Avalon Announces Thor Lake REE Resource Estimates
Avalon Ventures Ltd. (TSX VENTURE: AVL) (the "Company") is pleased to announce announce new NI 43-101 compliant mineral resource estimates for its wholly owned Thor Lake, NWT, rare metals project. These were prepared by independent consultants, Wardrop Engineering Inc. ("Wardrop") as part of a scoping study of the rare earth element ("REE") development potential of the ThorLake deposits. The full scoping study will be finalized in February and will include a preliminary economic model for the project based on these resource estimates. Wardrop generated new resource estimates for two of the six mineralized zones at ThorLake that are known to contain significant REE mineralization and for which there was sufficient historic drilling information. These two zones are the North T beryllium-REE-niobium deposit and the Lake Zone REE-tantalum-niobium-zirconium deposit. The mineral resource estimates are based on a database of 84 drill holes for the North T Zone and 52 drill holes for the Lake Zone. The work was done using ordinary kriging techniques for the interpolation of assay composites into block models for each deposit.