Cinovec Lithium Project, Drilling Update

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% Li₂O for 5.5Mt lithium carbonate equivalent ("LCE") and an additional Exploration Target of 350-450Mt @ 0.39-0.47% Li₂O for 3.4-5.3Mt LCE

·      Previous drilling by the Company at Cinovec has returned intercepts of:

o  108.9m @ 0.52% Li₂O, 0.16% Sn, 0.04% W (CIS-3) from 173m

o  185.15m @ 0.44% Li₂O, 0.07% Sn, 0.02% W (CIS-2) from 187.45m

o  109.6m @ 0.43% Li₂O, 0.06% Sn, 0.02% W (CIS-1) from 171m

·      Historic drilling at Cinovec returned intercepts including:

o  202m @ 0.62% Li₂O (CN-17) from 22m

o  223m @ 0.52% Li₂O (CN-81) from 1m

o  187m @ 0.51% Li₂O (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                                                                       [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)                                                [phone]

James Joyce

Mark Leonard

Square1 Consulting                                                                             [phone]

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.
Li2O	Lithium oxide
Sn	tin
W	tungsten
LCE	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

 

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