Cinovec Lithium Project - Drilling Update

RNS Number : 9878F

Rare Earth Minerals PLC

17 November 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 11.87% equity interest in, has announced that drilling at the Cinovec Lithium-Tin-Tungsten Project ("the project" or "Cinovec") in the Czech Republic continues to progress well. Two holes have been completed with assay results received for the first completed hole PSn06. The full European Metals news release dated 17 November 2015 is available at: http://europeanmet.com/assets/17_November_2015_-_Drilling_Update_UPDATED.pdf

Key Points from the Release:

·      Drillhole PSn06 returns an intercept of 163m @ 0.40% Li₂O from 238.5m to end of hole at 401.5m

·      PSn06 twinned historic drillhole CN-51, which returned an intercept of 174.2m @ 0.43% Li₂O from 233m to 407.2m

·      Two holes (PSn05, PSn06) completed to date for 783.6m, with two holes (PSn01, PSn07) in progress

·      Second drill rig now on site, effectively doubling the drill rate

David Lenigas, REM's Executive Chairman, commented:

"The first assay results from the resource upgrade drill programme at the Cinovec Lithium-Tin-Tungsten deposit has returned a significant intercept and is in line with expectations based on results for historic drillhole CN-51. The drilling programme is being accelerated with the addition of a second rig and I look forward to providing regular updates in due course."

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).

Lithium Classification and Conversion Factors:

Lithium grades are normally presented in percentages or parts per million (ppm). Grades of deposits are also expressed as lithium compounds in percentages, for example as a per cent. lithium oxide (Li₂O) content or per cent. lithium carbonate (Li₂CO₃) content.

Lithium carbonate equivalent ("LCE") is the industry standard terminology for, and is equivalent to, Li₂CO₃. Use of LCE is to provide data comparable with industry reports and is the total equivalent amount of lithium carbonate, assuming the lithium content in the deposit is converted to lithium carbonate, using the conversion rates in the table included further below to get an equivalent Li₂CO₃ value in per cent. Use of LCE assumes 100% recovery and no process losses in the extraction of Li₂CO₃ from the deposit.

The standard conversion factors are set out in the table below:

Table: Conversion Factors for Lithium Compounds and Minerals

Convert from		Convert to Li	Convert to Li2O	Convert to Li2CO3
Lithium	Li	1.000	2.153	5.323
Lithium Oxide	Li2O	0.464	1.000	2.473
Lithium Carbonate	Li2CO3	0.188	0.404	1.000

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                                      [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)                                                         [phone]

James Joyce

Mark Leonard

Square1 Consulting                                                                                             [phone]

David Bick

Mark Longson                                             

 

END

 

 

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