Rare Earth Minerals PLC: Mexico Lithium Project – Update
September 30, 2013 (Source: Rare Earth Minerals PLC) — Rare Earth Minerals (AIM: REM) is pleased to announce that the larger Stage 2 drilling programme on the Joint Venture Lands (“JV Lands” or “Project”, i.e. Fleur-El Sauz concessions) in northern Mexico is due to start at the end of this week.
David Lenigas, the Company’s Chairman, commented:
“The start of the Stage 2 exploration programme represents a busy period for the Company. We are expecting the technical report documenting the maiden lithium resource, in compliance with Canada’s NI 43-101F1, to be filed on SEDAR within the next two weeks ”
Stage 2 Drilling Programme:
The drilling contractors have now prepared the access roads and drill pads for 24 new drill holes. Drill crew and equipment are being mobilised this week to commence the larger Stage 2 drilling programme on the JV Lands on 6 October 2013.
The prime focus for the Joint Venture partners for the Stage 2 exploration programme on the JV Lands is to significantly expand the global lithium resource, assess the metallurgy and recovery options and provide a realistic and meaningful economic assessment of the potential commercial value of this deposit.
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The drilling is designed to not only infill the known mineralisation into better defined categories under the NI 43-101 reporting standards, but is also designed to test for extensions of the deposit, both down dip to the east and along strike to the south, as the deposit remained open in both of these directions. Recent surface mapping has identified further potential to extend the lithium-bearing clays by approximately 2km along strike to the south-east from the previously identified mineralisation and some of this potential will be tested in the upcoming drill programme.
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.
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