Rare Earth Minerals PLC Update on Cinovec Lithium/Tin Project (9774V)

TIDMREM

RNS Number : 9774V

Rare Earth Minerals PLC

03 February 2017

Rare Earth Minerals Plc.

("Rare Earth Minerals", "REM" or "the Company")

Cinovec Drill Results and Initial Step Towards Mining Licence

Rare Earth Mineral Plc (AIM/ISDX: REM; OTC: REMMY) is pleased to report that analytical results for two drillholes from the recently completed drilling in the Main sector of the Cinovec Lithium and Tin deposit. These results confirmed or exceeded the expected lithium content and mineralisation widths.

In addition, the Cinovec South Resource has now been added to the Czech State resource register. This is the first step in the process for the granting of a mining permit.

The full EMH release is available at http://europeanmet.com/assets/AIM__-_3_February_2017_-_EMH_Drill_Program_Update.pdf

Highlights from the EMH release:

-- Hole CIW-22 contains the best lithium intercept to-date from the Company's drill programme of 264.5 m averaging 0.54% Li2O.

-- This hole also contains significant tungsten, tin, niobium and tantalum mineralisation. For example, the best interval between 238m to 240m averages 0.86% Li2O, 0.41% Sn, 2.92% W, 868ppm Nb, 150ppm Ta. The tungsten grade, in particular, was significantly higher than expected.

-- Hole CIW-26 returned an interval of 236.25m averaging 0.49%Li2O (including high-grade intervals 16m@0.99%Li2O, 3m@1.15% Li2O, 2m@1.34% Li2O, 2m@0.99% Li2O, 1.3m@1.72% Li2O, 2m@0.93% Li2O, 5m@0.84% Li2O.

-- Drillhole CIW-26 is located at the western edge of the deposit near the contact of the mineralisation. Drillhole CIW-22 is located in the central part of Cinovec Main.

   --     All remaining analytical results from the program will be released next week. 

-- Geological information from all 17 drillholes has been compiled into the Cinovec database and serves to update the geological model for Cinovec Main. The geologic model will be used to constrain and update the current block model. The block model will be updated in early February when all analyses will be available. The block model and resource calculation will be part of the Pre-Feasibility Study.

Kiran Morzaria, the Chief Executive Officer of REM, commented:

"The continued progress of the Cinovec project is highly encouraging. The drilling results have surpassed our expectations, and we are pleased to see that the team are obtaining the required regulatory approvals to develop and mine the largest known lithium deposit in Europe."

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.

- Ends -

 
 For further information, 
  please contact 
 
 Rare Earth Minerals plc      [phone] 
 Andrew Suckling 
 Kiran Morzaria 
 
 WH Ireland Limited (NOMAD 
  & Broker)                   [phone] 
 James Joyce 
 James Bavister 
 
 Square1 Consulting           [phone] 
 David Bick 
 Brian Alexander 
 

About Rare Earth Minerals:

Rare Earth Minerals invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Rare Earth Minerals board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. REM's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Rare Earth Minerals are major shareholders of the Sonora Lithium Project in northern Mexico and the Cinovec Lithium and Tin Project in the Czech Republic. Rare Earth Minerals portfolio also includes significant lithium-based investments the USA, Australia and Namibia. The Mexican and Czech deposits have published Indicated and Inferred Mineral Resources of 11.3 million tonnes of Lithium Carbonate Equivalent.

Technical Glossary:

The following is a summary of technical terms:

 
 "carbonate"           refers to a carbonate mineral such 
                        as calcite, CaCO(3) 
 "cut-off grade"       the lowest grade of mineralised 
                        material considered economic, used 
                        in the calculation of Mineral Resources 
 "deposit"             a coherent geological body such 
                        as a mineralised body 
 "exploration"         the method by which ore deposits 
                        are evaluated 
 "g/t"                 gram per metric tonne 
 "grade"               relative quantity or the percentage 
                        of ore mineral or metal content 
                        in an ore body 
 "Indicated"           as defined in the JORC and SAMREC 
  or "Indicated         Codes, is that part of a Mineral 
  Mineral Resource"     Resource which has been sampled 
                        by drill holes, underground openings 
                        or other sampling procedures at 
                        locations that are too widely spaced 
                        to ensure continuity but close 
                        enough to give a reasonable indication 
                        of continuity and where geoscientific 
                        data are known with a reasonable 
                        degree of reliability. An Indicated 
                        Mineral Resource will be based 
                        on more data and therefore will 
                        be more reliable than an Inferred 
                        Mineral Resource estimate 
 "Inferred" or         as defined in the JORC and SAMREC 
  "Inferred Mineral     Codes, is that part of a Mineral 
  Resource"             Resource for which the tonnage 
                        and grade and mineral content can 
                        be estimated with a low level of 
                        confidence. It is inferred from 
                        the geological evidence and has 
                        assumed but not verified geological 
                        and/or grade continuity. It is 
                        based on information gathered through 
                        the appropriate techniques from 
                        locations such as outcrops, trenches, 
                        pits, working and drill holes which 
                        may be limited or of uncertain 
                        quality and reliability 
 "JORC Code"           Joint Ore Reserve Committee Code; 
                        the Committee is convened under 
                        the auspices of the Australasian 
                        Institute of Mining and Metallurgy 
 "kt"                  thousand tonnes 
 "LCE"                 the total equivalent amount of 
                        lithium carbonate (see explanation 
                        above entitled Explanation of Lithium 
                        Classification and Conversion Factors) 
 "lithium"             a soft, silvery-white metallic 
                        element of the alkali group, the 
                        lightest of all metals 
 "lithium carbonate"   the lithium salt of carbonate with 
                        the formula Li(2) CO(3) 
 "Measured" or         Measured: a mineral resource intersected 
  Measured Mineral      and tested by drill holes, underground 
  Resources"            openings or other sampling procedures 
                        at locations which are spaced closely 
                        enough to confirm continuity and 
                        where geoscientific data are reliably 
                        known; a measured mineral resource 
                        estimate will be based on a substantial 
                        amount of reliable data, interpretation 
                        and evaluation which allows a clear 
                        determination to be made of shapes, 
                        sizes, densities and grades.Indicated: 
                        a mineral resource sampled by drill 
                        holes, underground openings or 
                        other sampling procedures at locations 
                        too widely spaced to ensure continuity 
                        but close enough to give a reasonable 
                        indication of continuity and where 
                        geoscientific data are known with 
                        a reasonable degree of reliability; 
                        an indicated resource will be based 
                        on more data, and therefore will 
                        be more reliable than an inferred 
                        resource estimate. Inferred: a 
                        mineral resource inferred from 
                        geoscientific evidence, underground 
                        openings or other sampling procedures 
                        where the lack of data is such 
                        that continuity cannot be predicted 
                        with confidence and where geoscientific 
                        data may not be known with a reasonable 
                        level of reliability 
 "metallurgical"       describing the science concerned 
                        with the production, purification 
                        and properties of metals and their 
                        applications 
 "Mineral Resource"    a concentration or occurrence of 

                        material of intrinsic economic 
                        interest in or on the Earth's crust 
                        in such a form that there are reasonable 
                        prospects for the eventual economic 
                        extraction; the location, quantity, 
                        grade geological characteristics 
                        and continuity of a mineral resource 
                        are known, estimated or interpreted 
                        from specific geological evidence 
                        and knowledge; mineral resources 
                        are sub-divided into Inferred, 
                        Indicated and Measured categories 
 "mineralisation"      process of formation and concentration 
                        of elements and their chemical 
                        compounds within a mass or body 
                        of rock 
 "Mt"                  million tonnes 
 "ppm"                 parts per million 
 "recovery"            proportion of valuable material 
                        obtained in the processing of an 
                        ore, stated as a percentage of 
                        the material recovered compared 
                        with the total material present 
 "stope"               underground excavation within the 
                        orebody where the main production 
                        takes place 
 "t"                   a metric tonne 
 "tin"                 A tetragonal mineral, rare; soft; 
                        malleable: bluish white, found 
                        chiefly in cassiterite, SnO(2) 
 "treatment"           Physical or chemical treatment 
                        to extract the valuable metals/minerals 
 "tungsten"            hard, brittle, white or grey metallic 
                        element. Chemical symbol, W; also 
                        known as wolfram 
 "W"                   chemical symbol for tungsten 
 

Additional Geological Terms:

 
 "apical"          relating to, or denoting an apex 
 "cassiterite"   A mineral, tin dioxide, SnO2. Ore 
                  of tin with specific gravity 7 
 "cupola"        A dome-shaped projection at the 
                  top of an igneous intrusion 
 "dip"           the true dip of a plane is the angle 
                  it makes with the horizontal plane 
 "granite"       coarse-grained intrusive igneous 
                  rock dominated by light-coloured 
                  minerals, consisting of about 50% 
                  orthoclase, 25% quartz and balance 
                  of plagioclase feldspars and ferromagnesian 
                  silicates 
 "greisen"       A pneumatolitically altered granitic 
                  rock composed largely of quartz, 
                  mica, and topaz. The mica is usually 
                  muscovite or lepidolite. Tourmaline, 
                  fluorite, rutile, cassiterite, and 
                  wolframite are common accessory 
                  minerals 
 "igneous"       said of a rock or mineral that solidified 
                  from molten or partly molten material, 
                  i.e., from a magma 
 "muscovite"     also known as potash mica; formula: 
                  KAl(2) (AlSi(3) O(10) )(F,OH)(2) 
                  . 
 "quartz"        a mineral composed of silicon dioxide, 
                  SiO2 
 "rhyolite"        An igneous, volcanic rock of felsic 
                    (silica rich) composition. Typically 
                    >69% SiO(2) 
 "vein"          a tabular deposit of minerals occupying 
                  a fracture, in which particles may 
                  grow away from the walls towards 
                  the middle 
 "wolframite"    A mineral, (Fe,Mn)WO(4) ; within 
                  the huebnerite-ferberite series 
 "zinnwaldite"   A mineral, KLiFeAl(AlSi(3) )O(10) 
                  (F,OH)(2) ; mica group; basal cleavage; 
                  pale violet, yellowish or greyish 
                  brown; in granites, pegmatites, 
                  and greisens 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGIGDDIXGBGRX

(END) Dow Jones Newswires

February 03, 2017 03:40 ET (08:40 GMT)