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Yangibana Update - Maiden JORC resource
Yangibana Update - Maiden JORC resource.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 2568O Rare Earth Minerals PLC 05 August 2014 \n \n\n \n5 August 2014\n \nRare Earth Minerals Plc.\n \n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\nYangibana Update - Maiden JORC resource.\nRare Earth Minerals (AIM: REM) advises that Hastings Rare Metals Limited (\"Hastings\"), REM's 70% joint venture partner in the Yangibana Rare Earth Element Project in Western Australia, have today announced the maiden JORC resource estimate for the Yangibana Project, based on the May 2014 reverse circulation (\"RC\") drilling programme at the Yangibana North prospect.\nThe full Hastings news release is available at:\nwww.asx.com.au/asxpdf/20140805/pdf/42r95g49gtpzxt.pdf\nHighlights \n \nAs disclosed in the Hastings announcement on ASX :\n \n· Maiden JORC resource estimate for the Yangibana Project.\n· Total JORC Resource of 3.36 million tonnes comprising Indicated Resource of 1.86 million tonnes at 1.38% Total Rare Earth Oxides (\"TREO\") and Inferred Resource of 1.5 million tonnes at 1.29% TREO at a 0.5% TREO cut-off.\n· Major increase of 290% in contained TREO compared to previous non-JORC estimate.\n· Significant Neodymium (Nd2O3), a critical rare earth oxide, is included in the contained TREO, with average grade of 2,700 parts per million (\"ppm\") (0.27%).\n· Upgraded resource covers only 825 metres of strike length to a maximum 400 metres down-dip to a maximum vertical depth of 100 metres below surface.\n· Resource remains open in all directions with mineralisation cropping out to the east and west.\n· Additional reverse circulation and diamond drilling to commence in Q4 on neighbouring targets within the 550 km2 tenements at Yangibana.\n \nDetails of Ownership:\n \nOn the 1 December 2012 REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study (\"BFS\") of the Yangibana Rare Earth Project. Therefore the exploration costs until the commencement of the BFS are borne solely by Hastings Rare Metals Limited (70% owners and operator).\n \nDavid Lenigas, REM's Chairman, commented:\n \n\"This is a significant upgrade for the Yangibana rare earth element Project. We ...