4th Aug 2014 08:28
LONDON (Alliance News) - Rare Earth Minerals PLC Monday said it has received initial positive results from sampling for rare earth elements at its Greenland exploration licences.
The exploration and development resources company said initial assay results have started to be received, and four of the ten samples exceeded 2,000 parts per million in total rare earth oxides, with the highest at 2,887 parts per million.
The sampling studies followed up exploration of a site identified by SRK Exploration Services Ltd in the northern part of its 2012 to 2015 exploration licence at the site.
The company said the total rare earth oxides grades it has seen at the site are similar to the nearby Tanbreez deposit, a 4.3 billion ore tonne site owned by TANBREEZ Mining Greenland A/S.
Rare Earth Minerals said a total of 361 samples collected to date are currently being analysed and exploration of its Greenland licences is continuing.
"We are awaiting the majority of the assay results from the samples already dispatched for analysis for the current exploration programme currently being carried out on our 100% owned licenses," Chairman David Lenigas said in a statement. "We are expecting further results to be released over the coming weeks."
Rare Earth Minerals shares were trading up 7.7% to 1.74 pence on Monday, having hit an intraday high of 1.87p after the open.
By Tom McIvor; [email protected]; @TomMcIvor1
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