14th Oct 2013 10:30
LONDON (Alliance News) - Rare Earth Minerals PLC said Monday that it was optimistic its second phase of drilling at the Fleur-El Sauz Lithium Project would increase the size and commercial viability of the project following the filing of its technical report on the maiden estimated resource at the project.
The Fleur and El Sauz concessions form part of the Sonora Lithium Project in northern Mexico. Total inferred Lithium Carbonate Equivalent resources on the Fleur-El Sauz project is 1.5 million tonnes from 88.2 tonnes of clay. Rare Earth Minerals has a 30% interest in the project, so its share of the estimated resource is 445,800 tonnes of lithium carbonate equivalent.
A recently completed drilling campaign on the concessions tested a 4 kilometer strike length of the lithium-bearing volcanic-desimentary succession. The company said a "relatively high-grade portion of the deposit underlies the northern 2.7 kilometres of the area tested and, at a cut-off of 3,000 parts lithium per million, contains 53.9 million tonnes averaging 3,922 parts lithium per million."
Rare Earth Minerals identifies and develops sites for mining rare earth minerals. Its shares were trading down 2.3% at 0.811 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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