Update on Yangibana Rare Earth Prospect

RNS Number : 1972I

Rare Earth Minerals PLC

28 May 2014

 



28 May 2014

Rare Earth Minerals Plc.

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

Update on Yangibana Rare Earth Prospect, Western Australia

Rare Earth Mineral Plc (AIM: REM) is pleased to announce that Hasting Rare Metals Limited ("Hastings"), the operators of the Yangibana rare earth elements joint venture, have now drilled the first 29 reverse circulation (RC) drill holes at REM's 30% owned Yangibana North prospect in Western Australia.

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. Approximately 350m of drilling is required on each of the nine sections, totalling 3,150m. To date 29 holes have been completed totalling 942 metres. The first seventy samples have been despatched to Genalysis in Perth for analysis.

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.hastingsraremetals.com/wp-content/uploads/2014/05/Announcement-rights-issue-KPC00062216-011.pdf

David Lenigas, the Company's Chairman commented:

"REM is pleased with the recent progress made on the Yangibana North project with about a third of the planned drilling programme completed to date. Geological sampling and previous drilling at Yangibana has already identified elevated Neodymium Oxides and Europium Oxides, both of which have been deemed "Critical Elements."

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 the 27 May 2014 Hastings news release:

"YANGIBANA PROJECT:

Reverse circulation (RC) drilling has commenced at the Yangibana North prospect within the Company's extensive landholding at Yangibana.

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. To date 29 holes have been completed totalling 942 metres. The first seventy samples have been despatched to Genalysis in Perth for analysis. [Figure 3. Can be viewed in the following Hastings Rare Metals Limited release:

http://www.hastingsraremetals.com/wp-content/uploads/2014/05/Announcement-rights-issue-KPC00062216-011.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]

 

END

 

 

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