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16 Mar 2016 07:00
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Yangibana REE Project Update & Grant of Additional Mining Licenses
Rare Earth Mineral Plc (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earths Elements ("REE") Project ("Yangibana") in Western Australia, has announced the grant of additional mining licenses over the Yangibana Project inclusive of licenses owned by the joint venture. The full Hastings news release dated 14 March 2016 is available at: http://www.asx.com.au/asxpdf/20160314/pdf/435t45yy7js94g.pdf. In addition on the 11 March 2016 Hastings released their Interim Financial Report for the period ending 31 December 2015 which contains information in relation to the licenses owned by the joint venture. The full Hastings news release dated 11 March 2016 is available at: http://www.asx.com.au/asxpdf/20160310/pdf/435qmjhd45x36l.pdf The Hastings releases also contains information on areas and licenses which REM has no interest.
HIGHLIGHTS ON JOINT VENTURE ASSETS (30% interest owned by REM)
· Additional Mining Leases ("ML") Granted - covering resources and targets at Bald Hill North and Yangibana prospects (M 09/161 and M 09/163 respectively)
· A total of 3 ML granted under the joint venture which now covers some 31.2 km2, all of the MLs are free of Native Title.
· The JORC resource estimated for two of these three MLs (previously announced 06/10/2015):
o Indicated Resources at these assets now stand at 2.7 million tonnes at 1.46% TREO** containing 0.50% Nd2O3-Eq*
o Inferred Resources at these assets now stand at 0.6 million tonnes at 1.28% TREO** containing 0.46% Nd2O3-Eq*
· Pre-Feasibility Study that commenced in early 2015 is nearing completion. Processing test work is advanced, infrastructure sites selected for all major components.
· Mine designs based on optimised open pits and waste dumps have been designed on ML N/159 (Yangibana North).
Further diagrams of the granted mining licenses and the Yangibana North open pit and waste dump designs are available at: http://www.rareearthmineralsplc.com/files/7314/5804/6456/Yangibana_License_Map_and_Pit_Design.pdf
Details of Ownership:
On 1 December 2011, REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North. The gross and net attributable mineral resources to REM are set out below at both a nil cut-off and at a 0.25% Nd2O3-Eq.
Table 1- Joint Venture properties, JORC Resource with no cut-off. Operator is Hastings
Gross | |||||||||||||
Mineral Resource Category | Tonnes | Grade | Contained Metals (metric tonnes) | ||||||||||
Indicated | Million tonnes | % TREO | % Nd2O3-Eq | ppm Nd2O3 | ppm Pr2O3 | ppm Dy2O3 | ppm Eu2O3 | TREO | Nd2O3-Eq | Nd2O3 | Pr2O3 | Dy2O3 | Eu2O3 |
Yangibana North | 2.718 | 1.46% | 0.50% | 3,061 | 910 | 43 | 89 | 39,683 | 13,590 | 8,320 | 2,473 | 117 | 242 |
Sub-Total | 2.718 | 1.46% | 0.50% | 3,061 | 910 | 43 | 89 | 39,683 | 13,590 | 8,320 | 2,473 | 117 | 242 |
Inferred | |||||||||||||
Yangibana North | 0.471 | 1.46% | 0.50% | 3,061 | 910 | 43 | 89 | 6,877 | 2,355 | 1,442 | 429 | 20 | 42 |
Gossan | 0.221 | 1.07% | 0.34% | 2,132 | 660 | 22 | 55 | 2,365 | 751 | 471 | 146 | 5 | 12 |
Lion's Ear | 0.842 | 1.42% | 0.47% | 2,844 | 846 | 42 | 81 | 11,956 | 3,957 | 2,395 | 712 | 35 | 68 |
Hook | 0.349 | 1.09% | 0.31% | 1,866 | 611 | 30 | 49 | 3,804 | 1,082 | 651 | 213 | 10 | 17 |
Kanes Gossan | 0.578 | 1.16% | 0.41% | 2,520 | 773 | 42 | 57 | 6,705 | 2,370 | 1,457 | 447 | 24 | 33 |
Bald Hill North | 0.102 | 0.43% | 0.25% | 1,582 | 327 | 39 | 43 | 439 | 255 | 161 | 33 | 4 | 4 |
Sub-Total | 2.563 | 1.25% | 0.42% | 2,566 | 773 | 39 | 69 | 32,145 | 10,771 | 6,577 | 1,980 | 99 | 177 |
Total | 5.281 | 1.36% | 0.46% | 2,821 | 843 | 41 | 79 | 71,828 | 24,361 | 14,897 | 4,454 | 216 | 419 |
Net attributable (30%) | |||||||||||||
Mineral Resource Category | Tonnes | Grade | Contained Metals (metric tonnes) | ||||||||||
Indicated | Million tonnes | % TREO | % Nd2O3-Eq | ppm Nd2O3 | ppm Pr2O3 | ppm Dy2O3 | ppm Eu2O3 | TREO | Nd2O3-Eq | Nd2O3 | Pr2O3 | Dy2O3 | Eu2O3 |
Yangibana North | 0.815 | 1.46% | 0.50% | 3,061 | 910 | 43 | 89 | 11,905 | 4,077 | 2,496 | 742 | 35 | 73 |
Sub-Total | 0.815 | 1.46% | 0.50% | 3,061 | 910 | 43 | 89 | 11,905 | 4,077 | 2,496 | 742 | 35 | 73 |
Inferred | |||||||||||||
Yangibana North | 0.141 | 1.46% | 0.50% | 3,061 | 910 | 43 | 89 | 2,063 | 707 | 433 | 129 | 6 | 13 |
Gossan | 0.066 | 1.07% | 0.34% | 2,132 | 660 | 22 | 55 | 709 | 225 | 141 | 44 | 1 | 4 |
Lion's Ear | 0.253 | 1.42% | 0.47% | 2,844 | 846 | 42 | 81 | 3,587 | 1,187 | 718 | 214 | 11 | 20 |
Hook | 0.105 | 1.09% | 0.31% | 1,866 | 611 | 30 | 49 | 1,141 | 325 | 195 | 64 | 3 | 5 |
Kanes Gossan | 0.173 | 1.16% | 0.41% | 2,520 | 773 | 42 | 57 | 2,011 | 711 | 437 | 134 | 7 | 10 |
Bald Hill North | 0.031 | 0.43% | 0.25% | 1,582 | 327 | 39 | 43 | 132 | 77 | 48 | 10 | 1 | 1 |
Sub-Total | 0.769 | 1.25% | 0.42% | 2,566 | 773 | 39 | 69 | 9,644 | 3,231 | 1,973 | 594 | 30 | 53 |
Total | 1.584 | 1.36% | 0.46% | 2,821 | 843 | 41 | 79 | 21,548 | 7,308 | 4,469 | 1,336 | 65 | 126 |
Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.
Table 2- Joint Venture properties, JORC Resource at a 0.25%Nd2O3-Eq cut-off. Operator is Hastings
Gross | ||||||||||||||||
Mineral Resource Category | Tonnes | Grade | Contained Metals (metric tonnes) | |||||||||||||
Indicated | Million tonnes | % TREO | % Nd2O3-Eq | ppm Nd2O3 | ppm Pr2O3 | ppm Dy2O3 | ppm Eu2O3 | TREO | Nd2O3-Eq | Nd2O3 | Pr2O3 | Dy2O3 | Eu2O3 | |||
Yangibana North | 2.491 | 1.55% | 0.53% | 3,235 | 962 | 45 | 94 | 38,611 | 13,202 | 8,058 | 2,396 | 112 | 234 | |||
Sub-Total | 2.491 | 1.55% | 0.53% | 3,235 | 962 | 45 | 94 | 38,611 | 13,202 | 8,058 | 2,396 | 112 | 234 | |||
Inferred | ||||||||||||||||
Yangibana North | 0.425 | 1.55% | 0.53% | 3,235 | 962 | 45 | 94 | 6,588 | 2,253 | 1,375 | 409 | 19 | 40 | |||
Gossan | 0.150 | 1.34% | 0.42% | 2,636 | 824 | 24 | 64 | 2,010 | 630 | 395 | 124 | 4 | 10 | |||
Lion's Ear | 0.789 | 1.47% | 0.48% | 2,949 | 875 | 44 | 84 | 11,598 | 3,787 | 2,327 | 690 | 35 | 66 | |||
Hook | 0.177 | 1.64% | 0.46% | 2,783 | 919 | 39 | 69 | 2,903 | 814 | 493 | 163 | 7 | 12 | |||
Kanes Gossan | 0.494 | 1.29% | 0.45% | 2,795 | 859 | 46 | 63 | 6,373 | 2,223 | 1,381 | 424 | 23 | 31 | |||
Bald Hill North | 0.054 | 0.57% | 0.34% | 2,112 | 437 | 56 | 61 | 308 | 184 | 114 | 24 | 3 | 3 | |||
Sub-Total | 2.089 | 1.43% | 0.47% | 2,913 | 878 | 43 | 78 | 29,779 | 9,891 | 6,084 | 1,833 | 90 | 162 | |||
Total | 4.580 | 1.49% | 0.50% | 3,088 | 924 | 44 | 87 | 68,390 | 23,093 | 14,143 | 4,230 | 202 | 397 | |||
Net attributable (30%) | ||||||||||||||||
Mineral Resource Category | Tonnes | Grade | Contained Metals (metric tonnes) | |||||||||||||
Indicated | Million tonnes | % TREO | % Nd2O3-Eq | ppm Nd2O3 | ppm Pr2O3 | ppm Dy2O3 | ppm Eu2O3 | TREO | Nd2O3-Eq | Nd2O3 | Pr2O3 | Dy2O3 | Eu2O3 | |||
Yangibana North | 0.747 | 1.55% | 0.53% | 3,235 | 962 | 45 | 94 | 11,583 | 3,961 | 2,418 | 719 | 34 | 70 | |||
Sub-Total | 0.747 | 1.55% | 0.53% | 3,235 | 962 | 45 | 94 | 11,583 | 3,961 | 2,418 | 719 | 34 | 70 | |||
Inferred | ||||||||||||||||
Yangibana North | 0.128 | 1.55% | 0.53% | 3,235 | 962 | 45 | 94 | 1,976 | 676 | 412 | 123 | 6 | 12 | |||
Gossan | 0.045 | 1.34% | 0.42% | 2,636 | 824 | 24 | 64 | 603 | 189 | 119 | 37 | 1 | 3 | |||
Lion's Ear | 0.237 | 1.47% | 0.48% | 2,949 | 875 | 44 | 84 | 3,479 | 1,136 | 698 | 207 | 10 | 20 | |||
Hook | 0.053 | 1.64% | 0.46% | 2,783 | 919 | 39 | 69 | 871 | 244 | 148 | 49 | 2 | 4 | |||
Kanes Gossan | 0.148 | 1.29% | 0.45% | 2,795 | 859 | 46 | 63 | 1,912 | 667 | 414 | 127 | 7 | 9 | |||
Bald Hill North | 0.016 | 0.57% | 0.34% | 2,112 | 437 | 56 | 61 | 92 | 55 | 34 | 7 | 1 | 1 | |||
Sub-Total | 0.627 | 1.43% | 0.47% | 2,913 | 878 | 43 | 78 | 8,934 | 2,967 | 1,825 | 550 | 27 | 49 | |||
Total | 1.374 | 1.49% | 0.50% | 3,088 | 924 | 44 | 87 | 20,517 | 6,928 | 4,243 | 1,269 | 61 | 119 | |||
Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.
Qualified Person:
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) from CASS Business School.
Glossary:
Indicated Mineral Resource | That part of a mineral resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. |
Inferred Mineral Resource | That part of a mineral resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. |
Nd2O3-Eq* | The Nd2O3 equivalent (Nd2O3-Eq) values have been calculated using a mixture of prices for Nd2O3, Pr2O3, Dy2O3 and Eu2O3 as laid out in the Hastings release. |
TREO** | The sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO). |
JORC | Joint Ore Reserves Committee. The Joint Ore Reserves Committee produces the JORC Code: a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves. |
Nd2O3 | Neodymium(III) oxide |
Pr2O3 | Praseodymium(III) oxide |
Dy2O3 | Dysprosium(III) oxide |
Eu2O3 | Europium(III) oxide |
- Ends -
For further information please contact:
Rare Earth Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
Mark Leonard
Square1 Consulting +44 (0) 207 929 5599
David Bick
Brian Alexander
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