Tasman Metals (CVE:TAS)(AMEX:TAS) reported final drill results from the phase three drill program at its wholly-owned Norra Karr rare earth element (NYSEMKT:REE) project in Sweden, including a new REE-zirconium intrusion located five kilometres south of the property.
Notable results from the 29-hole program, each of which hit mineralization, include hole NKA11042, which intersected 126.0 metres grading 0.48 percent total rare earth oxides (TREO) and 1.63 percent zirconium, including 0.8 percent TREO and 1.77 percent zirconium over 36.3 metres.
Meanwhile, hole NKA11046 intersected 50.9 metres at 0.36 percent TREO and 2.27 percent zirconium.
Tasman Metals president and CEO, Mark Saxon said: "This extensive new set of drill data from Norra Karr shall be incorporated in the updated NI 43-101 resource being completed by Pincock, Allen & Holt of Denver, Colorado.
"The resource update is incorporated with the preliminary economic assessment, which is anticipated to be delivered in early 2012.
"These new drill results are particularly pleasing in that they include intersections at shallow depths that are substantially higher grade than the existing NI 43-101 resource."
Mapping and prospecting work completed at the property also discovered a new and previously unmapped REE-zirconium intrusion, located five kilometres south of the property. The new prospect area, called Barnarp, outcrops poorly, Tasman said, and will be the target of its drill program in the first quarter of 2012.
Other notable results from the program include hole NKA11040, which intersected 223.8 metres grading 0.62 percent TREO and 2.0 percent zirconium, including 188.0 metres at 0.69 percent TREO and 1.88% zirconium. This hole ended in the Barnarp intrusion limit, and extended the depth of the intrusion by over 100 metres below the lower limit of the current NI 43-101 inferred resource.
Tasman's current inferred mineral resource for the project shows 60.5 million tonnes grading 0.54 percent total rare earth oxide (TREO) and 1.72 percent zirconium, with 53.7% of the TREO being the higher valued heavy rare earths, at a cut-off grade of 0.4 percent.
The Norra Karr project is located in southern Sweden, approximately 300 kilometres southwest of Stockholm, and covers 549.4 hectares.
The demand for rare earth elements, like those at Norra Karr, is increasing, due to the metals unique properties that make them essential for high technology and environmentally-beneficial applications. Since over 95 percent of REE supply is sourced from China, the European Union is supporting policy to ensure domestic supply of the metals.
Tasman shares closed on Thursday at $2.10. They were inactive in morning trading.