Big Red Diamond Corporation
TSX VENTURE : DIA

Big Red Diamond Corporation

December 08, 2009 08:00 ET

Big Red Diamond Completes Airborne Survey on Rare Earth Property

MONTREAL, QUEBEC--(Marketwire - Dec. 8, 2009) - Big Red Diamond Corporation ("Big Red") (TSX VENTURE:DIA) is pleased to announce, further to the Company's announcement on September 25, 2009, that it has completed a 648 line kilometre airborne survey of its J6L1 Rare Earth Element project located 52 kilometres northwest of Sept-Iles, Quebec. The 100% owned property consists of 86 claims or approximately 4715 hectares. The survey was carried out by GeoData Solutions GDS Inc. using a high sensitivity magnetometer to map geology and structure and using a spectrometer to map radioactive minerals. Since most Rare Earth Elements (REE) can be radioactive, largely due to the presence of Thorium (Th) and sometimes Uranium (U), radiometric surveys are useful in identifying the parent intrusions, actual REE deposits, alteration and structural features.

An independent interpretation of the airborne survey was subsequently compiled by geological consultant Danielle Giovenazzo, Ph.D, P. Geo. The findings of the report show several anomalous areas outlined within the survey. The high resolution spectrometric and magnetometer survey shows the presence of a circular feature, measuring 5 x 5 km, with a highly magnetic center and annular fault or ring dykes marking the outer periphery of this complex. Another circular feature was partially covered and is located in the eastern portion of this survey. These circular magnetic patterns are similar to those associated with other REE properties such as Quest Uranium's Misery Lake Project. Regional geological maps indicate the J6L1 magnetic feature is associated with a monzonite intrusion. However, due to the presence of Niobium, Zirconium, and other REE, it is likely that this intrusion has been misidentified in the past.

Based on her encouraging conclusions of the airborne survey, Dr. Giovenazzo has recommended that Big Red move forward with the following work: compilation of all of the exploration work conducted by Soquem in this area; a prospecting and sampling field campaign to follow-up some of the anomalies identified; verification of the local geology followed by mapping given the lack of historical geological information; and drill testing worthwhile targets.

Dr. Giovenazzo's complete interpretation report, including a comparison table and several maps, will be available for viewing on the Company's web site, www.bigreddiamond.com

Rare earth elements (REE), which include minerals such as dysprosium, terbium, thulium, lutetium and yttrium, are widely used and indispensable in the fields of electronics, aviation, atomic energy, and mechanical manufacturing. They are essential elements to many of the new emerging green technologies such as hybrid and electric vehicles, and wind power generation. The US Government relies on REE for national security and defense systems. Supply has been increasingly constricted by Chinese producers who control as much as 95% of world production. With Chinese industry currently consuming about two-thirds of rare-earth production, analysts expect domestic demand to utilize all of China's output within a few years.

This press release was reviewed by Clint Barr, P.Geo, a Qualified Person as defined by NI 43-101.

About Big Red Diamond Corporation

Big Red Diamond Corporation is a junior exploration company with exploration projects in the West Timmins Gold camp and rare earth elements property near Sept-Iles, Quebec. The Company is also a joint-venture partner with Metalex Ventures in the Attawapiskat diamond project in the James Bay Lowlands, surrounding De Beers' Victor diamond deposit.

Contact Information

  • Big Red Diamond Corporation
    Jean-Francois Perrault,
    President and CEO
    514-576-5837
    514-904-1788 (FAX)
    or
    Trevor Burns
    416-252-3663