Business
Update on Mexico Lithium Project
Update on Mexico Lithium Project.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6758L Rare Earth Minerals PLC 14 August 2013 \n \n\n \n \n14 August 2013\n \nRare Earth minerals plc\n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nUpdate on Mexico Lithium Project\n \n \nRare Earth Minerals (AIM: REM) is providing the following update on its Fleur-El Sauz Lithium Project in northern Mexico, where the drilling programme has now been completed and assay results are providing firm evidence that Fleur-El Sauz has the potential to be part of a major high grade Lithium discovery.\n \nIn addition to the assay results shown below, the Fleur - El Sauz deposits identified to date remain open at strike and depth.\n \nHighlights:\n \n· REM intersects significant lithium values in both Upper Clay and Lower Clay Units in drill hole ES-02, ES-03 & ES-04 at its Fleur - El Sauz Lithium Project.\n \n· All ten planned diamond drill holes ES-01 to ES -10 have now been completed showing a 4 kilometre strike length of the high grade Lithium clay units.\n \n· The combined clay units average 63.67 metres in thickness in the area drilled, with the Upper Clay Unit averaging 28.64 metres and the Lower Clay Unit averaging 34 metres.\n \n· Results from all the drill holes will be reported by the end of September.\n \n \n· These lithium-bearing clays also have possible applications in the petroleum industry, specifically for high temperature - high pressure (\"HTHP\") tolerant drilling muds.\n \n \nDavid Lenigas, The Company's Chairman commented: \n \n\"REM is pleased to report that the extension of mineralisation through the Fleur - El Sauz licences has increased the potential of outlining a new and substantial lithium deposit.\n \n\"The total known world resource of lithium metal is estimated to be only just over 30 million tonnes, with total world annual production expected to rise from the current 150,000 tonnes of Lithiun Carbonate Equivalent (\"LCE\") to 300,000 tonnes by 2020. The majority of current world production is based on brine pumping from Salars in South America, and deposits in China and Australia.\n \n \n \n \n...