VANCOUVER, British Columbia - June 14, 2012 - GREENLIGHT RESOURCES INC. (TSXV.GR) is pleased to announce that its joint Venture partner, Explorex Resources Inc., (Explorex) has received its full listing on the TSX Venture Exchange (the "Exchange") based on its qualifying transaction, Greenlight's Porcupine Rare Earth Element and Base metal property. As part of Explorex's filing statement dated May 29, 2012, Explorex completed a 43-101 report on the Porcupine property and has now resumed trading effective June 12, 2012 and is no longer considered a capital pool company.
Chris Anderson states, "We are delighted that our team has assisted Explorex with becoming a fully listed company on the TSX-V and look forward to an exciting exploration program this summer which we expect to commence immediately."
The Porcupine Property
Greenlight and Explorex commissioned the 43-101 report to assess the significance of Heavy REE (rare earth element) soil anomalies and the potential for Heavy REE mineralization in the area based on these soil anomalies. The report also addresses previous geochemical surveys and prospecting to help define potential sources of base metal mineralization using historical data and an understanding of the glacial history and surface processes of the area.
Highlights of the NI 43-101 compliant report are;
-The Porcupine Property includes the Tozer float occurrence found in 1961which produced assays of 0.24% Cu, 10.15% Pb, 7.6% Zn and 1.9 oz/t Ag. Strong Cu-Pb-Zn soil geochemical anomalies and coincident geophysical anomalies have been reported in ensuing exploration in the vicinity of the sulfide float. However, up to this point in the exploration history of this property no definitive bedrock source has been discovered to account for ore-grade mineralized boulders.
-GreenLight's interest in the property was triggered by significant rare earth element anomalies in soils (>1000 ppm total rare earth elements -TREE) that were collected on the property. The company conducted extensive exploration in 2011 including prospecting, IP surveys and a 971 sample soil geochemical survey. The main feature to emerge from the soil sampling survey near the Tozer occurrence are strong, coincident east-west trending Cu, Pb, Zn anomalies (>300ppm Pb, >700ppm Zn) and spatially distinct, REE anomalies (>1300 TREE). The REE anomalies are not directly associated with nearby foliated granite, but are found in a north-trending zone, open to the south, between two resistivity highs that could represent a fault.
-Prospecting in 2011 uncovered many base metal enriched mineralized boulders in the vicinity of the Tozer occurrence but not in adjacent areas.
-On the southern part of the property REE values form an east-west trending coherent anomalous area on the till-covered slopes of the southern part of the gird with TREE values up to >800 ppm. This westward trending attenuated anomaly appears to have an aspect of glacial dispersal, parallel to eastward ice flow trends. Two other anomalous areas are found in low ground coincident with historical finds. Several significant element groupings in the soil geochemical data set are apparent. REE are grouped with granophile elements U, Ti, Be, and Mg and base metals form another group with Fe and Cr. These groupings suggest primary bedrock control of element associations and mechanical dispersion rather than chemical redistribution processes in the secondary environment.
-It is clear from the voluminous exploration data collected, the rock types and the style of mineralization that a Bathurst-type massive volcanic hosted sulphide model is a possible scenario. REE soil anomalies appear to have a different genesis and host rock association. Finding REE bedrock sources or mineralogical evidence for REE anomalies in till/soil is essential to move this property forward. The author proposes a two phase exploration program with an initial phase of bedrock mapping, reconnaissance till sampling and prospecting, soil and IP surveys, and trenching followed by diamond drilling.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
To earn an initial 70% interest, Explorex will be required to make total cash payments of $180,000 ($25,000 paid), issue a total of 850,000 (150,000 issued) common shares of the Company and incur exploration expenditures of $1,000,000 over three years. A further 15% can be earned after completion of a bankable feasibility report. On execution of the option agreement, a cash deposit of $25,000 is payable to Greenlight and within five days of the TSX approval, a further 150,000 common shares of Explorex are payable to Greenlight.
About GreenLight Resources Inc.:
GreenLight is focused on exploring Atlantic Canada, which is a sovereign risk free, resource rich domain.( New Brunswick recently announced as the #1 region in the world to do mining by the Fraser Institute in March of 2012 ) GreenLight is sourcing, and advancing several projects under a project generation model, addressing a wide range of specialty and traditional commodities such as, Graphite, Tungsten, Antimony, Base Metals and Precious Metals.
On Behalf of the board of directors
Christopher R Anderson,
CEO - President 604 488-3900
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