Business
Mexico Update
Mexico Update.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 7487U Rare Earth Minerals PLC 05 December 2013 \n \n\n5 December 2013\n \nRARE EARTH MINERALS PLC\n \n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nMexico Update - New lithium clays discovered and 1,800% increase in acreage\n \nRare Earth Minerals (AIM: REM) announces that lithium-bearing clay units in northern Mexico have now been identified at surface in 4 parallel trending sequences that are estimated to extend for at least 40 kilometres in strike length. A new joint venture (\"JV #2\") with Bacanora Minerals Ltd (\"Bacanora\") has been entered in to that covers these new discoveries and increases concessions under both joint ventures by over 1,880% from 5,325 hectares to 100,140 hectares (247,451 acres).\n \nDavid Lenigas, the Company's Chairman commented: \n \n\"REM now has a direct interest in a quarter of a million acres of high prospective ground for lithium and potentially other valuable metals.\"\n \nThe new concessions cover strategic ground surrounding the entire Sonora Lithium Project, where lithium-bearing clay units have now been identified at surface in 4 parallel and arcuate north-westerly trending sequences that are estimated to extend for at least 40 kilometres in strike length. Reconnaissance work by Bacanora has identified clay units on the new concessions where surface samples of the clays have analysed up to 1,350 parts per million lithium.\n \nThe JV is preparing to initiate the first stage of an exploration program on the new concession, consisting of geological mapping, surface rock sampling and identification of lithium drill targets.\n \nREM has agreed the new JV #2 deal with Bacanora on:\n \n· The new Megalit concession staked by Bacanora totals approximately 94,815 hectares (234,291 acres) in area and is contiguous with and surrounds the entire Sonora Lithium Project in northern Mexico. \n· Bacanora's key and strategic 1,500 hectare San Gabriel and 649 hectare Buenavista concessions which immediately joins their La Ventana deposit.\nThe key terms of the additional concessions package deal (JV #2) with Bacanora are:\n· REM is to acquire an initial 10% interest in the additional concessions package by paying Bacanora $250,000 and s...