REM Granted Greenland Exploration Licence Adjacent to Kvanefjeld Deposit
September 10, 2013 (Source: Rare Earth Minerals PLC) — REM (AIM:REM) is pleased to advise that the licence application made directly with the Bureau of Minerals and Petroleum in Greenland, as announced on the 4 February 2013, for the strategic 38 sq. km mineral exploration licence to explore for rare earth minerals, has just been approved by the Government of Greenland. The licence number assigned to this concession is 2013/20 at Kussanga in West Greenland. The exploration licence area’s north eastern boundary is approximately 500 metres from the exploration licence area owned by Greenland Minerals and Energy (ASX: “GGG”) which hosts the substantial Kvanefjeld rare earth element, uranium and zinc deposit.
Kvanefjeld plus two other of GGG’s associated deposits in the Ilimaussaq Complex have JORC compliant Inferred and Indicated resources that total 956 Mt at 1.08% total rare earth oxides, 273 ppm U3O8 and 2,351 ppm Zn at a cut-off grade of 150 ppm U3O8. The project is currently undergoing a feasibility study for development of the Kvanefjeld deposit.
David Lenigas, REM’s Executive Chairman commented:
“We are pleased to have secured exploration rights over this strategic block in Greenland, particularly as it sits alongside the world class Kvanefjeld rare earth, Uranium and Zinc deposit.”
“We see this whole regional play as becoming more interesting as GGG get closer to completing their feasibility study.”
– ends –
Get our daily investorintel update
Glossary of Technical Terms
Mt = million Tonnes
ppm = parts per million
U3O8 = Triuranium Octoxide
Zn = Zinc
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>