Update on Cinovec Lithium-Tin Project

RNS Number : 6117O

Rare Earth Minerals PLC

08 November 2016

 

Rare Earth Minerals Plc

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

Further Shallow Lithium-Tin Mineralisation Intersected at Cinovec

Rare Earth Mineral Plc (AIM/ISDX: REM; OTC: REMMY) is pleased to report the analytical results for a further two drillholes CIW-07 and CIW-08 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/8_Nov_2016_-_EMH_-_Drilling_Update.pdf .

Highlights:

·     The two drillholes are collared near the historic main shaft.

·     Significant lithium mineralization intersected from less than 10m depth in both holes, these are the shallowest intervals to-date.

·     Drillhole CIW-07 returned a lithium-mineralized intercept of 226.7m @ 0.45% Li₂O (inclusive of a 6.6m below cut-off un-altered granite), from 35m.

·     Drillhole CIW-08 returned a mineralized intercept of 246.3m averaging 0.40%Li₂O from 10.7m, containing high grade intervals of 6m@0.78%Li2O (126-132m) and 4m@0.88%Li2O (147-151m).

·     Significant tin and tungsten mineralization was intersected in upper part of both drillholes:

§ Drillhole CIW-07 - 12.5m@0.19%Sn and 0.028%W, 3.05m@0.17%Sn and 0.077%W, 1.45m@0.83%Sn and 0.124%W, 5m@0.17%Sn and 0.001%W and 2m@0.112%W and 0.04%Sn

§ Drillhole CIW-08 - 4m@0.76%Sn and 0.081%W, 6m@0.38%Sn and 0.030%W, 4m@0.19%Sn and 0.003%W and 2m@0.79%Sn and 0.095%W

·     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, nine drillholes have been competed this year (3,222m) with three other underway at this time.

European Metals CEO Keith Coughlan said "We are very pleased with the results for the latest two neighboring drillholes, located in the uppermost part of the Cinovec deposit near the historic mine shaft. The shallow lithium intercepts that extend significantly beyond historical workings, combined with the substantive tin and tungsten grades auger well for the economics of the deposit in this area. We are very pleased to see the tin price back above USD 21,000/t. This enhances the economics of Cinovec significantly and provides us with great flexibility with regards to the development of the project. Cinovec is not only the largest lithium resource in Europe, it also contains one of the largest undeveloped tin resources in the world."

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                                                                                                                 

WH Ireland Limited (NOMAD & Broker)                                                                            [phone]

James Joyce

James Bavister

Square1 Consulting                                                                                                                     [phone]

David Bick

Brian Alexander

 

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