Last checked at 4 Jun 2013 07:00
4 June 2013
Rare Earth minerals plc
("Rare Earth Minerals" or "the Company")
Drilling Update - Mexican Lithium Joint Venture
Rare Earth Minerals PLC (AIM: REM) is pleased to provide an update on the diamond drill program that is underway at the El Sauz - Fleur lithium concessions in Northern Mexico, and under joint venture with Bacanora Minerals Ltd. (BCN: TSX-V). The first diamond drill hole (ES-01) has been completed and the second hole (ES-02) is being drilled. The program contemplates 2,500 m of drilling in 10 holes.
The first hole was drilled 300 m southeast of and on strike with the La Ventana lithium deposit; the second hole is 1,250 m southeast and also on strike with the La Ventana lithium deposit. The intersections in the first hole encountered a 44 m length of upper clay and a 24 m length of lower clay (Table 1), which is estimated to be equivalent to true thicknesses of 41.4 m and 22.6 m for the upper and lower clay units respectively. These intervals correlate well with the thicknesses of clay units found on La Ventana. The second hole has encountered the upper clay unit and at the time of writing is still in this unit.
The results of the first two holes successfully demonstrate continuity of the clay units of the La Ventana lithium deposit onto the Fleur concession. Analytical results from drill core samples taken across the clay units are expected within the next 3 to 4 weeks. Next drill holes will test continuity onto the El Sauz concession where the clay units are exposed at surface.
Table 1. El Sauz - Fleur 2013 Drill Results to date:
Hole: ES-01 | |||
From | To | Interval | Lithology |
0 | 99 | 99 | Basalt |
99 | 143 | 44 | Upper clay |
143 | 156 | 13 | Ignimbrite |
156 | 180 | 24 | Lower clay |
180 | 204 | 24 | Basal volcanics |
Hole: ES-02 | |||
0 | 3 | 3 | Overburden |
3 | 188 | 185 | Basalt |
188 | 227 | 39 | Upper Clay |
227 | In progress | ||
David Lenigas, The Company's Chairman commented:
"REM is pleased to report that the same clay sequences have been identified along strike from the 60 million tonne La Ventana lithium deposit, which averages 1.6% Lithium Carbonate Equivalent. We look forward to reporting the grades of the drilling in due course."
About the Sonora Lithium Project:
The Company's optioned concessions cover 3,411 hectares out of a total of 5,786 contiguous hectares that make up the Sonora Lithium Project owned by Bacanora.
Lithium is the lightest of the alkali metals and has unique electrochemical properties that make it the element of choice for batteries of high energy storage capacity and other energy applications as well as a host of industrial and health applications."
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*LCE = lithium carbonate (Li2CO3)Equivalent: determined by multiplying Li value in percent by 5.324 to get an equivalent Li2CO3 value in percent. Use of LCE assumes 100% recovery and no process losses in conversion of Li to Li2CO3.
Qualified Person's Statement:
Information in this announcement relates to information compiled by Carl G Verley, P.Geo, a consultant to the Company, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is a Qualified Person with respect to the information disclosed herein.
For further information please contact:
Rare Earth Minerals Plc www.rareearthmineralsplc.com
David Lenigas, Non-Executive Director
+44 (0) 207 440 0640
NOMAD - WH Ireland
James Joyce
Nick Field
+44 (0) 207 220 1666
PR - Pelham Bell Pottinger
Charlie Vivian
+44 (0)20 7861 3232
Weston Macklem
+44 (0)20 7861 3232