Positive results from Greenland regional sampling

RNS Number : 5241S

Rare Earth Minerals PLC

24 September 2014

 



24 September 2014

Rare Earth Minerals Plc.

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

Positive results from Greenland regional sampling program

Rare Earth Minerals (AIM: REM) is pleased to provide an encouraging exploration update and assay results from its 100% owned Greenland exploration licenses. These results have identified the presence of previously unidentified gold, silver, REE (rare earth element) and other mineralisation located in several areas.

Highlights:

·    Sampling of an exploration target in the 2012/14 exploration license has identified up to 3.59g/t Au, 0.38% Zn, 6.2 ppm Ag and 2% manganese;

·    Assays of an outcrop of massive sulphide identified in the northern part of the 2012/15 license returned 5.03 ppm of Ag.

Kiran Morzaria, the Company's Chiefs Executive Officer commented:

"Exploration activities in Greenland are starting to pay dividends, along with the REE mineralisation reported previously near two of the world's largest REE deposits, we are now seeing a broad range of metals on two wholly owned leases in a previously underexplored and very expansive unit. Well targeted, grass roots exploration could see an organically grown project develop within our tenure."

Exploration Activities:

Exploration on the 2012/14 licence that straddles the contact of the Julianehåb Granite and the Eriksfjord Sandstone, initially showed anomalous zinc in pan concentrates to 1,580 ppm Zn. Lithological sampling in the Eriksfjord Sandstone located samples to 0.38% Zn in float, results that indicated more work was required in the area.

Follow up sampling located significant gold anomalism in veined sandstone with a sample grading 2.59g/t Au. Anomalous silver in some of the lithological samples (1.2-6.2 ppm Ag) will also be reviewed in context when all results are received. 

Samples taken in the area known to contain mineralisation of up to 0.3% Zn and 2% manganese, returned REE results that were above the detection limit of 500ppm for Cerium and Niobium, as a result these samples have been resubmitted for a full suite of REE analysis.

During the final days of field operations, an outcrop comprising of massive sulphides was located in the northern part of licence 2012/15. The area is underlain by granite which was intruded by a dyke, a strong structural control was noted with some intense foliation recorded. To the immediate south of the dyke, for approximately 10m, the granitic rocks are intensely quartz veined.

Several samples from this outcrop contained gold and silver to 0.1ppm Au and 5.03ppm Ag. A pan concentrate to the north of this area indicates the mineralisation may be more widespread.

Qualified Person:

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:

g/t - grams per tonne

ppm - part per million

Au - gold

Ag- silver

Zn - zinc

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                   [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Joint Broker)                               [phone]

James Joyce

Mark Leonard

Hume Capital plc (Joint Broker)                                                     [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick, Mark Longson                                                                  [phone]

 

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