China’s decision to restrict exports of rare earths in addition to a continued shortage of rare earths has sparked fears of a supply crisis elsewhere, causing a rush to find mineable reserves.
As a consequence, the race to develop rare earths production in North America over the last month has continued as several exploration groups announce progress in developing deposits in Canada and the USA (IM 11 January 2010: Canada RE deposits acquired) but also in Kyrgystan.
Rare Element Resources Ltd has acquired a rare earths property in Labrador, eastern Canada from Altius Resources Inc. The site, which is located 50km from the town of Hopedale, contains up to 1.1% of total rare earth elements, of which 67% are heavy rare earths, according to limited sampling by Altius. Samples have also shown up to 1.4% zirconium oxide, 1.27% yttrium oxide and 1.15% niobium oxide.