource of 3.3-million tons grading 0.63% TREO when using a 0.4% cutoff.

Tasman pointed out that higher-value heavy REE's comprised about 34% of the total REE content at Olserum, with the five critical REE's being dysprosium, terbium, europium, neodymium and yttrium, comprising between 38% and 40% of the REE content. These elements are essential to Europe's automotive, engineering and lighting industries.

"With the completion of this resource statement at Olserum, Tasman is now 100% owner of two heavy REE enriched NI 43-101-compliant resource projects in Sweden, both highly significant on a global scale. Both projects provide very attractive future sources of REE's, with the extra benefit of being within the region that is the major mining centre for Europe,” Tasman president and CEO Mark Saxon said in a statement.

REEs at Olserum are hosted by the minerals xenotime and monazite, which Saxon said have long established and relatively low-risk processing flow sheets.

Olserum is located bout 100 km from the company’s other project, Norra Karr, in southern Sweden. Both projects are located near to road, rail, power and operating ports and have access to skilled personnel.

The independent resource estimate was prepared by consulting geologists at ReedLeyton Consulting following site visits, core sampling and geological modelling. 

Tasman’s TSX-V-listed shares traded at 95 Canadian cents apiece on Wednesday.

Edited by Creamer Media Reporter

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