Rare Earth Minerals PLC Cinovec Lithium Project, Drilling Update (4353B)
October 06 2015 - 11:33AM
UK Regulatory
TIDMREM
RNS Number : 4353B
Rare Earth Minerals PLC
06 October 2015
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Cinovec Lithium Project, Drilling Update
Rare Earth Mineral Plc (AIM: REM) advises that European Metals
Holding Limited ("European Metals"), a company that REM holds a
9.79% equity interest in, has announced an update to the drilling
campaign currently being carried out at its 100% owned Cinovec
Lithium-Tin-Tungsten Project ("Cinovec") in the Czech Republic. The
full European Metals news release dated 6 October 2015 is available
at:
http://www.asx.com.au/asxpdf/20151006/pdf/431vrq1f3grf95.pdf.
HIGHLIGHTS FROM THE RELEASE
-- Drillhole PSn06 completed at Cinovec to a depth of 401.5m
-- Results expected in mid-November
-- Drilling will underpin conversion of Inferred to Indicated
Resources and provide material for additional metallurgical
testing
-- Cinovec is one of the largest lithium deposits in the
European Union, with a defined Inferred Resource of 514.8Mt @ 0.43%
Li(2) O for 5.5Mt lithium carbonate equivalent ("LCE") and an
additional Exploration Target of 350-450Mt @ 0.39-0.47% Li(2) O for
3.4-5.3Mt LCE
-- Previous drilling by the Company at Cinovec has returned intercepts of:
o 108.9m @ 0.52% Li(2) O, 0.16% Sn, 0.04% W (CIS-3) from
173m
o 185.15m @ 0.44% Li(2) O, 0.07% Sn, 0.02% W (CIS-2) from
187.45m
o 109.6m @ 0.43% Li(2) O, 0.06% Sn, 0.02% W (CIS-1) from
171m
-- Historic drilling at Cinovec returned intercepts including:
o 202m @ 0.62% Li(2) O (CN-17) from 22m
o 223m @ 0.52% Li(2) O (CN-81) from 1m
o 187m @ 0.51% Li(2) O (CS-1) from 227m
-- An update on production of the bulk lithium mica concentrate
for mini-plant testing will be provided in the near future
-- Progress towards dual listing in London is on track
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).
- 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 +44 (0) 207 929 5599
David Bick
Mark Longson
Glossary:
Indicated Mineral Resource That part of a mineral resource
for which 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 Resource That part of a mineral resource
for which quantity and grade (or
quality) are estimated on the
basis of limited geological evidence
and sampling.
--------------------------- ----------------------------------------
Li(2) O Lithium oxide
--------------------------- ----------------------------------------
Sn tin
--------------------------- ----------------------------------------
W tungsten
--------------------------- ----------------------------------------
LCE 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 assumes 100% recovery
and no process losses in conversion
of Li to Li(2) CO(3)
--------------------------- ----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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