Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or
"the Company")
Cinovec Lithium Project - Drilling
Update
Rare Earth Mineral Plc (AIM: REM)
advises that European Metals Holding Limited ("European Metals"), a
company that REM holds a 11.87% equity interest in, has announced
that drilling at the Cinovec
Lithium-Tin-Tungsten Project ("the
project" or "Cinovec") in the Czech Republic
continues to progress well. Two holes have been completed with
assay results received for the first completed hole PSn06.
The full European Metals news release dated 17
November 2015 is available at: http://europeanmet.com/assets/17_November_2015_-_Drilling_Update_UPDATED.pdf
Key Points from the
Release:
· Drillhole PSn06 returns an intercept of 163m @ 0.40%
Li2O from 238.5m to end of hole at 401.5m
· PSn06
twinned historic drillhole CN-51, which returned an intercept of
174.2m @ 0.43% Li2O from 233m to 407.2m
· Two
holes (PSn05, PSn06) completed to date for 783.6m, with two holes
(PSn01, PSn07) in progress
· Second
drill rig now on site, effectively doubling the drill
rate
David Lenigas, REM's Executive
Chairman, commented:
"The first
assay results from the resource upgrade drill programme at the
Cinovec Lithium-Tin-Tungsten deposit has returned a significant
intercept and is in line with expectations based on results for
historic drillhole CN-51. The drilling programme is being
accelerated with the addition of a second rig and I look forward to
providing regular updates in due course."
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).
Lithium Classification and
Conversion Factors:
Lithium grades are normally
presented in percentages or parts per million (ppm). Grades of
deposits are also expressed as lithium compounds in percentages,
for example as a per cent. lithium oxide (Li2O) content
or per cent. lithium carbonate (Li2CO3) content.
Lithium carbonate equivalent
("LCE") is the
industry standard terminology for, and is equivalent to,
Li2CO3. Use of LCE is to provide data comparable with industry
reports and is the total equivalent amount of lithium carbonate,
assuming the lithium content in the deposit is converted to lithium
carbonate, using the conversion rates in the table included further
below to get an equivalent Li2CO3 value in per cent. Use of LCE
assumes 100% recovery and no process losses in the extraction of
Li2CO3 from the deposit.
The standard conversion factors are
set out in the table below:
Table: Conversion Factors for
Lithium Compounds and Minerals
Convert from
|
|
Convert to Li
|
Convert to
Li2O
|
Convert to
Li2CO3
|
Lithium
|
Li
|
1.000
|
2.153
|
5.323
|
Lithium Oxide
|
Li2O
|
0.464
|
1.000
|
2.473
|
Lithium Carbonate
|
Li2CO3
|
0.188
|
0.404
|
1.000
|
- Ends -
For further information please
contact:
Rare Earth Minerals
plc
+44 (0) 207 440 0647
David Lenigas
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
Mark
Longson