Rare Earth Minerals PLC Yangibana Resource Update (3773U)
January 17 2017 - 8:09AM
UK Regulatory
TIDMREM
RNS Number : 3773U
Rare Earth Minerals PLC
17 January 2017
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Yangibana Resource Update
Rare Earth Minerals Plc (AIM/ISDX: REM; OTC: REMMY)) is pleased
to report that Hastings Technology Metals Limited ("Hastings"),
REM's 70% joint venture partner in the Yangibana Neodymium Project
("Yangibana") in Western Australia, has announced an updated
Mineral Resource Estimate for Yangibana. The full Hastings news
release is available at:
http://hastingstechmetals.com/images/asx_latest/HAS-20170116-Resource_Upgrade_Including_First_MeasuredFINAL_FINAL.pdf
The Hastings releases also contains information on areas and
licenses which REM has no interest. A plan of the tenements and
ownership of the various resource domains is available at:
http://www.rareearthmineralsplc.com/files/7314/5804/6456/Yangibana_License_Map_and_Pit_Design.pdf
Details of Ownership:
On 1 December 2011, REM announced that it had acquired a 30%
free carried interest to Bankable Feasibility Study ("BFS") of the
Yangibana North Rare Earth Deposit. The exploration costs until the
commencement of the BFS are therefore borne solely by Hastings Rare
Metals Limited (70% owners and operator). The same terms agreed and
announced on 1 December 2012 also apply to Gossan, Hook, Kanes
Gossan, Lions Ear and Bald Hill North. The gross and net
attributable mineral resources to REM are set out below.
Table 1- Joint Venture properties, JORC Resource. Operator is
Hastings
Gross
------------------------------------------------------------------------------
Mineral Resource Tonnes Grade Contained Metals
Category (metric tonnes)
------------------ -------- ----------------------- -----------------------
Indicated Million % TREO % Nd2O3+Pr2O3 TREO % Nd2O3+Pr2O3
tonnes
------------------ -------- ------- -------------- ------- --------------
Yangibana North 2.102 1.58% 0.42% 33,212 8,828
------------------ -------- ------- -------------- ------- --------------
Bald Hill North 0.123 1.00% 0.43% 1,230 529
------------------ -------- ------- -------------- ------- --------------
Sub-Total 2.225 1.55% 0.42% 34,442 9,357
------------------ -------- ------- -------------- ------- --------------
Inferred
------------------ -------- ------- -------------- ------- --------------
Yangibana North 0.377 1.48% 0.40% 5,580 1,508
------------------ -------- ------- -------------- ------- --------------
Bald Hill North 0.194 0.96% 0.39% 1,862 757
------------------ -------- ------- -------------- ------- --------------
Gossan, Lion's
Ear, Hook and
Kane's Gossan 1.82 1.33% 0.34% 24,206 6,188
------------------ -------- ------- -------------- ------- --------------
Sub-Total 2.391 1.32% 0.35% 31,648 8,453
------------------ -------- ------- -------------- ------- --------------
Total 4.616 1.43% 0.38% 66,090 17,541
------------------ -------- ------- -------------- ------- --------------
Net attributable (30%)
------------------------------------------------------------------------------
Mineral Resource Tonnes Grade Contained Metals
Category (metric tonnes)
------------------ -------- ----------------------- -----------------------
Indicated Million % TREO % Nd2O3+Pr2O3 TREO % Nd2O3+Pr2O3
tonnes
------------------ -------- ------- -------------- ------- --------------
Yangibana North 0.631 1.58% 0.42% 9,963 2,649
------------------ -------- ------- -------------- ------- --------------
Bald Hill North 0.037 1.00% 0.43% 369 159
------------------ -------- ------- -------------- ------- --------------
Sub-Total 0.668 1.55% 0.42% 10,332 2,807
------------------ -------- ------- -------------- ------- --------------
Inferred
------------------ -------- ------- -------------- ------- --------------
Yangibana North 0.113 1.48% 0.40% 1,674 452
------------------ -------- ------- -------------- ------- --------------
Bald Hill North 0.058 0.96% 0.39% 559 227
------------------ -------- ------- -------------- ------- --------------
Gossan, Lion's
Ear, Hook and
Kane's Gossan 0.546 1.33% 0.34% 7,262 1,856
------------------ -------- ------- -------------- ------- --------------
Sub-Total 0.717 1.32% 0.35% 9,494 2,536
------------------ -------- ------- -------------- ------- --------------
Total 1.3848 1.43% 0.38% 19,827 5,262
------------------ -------- ------- -------------- ------- --------------
Note: All figures are rounded to reflect the relative accuracy
of the estimate and have been used to derive sub-totals, totals and
weighted averages. Such calculations inherently involve a degree of
rounding and consequently introduce a margin of error. Where these
occur, REM does not consider them to be material.
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
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
David Bick
Brian Alexander
About Rare Earth Minerals:
Rare Earth Minerals invests across the globe, principally in
lithium mining projects. Its primary strategy is taking significant
economic stakes in upstream exploration and development assets
within strategic metals. We identify assets that have strategic
cost advantages that are not replicable, with the aim of achieving
lower quartile production costs. The combination of this approach
and seeking value opportunities allows us to identify projects
capable of achieving high rates of return.
The Rare Earth Minerals board has a blend of mining, commodity
investing, fund management and deal structuring knowledge and
experience, that is supported by access to key marketing, political
and industry contacts. These resources are leveraged not only in
our investment decisions but also in continuing support of our
investments, whether it be increasing market awareness of an asset,
or advising on product mix or path to production. REM's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
Rare Earth Minerals are major shareholders of the Sonora Lithium
Project in northern Mexico and the Cinovec Lithium and Tin Project
in the Czech Republic. Rare Earth Minerals portfolio also includes
significant lithium-based investments the USA, Australia and
Namibia. The Mexican and Czech deposits have published Indicated
and Inferred Mineral Resources of 11.3 million tonnes of Lithium
Carbonate Equivalent.
Glossary:
Indicated Mineral That part of a mineral resource for which
Resource quantity, grade (or quality), densities,
shape and physical characteristics are
estimated with sufficient confidence
to allow the application of Modifying
Factors in sufficient detail to support
mine planning and evaluation of the economic
viability of the deposit.
------------------ -----------------------------------------------
Inferred Mineral That part of a mineral resource for which
Resource quantity and grade (or quality) are estimated
on the basis of limited geological evidence
and sampling.
------------------ -----------------------------------------------
TREO** The sum of the oxides of the heavy rare
earth elements (HREO) and the light rare
earth elements (LREO).
------------------ -----------------------------------------------
JORC Joint Ore Reserves Committee. The Joint
Ore Reserves Committee produces the JORC
Code: a professional code of practice
that sets minimum standards for Public
Reporting of minerals Exploration Results,
Mineral Resources and Ore Reserves.
------------------ -----------------------------------------------
Nd(2) O(3) Neodymium(III) oxide
------------------ -----------------------------------------------
Pr(2) O(3) Praseodymium(III) oxide
------------------ -----------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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