Drilling Update

RNS Number : 5177G

Rare Earth Minerals PLC

07 June 2013

 



7 June 2013 

Rare Earth minerals plc

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

Drilling Update - Hole 2 Completed

Mexican Lithium Joint Venture

Rare Earth Minerals PLC (AIM: REM) is pleased to provide a further update on the diamond drill program that is underway at the El Sauz - Fleur lithium concessions in Northern Mexico, and under joint venture with Bacanora Minerals Ltd. (BCN: TSX-V). As previously reported (June 4, 2013) the first diamond drill hole (ES-01) has been completed. The second hole (ES-02) has also been completed.

The second hole was drilled 1,000 metres southeast of and on strike from the La Ventana lithium deposit The preliminary log for ES-02 show intersections of 9 metres length for the Upper Clay and 24 metres for the Lower Clay (Table 1), these are estimated to be equivalent to true thicknesses of 6.5 metres and 40.9 metres for the Upper and Lower Clay units respectively. The top part of the Upper Clay in this hole was offset by a fault, consequently it appears thinner than in hole ES-01. However the Lower Clay sequence in ES-02 is thicker than ES-01, which is positive. The nature of the clay units in these intervals correlate well with the clay units found on La Ventana. 

Table 1. El Sauz - Fleur Hole ES-02 Preliminary Log

Hole: ES-02
0	3	3	Overburden
3	188	185	Basalt
188	197	9	Upper Clay
197	204	7	Ignimbrite
204	247	43	Lower Clay
247	260	13	Basal Volcanics

The results of the first two holes successfully demonstrate continuity of the clay units from the La Ventana lithium deposit onto the Fleur concession. The two holes extend the strike length of the clay-bearing sedimentary succession on La Ventana by one kilometre to the southeast, for a total drill indicated strike length on both the La Ventana and Fleur concessions of approximately 6 kilometres.

Analytical results from drill core samples taken across the clay units of hole ES-01 are expected within the next 3 to 4 weeks.

Drilling has commenced on the third hole (ES-03) of the 10 hole program. The third hole is situated 700 metres southeast of ES-02. Hole ES-03 will test continuity onto the El Sauz concession where the clay units become exposed at surface at the southern part of the concession. Estimated depth to top of Upper Clay in ES-03 is 100 to 150 metres.

David Lenigas, The Company's Chairman commented:

"REM is pleased to report that the same clay sequences have been identified along strike from the 60 million tonne La Ventana lithium deposit, which averages 1.6% Lithium Carbonate Equivalent. We look forward to reporting the grades of the drilling in due course."

About the Sonora Lithium Project:

The Company's optioned concessions cover 3,411 hectares out of a total of 5,786 contiguous hectares that make up the Sonora Lithium Project owned by Bacanora.

Lithium is the lightest of the alkali metals and has unique electrochemical properties that make it the element of choice for batteries of high energy storage capacity and other energy applications as well as a host of industrial and health applications." 

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*LCE = lithium carbonate (Li₂CO₃)Equivalent: determined by multiplying Li value in percent by 5.324 to get an equivalent Li₂CO₃ value in percent. Use of LCE assumes 100% recovery and no process losses in conversion of Li to Li₂CO₃.

 

Qualified Person's Statement:

Information in this announcement relates to information compiled by Carl G Verley, P.Geo, a consultant to the Company, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is a Qualified Person with respect to the information disclosed herein.

For further information please contact:     

Rare Earth Minerals Plc                                                              www.rareearthmineralsplc.com 

David Lenigas, Non-Executive Director                                        

[phone]                                                                

NOMAD - WH Ireland

James Joyce

Nick Field

[phone]

PR - Pelham Bell Pottinger

Charlie Vivian

[phone]

Weston Macklem

[phone]

 

END

 

 

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