30th May 2014 07:48
LONDON (Alliance News) - Rare Earth Minerals PLC Friday said geological consultants for its Greenland exploration have identified one main rare earth element target and eight gold targets on the Greenland 2012/15 licence, in the south of the island.
The rare minerals investment and development company said that SRK Exploration Services Ltd has found a range of targets using stereo aerial photographs and 3D viewing tests, including a significant region that may have Rare Earth Element potential, due to geological similarities with nearby deposits.
SRK Exploration said the other targets, primarily for gold are associated with a zone called the Saarloq Shear, which cuts through the region, and recommended that the company explore the area for its gold potential.
The company announced in April that its exploration in Greenland will be managed by Greenland Minerals Energy Ltd, the owners of the major Kvanefjeld rare earth-uranium deposit. On Friday, it said that development of the site will now move to ground-based exploration with the GMEL field crews expected on site on June 17.
Rare Earth Minerals said it plans to conduct reconnaissance exploration work at the sites and will focus firstly on the southernmost of its four big licences before moving to a licence immediately adjacent and west of the Kvanefjeld deposit.
"SRK ES have identified a number of exciting prospects to focus this year's exploration activities in Greenland," Chairman David Lenigas said in a statement. "The funds for this exploration programme in Greenland have already been budgeted for and will come from the company's current reserves."
Rare Earth Minerals shares were up 4.8% to 0.875 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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