Update - Yangibana Rare Earth Prospect

RNS Number : 3156M

Rare Earth Minerals PLC

15 July 2014

 



15 July 2014

Rare Earth Minerals Plc.

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

Update - Yangibana Rare Earth Prospect

Rare Earth Mineral Plc (AIM: REM) is pleased to announce that rare earth element ("REE") assay results were equal to or exceeded expectations from the first phase of drilling recently completed on REM's 30% owned Yangibana North REE project in Western Australia.

The full results and maps are available on Hastings Rare Metal's ASX news release dated 15 July 2014 on the following web link: http://www.asx.com.au/asxpdf/20140715/pdf/42qtk0dkfncfln.pdf

Highlights:

·     Final assay results received from the recent Yangibana North drilling programme have met or exceeded expectations for Total Rare Earth Oxides ("TREO") and contained neodymium oxides ("Nd₂O₃").

·     Highest grade intersections at various depths include 5m at 3.44% TREO (0.65%% Nd₂O₃); 7m at 3.39%% TREO (0.64% Nd₂O₃); 8m at 3.14% TREO (0.61% Nd₂O₃); and 4m at 3.28% TREO (0.63% Nd₂O₃).

·     JORC resource estimate to commence.

·     Preliminary metallurgy test work to commence.

David Lenigas, the Company's Chairman commented:

"Neodymium is deemed a "Critical Element" in the rare earth element ("REE") world and REM is delighted with the results of the first detailed drilling programme on its "free carried to feasibility study" rare earth joint venture in Western Australia. The overall grades of TREO's are deemed highly promising and we are particularly pleased with the high levels of Neodymium Oxides."

Yangibana Project Update:

(Significant information from the Hastings Rare Metals ASX announcement dated 15 July 2014)

Hastings Rare Metals reports that the results from all 44 Reverse Circulation ("RC") drill holes  have now been received from the Yangibana North prospect in Western Australia (within E09/1043 - REM 30% free carried). The drillhole locations and significant TREO and Nd₂O₃ are shown in the Hastings Rare Metals news release http://www.asx.com.au/asxpdf/20140715/pdf/42qtk0dkfncfln.pdf.

As announced on 17 June 2014, all holes intersected the target ironstone/quartz unit that hosts the known TREO mineralisation. As predicted, the unit is surrounded by a variable width of fenitic-altered granite that in many cases is mineralised and either enhances the width of the mineralised zone at the cut-off used in the drill tabulated results or provides a halo of +1,000ppm TREO material.

All intersections were made in oxide material with no intersection of primary mineralisation. Indications are that the mineralisation remains open in all directions and is improving down dip. Deeper drilling is warranted to test this potential.

Hastings Rare Metals will be collecting a number of composite samples for preliminary metallurgical test work in the September quarter.

Hastings Rare Metals will undertake a JORC resource estimate for the Yangibana North prospect. 

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]

 

END

 

 

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