GreenLight Resources Inc. has completed a National Instrument 43-101 technical report on its 100% owned Porcupine property in New Brunswick, Canada. The report found rare earth element and base metal anomalies in soil samples that indicate the potential for economic mineralization. It recommends a two-phase $230,000 exploration program to further investigate REE and base metal sources through mapping, sampling, surveying, and trenching followed by diamond drilling. The property has potential for a Bathurst-type massive volcanic hosted sulphide deposit based on the styles of mineralization found. The report provides support to attract a joint venture partner to help fund further exploration aimed at enhancing shareholder value.
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GreenLight Completes 43-101 on Heavy REE, Base Metal Property
1. GreenLight
resources inc
GreenLight Completes 43-101 on Heavy REE, Base Metal Property
New Brunswick Canada
___________________________________________________________________________________
(OTCBB:
PRZCF) (FRANKFURT: PHO) (TSXV : GR)
VANCOUVER, British Columbia – November 9, 2011 – GREENLIGHT RESOURCES INC.
(TSXV.GR), is pleased to announce that it has completed a National Instrument 43-101 compliant
technical report on its 100% owned Porcupine property which is available on the Company's website at
www.greenlightresources.com
The Report, prepared for the Company by Ralph Stea, Ph.D., P.Geo. of Halifax, NS provides the first
comprehensive description of the geology and compilation of available information pertaining to the
economic potential on the 3,440 acre property located in Northumberland County, New Brunswick.
Chris Anderson, President, states "After expending approximately $140,000 in initial exploration, this
comprehensive report confirms the project's merits. With detailed recommendations to expend a
additional $230,000 in phase one for further exploration on this project we are optimistic that GreenLight
will attract its first joint venture partner. This is our initial step in leveraging GreenLight’s ability to find
and advance properties of merit in Atlantic Canada. GreenLight is taking this approach in order to
enhance shareholder value and assist in offsetting the expense of building and expanding an early stage
exploration team to continue exploring Atlantic Canada. Challenging times require creative solutions and
this is one approach we are taking, while advancing our main assets through the drilling stage in attempts
to building a resource.
GreenLight commissioned the 43-101 report to assess the significance of Heavy REE (rare earth element)
soil anomalies and the potential for Heavy REE mineralization in the area based on these soil anomalies.
The report also addresses previous geochemical surveys and prospecting to help define potential sources
of base metal mineralization using historical data and an understanding of the glacial history and surface
processes of the area.
Highlights of the NI 43-101 compliant report are;
• The Porcupine Property includes the Tozer float occurrence found in 1961which produced assays
of 0.24% Cu, 10.15% Pb, 7.6% Zn and 1.9 oz/t Ag. Strong Cu-Pb-Zn soil geochemical
anomalies and coincident geophysical anomalies have been reported in ensuing exploration in the
vicinity of the sulfide float. However, up to this point in the exploration history of this property
no definitive bedrock source has been discovered to account for ore-grade mineralized boulders.
• GreenLight's interest in the property was triggered by significant rare earth element anomalies in
soils (>1000 ppm total rare earth elements -TREE) that were collected on the property. The
company conducted extensive exploration in 2011 including prospecting, IP surveys and a 971
sample soil geochemical survey. The main feature to emerge from the soil sampling survey near
the Tozer occurrence are strong, coincident east-west trending Cu, Pb, Zn anomalies (>300ppm
2. Pb, >700ppm Zn) and spatially distinct, REE anomalies (>1300 TREE). The REE anomalies are
not directly associated with nearby foliated granite, but are found in a north-trending zone, open
to the south, between two resistivity highs that could represent a fault.
• Prospecting in 2011 uncovered many base metal enriched mineralized boulders in the vicinity of
the Tozer occurrence but not in adjacent areas.
• On the southern part of the property REE values form an east-west trending coherent anomalous
area on the till-covered slopes of the southern part of the gird with TREE values up to >800 ppm.
This westward trending attenuated anomaly appears to have an aspect of glacial dispersal, parallel
to eastward ice flow trends. Two other anomalous areas are found in low ground coincident with
historical finds. Several significant element groupings in the soil geochemical data set are
apparent. REE are grouped with granophile elements U, Ti, Be, and Mg and base metals form
another group with Fe and Cr. These groupings suggest primary bedrock control of element
associations and mechanical dispersion rather than chemical redistribution processes in the
secondary environment.
• It is clear from the voluminous exploration data collected, the rock types and the style of
mineralization that a Bathurst-type massive volcanic hosted sulphide model is a possible scenario.
REE soil anomalies appear to have a different genesis and host rock association. Finding REE
bedrock sources or mineralogical evidence for REE anomalies in till/soil is essential to move this
property forward. The author proposes a two phase exploration program with an initial phase of
bedrock mapping, reconnaissance till sampling and prospecting, soil and IP surveys, and
trenching followed by diamond drilling.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical
information contained in this release.
On Behalf of the board of directors
“Chris Anderson”
Christopher R Anderson,
CEO – President
Investor Relations
John Curle
Email: IR@GreenLightResources.com
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