1st May 2014 11:54
LONDON (Alliance News) - Rare Earth Minerals PLC Thursday said the drilling programme on its 30%-owned Yangibana North rare earth element project in Western Australia will start later this month.
The rare metals and minerals projects investment company acquired a 30% free carried interest to the point of Bankable Feasibility Study in the Yangibana Rare Earth Project back in December 2012, with the exploration costs until the commencement of the Bankable Feasibility Study borne solely by the 60%-owner and operator Hastings Rare Metals Ltd.
The planned programme involves drilling on nine sections spaced at 50 metres along the main outcrop of the Yangibana North prospect. Approximately 350 metres of drilling is required on each of the nine sections, totalling 3,150 metres.
Rare Earth Minerals said that geological sampling and previous drilling at Yangibana has already identified elevated Neodymium Oxides and Europium Oxides, both of which have been deemed "Critical Elements".
The company said it now has significant exploration activities underway on all of its main investments in Mexico, Greenland and Australia.
In a separate statement Thursday, Rare Earth Minerals said that Bacanora Minerals Ltd, a company in which it holds a 6.1% shareholding, has reported successful pilot plant testing from borate-bearing sediments at its El Cajon deposit within the Magdalena Borate Project in Mexico.
It said that Bacanora has successfully produced material grading 99% boric acid from its pilot plant in Hermosillo on samples taken during bulk sampling of the borate-bearing A unit at the El Cajon borate deposit. It also said that a commercial drilling mud product could be produced from the El Cajon clays, subject to the formulation of a specific process to produce such mud.
Rare Earth Minerals shares were up 2.7% at 0.472 pence at midday Thursday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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