Rare Earth Minerals Plc
("Rare Earth Minerals", "REM" or "the Company")
Shallow Lithium Mineralisation Intersected at Cinovec
Rare Earth Mineral Plc (AIM: REM; OTC: REMMY) is pleased to report that European Metals Holdings Limited ("EMH"), in which REM owns a 20.92% shareholding, has announced analytical results for two confirmation drillholes CIW-19 and CIW-20 at the Cinoved Lithium-Tin-Tungsten Project ("Cinovec"). The full EMH announcement can be found at: http://europeanmet.com/assets/AIM_-_6_October_2016_-_Shallow_Lithium.pdf
· The two drillholes are the most northern drilled by the Company and are collared near the old main shaft.
· Significant lithium mineralization intersected from less than 30m depth in both holes, these are the shallowest intervals to-date.
· Drillhole CIW-19 returned two main lithium-mineralized intercepts of 53.1m averaging 0.35%Li2O (25-78.1m) and 144m averaging 0.37%Li2O (85-229m), with a high-grade interval of [email protected]% Li2O (103-113.8m).
· Drillhole CIW-20 returned three main mineralized intercepts: 98m averaging 0.35%Li2O (28-126m), 16.85m averaging 0.33% Li2O (132.15-149m) and 60m averaging 0.49%Li2O (154-214m), with the latter containing high-grade intervals of [email protected]%Li2O (160-169m) and [email protected]%Li2O (174-186.1m).
· Significant tin and tungsten mineralization was intersected in upper part of both drillholes: [email protected]%Sn and 0.021%W, [email protected]%Sn and 0.015%W, [email protected]%Sn and 0.003%W and [email protected]%W and 0.07%Sn in drillhole CIW-19; [email protected]%Sn and 0.003%W, and [email protected]%Sn and 0.004%W in drillhole CIW-20.
· 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, eight drillholes have been completed this year (2,791m) with three other underway at this time.
Kiran Morzaria, Chief Executive Officer of Rare Earth Minerals, commented:
"Rapid progress continues to be made in advancing the Cinovec Project. These developments along with the excellent economics present in the scoping study, re-affirm that the Cinovec project will, we believe, become a low cost, market leading lithium and tin asset.
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).
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For further information, please contact:
Rare Earth Minerals plc
Andrew Suckling +1 (212) 933 9007
Kiran Morzaria +44 (0) 207 440 0647
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
Square1 Consulting +44 (0) 207 929 5599
This information is provided by RNS