RESS RELEASE: Canadian Orebodies Inc. Mobilizes Crews to Lithium Rare Metal Property
30.09.10 16:46:32- DJPN
TORONTO, ONTARIO--(Marketwire - Sept. 30, 2010) - Canadian Orebodies Inc. (TSX
VENTURE:CO) (the "Company") is pleased to announce that it has mobilized crews
to begin work on its Zigzag Lithium/Rare Metals property (the "Property"). The
Property is subject to an option agreement with Ultra Lithium Inc. (TSX
VENTURE:ULI) and the underlying property owners to acquire an 80% legal and
beneficial interest (subject to a 2% NSR retained by the Owners, 50% of which
can be purchased by Orebodies for $1,000,000).
The work program is to consist of detailed geological mapping, grab sampling
across the claims and where possible mechanical stripping which will be
followed up with systematic channel sampling.
Zigzag Property Overview
The Property in total consists of 129 claim units comprising 2,064 hectares,
located approximately 60 km northeast of Armstrong, Ontario. The property is
host to 5 historical lithium and rare metal showings of consequence.
Historical highly anomalous tantalum and cesium values are notably widespread
on the property and indicate a high potential for zoned, complex-type
pegmatites enriched in tantalum and cesium. Complex-type pegmatites are
excellent targets for economic deposits of lithium, tantalum, cesium and
rubidium such as the Tanco pegmatite in Manitoba.
Besides lithium, tantalum could have one of the most considerable economic
benefits on the Zigzag property as historically there have been a significant
amount of samples collected that demonstrate widespread, high grade results.
Breaks (2003) stated that individual analysis from the Tebishogeshik Lens 3
exceeded 80 wt % Ta2O5 and were amongst the highest documented in lithium-rich
pegmatite of Ontario.(i)
(i)(historical in nature and not 43-101 compliant and therefore should not be
relied upon.)
Additionally, Orebodies is currently reviewing several other projects and
opportunities that have come available to the Company. The Company is
continually interested in sourcing projects that can complement its current
portfolio of properties and create shareholder value.
AI
