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Update on Lithium Joint Venture, Mexico
Update on Lithium Joint Venture, Mexico.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 0976C Rare Earth Minerals PLC 11 April 2013 \n \n\n \n \n \n11 April 2013\nRare Earth minerals plc\n(\"REM\" or \"the Company\")\n \nUpdate on Lithium Joint Venture, Mexico\n \nRare Earth Minerals PLC (AIM: REM) is pleased to announce that it has received encouraging assay results from the El Sauz lithium concession in northern Mexico. \nHighlights:\n· Surface Lithium results indicate an initial 2 kilometre strike length at El Sauz\n· Initial high-grade-results of up to 7,220 ppm Lithium (3.84% Lithium Carbonate Equivalent) encountered.\n· Potassium grades up to 3.07%.\n· First drilling due to start by the end of April 2013.\nDavid Lenigas, the Chairman of REM commented: \n\"The Company is very pleased with the results to date which now merit advancing the project to the first drill testing of the lithium bearing clay units on this property.\"\n\"Should the outcropping lithium clays be found to correlate with those on Bacanora's adjoining La Ventana concession, then the sedimentary basin that hosts the lithium-rich clays is likely to extend, in a northwesterly direction, for at least 7 kilometres, based on available geological evidence, suggesting potential for a large scale, world class lithium deposit.\n\"Diamond drilling, initially wide spaced, is expected to start over the next three weeks and this should lead to a far better understanding of the basin and the scale of the resource on the project areas.\"\nUpdate:\nThe Company has received the results of surface rock samples collected during the first phase of the field work programme on the El Sauz and Fleur concessions (\"the Concessions\") that form part of the Sonora Lithium Project in north Mexico (the \"Project\").\nREM will earn an initial interest of 10% in the Concessions, upon delivery of certain payments to Bacanora Minerals Ltd (\"Bacanora\"), the owner of the Concessions, with an option to earn up to 49.9% interest in the Concessions from Bacanora Minerals Ltd as announced on 14 February 2013.\nThe sampling to date has focused on the El Sauz concession, where 210 samples were collected from exposures of the sedimentary-volcanic sequence that hosts lithium-bearing clay units. Geological mapping in...