TIDMREM
RNS Number : 9774V
Rare Earth Minerals PLC
03 February 2017
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Cinovec Drill Results and Initial Step Towards Mining
Licence
Rare Earth Mineral Plc (AIM/ISDX: REM; OTC: REMMY) is pleased to
report that analytical results for two drillholes from the recently
completed drilling in the Main sector of the Cinovec Lithium and
Tin deposit. These results confirmed or exceeded the expected
lithium content and mineralisation widths.
In addition, the Cinovec South Resource has now been added to
the Czech State resource register. This is the first step in the
process for the granting of a mining permit.
The full EMH release is available at
http://europeanmet.com/assets/AIM__-_3_February_2017_-_EMH_Drill_Program_Update.pdf
Highlights from the EMH release:
-- Hole CIW-22 contains the best lithium intercept to-date from
the Company's drill programme of 264.5 m averaging 0.54% Li2O.
-- This hole also contains significant tungsten, tin, niobium
and tantalum mineralisation. For example, the best interval between
238m to 240m averages 0.86% Li2O, 0.41% Sn, 2.92% W, 868ppm Nb,
150ppm Ta. The tungsten grade, in particular, was significantly
higher than expected.
-- Hole CIW-26 returned an interval of 236.25m averaging
0.49%Li2O (including high-grade intervals 16m@0.99%Li2O, 3m@1.15%
Li2O, 2m@1.34% Li2O, 2m@0.99% Li2O, 1.3m@1.72% Li2O, 2m@0.93% Li2O,
5m@0.84% Li2O.
-- Drillhole CIW-26 is located at the western edge of the
deposit near the contact of the mineralisation. Drillhole CIW-22 is
located in the central part of Cinovec Main.
-- All remaining analytical results from the program will be released next week.
-- 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
available. The block model and resource calculation will be part of
the Pre-Feasibility Study.
Kiran Morzaria, the Chief Executive Officer of REM,
commented:
"The continued progress of the Cinovec project is highly
encouraging. The drilling results have surpassed our expectations,
and we are pleased to see that the team are obtaining the required
regulatory approvals to develop and mine the largest known lithium
deposit in Europe."
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.
- Ends -
For further information,
please contact
Rare Earth Minerals plc +44 (0) 207 440 0647
Andrew Suckling
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.
Technical Glossary:
The following is a summary of technical terms:
"carbonate" refers to a carbonate mineral such
as calcite, CaCO(3)
"cut-off grade" the lowest grade of mineralised
material considered economic, used
in the calculation of Mineral Resources
"deposit" a coherent geological body such
as a mineralised body
"exploration" the method by which ore deposits
are evaluated
"g/t" gram per metric tonne
"grade" relative quantity or the percentage
of ore mineral or metal content
in an ore body
"Indicated" as defined in the JORC and SAMREC
or "Indicated Codes, is that part of a Mineral
Mineral Resource" Resource which has been sampled
by drill holes, underground openings
or other sampling procedures at
locations that are too widely spaced
to ensure continuity but close
enough to give a reasonable indication
of continuity and where geoscientific
data are known with a reasonable
degree of reliability. An Indicated
Mineral Resource will be based
on more data and therefore will
be more reliable than an Inferred
Mineral Resource estimate
"Inferred" or as defined in the JORC and SAMREC
"Inferred Mineral Codes, is that part of a Mineral
Resource" Resource for which the tonnage
and grade and mineral content can
be estimated with a low level of
confidence. It is inferred from
the geological evidence and has
assumed but not verified geological
and/or grade continuity. It is
based on information gathered through
the appropriate techniques from
locations such as outcrops, trenches,
pits, working and drill holes which
may be limited or of uncertain
quality and reliability
"JORC Code" Joint Ore Reserve Committee Code;
the Committee is convened under
the auspices of the Australasian
Institute of Mining and Metallurgy
"kt" thousand tonnes
"LCE" the total equivalent amount of
lithium carbonate (see explanation
above entitled Explanation of Lithium
Classification and Conversion Factors)
"lithium" a soft, silvery-white metallic
element of the alkali group, the
lightest of all metals
"lithium carbonate" the lithium salt of carbonate with
the formula Li(2) CO(3)
"Measured" or Measured: a mineral resource intersected
Measured Mineral and tested by drill holes, underground
Resources" openings or other sampling procedures
at locations which are spaced closely
enough to confirm continuity and
where geoscientific data are reliably
known; a measured mineral resource
estimate will be based on a substantial
amount of reliable data, interpretation
and evaluation which allows a clear
determination to be made of shapes,
sizes, densities and grades.Indicated:
a mineral resource sampled by drill
holes, underground openings or
other sampling procedures at locations
too widely spaced to ensure continuity
but close enough to give a reasonable
indication of continuity and where
geoscientific data are known with
a reasonable degree of reliability;
an indicated resource will be based
on more data, and therefore will
be more reliable than an inferred
resource estimate. Inferred: a
mineral resource inferred from
geoscientific evidence, underground
openings or other sampling procedures
where the lack of data is such
that continuity cannot be predicted
with confidence and where geoscientific
data may not be known with a reasonable
level of reliability
"metallurgical" describing the science concerned
with the production, purification
and properties of metals and their
applications
"Mineral Resource" a concentration or occurrence of
material of intrinsic economic
interest in or on the Earth's crust
in such a form that there are reasonable
prospects for the eventual economic
extraction; the location, quantity,
grade geological characteristics
and continuity of a mineral resource
are known, estimated or interpreted
from specific geological evidence
and knowledge; mineral resources
are sub-divided into Inferred,
Indicated and Measured categories
"mineralisation" process of formation and concentration
of elements and their chemical
compounds within a mass or body
of rock
"Mt" million tonnes
"ppm" parts per million
"recovery" proportion of valuable material
obtained in the processing of an
ore, stated as a percentage of
the material recovered compared
with the total material present
"stope" underground excavation within the
orebody where the main production
takes place
"t" a metric tonne
"tin" A tetragonal mineral, rare; soft;
malleable: bluish white, found
chiefly in cassiterite, SnO(2)
"treatment" Physical or chemical treatment
to extract the valuable metals/minerals
"tungsten" hard, brittle, white or grey metallic
element. Chemical symbol, W; also
known as wolfram
"W" chemical symbol for tungsten
Additional Geological Terms:
"apical" relating to, or denoting an apex
"cassiterite" A mineral, tin dioxide, SnO2. Ore
of tin with specific gravity 7
"cupola" A dome-shaped projection at the
top of an igneous intrusion
"dip" the true dip of a plane is the angle
it makes with the horizontal plane
"granite" coarse-grained intrusive igneous
rock dominated by light-coloured
minerals, consisting of about 50%
orthoclase, 25% quartz and balance
of plagioclase feldspars and ferromagnesian
silicates
"greisen" A pneumatolitically altered granitic
rock composed largely of quartz,
mica, and topaz. The mica is usually
muscovite or lepidolite. Tourmaline,
fluorite, rutile, cassiterite, and
wolframite are common accessory
minerals
"igneous" said of a rock or mineral that solidified
from molten or partly molten material,
i.e., from a magma
"muscovite" also known as potash mica; formula:
KAl(2) (AlSi(3) O(10) )(F,OH)(2)
.
"quartz" a mineral composed of silicon dioxide,
SiO2
"rhyolite" An igneous, volcanic rock of felsic
(silica rich) composition. Typically
>69% SiO(2)
"vein" a tabular deposit of minerals occupying
a fracture, in which particles may
grow away from the walls towards
the middle
"wolframite" A mineral, (Fe,Mn)WO(4) ; within
the huebnerite-ferberite series
"zinnwaldite" A mineral, KLiFeAl(AlSi(3) )O(10)
(F,OH)(2) ; mica group; basal cleavage;
pale violet, yellowish or greyish
brown; in granites, pegmatites,
and greisens
This information is provided by RNS
The company news service from the London Stock Exchange
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