25th Mar 2015 08:54
LONDON (Alliance News) - Rare Earth Minerals and Bacanora Minerals Ltd on Wednesday announced the initial drilling results for the Sonora lithium project in Mexico, while Rare Earth also provided an update on the Yangibana project in Australia.
Rare Earth and Bacanora said the initial drilling conducted at Sonora has intersected what looks to be a repeat structure to the west of the already defined indicated mineral resource.
"The intersection of what appears to be a repeat structure to the immediate west of the already defined 3.28 million tonnes of indicated mineral resource, is further excellent news for the possible expansion of the mineral resource at Sonora Lithium Project," said David Lenigas, Chairman of Rare Earth.
At Yangibana, Rare Earth said Hastings Rare Metals Ltd, which owns a 70% stake in the project to Rare Earth's 30%, has said samples taken from the Yangibana North and Bald Hill South deposits at the site indicate the potential for a significant cost saving on the project compared to the figures defined in the scoping study.
"The continued advancement of the pre-feasibility work on the Yangibana REE deposit has yielded some excellent results in terms of recovery and in particular, what would be a significant reduction in capital costs as a result of the lower ore throughputs required at the hydrometallurgical plant," Lenigas said.
Shares in Rare Earth were up 7.0% to 0.942 pence Wednesday, while Bacanora shares were up 5.0% to 67.70p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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