Update on Macarthur Minerals

RNS Number : 5359N

Rare Earth Minerals PLC

26 October 2016

 

Rare Earth Minerals Plc

("Rare Earth Minerals" or "REM")

Macarthur Minerals Expands its Nevada Lithium Acreage

Rare Earth Minerals Plc (AIM: REM; OTC: REMMY)) is pleased to report that Macarthur Minerals ("Macarthur") in which REM owns a 15.5% shareholding, has significantly expanded its Nevada lithium acreage at its Stonewall Lithium Project in the basin adjacent to Clayton Valley with Lida Valley Surface grades up to 145.5 ppm lithium. The full Macarthur announcement can be found at: http://web.tmxmoney.com/article.php?newsid=5747734730614050&qm_symbol=MMS .

Macarthur Minerals Limited (TSX-V: MMS) (the "Company" or "Macarthur Minerals") is pleased to announce that it has commenced staking a significant number of new claims surrounding its Stonewall Lithium Project ("Stonewall Project"), because of the lithium prospectivity of the Lida Valley, indicated by surface grades returned from the initial drilling program of up to 145.5 parts per million ("ppm") lithium ("Li").

The Stonewall Project is located in the Lida Valley, Nevada, the basin adjacent to the Clayton Valley, which hosts North America's only producing lithium mine, Albemarle's Silver Peak Lithium Mine. Expansion of the Stonewall Project, by staking additional claims, will increase the Company's footprint in the Lida Valley to almost of all the playa (dry lake bed).

Based on the significant lithium results already received from the first pass lithium exploration programme in the Lida Valley last week, the Company plans to secure as much of the prospective acreage in the Valley as soon as possible, prior to commencing the next phase of exploration.

As previously announced, lithium has been detected at the Stonewall Project from a shallow drilling program conducted as part of due diligence, for acquisition of the Stonewall Project. All nine shallow drill holes reported lithium, with grades up to 145.5 ppm Li from near surface sediment, confirming that lithium is present in the Lida Valley.

David Taplin, President, CEO and Director of Macarthur Minerals commented:

"The Company is strategically expanding its footprint to be one of the largest acreage holders in the Lida Valley since the acquisition of the Stonewall Project, where we have detected lithium near surface from all nine drill holes with grades up to 145.5 ppm lithium. The Company views the Lida Valley as very strategic and plans to significantly accelerate its exploration as soon as possible. The Stonewall Project is strategically located adjacent to the Clayton Valley, where Albemarle's Silver Peak Lithium Mine, the only operating lithium mine in North America is located and 306 kilometres from Tesla's Gigafactory in Nevada."

Stonewall Lithium Project

Expansion of the Stonewall Project, by staking additional claims, will increase the Company's footprint in the Lida Valley to almost all of the playa, adjacent to the Clayton Valley Basin, which hosts the United States' only producing lithium mine. The existing Stonewall Project covers an area of approximately 5,460 acres (22.1 square kilometers). The Company will provide an update on the expanded area of the Stonewall Project as it stakes further claims.

For further information, please contact:

Rare Earth Minerals plc                                                                     [phone]

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (Nomad & Broker)                                           [phone]

James Joyce

James Bavister

Square1 Consulting                                                                            [phone]

David Bick

Brian Alexander

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.

 

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