Update on Cinovec Lithium/Tin Project

RNS Number : 2438U

Rare Earth Minerals PLC

16 January 2017

 

Rare Earth Minerals Plc

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

Drill Programme Completed at the Cinovec Lithium Project

Rare Earth Mineral Plc (AIM/ISDX: REM; OTC: REMMY) is pleased to report that the planned drillhole programme at the Cinovec lithium/tin project (the "Project")has been completed on time and budget, without time loss incidents.  In total 17 drillholes were drilled to a summary depth of 6081 meters.  Analytical results for the CIW-10 and CIW-23 are reported in this announcement. In addition, a highly experienced mining executive has been appointed Country Manager of the Project.

REM holds a 20.76% economic interest in Cinovec, via its interest in European Metals Holdings Limited ("EMH"). Cinovec contains the largest lithium resource in Europe and one of the largest undeveloped tin resources in the world.

The full EMH release is available at: http://europeanmet.com/assets/AIM__-_16_January_2017_-_Drill_Progam_Update.pdf

Highlights from the EMH release:

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

·     One drillhole is located at the western edge of the deposit near the contact of the mineralisation.  The other drillhole is located in the central part of Cinovec Main. This hole has returned the best lithium interval to date.

·     Hole CIW-23 recorded an interval of 261.1m averaging 0.50%Li2O (including high-grade intervals 23.9m@0.81%Li2O, 8m@1.05%Li2O, 4m@1.17%Li2O, 4m@1.41%Li2O, and 6m@0.95%Li2O. In addition, significant tin and tungsten mineralisation is recorded:  11 meters averaging 0.081% tungsten, 5 meters averaging 0.14% tin and 1 meter averaging 1.2% tin, and 2 meters averaging 0.088% tungsten.

·     Hole CIW-10 reported an intercept of 223.9m averaging 0.43% Li2O.

·     Geological information from all 17 drillholes has been compiled into the Cinovec database and serves to update the geological model for Cinovec Main.  The geologic model will be used to constrain and update the current block model.  The block model will be updated in early February when all analyses will be received. The block model and resource calculation will be part of the Pre-Feasibility Study planned for release in April 2017.

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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

About Rare Earth Minerals

Rare Earth Minerals invests across the globe, principally in lithium mining projects. Its primary strategy is taking 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, Australia and Namibia. 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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