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Rare Earth Mineral Plc “Diagrams of the granted mining licenses”

Rare Earth Mineral Plc (AIM: REM) has told DirectorsTalk that Hastings Rare Metals Limited, REM’s 70% joint venture partner in the Yangibana Rare Earths Elements Project in Western Australia, has announced the grant of additional mining licenses over the Yangibana Project inclusive of licenses owned by the joint venture. 

HIGHLIGHTS ON JOINT VENTURE ASSETS (30% interest owned by REM)

 

·      Additional Mining Leases (“ML”) Granted – covering resources and targets at Bald Hill North and Yangibana prospects (M 09/161 and M 09/163 respectively)

·      A total of 3 ML granted under the joint venture which now covers some 31.2 km2, all of the MLs are free of Native Title.

·      The JORC resource estimated for two of these three MLs (previously announced 06/10/2015):

o  Indicated Resources at these assets now stand at 2.7 million tonnes at 1.46% TREO** containing 0.50% Nd2O3-Eq*

o  Inferred Resources at these assets now stand at 0.6 million tonnes at 1.28% TREO** containing 0.46% Nd2O3-Eq*

·      Pre-Feasibility Study that commenced in early 2015 is nearing completion. Processing test work is advanced, infrastructure sites selected for all major components.

·      Mine designs based on optimised open pits and waste dumps have been designed on ML N/159 (Yangibana North).

 

Further diagrams of the granted mining licenses and the Yangibana North open pit and waste dump designs are available here:

REM Yangibana_License_Map_and_Pit_Design

 

Details of Ownership:

 

On 1 December 2011, REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study (“BFS”) of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North. The gross and net attributable mineral resources to REM are set out below at both a nil cut-off and at a 0.25% Nd2O3-Eq.

 

Table 1- Joint Venture properties, JORC Resource with no cut-off. Operator is Hastings

Gross

Mineral Resource Category

Tonnes

Grade

Contained Metals (metric tonnes)

Indicated

Million tonnes

% TREO

% Nd2O3-Eq

ppm Nd2O3

ppm Pr2O3

ppm Dy2O3

ppm Eu2O3

TREO

Nd2O3-Eq

Nd2O3

Pr2O3

Dy2O3

Eu2O3

Yangibana North

2.718

1.46%

0.50%

3,061

910

43

89

39,683

13,590

8,320

2,473

117

242

Sub-Total

2.718

1.46%

0.50%

3,061

910

43

89

39,683

13,590

8,320

2,473

117

242

Inferred

Yangibana North

0.471

1.46%

0.50%

3,061

910

43

89

6,877

2,355

1,442

429

20

42

Gossan

0.221

1.07%

0.34%

2,132

660

22

55

2,365

751

471

146

5

12

Lion’s Ear

0.842

1.42%

0.47%

2,844

846

42

81

11,956

3,957

2,395

712

35

68

Hook

0.349

1.09%

0.31%

1,866

611

30

49

3,804

1,082

651

213

10

17

Kanes Gossan

0.578

1.16%

0.41%

2,520

773

42

57

6,705

2,370

1,457

447

24

33

Bald Hill North

0.102

0.43%

0.25%

1,582

327

39

43

439

255

161

33

4

4

Sub-Total

2.563

1.25%

0.42%

2,566

773

39

69

32,145

10,771

6,577

1,980

99

177

Total

5.281

1.36%

0.46%

2,821

843

41

79

71,828

24,361

14,897

4,454

216

419

Net attributable (30%)

Mineral Resource Category

Tonnes

Grade

Contained Metals (metric tonnes)

Indicated

Million tonnes

% TREO

% Nd2O3-Eq

ppm Nd2O3

ppm Pr2O3

ppm Dy2O3

ppm Eu2O3

TREO

Nd2O3-Eq

Nd2O3

Pr2O3

Dy2O3

Eu2O3

Yangibana North

0.815

1.46%

0.50%

3,061

910

43

89

11,905

4,077

2,496

742

35

73

Sub-Total

0.815

1.46%

0.50%

3,061

910

43

89

11,905

4,077

2,496

742

35

73

Inferred

Yangibana North

0.141

1.46%

0.50%

3,061

910

43

89

2,063

707

433

129

6

13

Gossan

0.066

1.07%

0.34%

2,132

660

22

55

709

225

141

44

1

4

Lion’s Ear

0.253

1.42%

0.47%

2,844

846

42

81

3,587

1,187

718

214

11

20

Hook

0.105

1.09%

0.31%

1,866

611

30

49

1,141

325

195

64

3

5

Kanes Gossan

0.173

1.16%

0.41%

2,520

773

42

57

2,011

711

437

134

7

10

Bald Hill North

0.031

0.43%

0.25%

1,582

327

39

43

132

77

48

10

1

1

Sub-Total

0.769

1.25%

0.42%

2,566

773

39

69

9,644

3,231

1,973

594

30

53

Total

1.584

1.36%

0.46%

2,821

843

41

79

21,548

7,308

4,469

1,336

65

126

 

Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.

 

Table 2- Joint Venture properties, JORC Resource at a 0.25%Nd2O3-Eq cut-off. Operator is Hastings

Gross

Mineral Resource Category

Tonnes

Grade

Contained Metals (metric tonnes)

Indicated

Million tonnes

% TREO

% Nd2O3-Eq

ppm Nd2O3

ppm Pr2O3

ppm Dy2O3

ppm Eu2O3

TREO

Nd2O3-Eq

Nd2O3

Pr2O3

Dy2O3

Eu2O3

Yangibana North

2.491

1.55%

0.53%

3,235

962

45

94

38,611

13,202

8,058

2,396

112

234

Sub-Total

2.491

1.55%

0.53%

3,235

962

45

94

38,611

13,202

8,058

2,396

112

234

Inferred

Yangibana North

0.425

1.55%

0.53%

3,235

962

45

94

6,588

2,253

1,375

409

19

40

Gossan

0.150

1.34%

0.42%

2,636

824

24

64

2,010

630

395

124

4

10

Lion’s Ear

0.789

1.47%

0.48%

2,949

875

44

84

11,598

3,787

2,327

690

35

66

Hook

0.177

1.64%

0.46%

2,783

919

39

69

2,903

814

493

163

7

12

Kanes Gossan

0.494

1.29%

0.45%

2,795

859

46

63

6,373

2,223

1,381

424

23

31

Bald Hill North

0.054

0.57%

0.34%

2,112

437

56

61

308

184

114

24

3

3

Sub-Total

2.089

1.43%

0.47%

2,913

878

43

78

29,779

9,891

6,084

1,833

90

162

Total

4.580

1.49%

0.50%

3,088

924

44

87

68,390

23,093

14,143

4,230

202

397

Net attributable (30%)

Mineral Resource Category

Tonnes

Grade

Contained Metals (metric tonnes)

Indicated

Million tonnes

% TREO

% Nd2O3-Eq

ppm Nd2O3

ppm Pr2O3

ppm Dy2O3

ppm Eu2O3

TREO

Nd2O3-Eq

Nd2O3

Pr2O3

Dy2O3

Eu2O3

Yangibana North

0.747

1.55%

0.53%

3,235

962

45

94

11,583

3,961

2,418

719

34

70

Sub-Total

0.747

1.55%

0.53%

3,235

962

45

94

11,583

3,961

2,418

719

34

70

Inferred

Yangibana North

0.128

1.55%

0.53%

3,235

962

45

94

1,976

676

412

123

6

12

Gossan

0.045

1.34%

0.42%

2,636

824

24

64

603

189

119

37

1

3

Lion’s Ear

0.237

1.47%

0.48%

2,949

875

44

84

3,479

1,136

698

207

10

20

Hook

0.053

1.64%

0.46%

2,783

919

39

69

871

244

148

49

2

4

Kanes Gossan

0.148

1.29%

0.45%

2,795

859

46

63

1,912

667

414

127

7

9

Bald Hill North

0.016

0.57%

0.34%

2,112

437

56

61

92

55

34

7

1

1

Sub-Total

0.627

1.43%

0.47%

2,913

878

43

78

8,934

2,967

1,825

550

27

49

Total

1.374

1.49%

0.50%

3,088

924

44

87

20,517

6,928

4,243

1,269

61

119

 

Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.

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