Rare Element Resources (REE) shares gained 20.86% on Friday’s trading session closed a few cents off of its monthly resistance within 4X 3month volume average:
Classical chart setup, isn’t it?
Rare Element Resources Ltd. is a mineral resource company focused on exploration and development of rare earth deposits, specifically those with significant distribution of critical rare earths. REE listed on Amex and TSE.
Recently REE announced that drilling completed during 2013 resulted in the contained total rare earth oxide (TREO) at the Whitetail Ridge deposit increasing by nearly 80 percent, resulting in the project-wide TREO increasing by 10 percent.
The Indicated resource at Whitetail, which carries higher concentrations of heavy rare earths (HRE), rose to 4.2 million tons (3.8 million tonnes) at an average grade of 2.49 percent TREO, using a 1.5 percent TREO cutoff grade, representing 209 million pounds (95 million kilograms) of contained TREO.
The project-wide M&I resource increased to 16.8 million tons (15.2 million tonnes) at an average grade of 3.11 percent TREO, using a 1.5 percent cutoff grade, representing 1,043 million pounds (473 million kilograms) of contained TREO. Drilling confirmed the HRE enrichment at Whitetail, with elevated Europium (Eu), Terbium (Tb), Dysprosium (Dy) and Yttrium (Y). The total HRE (Eu-Lu + Y) grade at Whitetail is almost twice that of the Bull Hill deposit, or 0.189 percent versus 0.101 percent, respectively. The expanded Whitetail resource will be incorporated into the Project’s overall mine plan as part of the Feasibility Study.