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Elissa Resources has a 100% interest in the Thor Rare Earth Project, Nevada and has an option to acquire a 100% interest in Spectrum Optix Inc. Spectrum Optix's technical team is currently designing advanced modelling systems for its core technology to be used in potential lens applications, in both imaging and non-imaging verticals. With the launch of Version 2 of Spectrum's proprietary optics design software expected in late April of this year, (please see Elissa news, February 10, 2015) the company anticipates it will help expedite application specific development by analysing the technical viability of different optical materials and element combinations. Working toward filing its first vertical specific patent application, Spectrum believes Version 2 of its proprietary software will specify precision optical design features.

Spectrum's technologies aim to disrupt lens and image capture based systems, which may include cameras, smart phones, and telescopes, by creating a compact lens system in order to reduce the depth currently required in traditional lens technologies. Additionally, Spectrum believes its core technology can be scaled to large industrial sizes, potentially enabling improvements to the medical, solar and greenhouse sectors.

Upon signing the LOI with Spectrum Optix, Paul McKenzie, President and CEO of Elissa Resources stated:

"Today's joint announcement with Spectrum holds the potential to place us in the forefront of a new era in optical imaging technologies."

Further details on Spectrum Optix Inc. can be found on the company's website: www.spectrumoptix.com

Elissa's 100% owned Thor Rare Earth Project, Nevada, is located about 28 km (17 miles) east of Molycorp Minerals' Mountain Pass REE deposit and processing facility in nearby California. The phase one drill program was expanded in progress and resulted in the following:

  • Discovery of a possibly extensive REE-bearing alkali granite/syenite unit in the northern part of the Lopez Trend

  • Intersected lengthy intervals of REE mineralization, including 32 feet (9.8 m, not true width) of 1.05% total REO (rare earth oxides) with a 6 foot (1.8 m, not true width) zone containing 3.28% total REO

  • Desirable and valuable Heavy REEs (HREE) comprise up to 18 percent of the REE mineralization encountered in this unit

Paul McKenzie, President and CEO of Elissa, stated:

"We are encouraged by these results on our Thor Project and are especially pleased that the drilling has confirmed REE mineralization that is strongly enriched in the valuable heavy-REEs. At least 90 percent of the Lopez Trend and a large number of outlying REE targets remain untested by drilling. We believe we are at the early stage of defining what could be a very large REE-bearing system and are planning a second-phase program to examine areas and test concepts discerned from our ongoing exploration."