Last checked at 5 Aug 2014 07:29
5 August 2014
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Yangibana Update - Maiden JORC resource.
Rare Earth Minerals (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earth Element Project in Western Australia, have today announced the maiden JORC resource estimate for the Yangibana Project, based on the May 2014 reverse circulation ("RC") drilling programme at the Yangibana North prospect.
The full Hastings news release is available at:
www.asx.com.au/asxpdf/20140805/pdf/42r95g49gtpzxt.pdf
Highlights
As disclosed in the Hastings announcement on ASX :
· Maiden JORC resource estimate for the Yangibana Project.
· Total JORC Resource of 3.36 million tonnes comprising Indicated Resource of 1.86 million tonnes at 1.38% Total Rare Earth Oxides ("TREO") and Inferred Resource of 1.5 million tonnes at 1.29% TREO at a 0.5% TREO cut-off.
· Major increase of 290% in contained TREO compared to previous non-JORC estimate.
· Significant Neodymium (Nd2O3), a critical rare earth oxide, is included in the contained TREO, with average grade of 2,700 parts per million ("ppm") (0.27%).
· Upgraded resource covers only 825 metres of strike length to a maximum 400 metres down-dip to a maximum vertical depth of 100 metres below surface.
· Resource remains open in all directions with mineralisation cropping out to the east and west.
· Additional reverse circulation and diamond drilling to commence in Q4 on neighbouring targets within the 550 km2 tenements at Yangibana.
Details of Ownership:
On the 1 December 2012 REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana Rare Earth Project. Therefore the exploration costs until the commencement of the BFS are borne solely by Hastings Rare Metals Limited (70% owners and operator).
David Lenigas, REM's Chairman, commented:
"This is a significant upgrade for the Yangibana rare earth element Project. We are particularly pleased with the quantities of Critical Rare Earth Oxides, notably Neodymium which is critical for the manufacturing of Permanent Magnets (wind and power turbines), electronic components (heat resistant ceramics) and rechargeable consumer batteries."
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For further information please contact:
Rare Earth Minerals plc +44 (0) 207 440 0647
David Lenigas
Kiran Morzaria
WH Ireland Limited (NOMAD & Joint Broker) +44 (0) 207 220 1666
James Joyce
Nick Field
Hume Capital plc (Joint Broker) +44 (0) 203 693 1470
Guy Peters
Jon Belliss
Square1 Consulting
David Bick, Mark Longson +44 (0) 207 929 5599