Rare Earth Minerals PLC Update on Cinovec Lithium/Tin Project (2438U)
January 16 2017 - 3:08AM
UK Regulatory
TIDMREM
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.
- Ends -
For further information, please contact:
Rare Earth Minerals plc
Andrew Suckling +44 (0) 207 440 0647
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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