Last checked at 6 Jul 2011 07:00
6 July 2011
Rare Earth Minerals plc
Update on Cup Lake Rare Earth Project
Rare Earth Minerals (AIM: REM) is pleased to announce that it has completed the conditions precedent under the agreement announced on 4 May 2011 and now has a 51% beneficial interest in 5 claims comprising the Cup Lake Project in Saskatchewan, Canada.
An exploration programme to identify rare earth elements ("REE") has commenced with the exploration field crew having already been mobilised to the Cup Lake site. The program will consist of re-locating and sampling reported REE occurrences on the Cup Lake claims and prospecting - mapping extensions of these zones on the claims as well as prospecting the claims for new REE occurrences.
Samples collected during the course of this program will be sent to Saskatchewan Research Council in Saskatoon for REE analyses. The Company anticipate that this initial program will be completed during the month of July. Sample analytical results are anticipated to be available by the end of July or in early August.
Background on Cup Lake:
The claims are situated in the Mudjatik domain, an area which has seen several periods of intensive exploration activity and hosts many interesting mineral showings. The claims consist of 3 separate groups totalling approximately 4,855 hectares in area. They are located in north central Saskatchewan and range from 5 to 16 kilometres west of a major highway and power facilities.
During the 1950's exploration was concentrated only on the accessible and mapped areas of the time. The focus was solely for uranium and was met with some success as uraninite showings were identified in numerous instances. In the 1960's exploration surged again, this time prospecting centered around the search for base metals and much of the area was flown with geophysical surveys. Drilling was undertaken and some anomalous nickel assays were obtained in core assays.
It was during these periods of exploration for other minerals that the potential for rare earth elements ("REE") was revealed. Monazite and allanite bearing porphyry dykes and irregular masses up to 30 feet wide were discovered, both have the potential for hosting heavy rare earth elements. Occurrences such as these suggest there may be sufficient mineralization in the area to support complex pegmatites hosting many types of rare earths. Drill and assay results seeking uranium and base metalsalso reported niobium and tantalum mineralization associated with uranium occurrences in pegmatites.
David Lenigas, Rare Earth Minerals Director and CEO states;
"The Cup Lake REE deal is the first of a number of investment opportunities that the Company is assessing. Current day technology has facilitated a tremendous demand for these elements and we are pleased that exploration has commenced for rare earths in this prospective area".
For further information please contact:
Rare Earth Minerals Plc
David Lenigas, Director
+44 (0) 207 440 0640
W.H. Ireland
James Joyce
+44 (0) 207 220 1666