Yangibana REE Project Update

RNS Number : 4150B

Rare Earth Minerals PLC

06 October 2015

 



Rare Earth Minerals Plc.

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

Yangibana REE Project Update - Increase in JORC Resource

Rare Earth Mineral Plc (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earths Elements ("REE") Project ("Yangibana") in Western Australia, has announced a significant increase in JORC resources over the Yangibana Project inclusive of licenses owned by the joint venture. The full Hastings news release dated 6 October 2015 is available at: http://www.asx.com.au/asxpdf/20151006/pdf/431vnqsgyr810z.pdf. The full Hastings release also contains information on Bald Hill South, Fraser's and Yangibana West in which REM has no interest.

HIGHLIGHTS ON JOINT VENTURE ASSETS (30% interest owned by REM)

·      Update JORC resource estimates for Yangibana North, Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North issued.

·      Indicated Resources at these assets now stand at 2.7 million tonnes at 1.46% TREO** containing 0.50% Nd₂O₃-Eq*

·      Inferred Resources at these assets now stand at 2.6 million tonnes at 1.25% TREO** containing 0.42% Nd₂O₃-Eq*

·      Total Mineral Resource are now 71,828 contained tonnes of TREO**

·      Joint Venture Asset resources are now estimated to contain approximately

o  14,890 tonnes of Nd₂O₃

o  4,450 tonnes of Pr₂O₃

o  216 tonnes of Dy₂O₃

o  419 tonnes of Eu₂O₃

·      Mining Studies have commenced with pit optimisations utilising Indicted Resources at Yangibana North

·      Announcement of first JORC Compliant Reserve Estimates anticipated in the coming weeks.

Details of Ownership:

On 1 December 2011, REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North. The gross and net attributable mineral resources to REM are set out below at both a nil cut-off and at a 0.25% Nd₂O₃-Eq.

Table 1- Joint Venture properties, JORC Resource with no cut-off. Operator is Hastings

Gross
Mineral Resource Category	Tonnes	Grade						Contained Metals (metric tonnes)
Indicated	Million tonnes	% TREO	% Nd2O3-Eq	ppm Nd2O3	ppm Pr2O3	ppm Dy2O3	ppm Eu2O3	TREO	Nd2O3-Eq	Nd2O3	Pr2O3	Dy2O3	Eu2O3
Yangibana North	2.718	1.46%	0.50%	3,061	910	43	89	39,683	13,590	8,320	2,473	117	242
Sub-Total	2.718	1.46%	0.50%	3,061	910	43	89	39,683	13,590	8,320	2,473	117	242
Inferred
Yangibana North	0.471	1.46%	0.50%	3,061	910	43	89	6,877	2,355	1,442	429	20	42
Gossan	0.221	1.07%	0.34%	2,132	660	22	55	2,365	751	471	146	5	12
Lion's Ear	0.842	1.42%	0.47%	2,844	846	42	81	11,956	3,957	2,395	712	35	68
Hook	0.349	1.09%	0.31%	1,866	611	30	49	3,804	1,082	651	213	10	17
Kanes Gossan	0.578	1.16%	0.41%	2,520	773	42	57	6,705	2,370	1,457	447	24	33
Bald Hill North	0.102	0.43%	0.25%	1,582	327	39	43	439	255	161	33	4	4
Sub-Total	2.563	1.25%	0.42%	2,566	773	39	69	32,145	10,771	6,577	1,980	99	177
Total	5.281	1.36%	0.46%	2,821	843	41	79	71,828	24,361	14,897	4,454	216	419
Net attributable (30%)
Mineral Resource Category	Tonnes	Grade						Contained Metals (metric tonnes)
Indicated	Million tonnes	% TREO	% Nd2O3-Eq	ppm Nd2O3	ppm Pr2O3	ppm Dy2O3	ppm Eu2O3	TREO	Nd2O3-Eq	Nd2O3	Pr2O3	Dy2O3	Eu2O3
Yangibana North	0.815	1.46%	0.50%	3,061	910	43	89	11,905	4,077	2,496	742	35	73
Sub-Total	0.815	1.46%	0.50%	3,061	910	43	89	11,905	4,077	2,496	742	35	73
Inferred
Yangibana North	0.141	1.46%	0.50%	3,061	910	43	89	2,063	707	433	129	6	13
Gossan	0.066	1.07%	0.34%	2,132	660	22	55	709	225	141	44	1	4
Lion's Ear	0.253	1.42%	0.47%	2,844	846	42	81	3,587	1,187	718	214	11	20
Hook	0.105	1.09%	0.31%	1,866	611	30	49	1,141	325	195	64	3	5
Kanes Gossan	0.173	1.16%	0.41%	2,520	773	42	57	2,011	711	437	134	7	10
Bald Hill North	0.031	0.43%	0.25%	1,582	327	39	43	132	77	48	10	1	1
Sub-Total	0.769	1.25%	0.42%	2,566	773	39	69	9,644	3,231	1,973	594	30	53
Total	1.584	1.36%	0.46%	2,821	843	41	79	21,548	7,308	4,469	1,336	65	126

Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.

Table 2- Joint Venture properties, JORC Resource at a 0.25%Nd2O3-Eq cut-off. Operator is Hastings

Gross
Mineral Resource Category	Tonnes	Grade						Contained Metals (metric tonnes)
Indicated	Million tonnes	% TREO	% Nd2O3-Eq	ppm Nd2O3	ppm Pr2O3	ppm Dy2O3	ppm Eu2O3	TREO	Nd2O3-Eq	Nd2O3	Pr2O3		Dy2O3		Eu2O3
Yangibana North	2.491	1.55%	0.53%	3,235	962	45	94	38,611	13,202	8,058	2,396		112		234
Sub-Total	2.491	1.55%	0.53%	3,235	962	45	94	38,611	13,202	8,058	2,396		112		234
Inferred
Yangibana North	0.425	1.55%	0.53%	3,235	962	45	94	6,588	2,253	1,375	409		19		40
Gossan	0.150	1.34%	0.42%	2,636	824	24	64	2,010	630	395	124		4		10
Lion's Ear	0.789	1.47%	0.48%	2,949	875	44	84	11,598	3,787	2,327	690		35		66
Hook	0.177	1.64%	0.46%	2,783	919	39	69	2,903	814	493	163		7		12
Kanes Gossan	0.494	1.29%	0.45%	2,795	859	46	63	6,373	2,223	1,381	424		23		31
Bald Hill North	0.054	0.57%	0.34%	2,112	437	56	61	308	184	114	24		3		3
Sub-Total	2.089	1.43%	0.47%	2,913	878	43	78	29,779	9,891	6,084	1,833		90		162
Total	4.580	1.49%	0.50%	3,088	924	44	87	68,390	23,093	14,143	4,230		202		397
Net attributable (30%)
Mineral Resource Category	Tonnes	Grade						Contained Metals (metric tonnes)
Indicated	Million tonnes	% TREO	% Nd2O3-Eq	ppm Nd2O3	ppm Pr2O3	ppm Dy2O3	ppm Eu2O3	TREO	Nd2O3-Eq	Nd2O3		Pr2O3		Dy2O3		Eu2O3
Yangibana North	0.747	1.55%	0.53%	3,235	962	45	94	11,583	3,961	2,418		719		34		70
Sub-Total	0.747	1.55%	0.53%	3,235	962	45	94	11,583	3,961	2,418		719		34		70
Inferred
Yangibana North	0.128	1.55%	0.53%	3,235	962	45	94	1,976	676	412		123		6		12
Gossan	0.045	1.34%	0.42%	2,636	824	24	64	603	189	119		37		1		3
Lion's Ear	0.237	1.47%	0.48%	2,949	875	44	84	3,479	1,136	698		207		10		20
Hook	0.053	1.64%	0.46%	2,783	919	39	69	871	244	148		49		2		4
Kanes Gossan	0.148	1.29%	0.45%	2,795	859	46	63	1,912	667	414		127		7		9
Bald Hill North	0.016	0.57%	0.34%	2,112	437	56	61	92	55	34		7		1		1
Sub-Total	0.627	1.43%	0.47%	2,913	878	43	78	8,934	2,967	1,825		550		27		49
Total	1.374	1.49%	0.50%	3,088	924	44	87	20,517	6,928	4,243		1,269		61		119

Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.

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) from CASS Business School.

Glossary:

Indicated Mineral Resource	That part of a mineral resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
Inferred Mineral Resource	That part of a mineral resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling.
Nd2O3-Eq*	The Nd2O3 equivalent (Nd2O3-Eq) values have been calculated using a mixture of prices for Nd2O3, Pr2O3, Dy2O3 and Eu2O3 as laid out in the Hastings release.
TREO**	The sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO).
JORC	Joint Ore Reserves Committee. The Joint Ore Reserves Committee produces the JORC Code: a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
Nd2O3	Neodymium(III) oxide
Pr2O3	Praseodymium(III) oxide
Dy2O3	Dysprosium(III) oxide
Eu2O3	Europium(III) oxide

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                   [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)                                        [phone]

James Joyce

Mark Leonard

Square1 Consulting                                                                        [phone]

David Bick

Mark Longson                                             

 

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