24th Oct 2013 08:25
LONDON (Alliance News) - Rare Earth Minerals PLC Thursday said it has completed the first hole of a scheduled 24 hole diamond drilling test at the El Sauz and Fleur Lithium concessions in Mexico.
The exploration-and-development miner said the stage 2 programme drilling has uncovered 59 metres of the same clay formation it uncovered in its first stage of drilling, extending the clay space.
Rare Earth Minerals said the drilling programme is expected to take roughly five months, will consist of around 3,500 metres of core drilling and the final results are expected in late March 2014.
The company said that with drill and assay results from the expanded programme, it is expected that the new data will provide further evidence that the concessions host a new, large lithium resource.
Rare Earth Minerals shares were up 9.3% to 0.814 pence, putting it in the top ten AIM movers in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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