Yangibana Update - Maiden JORC resource

RNS Number : 2568O

Rare Earth Minerals PLC

05 August 2014

 



5 August 2014

Rare Earth Minerals Plc.

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

Yangibana Update - Maiden JORC resource.

Rare Earth Minerals (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earth Element Project in Western Australia, have today announced the maiden JORC resource estimate for the Yangibana Project, based on the May 2014 reverse circulation ("RC") drilling programme at the Yangibana North prospect.

The full Hastings news release is available at:

www.asx.com.au/asxpdf/20140805/pdf/42r95g49gtpzxt.pdf

Highlights

As disclosed in the Hastings announcement on ASX :

·     Maiden JORC resource estimate for the Yangibana Project.

·     Total JORC Resource of 3.36 million tonnes comprising Indicated Resource of 1.86 million tonnes at 1.38% Total Rare Earth Oxides ("TREO") and Inferred Resource of 1.5 million tonnes at 1.29% TREO at a 0.5% TREO cut-off.

·     Major increase of 290% in contained TREO compared to previous non-JORC estimate.

·     Significant Neodymium (Nd₂O₃), a critical rare earth oxide, is included in the contained TREO, with average grade of 2,700 parts per million ("ppm") (0.27%).

·     Upgraded resource covers only 825 metres of strike length to a maximum 400 metres down-dip to a maximum vertical depth of 100 metres below surface.

·     Resource remains open in all directions with mineralisation cropping out to the east and west.

·     Additional reverse circulation and diamond drilling to commence in Q4 on neighbouring targets within the 550 km² tenements at Yangibana.

Details of Ownership:

On the 1 December 2012 REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana Rare Earth Project. Therefore the exploration costs until the commencement of the BFS are borne solely by Hastings Rare Metals Limited (70% owners and operator).

David Lenigas, REM's Chairman, commented:

"This is a significant upgrade for the Yangibana rare earth element Project. We are particularly pleased with the quantities of Critical Rare Earth Oxides, notably Neodymium which is critical for the manufacturing of Permanent Magnets (wind and power turbines), electronic components (heat resistant ceramics) and rechargeable consumer batteries."

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                   [phone]

David Lenigas

Kiran Morzaria

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

James Joyce

Nick Field

Hume Capital plc (Joint Broker)                                                     [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick, Mark Longson                                                                  [phone]

 

END

 

 

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