Drill Programme Update at Cinovec Project

RNS Number : 3259P

Rare Earth Minerals PLC

16 November 2016

 

Rare Earth Minerals Plc

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

Drill Programme Update at Cinovec Project

Rare Earth Mineral Plc (AIM/ISDX: REM; OTC: REMMY) is pleased to report the analytical results for the confirmation drillholes CIW-13, CIW-14 and CIW-18 at the Cinovec Lithium-Tin-Tungsten Project ("the project" or "Cinovec"). REM holds a 17.64% economic interest in the project (increasing to 20.84% following the Annual General Meeting of EMH to approve a further investment by REM, as previously announced) through its direct equity stake in European Metals Holdings Limited ("EMH").

The full EMH announcement can be found at:  http://europeanmet.com/assets/AIM_-_16_Nov_2016_-_Drill_Programme_Update.pdf .

Key Points:

·     Analytical results for further three drillholes at Cinovec Main confirmed or exceeded the expected lithium content and mineralization widths.

·     The best results are from CIW-14: 82 m averaging 0.48% Li₂O, and 175m averaging 0.40%Li₂O.  The first interval includes high-grade intervals 4m@1.07%Li₂O and 4m@1.58%Li₂O.  The mineralised intercepts are summarized in Tables that are part of this news release, below.

·     Drilling continues in the western part of the Cinovec deposit (targeting high grade zones near the rhyolite/granite contact) and in the central part (targeting near-surface mineralization on the flanks of the historic underground mine).

These results and the previously announced drillholes will now be used to enable an interim update of the resource model to be completed. This resource is anticipated to be released in the next 2 weeks.

European Metals CEO Keith Coughlan said  "I am very pleased to receive these results as it will allow us to now undertake an interim update of the resource model for the pre-feasibility study. The update is to be used in more detailed mine planning for the study as we expect a significant portion of the deposit to be upgraded to an Indicated Mineral Resource status. I look forward to reporting this update in the next two weeks. In the meantime, drilling will continue to both expand the resource and increase its level of confidence to allow a further resource upgrade in the first half of 2017."

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).

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For further information, please contact: 

Rare Earth Minerals plc

Andrew Suckling                                                                                                                           [phone]

Kiran Morzaria                                                                                                                 

WH Ireland Limited (NOMAD & Broker)                                                                            [phone]

James Joyce

James Bavister

Square1 Consulting                                                                                                                     [phone]

David Bick

Brian Alexander

 

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