Business
REM signs Lithium farm-in deal in Northern Mexico
REM signs Lithium farm-in deal in Northern Mexico.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8440X Rare Earth Minerals PLC 14 February 2013 \n \n\n \n14 February 2013\n Rare Earth Minerals Plc\n(\"REM\" or the \"Company\")\n \nREM signs Lithium farm-in deal in Northern Mexico\nREM advises that it has signed an agreement with listed Canadian company Bacanora Minerals Ltd (\"Bacanora\") to participate in drilling and project evaluation of the extensions of its new 60 million tonne La Ventana high grade Lithium discovery in northern Mexico. The farm-in licences cover the 34 square kilometre El Sauz and Fleur concessions adjacent to and along strike from Bacanora's La Ventana discovery. The La Ventana discovery is stated by Bacanora to contain 930,000 tonnes of Lithium Carbonate Equivalent (LCE) in the 60 Million Tonnes of ore.\nDavid Lenigas, REM's Executive Chairman stated:\n\"This is an exciting opportunity for REM, as the Board see Lithium as a metal in global demand over the coming years with an anticipated increase for Lithium batteries. Bacanora are making plans to mobilise the drill rig over the next few weeks and work has already started on the ground to prepare ahead of the commencement of the drilling programme.\"\n \"The geology is similar to that of the La Ventana deposit which has Lithium grades of up to 7,220 ppm and Cesium (a Rare Earth element) up to 500 ppm having already been assayed at surface on El Sauz.\"\n\"The intention of the farm-in is to progress drilling with the view of establishing a Lithium resource over the coming 12 months.\"\nThe El Sauz property consists of a continuous 120+ metre thick volcano-sedimentary section exposed in an area that covers 1,200 X 400 metres in several outcrops. This section is composed of altered tuffs, white and green clays and silica layers similar in style to Bacanora's La Ventana Lithium deposit. The section is gently dipping to the NE in the northern outcrops and to the SE in the southern portion and would have a low stripping ratio for potential mining operations, since the lithium-bearing clays are exposed on the surface. \n \nLithium is the lightest of the alkali metals and has unique electrochemical properties that make it the element of choice in batteries of high energy storage capacity as well as a host of other industrial and health applications. \nBacanora announced on 25 January 2013 th...