Drilling to Commence on Yangibana Prospect

RNS Number : 0101G

Rare Earth Minerals PLC

01 May 2014

 



1 May 2014

Rare Earth Minerals Plc.

("Rare Earth Minerals", "REM" or "the Company")

Drilling to Commence on Yangibana Rare Earth Prospect, Western Australia

Rare Earth Mineral Plc (AIM: REM) is pleased to announce that a 3,150 metres drilling programme on its 30% owned Yangibana North rare earth element project in Western Australia is scheduled to start this month. REM has a 30% free carry interest in the project to Bankable Feasibility Study. The full Hastings news release can be found at: http://www.asx.com.au/asxpdf/20140428/pdf/42p6kvbm9wg3j7.pdf

David Lenigas, the Company's Chairman commented:

"REM is pleased with the recent progress made on the Yangibana North project in particular the news that the long awaited drilling programme is about to start. Geological sampling and previous drilling at Yangibana has already identified elevated Neodymium Oxides and Europium Oxides, both of which have been deemed "Critical Elements."

"REM now has significant exploration activities underway on all of the Company's main investments in Mexico, Greenland and Australia."

Details of Ownership:

On the 1 December 2012 REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana Rare Earth Project. Therefore the exploration costs until the commencement of the BFS are borne solely by Hastings Rare Metals Limited (60% owners and operator).

Summary of Yangibana Project from Hastings Rare Metals Limited news release:

"YANGIBANA PROJECT:

The Company has successfully completed the Native Title Site Clearance for its proposed drilling at Yangibana North and has signed a contract with McKay Drilling to undertake the reverse circulation drilling programme in early May.

The planned programme involves drilling on nine sections spaced at 50m along the main outcrop of the Yangibana North prospect. Up to five holes will be drilled on each section as shown in Figure 3. Approximately 350m of drilling is required on each of the nine sections, totalling 3,150m. [Figure 3. Can be viewed in the following release: http://www.asx.com.au/asxpdf/20140428/pdf/42p6kvbm9wg3j7.pdf]

Drilling carried out in the 1980s indicates that mineralisation at Yangibana North has a shallow (20^o-30^o) dip to the south. The planned drilling is to confirm historical results that indicated average grades of around 1.6% TREO* including 4000ppm Nd2O3 from this zone above the water table, and to test the primary mineralisation at greater depth.

* TREO is the sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO).

HREO is the sum of the oxides of the heavy rare earth elements europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu), and yttrium (Y)

LREO is the sum of the oxides of the light rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm)."

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                   [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Joint Broker)                               [phone]

James Joyce

Nick Field

Hume Capital plc (Joint Broker)                                                     [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick, Mark Longson                                                                  [phone]

 

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