LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday said the mineral resource for Yangibana project in western Australia has more than doubled.
The company's joint venture partner in the project, Hastings Rare Metals Ltd, informed Rare Earth Minerals that the total JORC mineral resource of total rare earth oxides increased to 103,000 contained tonnes, from the previous 45,000 contained tonnes of total rare earth oxides.
The total resource contains 23,500 tonnes of neodymium oxide, 6,500 tonnes of praseodymium oxide, 360 tonnes of dysprosium oxide, and 625 tonnes of europium oxide.
The grade also increased to 1.73% total rare earth oxides compared to the previous 1.34%.
"Yangibana continues to show excellent promise as a potential new source of valuable rare earths elements, in a market that is principally controlled by the Chinese manufacturers. We look forward to the results of the Scoping Study currently under-way," said Chairman David Lenigas.
The calculation of neodymium oxide equivalents allows an improved ranking of prospects, with the total resource containing 47,000 tonnes of neodymium oxide equivalent, it said in a statement.
The company also said that new aerial photography shows mineralisation continuing for 12 kilometres to the western end of Yangibana North, indicating potential for additional shallow mineralisation to be encountered by the company.
Rare Earth shares were down 2.8% to 1.10 pence per share Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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