Auroch Minerals Update

RNS Number : 7055Z

Rare Earth Minerals PLC

16 March 2017

 

Rare Earth Minerals Plc

("Rare Earth Minerals" or "REM")

Auroch Minerals Update

Rare Earth Minerals Plc (AIM/ISDX: REM, OTC: REMMY), is pleased to report that Auroch Minerals Limited in which REM currently owns a 7.7% shareholding, has announced the results from portable XRF of soil sampling programs at its wholly owned Beete Gold Project (P63/1646) and Peninsula Gold Project (P63/1694) around Norseman, WA.

The full announcement can be found at: http://clients3.weblink.com.au/pdf/AOU/01839697.pdf .

Soil sampling

A total of 44 soils samples were collected and analysed by portable XRF (Niton XL3t Analyzer) from P63/1646 (Table 2) and P63/1694 (Table 3). Sampling grid was 150m x 50m across the tenements. Holes were excavated to 30 cm depth, with the top 10 cm discarded. The sample was then sieved and the fine fraction (<2.80mm) collected. Finally, the fine fraction was analysed using "Test All Geo" mode which is suitable for rapid analysis of major, minor, and trace elements in geologic samples. The samples were analysed for 45 elements.

A statistical analysis of the results was conducted by calculating 'Z' scores for all elements. Many of the elements measured below the limits of detection for the instrument. In these cases half the limit of detection was used for statistical analysis.

Results & Findings

Beete Gold Project

Gold mineralisation from historic workings is hosted within a N‐NE trending narrow quartz vein (and adjacent shear) on the western side of the tenement. Best Au results from rock chip samples were: 13.00g/t, 3.79 g/t, 3.31 g/t, and 2.00 g/t. Figure 3 shows anomalism of selected elements on the tenement. The closest association between gold in rock chips and soils was with arsenic and lead. Arsenic is a common pathfinder element for gold throughout the Yilgarn and the results appear to support the position of the known mineralised trend. Lead is generally extremely mobile in an oxidised environment so caution should be taken when interpreting any anomalism here. Also of potential interest is elevated silica levels about the main mineralised trend, and some iron depletion.

Peninsula Gold Project

Gold mineralisation at the Peninsula Gold Project is associated with north‐south trending quartz veins which dip at angles of 60‐80 degrees to the east. Best Au results from rock chip samples were: 13.30g/t, 8.76 g/t and 8.39 g/t. Previous work has focussed around a 1‐2m wide milky quartz vein observed in an historical open pit excavation. Figure 4 shows anomalism of selected elements over the tenement. There is a close association between arsenic as well as nickel and chromium. Whilst the anomaly is slightly offset east of the main workings this is consistent with current topography (slope falls away to the east). As mentioned above arsenic is a common pathfinder element for gold throughout the Yilgarn and again the results support the position of the known mineralised trend.

Conclusions & Recommendations

At both the Beete and Peninsula Gold Projects results suggest mineralisation is confined to the identified historical workings. A full review of historic drilling and resource calculations (non‐JORC 2012) will be done prior to designing the next phase of exploration.

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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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

About Rare Earth Minerals

Rare Earth Minerals invests across the globe, principally in lithium mining projects. Its primary strategy is take significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Rare Earth Minerals board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. REM's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Rare Earth Minerals are major shareholders of the Sonora Lithium Project in northern Mexico and the Cinovec Lithium and Tin Project in the Czech Republic. Rare Earth Minerals portfolio also includes significant lithium-based investments the USA and Australia. The Mexican and Czech deposits have published Indicated and Inferred Mineral Resources of 11.3 million tonnes of Lithium Carbonate Equivalent.

 

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