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Mexico Lithium Project Maiden Resource Estimate
Mexico Lithium Project Maiden Resource Estimate.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6969M Rare Earth Minerals PLC 29 August 2013 \n \n\n \n \n29 August 2013\n \nRare Earth minerals plc\n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nMexico Lithium Project Maiden Resource Estimate\n \n \nRare Earth Minerals (AIM: REM) is pleased to announce that the first 10 diamond drill holes at the Fleur-El Sauz Lithium Project in northern Mexico have identified an estimated resource of 1,782,000 tonnes of Lithium Carbonate Equivalent (\"LCE\") at a cut-off of 1,000 ppm Li, within the 191 million tonnes of clays drilled over an initial 4 kilometres strike length, as a maiden estimated inferred resource compliant with the NI 43-101, CIM standard.\n \nREM has at present a 10% interest in the Fleur-El Sauz Project, and as previously announced has given notice to its joint venture partner Bacanora Minerals Ltd. (\"Bacanora\") to increase its interest to 30%, implying inferred LCE resources at a cut-off of 1,000 ppm attributable to REM of 178,200 tonnes and 534,600 tonnes LCE respectively.\n \nWith Lithium Carbonate currently trading around US$5,000 - 6,000 a tonne, this resource estimate implies a potentially significant in-ground value. Further drilling over the next 6 months is planned to test for further resources, as the Lithium bearing clays in the deposit identified to date remain open on strike to the south and to depth, down dip to the east.\n \nHighlights:\n \n· Inferred resources of 1,782,000 tonnes of LCE from 153,806,000 tonnes (with a lower cut grade of 1,000 ppm Lithium)\n· Inferred resources of 1,486,000 tonnes of LCE from 88,271,000 tonnes (with a lower cut grade of 2,000 ppm Lithium)\n· Plans for stage 2 drilling with the objective of extending the resource will be announced in a further news release once the new programme is finalised.\n \n \nDavid Lenigas, the Company's Chairman commented: \n \n\"REM is very pleased with the results of this maiden resource estimate which supports the belief that the deposit hosts a new discovery that is part of a significant lithium deposit. Grade and tonnes have far exceeded our expectations from just this first phase of drilling.\n \n\"The Company is optimistic about the second ...