10th Nov 2014 09:39
LONDON (Alliance News) - Rare Earth Minerals PLC Monday said its joint-venture partner in the Yangibana project in western Australia has completed its stage 2 drilling programme at the project and has contracted a company to conduct a resource estimate for seven prospects that have been drilled.
The Yangibana project is a joint venture between Rare Earth and Hastings Rare Metals Ltd. The stage 2 drilling programme carried out by Hastings comprised of 122 reverse circulation holes, drilling a total depth of 6,500 metres alongside 9 diamond drill holes reaching total depths of 170.1 metres.
Overall, Hastings has drilled seven prospects at Yangibana, including the Yangibana North, Lion's Ear, Hook, Gossan, and Kane Gossan prospects in which Rare Earth holds a 30% interest, with Hastings holding the remaining 70% as operator, Rare Earth said in a statement.
Hastings has confirmed all the prospects that have been drilled so far have economically viable resources and has identified priority targets for further evaluation. Hastings also has contracted CoxRocks Pty Ltd to undertake a JORC compliant resource estimate on each of the prospects on the Yangibana project that have been drilled during the stage 2 drilling programme, said Rare Earth.
The work carried out by CoxRocks will provide upgraded and expanded resources at the Yangibana North prospect and the first JORC compliant resources for all other prospects drilled, it added.
"The Yangibana rare earth elements project in Australia is going from strength to strength. We look forward to receiving the balance of the drilling results, initial metallurgy test results and the updated JORC compliant resources in the near future," said Rare Earth Chairman David Lenigas.
Rare Earth shares were up 1.3% to 1.04 pence per share Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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