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 made an announcement on ASX. The announcement confirms continuous mineralisation over 0.9km in Yangibana North in which REM has a 30% interest (ML09/169, Hastings 70%: REM 30%). The full Hastings news release dated 12 August 2015 is available here: 11-August-2015-Continuous-Mineralisation-Yangi-West-Yangi-North-FINAL (The full Hastings release also contains information on Yangibana West in which REM has no interest.)
· Continuous rare earths-bearing ironstone now intersected 0.9km in Yangibana North (ML09/169, Hastings 70%:REM 30%).
· Best recent intersections Yangibana North include:
o 3m at 3.22%TREO including 0.98% Nd2O3-Eq
o 6m at 1.63%TREO including 0.56% Nd2O3-Eq
· Mineralisation remains open along strike and at depth.
Details of the Yangibana North intersections from the Hastings release are contained in the following table.
|
Hole |
From |
To |
Int |
%TREO |
%Nd2O3-Eq |
|
YWRC001 |
4 |
9 |
5 |
1.59 |
0.54 |
|
YWRC002 |
18 |
21 |
3 |
1.57 |
0.48 |
|
YWRC005 |
3 |
6 |
3 |
3.22 |
0.98 |
|
YBRC065 |
0 |
6 |
6 |
1.63 |
0.56 |
|
YBRC069 |
1 |
5 |
4 |
1.81 |
0.59 |
|
YBRC072 |
16 |
18 |
2 |
1.81 |
0.60 |
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 Bald Hill North, Kane’s Gossan, Hook, Lion’s Ear and Gossan.
David Lenigas, The Company’s Chairman, commented; “The Yangibana REE project in Australia continues to improve in scale and the results from Yangibana North will help further define the already 3.46 million tonnes at 1.73% TREO of indicated and inferred resource at the site.”
