Update on Macarthur Minerals

RNS Number : 3819M

Rare Earth Minerals PLC

12 October 2016

 

Rare Earth Minerals Plc

("Rare Earth Minerals" or "REM")

Macarthur Minerals Completes Purchase of Yalgoo Lithium Project and Reports Initial Assays of up to 3.75% Li₂O

Rare Earth Minerals Plc (AIM: REM; OTC: REMMY)) is pleased to report that Macarthur Minerals ("Macarthur") in which REM owns a 15.5% shareholding, has completed the acquisition of the Yalgoo Lithium Project in Western Australia ("Yalgoo"). The full Macarthur announcement can be found at: http://web.tmxmoney.com/article.php?newsid=6685552550691894&qm_symbol=MMS.

Assays received from recent rock chip sampling have returned results of up to 3.75% lithium oxide (Li₂O), confirming the presence of at least two lithium bearing pegmatites, one of these a new lithium occurrence. Five rock chip samples from two pegmatites returned geochemical results between 1.68% Li2O and 3.75% Li₂O.

Five rock chip samples from two pegmatites returned geochemical results between 1.68% Li2O and 3.75% Li2O. Macarthur also submitted several rock chip samples for X-ray Diffraction Analysis ("XRD"). The XRD results indicate the highest grade sample is lepidolite with the other four samples, which returned grades of 1.68% Li2O to 2.05% Li2O, as lithium muscovite. A number of new pegmatites were identified during the site visit, and these are aligned along a general NNW-SSE trending corridor some 1.5km wide and at least 5km in strike length hosting several beryl and lithium bearing pegmatites.

These results are highly encouraging and indicate that Yalgoo has excellent potential to host additional lithium bearing pegmatites. The lithium muscovite and lepidolite bearing pegmatite samples, in conjunction with the rubidium (Rb) and caesium (Cs) values indicate the sampled pegmatites are extremely fractionated and that the exploration licences warrant further exploration to locate additional lithium bearing pegmatites, particularly of the spodumene sub-type. 

Macarthur will now conduct a more extensive sampling program on the Yalgoo lithium project to confirm the extent of lithium mineralisation and identify drill targets. Previous drilling activities by other companies on the Yalgoo acreage has intersected buried pegmatites in 14 drill holes and buried pegmatites for up to 3.5 kilometres down strike of previously mapped pegmatites.

Macarthur now holds  21 Exploration License Applications and prospective rights to lithium covering a total area of 2,029 square kilometres in the Pilbara, Ravensthorpe and the Yalgoo/Edah regions of Western Australia. The underlying licences on which the rights of lithium are acquired on the Project comprise granted exploration licences, allowing for immediate exploration for lithium, including drilling. In addition, Mcarthur has also entered into an agreement to acquire the Stonewall Project in Nevada, which covers an area of approximately 5,700 acres (23 km²).

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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