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Lithium Resource Increase and Upgrade
Lithium Resource Increase and Upgrade.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 7746I Rare Earth Minerals PLC 04 June 2014 \n \n\n4 June 2014\n \nRare Earth Minerals Plc.\n \n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nLithium Resource Increase and Upgrade - Sonora Lithium Project\n \nRare Earth Minerals Plc (LSE AIM: REM)) is pleased to announce that the Mineral Resource for the Sonora Lithium Project in northern Mexico has increased by 37% to a new total of 3.28 million tonnes of Lithium Carbonate Equivalent (\"LCE\") and have been upgraded from the Inferred to Indicated category.\nThe Mineral Resource update for the El Sauz / Fleur joint venture lands and the La Ventana deposit (\"the Sonora Lithium Project\") have been provided by Bacanora Minerals Ltd (\"Bacanora\"), the Company's joint venture partner in El Sauz and Fleur and the owner of the La Ventana Deposit. . The full news release from Bacanora is shown below.\nHighlights:\n· El Sauz and Fleur and contained LCE increases by 35% to 2.01 million tonnes.\n· La Ventana contained LCE increased by 37% to 1.273 million tonnes\n· Indicated total Lithium Resources for El Sauz and Fleur total 120,990,000 tonnes averaging 3,120 ppm Li (1.66% LCE) for combined Upper and Lower Clay units at a cut-off of 2,000 ppm Li.\n· Indicated total Lithium Resources for La Ventana are 75,320,000 tonnes averaging 3,174 ppm Li (1.66%) for the combined Upper and Lower Clay units at a cut-off of 2,000 ppm Li.\n· Work on the large, 96,964 hectare, concession package that form the lands under the second joint venture with Bacanora is progressing well. To date four drill holes have been completed, mapping and surface sampling are ongoing. First results are expected towards the end of June 2014.\nDavid Lenigas, the Company's Chairman commented: \n\"This announcement of a significant increase and upgrade in resource is an important milestone in the development of the Sonora Lithium Project.\nThese results combined with the previous announcements on the achievement of 99.5% battery grade product, the production of lithium carbonate samples for potential buyers and the commissioning of a scoping study for a 35,000 to 50,000 tonne per year lithium carbonate plant shows that the development of the Sonora Lithi...