TIDMREM
RNS Number : 5850X
Rare Earth Minerals PLC
01 September 2015
01 September 2015
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Sonora Drilling Results and Accelerated Drilling Programme
Rare Earth Minerals and (LSE AIM: REM) is pleased to announce
the mobilisation of a second drilling rig to site and also provides
an update on the drilling programme currently being undertaken as
part of the pre-feasibility study ("PFS") at the Sonora Lithium
Project in Mexico.
A total of nine holes (totaling 1,850 metres) have been
completed of the currently planned 18 hole drilling programme
(approximately 4,000 metres). As a result of the Company's recent
agreement with Tesla Motors, a second rig has been mobilised to
site to increase the speed of drilling, with the intention to
complete the remaining holes in September 2015.
Analyses received from the first four holes from the Fleur
concession indicate that weighted averages for lithium content in
the Upper Clay is 1,862 ppm Li over 24.15 metres in thickness and
the Lower Clay averages 4,871 ppm Li over 24.15 metres. The
thickness in metres and grades of the significant lithium
intersections are shown in Table 1 as follows:
Table 1: Significant Lithium drilling intersections - Sonora
Lithium Project (Fleur Concession)
Hole Unit From To (m) Length Li ppm %LCE*(1)
(m) (m)
======= ======= ======= ======= ======= ======= =========
Upper
ES-44 Clay 74.27 105.28 31.01 2,127 1.13
------- ------- ------- ------- ------- ------- ---------
Lower
Clay 117.65 133.19 15.54 5,032 2.68
--------------- ------- ------- ------- ------- ---------
Lower
ES-45 Clay 125.73 139.9 14.17 4,503 2.40
------- ------- ------- ------- ------- ------- ---------
Upper
ES-46 Clay 129.44 154.18 24.74 1,918 1.02
------- ------- ------- ------- ------- ------- ---------
Lower
Clay 162.64 178.62 15.98 4,605 2.45
--------------- ------- ------- ------- ------- ---------
Upper
ES-47 Clay 94.84 111.55 16.71 1,287 0.69
------- ------- ------- ------- ------- ------- ---------
Lower
Clay 125.27 150.8 25.53 5,145 2.74
--------------- ------- ------- ------- ------- ---------
Note: N/D means not detected
(*) LCE = lithium carbonate (Li(2) CO(3) ) Equivalent:
determined by multiplying Li value in percent by 5.324 to get an
equivalent Li(2) CO(3) value in percent. Use of LCE is to provide
data comparable with industry reports and assumes complete
conversion of lithium in clays with no recovery or process
losses.
The programme is primarily focused on significantly increasing
the Indicated Mineral Resources within the Sonora Lithium Project,
as well as testing whether the high grades and near surface
mineralisation identified at the La Ventana concession continue
into the northern area of the Fleur concession, which immediately
adjoins La Ventana to the south. The Company's resource was
recently updated by SRK Consulting (UK) Limited ("SRK") to:
-- Indicated resources of 1.14 million tonnes ("Mt") lithium
carbonate equivalent ("LCE") contained in 95Mt of clay, at lithium
("Li") grade of 2,200 ppm
-- Inferred resources of 6.3Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm
For further details, investors are encouraged to reference the
Company's press releases dated May 13 and June 26, 2015 and/or the
SRK's report that was filed on May 13, 2015 and is accessible on
the Company's website.
Upon completion of the drill programme and assaying, SRK will
deliver an updated resource model for mine design purposes, with an
initial focus on the higher grade, open pit resources on the La
Ventana and Fleur concessions.
The pre-feasibility study ("PFS") for the Sonora Lithium Project
in Mexico is ongoing, with metallurgical testwork, mine design and
process engineering proceeding according to schedule and due to be
reported in Q1, 2016.
Details of REM's ownership of the Sonora Lithium Project:
REM owns a direct interest of 16.4% in Bacanora, and through
that holds an indirect interest in the La Ventana asset of 16.4%.
In addition to the 16.4% in Bacanora, when aggregated with REM's
30% direct interest in Megalit S.A de CV (the company holding the
Buenavista, Megalit and San Gabriel concessions) and the 30% direct
interest in Mexalit S.A de CV (the company holding El Sauz, El Sauz
1, El Sauz 2, Fleur and Fleur 1 concessions), results in a total
economic interest in each of these companies of Megalit S.A. de CV
and Mexalit S.A. de CV of 41.47%.
The Company's Executive Chairman, David Lenigas, commented:
"The positive drilling results received to date coupled with the
supply agreement with Tesla announced recently has fueled the drive
to accelerate the drilling programme and the mobilisation of a
second drill to the Sonora Lithium Project. We look forward to
providing further updates from the ongoing drilling programme and
other project development activites."
Qualified Person:
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
Ends
For further information please contact:
Rare Earth Minerals plc +44 (0) 207 440 0647
David Lenigas
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
Mark Leonard
Square1 Consulting
David Bick +44 (0) 207 929 5599
Mark Longson
Notes to Editors:
About Rare Earth Minerals Plc:
Rare Earth Minerals Plc is a London listed company (LSE AIM:
REM) with significant interest in the Sonora Lithium Project in
northern Mexico, and in the Yangibana Rare Earths Element Project
in Western Australia and a new Rare Earths Element early stage
exploration project in Greenland.
About the Sonora Lithium Project:
The Sonora Lithium Project, which consists of ten mining
concession areas covering approximately 100 thousand hectares, is
located in the northeast of Sonora State 105 miles from the USA
border. Sonora Lithium Project, through drilling and exploration
work to date, has established an NI 43-101 compliant Indicated
Mineral Resource of 1.14 million tonnes LCE contained in 95 million
tonnes of clay at a lithium grade of 2,200 parts per million and an
Inferred Mineral Resource of 6.3 million tonnes LCE contained in
500 million tonnes of clay at a lithium grade of 2,300 parts per
million. The operational base of the Sonora Lithium Project is in
Hermosillo in northern Mexico where it has built and operates a
lithium pilot processing plant.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLWGUBCRUPAPPG
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