Macarthur Minerals Second Reconnaissance Program

RNS Number : 9634Z

Rare Earth Minerals PLC

02 June 2016

 

Rare Earth Minerals Plc.

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

Macarthur Minerals Second Reconnaissance Program

Macarthur Minerals Limited ("Macarthur Minerals "), in which REM owns an approximate 15.5% shareholding, has announced that it will undertake further reconnaissance of its 17 Exploration Licence Applications in the Pilbara region of Western Australia.

This second reconnaissance program will include:

·      further sampling of pegmatites identified in the first heliborne reconnaissance program, which assays confirmed contained lithium; and

·      heliborne reconnaissance of Pilbara acreage not covered in the initial heliborne reconnaissance program.

Macarthur Minerals will continue reconnaissance on its Pilbara Exploration Licence Applications, with the intention of identifying high-grade lithium priority exploration targets for drilling following the grant of applications. The initial reconnaissance program only assessed the lithium potential of a fraction of Macarthur Minerals' acreage package.

Macarthur Minerals has also commenced a desktop technical review of data for Venturex Resources Limited's (ASX: VXR) Sulphur Springs Project to identify areas of lithium mineralisation. As announced on May 27, 2016, Macarthur Minerals has entered into a Memorandum and Understanding ("MOU") with Venturex Resources Limited for a potential Farm-in and Joint Venture Agreement for rights to lithium on its Sulphur Springs Project, which is adjacent to the Macarthur Minerals' Exploration Licence Applications E45/4735, E45/4732 and E45/4779(2). 

The MOU has been entered into for the purpose of expanding Macarthur Minerals acreage for lithium, which is now in total 1,545 square kilometres (381,778 acres) (including prospective interest in rights to lithium on Sulphur Springs) of which 1,332 square kilometres (329,144 acres) is located in the Pilbara region of Western Australia. In addition, as the majority of Venturex Resources Limited's acreage is comprised of granted Mining Leases M45/653, M45/494, M45/587 and M45/1001 it will allow for "fast tracking" exploration activities including drilling, while the Company's Exploration Licence Applications are awaiting grant.

The full text of the release is available here: 
http://web.tmxmoney.com/article.php?newsid=6157597850207075&qm_symbol=MMS

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.

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

Brian Alexander

 

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