EMH Increases and Upgrades Lithium Resources

RNS Number : 5628Y

Rare Earth Minerals PLC

18 May 2016

 

Rare Earth Minerals Plc

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

European Metals Holdings Increases and Upgrades Lithium Resources at the Cinovec Project in the Czech Republic

European Metals Holdings Limited ("EMH"), in which REM owns a 19.8% shareholding, is pleased to announce the upgrade of Mineral Resources at the Cinovec lithium/tin project in the Czech Republic.

The lithium and tin resources have been updated using data from five new drill holes. Resource classifications have been revised on the basis of the new data.

The full EMH announcement can be found at: http://europeanmet.com/assets/18_May_2016_-_EMH_-_Upgrade_of_Mineral_Resources_Final.pdf

Highlights:

·      Maiden lithium (Li) Indicated Resource of 0.5Mt Lithium Carbonate Equivalent ("LCE"), contained in 49.1Mt @ 0.43% Li₂O (0.1% Li cutoff)

·      Li Total Resource increased to 5.7Mt LCE, contained in 532Mt @ 0.43% Li₂O (0.1% Li cutoff)

·      Additional Li Exploration Target remains 3.4 to 5.3Mt LCE, contained in 350 to 450Mt @ 0.39 to 0.47% Li₂O (0.1% Li cutoff)

·      Tin (Sn) Indicated Resource more than doubled to 15.7Mt @ 0.26% Sn, 0.50% Li₂O (0.1% Sn cutoff) for 40kt Sn, 0.19Mt LCE

·      New drilling supports the original Cinovec model, providing confidence that additional drilling will result in significant resource upgrades and increases

·     

Andrew Suckling, Non-executive director of REM, commented:

"Building on the already substantial Mineral Resource, we have seen improvements in LCE tonnages and the conversion of these resources into the indicated category. We look forward to seeing further possible upgrades to the Mineral Resources from the drilling programmes, in particular the programme targeting areas of higher grade lithium mineralisation, which could further improve the economics of the project."

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

Andrew Suckling                                                                                                                                  [phone]

Kiran Morzaria                                                                                                                                 [phone]

WH Ireland Limited (NOMAD & Broker)                                                                              [phone]

James Joyce

Mark Leonard

Square1 Consulting                                                                                                                      [phone]

David Bick

Brain Alexander

 

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