26th Aug 2014 10:07
LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday said it was getting some encouraging surface sampling results from the Yangibana rare earth element project in Western Australia, based on a release from its joint venture partner on the project.
Hastings Rare Metals Ltd, which owns a 70% stake in the project to Rare Earth's 30%, said the second stage of drilling at the site has now started, with a further seven additional prospective targets to be drilled at the site.
Hastings said reverse circulation and diamond drilling is to be undertaken at the site in the third and fourth quarters of this year.
David Lenigas, the chairman of Rare Earth Minerals, said "some excellent surface sampling results" are being seen at Yangibana.
"We are particularly pleased with the quantities of neodymium, a critical rare earth oxide, which is critical for the manufacturing of permanent magnets, electronic components and rechargeable consumer batteries," Lenigas added.
Rare Earth Minerals shares were down 2.7% to 1.47 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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