Drilling Update on Yangibana Rare Earth Prospect

RNS Number : 8085J

Rare Earth Minerals PLC

17 June 2014

 



17 June 2014

Rare Earth Minerals Plc.

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

Drilling Update on Yangibana Rare Earth Prospect.

Rare Earth Mineral Plc (AIM: REM) is pleased to announce significant rare earth element results from the first phase of drilling recently completed on its 30% owned Yangibana North rare earth element project in Western Australia. The first phase of drilling comprised of 44 reverse circulation (RC) drill holes for a total of 1,836 metres.

David Lenigas, the Company's Chairman commented:

"REM is delighted with the results of the first phase of drilling at it's "free carried to feasibility study" rare earth joint venture in Western Australia. The overall grades of TREO is deemed highly promising and we are particularly pleased with the high levels of Neodymium Oxides.."

"REM looks forward to reporting further significant progress from Yangibana over the coming weeks as all the drilling results are made available and then the launch of the second phase exploration programme."

Yangibana Project Update:

(Significant information from the Hastings Rare Metals ASX announcement dated 17 June 2014)

The results from the first 5 holes have been received, which have demonstrated significant Total Rare Earth Oxide ("TREO") assays. At a 5000ppm TREO cut-off these holes returned intersections as shown in Table 1, rounded to the nearest 10ppm. ("ppm" equates to parts per million and 10,000 ppm = 1%)

Table1 - Best intersections achieved in RC drilling at Yangibana North Prospect, May 2014.

Hole No (YGRC)	From (m)	To (m)	Interval (m)	ppm TREO	ppm Nd2O3
21	0	5	5	7,200	1,620
22	18	21	3	14,240	2,720
23	26	30	4	16,910	3,290
24	35	41	6	17,690	3,670
16	0	2	2	13,040	2,430
and	4	6	2	13,130	2,700

Complete assays results to date are provided in Appendix 2 of Hastings Rare Metals ("Hastings") ASX announcement of 17 June 2014 found at:

http://www.hastingsraremetals.com/wp-content/uploads/2014/06/HAS-20140616-Yangibana3.pdf

A total of 580 samples from the drilling have been despatched to Genalysis in Perth for analysis of rare earths and rare metals. Holes consistently intersected 3-5m of the target ironstone/quartz unit. The ironstone/quartz unit is surrounded by a variable width of alkali-altered granite (fenitic-alteration associated with intrusions of carbonatites). Work carried out by the Geological Survey of Western Australia has shown that this fenitic zone hosts rare earths and rare metal values of potential.

Rock chip sampling was carried out at a number of regional targets and a total of 70 samples were sent to Genalysis for analysis. Targets tested include a number of carbonatite sills and ironstone lenses that have not been sampled previously including the Bald Hill ironstone that lies within tenements recently acquired by the Company.

Samples from 10 regional ironstone exposures, mostly within E09/1700, were variable, with three samples exceeding 5000ppm TREO with a maximum of 12020ppm TREO. Follow up sampling will be undertaken in the future to determine the significance of these ironstone exposures.

At Bald Hill 19 of 28 samples, mostly within the recently acquired E09/2007 licence, returned greater than 5000ppm TREO to a maximum of 60550ppm TREO including 27120ppm Neodymium (Nd2O3). Six samples also returned assays exceeding 5000ppm Niobium (Nb2O5) with a maximum of 66010ppm Nb2O5. The distribution of the TREO grades is shown in Figure 3 of the Hastings ASX announcement of 17 June 2014. These results are very encouraging and Bald Hill will be considered for further exploration in the near future.

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 (70% owners and operator).

Glossary:

* 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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