Business
Increase in Indicated Resource at Cinovec
Increase in Indicated Resource at Cinovec.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 2472X Rare Earth Minerals PLC 20 February 2017 \n\nRare Earth Minerals Plc\n \n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nDrill Programme Completed at the Cinovec Lithium Project \n \nRare Earth Mineral Plc (AIM/ISDX: REM; OTC: REMMY) is pleased to report that European Metals Holdings Limited (\"EMH\") announced on the 17 February a substantial upgrade of its JORC compliant Indicated Mineral Resource at the Cinovec Lithium/Tin Project in the Czech Republic, confirming its status as the largest Lithium resource in Europe \nEMH recently completed an extensive seven-month drilling campaign at Cinovec, consisting of 17 holes for 6,081 meters designed to increase the confidence in the resource base and to upgrade a significant part of the resource from the Inferred category to the higher confidence Indicated category.\nREM holds a 20.76% economic interest in Cinovec, via its interest in European Metals Holdings Limited (\"EMH\"). The full EMH release is available at: \nhttp://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13131140.html\nHighlights from the EMH release:\n· Lithium Indicated Resource increased 50% to 3.9 Mt LCE, contained in 347.7 Mt @ 0.45% Li2O and 0.04% Sn (0.1% Li cut-off)\n· Lithium Total Resource increased 11.8% to 7.0 Mt LCE, contained in 656.5 Mt @ 0.43% Li2O and 0.04% Sn (0.1% Li cut-off)\n· Total contained tin in the Total Mineral Resource increases to 262,600 tonnes\n· Lithium Exploration Target remains 350 to 450 Mt @ 0.39% to 0.47% for 3.4 Mt to 5.3 Mt of LCE.\n \nKiran Morzaria, the Chief Executive Officer of REM, commented:\n\"This upgraded resource statement firmly establishes Cinovec as globally significant, strategically located lithium deposit. These results have shown Cinovec to have a robust Mineral Resource, and will, in our opinion, strengthen the project economics going forward. EMH has established a strong base from which it can progress its development programme, and we look forward to updating the market on what has been an excellent investment for REM.\"\n \nIndependent Resource Consultant Lynn Widenbar noted:\n \"The additional new drilling results from 2016 have greatly increased confidence in the historic surface and underground drilling and sa...