Rare Earth Minerals reports positive results from Czech lithium mine

6th Sep 2016 15:33

(ShareCast News) - AIM-listed miner Rare Earth Minerals' company European Metal Holdings reported "positive" results from its Czech lithium mine, achieving a high grade interval at the first intercept.European Metal Holdings, in which Rare Earth owns a 16.4% stake, made two mineral intercepts at the Cinovec lithium-tin-tungsten project.The project is around 100km from Prague on the border with Germany and part of the historic Cinovec-Zinnwald mining district.Drillhole CIW-11 returned two intercepts of 89.95 meters averaging 0.61% of lithium oxide and 109.4 meters averaging 0.38% lithium oxide.The first intercept includes a high-grade interval of 63.85m at 0.76% lithium oxide, which has an internal interval of 12 meters at 1.04% lithium oxide.Two sections of the lithium interval contain significant tin and tungsten at 2.85 meters averaging 0.27% tin and 0.053% tungsten, and at 6 meters averaging 0.18% tin and 0.009% tungsten, which is the best lithium intercept recorded by the company.The company said drilling continues in the main section of the deposit to target near-surface mineralisation on the flanks of the mine. In total, five drillholes have been completed this year, and three are underway.Chief executive Kiran Morzaria, said: "These results from the Cinovec lithium-tin deposit are hugely positive and we look forward to seeing further results from the ongoing drilling campaign."Shares in Rare Earth Minerals were down 2.08% to 0.754p at 1529 BST.