Rare Earth Minerals PLC: Drilling increases size of Mexican Lithium Project.
January 30, 2014 (Source: Rare Earth Minerals PLC) — Rare Earth Minerals PLC (AIM: REM) is pleased to announce that the current drilling programme has significantly increased the potential size of the Fleur-El Sauz Lithium Project in Northern Mexico. Drilling is continuing.
In addition, Bacanora Mineral Limited (“Bacanora”), REM’s joint venture partner, have also announced that construction of a bulk testing pilot plant at Bacanora´s laboratory in Hermosillo has commenced where a bulk testing programme will be undertaken to produce lithium carbonate from the roast-leach process.
Bacanora have released the results of the latest drilling and a general Lithium Project update, the full text of which follows at the end of this announcement.
- Results of additional 7 new holes show lithium values averaging 1,683 ppm (0.90% LCE) over 20.88 metres in the upper clay and 4,821 ppm Li (2.57% LCE) over 28.80 metres in Lower Clay, which are in line with expectations.
- An additional 5 holes drilled further along strike to the south-east have extended the deposit by 3 kilometres further than previously drilled, with analytical results pending.
- Surface grades have now been recorded up to 16,410 ppm (1.64 % Li or 8.7% LCE).
- Construction of new bulk testing pilot plant has commenced.
- Drilling to be initiated on the new 94,815 hectare Megalit concession (Joint Venture #2 Lands).
David Lenigas, the Company’s Chairman, commented:
“Drilling continues to increase the size of the Fleur-El Sauz Lithium Project in Mexico with further drilling expected to test additional extensions over the coming months. We have already drill-defined around 1.5 million tonnes of LCE from the Stage 1 drilling programme last year and the significant increase in drilled strike length in the current drilling campaign should have a material impact on the size of the LCE resource once this current drilling programme is completed.”
“The construction of a bulk testing pilot plant is also positive news as it will refine the metallurgical recovery techniques required to maximize the extraction of the Lithium from the clays, where we have already seen excellent progress to date.”
Qualified Person’s Statement:
Information in this announcement relates to information compiled by Carl G Verley, P.Geo, a consultant to the Company, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is a Qualified Person with respect to the information disclosed herein.
Glossary of Technical Terms
· Li = Lithium
· ppm = parts per million
· LCE = Lithium Carbonate (Li2CO3) Equivalent: determined by multiplying Li value in percent by 5.324 to get an equivalent Li2CO3 value in percent. Use of LCE assumes 100% recovery and no process losses in conversion of Li to Li2CO3.
Raj Shah has been a member of the InvestorIntel.com team for the last nearly 9 years. Recruited from Merrill Lynch, he has over 13 years’ ... <Read more about Raj Shah>