Macarthur Minerals update

RNS Number : 5119O

Rare Earth Minerals PLC

07 November 2016

 

Rare Earth Minerals Plc

("Rare Earth Minerals" or "REM")

Macarthur Minerals Update

Rare Earth Minerals Plc (AIM/ISDX: REM; OTC: REMMY)) is pleased to report that Macarthur Minerals ("Macarthur") in which REM owns a 16.56% shareholding, has announced that it has completed staking an additional 360 claims over acreage surrounding its Stonewall Lithium Project. The full Macarthur announcement can be found at:  

http://web.tmxmoney.com/article.php?newsid=4868436113567536&qm_symbol=MMS .

Macarthur Minerals Limited (TSX-V: MMS) (the "Company" or "Macarthur Minerals") is pleased to announce that it has completed staking an additional 360 claims covering approximately 6,975 acres (28.22 square kilometers) surrounding its Stonewall Lithium Project ("Stonewall Project"). Expansion of the Stonewall Project, by staking additional claims, has increased the Company's footprint in the Lida Valley to a total of approximately 12,019  acres (48.64 square kilometers) covering almost all of the playa (i.e. 'dry lake bed') in the Lida Valley, Nevada. The Company has staked the additional claims because of the lithium prospectivity of the Lida Valley, indicated by surface grades returned from the initial drilling program of up to 145.5 parts per million ("ppm") lithium ("Li").

The Stonewall Project is located in the Lida Valley, Nevada, the basin adjacent to the Clayton Valley, which hosts North America's only producing lithium mine, Albemarle's Silver Peak Lithium Mine.

As previously announced, lithium has been detected at the Stonewall Project from a shallow drilling program conducted as part of due diligence for acquisition of the Stonewall Project. All nine shallow drill holes reported lithium, with grades up to 145.5 ppm Li from near surface sediment, confirming that lithium is present in the Lida Valley.

David Taplin, President, CEO and Director of Macarthur Minerals commented:

"The Company has strategically expanded its footprint in the Lida Valley to cover almost all of the playa, where we have detected lithium near surface from all nine drill holes with grades up to 145.5 ppm lithium. The Company views the Lida Valley as strategic and plans to accelerate exploration. The Stonewall Project is strategically located adjacent to the Clayton Valley, where Albemarle's Silver Peak Lithium Mine, the only operating lithium mine in North America is located and 306 kilometres from Tesla's Gigafactory in Nevada."

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

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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