5th Aug 2014 09:50
LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday said announced the first JORC resource estimate for its Yangibana Project in western Australia, including a four-fold increase in total rare earth oxides compared to its previous estimate.
The exploration and development resources company said Hastings Rare Metals Ltd, its 70% joint venture partner at the site, said there is a total JORC resource of 3.4 million tonnes of ore, including 1.86 million tonnes at 1.38% total rare earth oxides and an inferred resource of 1.5 million tonnes at 1.39% TREO at a 0.5% TREO cut-off level.
Hastings said the find represents a four-fold increase in contained TREO compared to the previous estimate and includes neodymium, a critical rare earth oxide, which is present with an average 2,700 parts per million.
The company said the upgraded resources cover only 825 metres of strike length to a maximum 400 metres down-dip to a maximum vertical depth of 100 metres below surface.
Rare Earth Minerals said the resource remains open in all directions with mineralisation cropping out to the east and west. Additional drilling is planned to start in the fourth quarter on the neighbouring targets at Yangibana.
"This is a significant upgrade for the Yangibana rare-earth element project. We are particularly pleased with the quantities of critical rare earth oxides, notably neodymium which is critical for the manufacturing of permanent magnets, electronic components and rechargeable consumer batteries," Chairman David Lenigas said in a statement.
The news comes after the company said in July that its first-phase drill results from the Yangibana North project in Australia have exceeded expectations for total rare earth oxides and contained neodymium oxides.
The first phase of drilling comprised 44 reverse circulation drill holes for a total of 1,836 metres.
The company said the highest grade intersections at various depths include a 5 metre space at 3.44% rare earth oxides and a 7 metre space at 3.39% rare earth oxides, with both regions showing over 0.6% neodymium.
Rare Earth Minerals shares were down 0.8% to 1.72 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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