GreenLight Increases Land Position to 5,760 acres on its Christmas Island Gold and Graphite Property

GreenLight Increases land position to 5,760  acres on its

Christmas Island Gold and Graphite Property

(OTCBB: PRZCF) (FRANKFURT:  PHO) (TSXV : GR)

VANCOUVER, British Columbia – March 14, 2012   – GREENLIGHT RESOURCES INC. (TSXV.GR), is pleased to announce that it has acquired by staking a further 3,040 acres adjacent to its recently acquired Christmas Island Gold and Graphite property announced February 29, 2012 located in the County of Cape Breton, Nova Scotia.

A summary of the combined 100% owned property is as follows:

  • Large contiguous 5,760 acres claim block hosting multiple near surface target areas, for Gold, Copper & Graphite. Numerous IP and geochemical anomalies, the longest of which is greater than a kilometre in length.
  • Includes Gold (up to 5oz/t) and Graphite (up to 20% graphite in shear zones) showings identified from trenching &(up to 4% disseminated)
  • Excellent infrastructure with road access to the property

 

Flake Graphite Potential

Dr. Ian Flint, who has a PhD in Mining and Mineral Processing Engineering and is a leading expert in graphite, carried out studies, back in 2006, of the graphite chemistry on Greenlight’s recently acquired Christmas Island property.

Dr Flint states “I am surprised this property was available and applaud Greenlight for having prospectors on the ground who were able to identify the property for its good potential for flake graphite deposits.”

Graphite samples were taken from graphite showings on the newly optioned lands and were tested in 2006.  Of the four samples taken , three samples were taken from graphite schist on the property and one sample was taken from the George River Marble  along strike from the property. There is a historic graphite mine just to the south, dating from approximately a hundred years ago.  Graphite mining of that time concentrated on the high grade, vein graphite, often found at sheared lithologic contacts between schist and carbonates.  There is a good possibility that the more economically attractivedisseminated flake graphite mineralization will be found within the George River Marbles that traverse the property.  Also the distinctive geophysical anomalyoccurring the propertymay indicate the presence of additional graphite or other conductive minerals.  Greenlight is currently reviewing all the previous work and reports associated with the property as well as reviewing the local geology and will be commencing a phase one work program immediately.

Gold Silver and Base Metal Targets

The newly staked ground was acquired to cover an area of mineralization first mentioned in 1876 by the Geological Survey of Canada. They noted that a historic old gold shaft existed approximately 400 feet upstream from the mainroad crossing the property. In 1993/94 the Nova Scotia Department of Natural Resources looked for evidence of the gold mine and found a disturbed area with a quartz/sulphide dump. Samples from this dump returned as high as 5.76% Pb, 3.79% Zn, 1.48% Cu, 0.3% Bi, >0.1% Sb, 0.09% WO3, >50g/t (grams per tonne) Ag and 1.5g/t Au.  Follow up work by prospectors a few years later received assays of 0.62g/t Au and 48.8g/t Ag from the rock dump samples. It appears from the dump rock that the mined vein was 1 to 2 meters wide. The vein was never located in place at that time.  Fifty meters to the south a quartz-carbonate-sulphide vein was identified that ran from 0.13 to 1.45g/t Au and 2.6 to 136g/t Ag. There has been little exploration work done here since that time. The prospectors did  a IP  survey that identified the mineralized structures and a spruce bark survey that indicated that there was an anomalous zone several hundred meters in length along the trace of the vein systems. The survey does correspond with graphite showings found at surface.  Panning of the streams in the area showed there to be free gold in two adjoining streams.  One stream was located 2.1km to the SW and the other stream is 1.7km to the NE, which indicates the potential for a mineralized structure some 3.8 km in length. The mineralization is hosted in quartz or quartz carbonate veins with sulphides that occur within a discrete shear zone approximately 100 meters wide which is controlled by a NE trending structure (Fault Zone) cutting both George River Group (Bras dÒr Gneiss Complex) and the younger Shunacadie Pluton granites and granodiorites.

Readers are warned that “historical records” referred to in this release have been examined but not verified by a “Qualified Person”.  Further work is required to verify that the historical assays referred to in this release are accurate.

Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.

Graphite Market

Graphite is a conductive, chemically inert mineral that is a key component to almost all batteries, fuel cells, brake pads, and is also a critical component in both the metallurgical and electrical industries.  Graphite is similar to rare earths minerals in that they are largely monopolized by China.  Current and planned production of high quality graphite is only a small fraction of the projected requirements of the battery and automotive industries.  Global consumption of natural graphite has increased from ~600,000 in 2000 to 1.2 MM t in 2012. Demand for graphite has been increasing by approximately 5% per year since 2000 due to the ongoing modernization of China, India and other emerging economies, resulting in strong demand from traditional end uses such as the steel and automotive industries. Graphite also has many important new applications such as lithium ion batteries, fuel cells and nuclear and solar power that have the potential to create significant incremental demand growth.

On Behalf of the board of directors

“Chris Anderson”

Christopher R  Anderson,

CEO – President 604 488-3900

 

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