4th Jun 2014 08:49
LONDON (Alliance News) - Shares in Rare Earth Minerals PLC rose Wednesday after it said that the mineral resource at its Sonara Lithium Project in Mexico has been increased by 37%, and subsequently has been upgraded to the indicated category from inferred.
Shares in Rare Earth Minerals were trading up 16% at 0.960 pence, the fifth highest gainer on AIM Wednesday morning.
The project contains the La Ventana deposit, and the El Sauz and Fleur joint venture mines.
Drilling results indicated a total of 3.28 million tonnes of lithium carbonate equivalent from the project, which it said was an increase of 37% from previous estimates.
At the El Sauz and Fleur mines, lithium carbonate equivalent increased 35% to 2.01 million tonnes from the previously indicated level of 1.49 million tonnes, and the La Ventana mine showed an increase of 37% to 1.273 million tonnes from 930,000 tonnes.
Rare Earth Minerals said that work on a 96,964 hectare concession package on the Megalit lands under its joint venture with Bacanora Minerals Ltd is progressing well. Four drill holes have been completed, and it expects first results towards the end of June 2014.
Rare Earth Minerals has a 10.18% direct interest in La Ventana, a 37.12% interest in the El Sauz / Fleur lands, and a 19.16% interest in the Megalit lands.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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