Cinovec Lithium - Tin Project Drilling Update

RNS Number : 3714D

Rare Earth Minerals PLC

06 July 2016

 

Rare Earth Minerals Plc

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

Cinovec Lithium - Tin Project Drilling Update

Rare Earth Mineral Plc (AIM: REM ; OTC: REMMY) is pleased to report the European Metals Holdings Limited ("EMH"), in which REM owns a 16.4% shareholding, has provided an update and assay results from its ongoing drilling programme at the Cinovec Lithium- Tin Project in Cinovec ("the project" or "Cinovec"). The full EMH announcement can be found at: http://europeanmet.com/assets/6_July_-_EMH_-_Drill_Program_Update_-_Final_-_Inc_JORC_copy_1.pdf

Highlights:

·     Drillhole PSn13 returned main mineralized intercept of 167.1m averaging 0.36%Li2O.

·     This intercept includes high-grade intervals of 12m averaging 0.77% Li2O

·     and 7m averaging 0.87% Li2O, as well as a tin-enriched interval of 8m averaging 0.16% Sn.

·     Several other lithium intervals were intercepted at shallower depth, of which the best is 19.5m averaging 0.42% Li2O. This interval includes a 2m wide high-grade tin-tungsten zone grading 0.75% Li2O, 1.46% Sn and 0.55% W.

·      Drilling commenced in the shallower, higher grade lithium areas in the main section of the deposit. Two core drillholes are in action with the third expected to start drilling within 15 days.

·      Pre-Feasibility Study is underway with progress and milestones to be reported within the next week.

Kiran Morzaria, Chief Executive of REM, commented:

"The continued success of the drilling of programme at Cinovec is very encouraging for the overall development of this large lithium and tin asset. We look forward to reporting on the progress of the Pre-Feasibility study and the project milestones. We believe that the Cinovec deposit, if commercilaised could represent a lower quartile lithium carbonate producer, in particular due to the tin content and therefore credits contained within the deposit."

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).

- Ends -

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

Brain Alexander

 

END

 

 

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