VANCOUVER, BRITISH COLUMBIA -- Raytec Metals Corp. (the "Company") (TSX VENTURE: RAY) is pleased to announce the completion of the 2008 fall drill program on its 100% owned El Sol iron ore property near Red Lake, Ontario.
The Company conducted a Phase 1 program of property wide ground magnetic surveying, followed by helicopter supported diamond drilling of 2,301 metres in 11 holes. The cesium vapour ground magnetic survey defined two linear trends of magnetite iron formation (A Zone and B Zone) which were the target of historical drilling during 1956-57. The A Zone measures over 4 km in length while the B Zone, lying approximately 600 metres to the southwest, measures over 2 km in length. The 2008 drilling program tested a 3 km strike length of the historically defined 'A Zone' of the El Sol iron ore trend. All 11 drill holes intersected steeply dipping magnetite iron formation over broad thicknesses ranging from 50 to 133 metres, representing approximate true widths of 35 to 68 metres. The results of this program successfully confirmed both the extent and range of thickness of iron mineralization which was encountered during historical drilling of the horizon.
As a part of Phase 1 activities, the company engaged the services of Toronto-based geological and engineering consulting firm Watts, Griffis and McOuat Limited ("WGM") to provide advice on logging, sampling, QA-QC and analytical methods specific to iron ore deposits. The analytical program is two staged, with initial optimization testwork on five (5) typical drill core samples, followed by routine analysis of the additional samples. The testwork is being conducted by SGS Minerals Services in Lakefield, Ontario. The initial stage analyses will be reviewed by a consultant to select appropriate analytical methods to be applied to the second stage routine analyses of the drill core. WGM has been retained to complete an updated National Instrument 43-101 ("NI 43-101") Technical Report which will incorporate the results of this program.
In 1956-1957, El Sol Mines Ltd. conducted extensive diamond drilling of 10,363 m in 67 holes on both the A and B Zones, as well as initial metallurgical testing. This work outlined a historical "reserve" estimate of approximately 312 million tons with an average grade of 31.1% iron for the A and B zones (H. Brodie Hicks, 1958).
The reference to "reserve" estimate in this press release is historical in nature and does not represent any current economic viability. The estimate was made prior to implementation of NI 43-101. There is incomplete and limited data from the historical work that is available and a qualified person has not done sufficient work to classify the historical "reserve" estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The Company therefore refers to the historical "reserve" as a historical non NI43-101 compliant mineral resource which cannot be relied upon. The Company refers to the estimate as it believes the historical results provide an important indication of the potential of the El Sol property and are relevant to ongoing exploration through planned verification drilling programs.
The El Sol iron ore property is located in the Red Lake Mining District of Northern Ontario. The property is situated approximately 75 km northeast of Ear Falls, Ontario and is accessible by good quality roads to within a few kilometers of the iron zones. Two hydroelectric power generating stations are located approximately 40 km from the site. There also exists easy rail access to global markets via Thunder Bay or Sault Saint Marie.
Consulting geologist, J. Fingler, P.Geo., supervised the Phase 1 drilling program on the El Sol property and is the Qualified Person as defined in NI 43-101, who has reviewed and verified the technical disclosure contained in this press release.
Raytec Metals Corp. is a well financed, dynamic Canadian exploration company focused on the exploration and commercialization of over 180,000 acres of potash permits in Saskatchewan, Canada - the largest producing region for potash in the world. The Company holds a 15 per cent interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer. The Company is further diversified with iron ore projects in Ontario, and uranium joint venture projects in the Athabasca Basin of Saskatchewan.
On behalf of the Board, RAYTEC METALS CORP.
Brian Thurston, President
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange does not accept responsibiltiy for the adequacy or accuracy of this news release.
Contacts: Raytec Metals Corp. Brian Thurston President (604) 688-6410 (604) 688-6402 (FAX) Website: www.raytecmetals.com
SOURCE: Raytec Metals Corp.