REM share price: Company expands Sonora Lithium Project

on Jan 15, 2015
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Rare Earth Minerals Plc (LON:REM) has announced that it has expanded the Sonora Lithium Project with new drilling discovery.

**Highlights from the company statement:**
Rare Earth Minerals Plc (London AIM: REM) is pleased to announce the results of the successful drilling campaign on the southern 3 km of an estimated 6 km strike extent of lithium bearing clays on the Buenavista Project (“Buenavista”). The exploration programme targeted a new and previously untested deposit type in the Sonora Lithium Project, which is thought to be of fluvial origin and eroded from a primary lithium source, as opposed to the types of deposits previously drilled at the Sonora Lithium Project in northern Mexico. The results confirm significant thicknesses of lithium bearing clays, very close to surface, at greater than 1,000 ppm Lithium values.

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David Lenigas, the Company’s Chairman, commented:

“These drilling results from Buenavista are highly encouraging, especially given the geological simplicity of the deposit and the minimal overburden which overlies the lithium, both of which would serve to reduce the potential mining costs of such a deposit. Moreover the results prove that there are other continuous lithium deposits within the Sonora Lithium Project, which will add to the already substantial Indicated Lithium Resources of 3.28 million tonnes of Lithium Carbonate Equivalent (“LCE”) already defined at La Ventana, Fleur and El Sauz.”

Highlights of Drill Results

· 24 reverse circulation holes tested approximately half of the 6 km strike length of the lithium-bearing clays exposed at Buenavista.
· The lithium-bearing clays outcrop at surface and dip gently to the east, providing a target for potential open pit mining with a minimal strip ratio.
· Significant lithium values (i.e. greater than 1,000 ppm Li) were found in 13 of the 24 holes.
· Of those 13 holes, 11 reported significant thicknesses and grades of lithium-bearing clays, as tabulated below in Table 1.
· Lithium values of individual 1.0 metre samples, within the significant intervals, range from 336 to 2,210 ppm Li.

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