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E-Tech Resources Inc. Announces Final Assay Results of Phase 1 Diamond Drilling Programme from its Eureka Project in Namibia

HALIFAX, NS March 17, 2022 – E-Tech Resources Inc. (TSX.V:REE, FSE:K2i) (“E-Tech” or the “Corporation”) is pleased to announce the final batch of assay results from the first diamond drilling campaign (“C1”) completed    at the Eureka REE Project (“Eureka” or the “Project”), located in central Namibia. Significant intersections include 11.2m @ 1.2% Total Rare Earth Oxide (“TREO”) (ED013), 2.2m @ 2.4% TREO (ED014), 8.8m @ 1.0% TREO (ED015), and 6.3m @ 1.9% TREO (ED020). The results from these five holes, all of which intersected mineralisation, have continued to confirm the presence of mineralisation in Zones 1 and 3 at depth and with lateral continuity. Previous diamond drilling results were reported in the press releases dated 10 November 2021 and 10 February 2022.

Elbert Loois, CEO of E-Tech Resources Inc., commented:

“The assay results received to date confirm mineralization to the depth extent of present drilling and along strike between Zones 1 and 3. After receiving these latest assay results, we can now report that work on the update of the current Mineral Resource Estimate has commenced – starting with the resource block model – which is expected to be released in Q2 2022. Additional assay results from the second drilling campaign completed in February 2022 are pending.”

The newly received assay results are part of the resource expansion program for Zones 1, 2 and 3, which was completed in late September 2021 totalling 5,761 meters of diamond drilling (DD) in 20 holes. Figure 1 indicates the drill collar positions and the assays received to date from the DD and RC holes completed. These assay results include the newly received batch of 363 samples out of a total of 1,289 samples, representing holes ED013, ED014, ED015, ED018 and ED020.

FIGURE 1: Plan view showing drill hole collars and drill traces at Eureka, Namibia and assays received status to date. Blue diamonds are assays received, including the 5 newly received holes ED013, ED014, ED015, ED018, ED020. Red lines represent traces of the DD holes of these new assay results. Red dots are RC holes drilled in 2017.

E-Tech Resources Inc Final Assay Results of Phase 1 Diamond Drilling Programme Eureka Project Namibia

The assay results from Holes ED013, ED015 and ED018, ED020 support both depth and lateral continuity of REE mineralisation with intercepts recorded to a vertical depth of 250m, compared to a maximum vertical depth of 60m used to complete the current Mineral Resource Estimate (“MRE”) prepared by SRK Consulting (UK) (“SRK”) with an effective date of 2 August 2021. Assay results from Holes ED013, ED014, ED015, ED018 and ED020 further support the geometric interpretation that the carbonatite host rocks are structurally controlled and may be described as a series of stacked bodies.

The full set of assay results of this drilling programme (RC and DD) will be incorporated into the resource block model, which will then be used as the basis for an update of the current MRE.

A summary of the most significant assay results received from the five (5) diamond drill holes reported above is provided in Table 1.

TABLE 1: Significant intercepts from the outstanding analytical results of diamond drilling (DD) campaign (Jun-Aug ’21). Reported intercepts are drilled lengths while the true thickness of the mineralisation is estimated to range between 60 and 80 per cent of the drilled lengths. Further drilling is necessary to establish the true thickness of the mineralisation.

E-Tech Resources Inc. Announces Final Assay Results of Phase 1 Diamond Drilling Programme from its Eureka Project in Namibia

Eureka Technical Disclosure

The Corporation produced its current Mineral Resource Estimate (“MRE”) for the Eureka Project with an effective date of 2 August 2021. The MRE was prepared by SRK Consulting (UK) (“SRK”). An Independent Technical Report titled: “Independent Technical Report: Eureka, Rare Earth Project, Namibia” was originally released on the 15 September 2021, supporting the disclosure of the MRE, and is available on SEDAR and the Corporation’s website.

Quality Assurance / Quality Control 

All E-Tech sample assay results have been independently monitored through a quality assurance / quality control (“QA/QC”) program including the insertion of certified reference standards, blanks and duplicate samples. QA/QC samples make up 10% of all samples submitted. Drill core is sawn in half on site and half drill-core samples are securely transported to Activation Laboratories Ltd. sample preparation facility in Windhoek, Namibia. The core is dried, crushed to 90% passing 2 mm, riffle splitting a 250 g sub-sample and pulverizing to 95% passing 105 µm. Sample pulps are sent to Activation Laboratories Ltd. in Ontario, Canada for analysis. REE analysis is by method 8-REE. The sample is milled to 95% -200 mesh. To ensure complete fusion of resistate minerals, lithium metaborate/tetraborate fusion is used with analysis by ICP-OES and ICP-MS. 

Qualified Person

Pete Siegfried, BSc. (Hons), M.Sc., is a Consulting Geologist and a director of GeoAfrica Prospecting Services cc and has reviewed and approved the scientific and technical information in this news release. Mr. Siegfried is a member of The Australasian Institute of Mining and Metallurgy (AusIMM) membership number: 221116 (CP Geology), and a Qualified Person for the purposes of National Instrument 43-101. Mr. Siegfried consents to the inclusion of this information for the announcement.

About E-Tech Resources Inc.

E-Tech Resources Inc. is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia. The Eureka Project is located approximately 250 km north-west of Namibia’s capital city Windhoek and 140km east of Namibia’s main industrial port Walvis Bay. The project is situated next to the national B1 highway in the Erongo Region of Namibia. The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive Prospecting License (“EPL”) number EPL 6762, which covers farms Eureka 99 and Sukses 90. Namibia is recognized as one of Africa’s most politically stable jurisdictions, with an extremely well-established national infrastructure and a clear and transparent mining law. The Corporation continues to assess new project opportunities and expand its Southern African portfolio. 

Further details are available on the Corporation’s website at www.etech-resources.com or contact Elbert Loois, CEO of E-Tech Resources Inc., at +1 (902) 334 1949.

Cautionary Statements

This press release may contain forward-looking information, such as statements regarding the completion of the work in Namibia by E-Tech and future plans and objectives of E-Tech. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the applicable company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of exploration programs and work in Namibia. Actual results may differ materially from results suggested in any forward-looking information. E-Tech assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings made by E-Tech with Canadian securities regulators, copies of which are available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit: https://www.newsfilecorp.com/release/117161

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