QGX Ltd. (TSX:QGX) announced
Thursday that three drill holes used for exploration at its Khotgor
site returned significant concentrations of rare earth elements, which
is an indicator of significant iron ore deposits.
The abundance of the rare earth
elements leads scientists to believe a large deposit of iron ore lays
below. Specifically, company officials believe two iron ore deposits
may be as large as 600 m and 1500 m in length.
Global demand for rare earths
is expected to grow in a number of high-tech applications, especially
in permanent magnets, consumer electronics, and automotive catalytic
converters. In particular, demand growth will be seen in the automotive
industry as more electric components replace hydraulic systems and NiMH
rechargeable batteries are used in hybrid vehicles.
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