Lithium Mineralisation Intersected at Cinovec

RNS Number : 8709L

Rare Earth Minerals PLC

06 October 2016

 

Rare Earth Minerals Plc

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

Shallow Lithium Mineralisation Intersected at Cinovec

Rare Earth Mineral Plc (AIM: REM; OTC: REMMY) is pleased to report that European Metals Holdings Limited ("EMH"), in which REM owns a 20.92% shareholding, has announced analytical results for two confirmation drillholes CIW-19 and CIW-20 at the Cinoved Lithium-Tin-Tungsten Project ("Cinovec"). The full EMH announcement can be found at: http://europeanmet.com/assets/AIM_-_6_October_2016_-_Shallow_Lithium.pdf

Highlights:

·     The two drillholes are the most northern drilled by the Company and are collared near the old main  shaft.

·     Significant lithium mineralization intersected from less than 30m depth in both holes, these are the  shallowest intervals to-date.

·     Drillhole CIW-19 returned two main lithium-mineralized intercepts of 53.1m averaging 0.35%Li2O  (25-78.1m) and 144m averaging 0.37%Li2O (85-229m), with a high-grade interval of 10.8m@0.71%  Li2O (103-113.8m).

·     Drillhole CIW-20 returned three main mineralized intercepts: 98m averaging 0.35%Li2O (28-126m), 16.85m averaging 0.33% Li2O (132.15-149m) and 60m averaging 0.49%Li2O (154-214m), with the latter  containing high-grade intervals of 9m@0.67%Li2O (160-169m) and 12.1m@0.85%Li2O (174-186.1m).

·     Significant tin and tungsten mineralization was intersected in upper part of both drillholes:  3.1m@0.20%Sn and 0.021%W, 4.75m@0.13%Sn and 0.015%W, 2.45m@0.17%Sn and 0.003%W and  1.35m@0.122%W and 0.07%Sn in drillhole CIW-19; 3m@0.37%Sn and 0.003%W, and 1m@0.36%Sn  and 0.004%W in drillhole CIW-20.

·     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). Altogether, eight drillholes have been completed this year   (2,791m) with three other underway at this time.

Kiran Morzaria, Chief Executive Officer of Rare Earth Minerals, commented:

"Rapid progress continues to be made in advancing the Cinovec Project. These developments along with the excellent economics present in the scoping study, re-affirm that the Cinovec project will, we believe, become a low cost, market leading lithium and tin asset.

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

James Bavister

Square1 Consulting                                                                                                                       [phone]

David Bick

Brian Alexander

 

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