5th Mar 2014 09:07
LONDON (Alliance News) - Rare Earth Minerals PLC Wednesday said Bacanora Minerals Ltd has reported significant lithium results from five recently completed holes on the La Ventana Concession in Mexico.
The rare metals and minerals projects investment company said the five holes were drilled in order to upgrade the lithium resource on site. Bacanora tested a 2.4 kilometre lower clay unit in the programme, and the weighted average of lithium values in samples taken across the intercepts range from 1,377 to 5,809 parts per million of lithium.
"These new holes should provide further potential for additional tonnage to La Ventana's existing resource estimates and were drilled to upgrade the resource estimate for the La Ventana deposit from the inferred resource category to the indicated resource category," REM Chairman David Lenigas said in a statement.
REM said it has increased its holding in Bacanora, which owns 100% of the La Ventana Concession, to 5.47% for GBP80,000, increasing the company's interest in the separate Fleur-El Sauz joint venture to roughly 33.8%.
The company also noted that a pilot plant at Bacanora's Hermosillo facility is now operational and pilot scale testing of the clays on La Ventana is underway.
Rare Earth Minerals shares were flat at 0.44 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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