LONDON (Alliance News) - Rare Earth Minerals PLC Wednesday said that Hasting Rare Metals Ltd, the operator of the Yangibana rare earth elements joint venture in Australia, has now drilled the first 29 exploration drill holes at the Yangibana North prospect.
The rare minerals investment and development company, which has a 30% free carry interest in the project until it reaches a Bankable Feasibility Study, said the planned drilling programme involves drilling up to five holes on nine target sections at the site.
Rare Earth Minerals shares were up 15.6% to 0.780 pence on Wednesday, putting it in the top five AIM All-Share risers during early trading.
The company said roughly 350 metres of drilling is required on each of the nine sections, and to date 29 holes have been completed, totalling 942 metres, with the first seventy ore samples already dispatched for analysis.
"REM is pleased with the recent progress made on the Yangibana North project with about a third of the planned drilling programme completed to date. Geological sampling and previous drilling at Yangibana has already identified elevated Neodymium Oxides and Europium Oxides, both of which have been deemed "Critical Elements," Chairman David Lenigas said in a statement.
Rare Earth Minerals bought into the site development in December 2012 and noted that the drilling is being carried out to prove historical results that indicated average grades of around 1.6% total rare earth oxides, which is the sum of the oxides in heavy rare earth elements and light rare earth elements.
The news comes a day after Rare Earth Minerals exercised an option with Bacanora Minerals Ltd to increase its interest in the Mexican Megalit Lithium joint venture from 10% to 30% over a maximum period of one year.
Under the terms of the option agreement with Bacanora, announced on March 13, 2014, Rare Earth Minerals has paid Bacanora cash consideration of USD500,000 and has committed to spend a further USD1 million on exploration and drilling on the prospective Megalit venture over the next year.