Rare Earth Minerals posts positive drilling results from Cinovec

The AIM-traded company holds a 17.64% economic interest in the project, increasing to 20.84% following its annual general meeting, through its direct equity stake in European Metals Holdings.

It said the analytical results confirmed or exceeded the expected lithium content and mineralisation widths.

The best results are from CIW-14, with 82 m averaging 0.48% Li2O, and 175m averaging 0.40% Li2O.

REM said the first interval includes high-grade intervals 4m at 1.07%Li2O and 4m at 1.58%Li2O.

Drilling was continuing in the western part of the Cinovec deposit, targeting high grade zones near the rhyolite/granite contact, and in the central part, targeting near-surface mineralisation on the flanks of the historic underground mine.

The results - and the previously announced drill holes - will now be used to enable an interim update of the resource model to be completed.

That resource is anticipated to be released in the next two weeks.

“I am very pleased to receive these results as it will allow us to now undertake an interim update of the resource model for the pre-feasibility study,” said CEO Keith Coughlan.

“The update is to be used in more detailed mine planning for the study as we expect a significant portion of the deposit to be upgraded to an Indicated Mineral Resource status.”

Coughlan said he looked forward to reporting that update in the next two weeks.

“In the meantime, drilling will continue to both expand the resource and increase its level of confidence to allow a further resource upgrade in the first half of 2017.”