24th Sep 2014 14:18
LONDON (Alliance News) - Rare Earth Minerals PLC Wednesday said new assay results from its Greenland exploration licenses identified the presence of previously unidentified gold, silver, rare earth element and other mineralisation located in several areas.
Sampling of an exploration license has identified up to 3.59 grammes per tonne of gold, 0.38% zinc, 6.2 part per million of silver and 2% manganese, said Rare Earth.
Assays of an outcrop, the part of a rock formation that appears at the surface of the ground, of massive sulphide identified in the northern part of the same license returned 5.03 parts per million of silver. A pan concentrate to the north of this area indicates the mineralisation may be more widespread, it added.
"Exploration activities in Greenland are starting to pay dividends, along with the rare earth mineralisation reported previously near two of the world's largest rare earth mineral deposits, we are now seeing a broad range of metals on two wholly owned leases in a previously underexplored and very expansive unit. Well targeted, grass roots exploration could see an organically grown project develop within our tenure," said Chief Executive Kiran Morzaria.
Rare Earth Minerals shares rose 6.5% to 1.64 pence per share Wednesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rare Earth Metals