Rare Earth Minerals Files Technical Report on Updated Mineral Resource for Sonora

Rare Earth Minerals Plc (LSE:REM) reported that Bacanora Minerals (TSXV:BCN,LSE:BCN). has filed a technical report for its updated mineral resource estimate for the Sonora lithium project in Mexico, announced May 14. Rare Earth Minerals has a joint venture agreement for the project with Bacanora.

As quoted in the press release:

The Report provides detail in relation to the Mineral Resource Statement (“MRE”) for the lithium properties announced by REM in its press release dated May 14, 2015. These properties consist La Ventana lithium concession (100% owned by Bacanora) and the El Sauz, El Sauz 1 and Fleur concessions, which are held by Mexilit S.A. de C.V. (“Mexilit”). Mexilit is owned 30 percent by REM and 70 percent by Bacanora. When REM’s direct interest in BCN of 16.42% is combined with REM’s 30% direct interest in Mexilit S.A de CV it results in a total economic interest in this company of 41.49%.

The updated MRE of the Sonora Lithium Project, using a cut off of 450 ppm lithium is comprised of:

· Indicated portion of the MRE is gross 1.14 million Mt LCE contained in 95 Mt of clay, at lithium (“Li”) grade of 2,200 ppm.

· Inferred portion of the MRE is gross 6.30 Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm.

In addition to the MRE, a further conceptual target of 300 to 350 Mt, at a grade of Li of approximately 1,500 to 2,500 ppm within the current pit shell is considered worthy of further exploration. If these figures were converted to a Mineral Resource via successful drilling and exploration, it is estimated that this could represent an additional 2.4 to 4.6 Mt of LCE at the Sonora Lithium Project. It must be noted however, that the potential quantity and grade of this target is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Click here to read the Rare Earth Minerals Plc (LSE:REM) press release