Rare Earth Minerals investment locates lithium

21st Oct 2016 13:44

(ShareCast News) - Rare Earth Minerals reported on Friday that one of its investments, Macarthur Minerals, has located lithium in Nevada in the basin adjacent to Clayton Valley with surface grades up to 145.5 ppm lithium.The AIM-traded firm owns a 15.5% shareholding in Macarthur Minerals.TSX-listed Macarthur located lithium at its new Stonewall Lithium Project in Southern Nevada, from a shallow auger drilling program conducted as part of due diligence, for acquisition of the Stonewall Project, which is now complete.All nine shallow auger drill holes reported lithium from near surface sediment, confirming that lithium is present in the Lida Valley."Finding lithium at surface at the Stonewall Project, in the Lida Valley, the basin adjacent to North America's only producing lithium mine, is potentially significant; not only for Macarthur but it also emphasises the lithium potential of the Lida Valley," said Macarthur president, CEO and director David Taplin."Deeper drilling into the basin and the brines is a priority to ascertain if the same lithium brine potential exists in the Lida Valley as has been discovered and extracted in the adjacent Clayton Valley."We have completed acquisition of the Stonewall Project and are excited about moving this project forward."