DENVER--(BUSINESS WIRE)--Great American Energy, Inc. (OTCBB: SRBL) ("Great American Energy" and/or "the Company") announces the completion, as of April 26, 2013, of the geophysical grid layout and soil sampling in Phase I of the Company's exploration program on the Bear Creek Rare Earth Project in British Columbia (BC), Canada. A summary of exploration activity completed to date (as of April 27, 2013) has been prepared and submitted to the BC Ministry of Mines and Petroleum.
The 3-phase program includes Soil/Magnetic Grid exploration, trenching and a diamond core drilling program on identified areas mainly to the center of the Bear Creek claims.
As part of Phase I, a 41-kilometer (25-mile) flagged grid layout was completed with grid stations placed every 100 and 50 meters, with 25-meter set stations to take accurate magnetic readings.
Also as part of Phase I, 447 soil samples were collected, marked and tagged for transport to Acme Laboratories in Vancouver, BC, where the Bear Creek Rare Earth samples will be analyzed for rare earths.
The analysis of the sampling exploration activity is expected to last approximately 1 month. Once the sample data is finalized, the magnetic and mapping survey will commence.
The data and insight gained from Phase I will guide the subsequent exploration phases: Phase II will consist of roughly 1.2 kilometers (0.75 miles) of trenching, while Phase III will consist of a 900-meter (2,952-foot) diamond drilling program, including at least 3 and potentially up to 46 diamond drill coring holes to a depth of 100 to 300 meters (328 to 984 feet). The objective of the Phase III drill program is to determine an indicated and/or referred resource, and will include a full report written by a Qualified Geologist.
More details on all Phases of the exploration program will be released as they become available.
Great American Energy's CEO, Felipe Pimienta, commented: "We're encouraged to have completed this first stage of work on Phase I of our exploration program. Once we have the sampling data back, we'll be enabled to continue Phase I with greater insight of the Bear Creek Rare Earth Project's mineralization."
The Bear Creek Rare Earth Project consists of 10 mining claims totaling ~7,311 acres (~2,959 hectares) that contain potential for significant resources of rare earth elements (REEs) and may contain rare earth oxides. The property lies within the Rocky Mountain Rare Metal Belt, which runs from southeast to northwest BC. In total, the BC Geological Survey has mapped 106 rare metal and/or REE occurrences in the province, most of which fall within the belt.
Learn more about the Bear Creek Rare Earth Project, the Company, and its recent news at Great American Energy’s website: http://www.gamericanenergy.com.
ABOUT GREAT AMERICAN ENERGY, INC.
Great American Energy, Inc. is a publicly traded (OTCBB: SRBL) mineral exploration and development company focused on supporting America’s growing clean energy and clean tech industries. Based in Denver, Colorado, Great American Energy is dedicated to responsibly identifying, acquiring and developing mineral assets in America and US-friendly countries. The Company’s portfolio of projects currently targets lithium and rare earth element production, both of which are essential to America's clean energy and clean tech industries. For more information on the Company and its activities, visit Great American Energy’s website at http://www.gamericanenergy.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Great American Energy, Inc.
Felipe Pimienta, CEO
999 18th Street
This press release includes certain statements that are forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on Great American Energy, Inc.'s current expectations and projections regarding future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to Great American Energy Inc.'s anticipated new developments, business prospects, financial performance, strategies and similar matters. Great American Energy, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
1. Bear Creek Rare Earth Project Report. Dr. Stewart A. Jackson, PhD, P, GeoI., Feb. 12, 2011.
2. Resource World Magazine, Aug. 2010.
3. BC Ministry of Energy and Mines website, July 4, 2012.