Last checked at 24 Jun 2013 07:00
24 June 2013
Rare Earth minerals plc
("Rare Earth Minerals", "REM" or "the Company")
INITIAL DRILL RESULTS ON THE SONORA LITHIUM PROJECT
BCN / REM LITHIUM JOINT VENTURE LANDS
Mexico Drill Hole ES-01 Results
Highlights:
·; REM intersects significant lithium values in both Upper Clay and Lower Clay Units in drill hole ES-01 at its Fleur - El Sauz Lithium Project in northern Mexico.
·; Upper Clay Unit averages 2,113 ppm Li (1.13% Lithium Carbonate Equivalent ('LCE')*) over 4.58 metres from 124.66 metres; in addition, another interval of 8.23 metres averages 4,017 ppm Li (2.14% LCE) from 135.33 metres down the hole.
·; Lower Clay Unit averages 4,422 ppm Li (2.36% LCE) over 23.83 metres from 156.0 metres down the hole.
David Lenigas, The Company's Chairman commented:
"REM is extremely pleased with the results for ES-01. These results are very similar to results from drill holes in the adjoining La Ventana lithium deposit of Bacanora Minerals, providing further confirmation of the continuity and persistence of the lithium-bearing clay units onto the joint venture lands and highlighting the potential for a significant lithium resource to be developed on the joint venture lands."
Update:
Hole ES-01 intersected sediments collectively grouped into the Upper Clay Unit from 99.4 metres to 143.4 metres down the hole (Table 1, below). Lithium values in individual samples taken across lengths from 0.91 to 1.52 metres range from 143 to 6,200 ppm Li. Within this interval there are two clay-rich zones: one averaging 2,113 ppm Li (1.13 % LCE*) occurs from 124.66 to 129.24 metres down the hole for an length of 4.58 metres and the other clay-rich zone occurs from 135.33 to 143.56 metres and averaged 4,017 ppm Li (2.14 % LCE) over that 8.23 metre interval.
The Lower Clay Unit was intersected from 156.10 to 193.50 metres down the hole. Lithium values in individual samples taken across lengths from 1.52 to 2.44 metres range from 2,030 to over 10,000 ppm Li. The interval from 156.0 to 179.83 averaged 4,422 ppm Li (2.36 % LCE) over the 23.83 metre length.
Clay units also exhibited elevated values in other alkali metals, including K, Na, Cs, and Rb, as well as alkali earth metals: Mg, Ca and Sr.
Analyses of the drill core were performed by ALS Chemex, in Vancouver, BC, an internationally recognized assay service provider. The Company followed industry standard procedures for the work carried out during the drill program, with a quality assurance/quality control (QA/QC) program. Internal standard samples were inserted into each drill core sample sequence sent to the laboratory for analysis. No significant QA/QC issues were detected during review of the data.
Table 1. Drill Hole ES-01 - Significant Intercepts
From | To | Interval | Lithology | Li ppm | LCE* % | Li2O % | K2O % |
0 | 99.4 | 99.4 | Basalt | ||||
99.4 | 143.56 | 44.16 | Upper Clay | ||||
Including: | |||||||
124.66 | 129.24 | 4.58 | 2,113 | 1.13 | 0.45 | 1.45 | |
135.33 | 143.56 | 8.23 | 4,017 | 2.14 | 0.86 | 1.61 | |
143.4 | 156.1 | 12.7 | Ignimbrite | ||||
156.1 | 193.5 | 37.4 | Lower Clay | ||||
Including: | |||||||
156.00 | 179.83 | 23.83 | 4,422 | 2.36 | 0.95 | 2.26 | |
193.5 | 204.2 | 10.7 | Basal volcanics | ||||
*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.
Li2O = lithium oxide and is determined by multiplying Li value in percent by 2.153 to get an equivalent Li2O value in percent.
Drilling is continuing on schedule with the drill currently on the fourth hole of the 10 hole program. Results from drill holes will be reported as they become available.
About the Sonora Lithium Project:
The Company's optioned concessions cover 3,411 hectares out of a total of 5,786 contiguous hectares that make up the Sonora Lithium Project owned by Bacanora.
Lithium is the lightest of the alkali metals and has unique electrochemical properties that make it the element of choice for batteries of high energy storage capacity and other energy applications as well as a host of industrial and health applications. Lithium-bearing clays also have application in the petroleum industry for high temperature - high pressure tolerant drilling muds.
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.
For further information please contact:
Rare Earth Minerals Plc www.rareearthmineralsplc.com
David Lenigas, Chairman
+44 (0) 207 440 0640
NOMAD - WH Ireland
James Joyce
Nick Field
+44 (0) 207 220 1666
PR - Pelham Bell Pottinger
Charlie Vivian/ Weston Macklem
+44 (0)20 7861 3232