Rare Earth Minerals shares fall on Cinovec drilling results

6th Oct 2016 14:54

(ShareCast News) - Rare Earth Minerals reported on Thursday that European Metals Holdings, in which it owns a 20.92% shareholding, has announced analytical results for two confirmation drill holes CIW-19 and CIW-20 at the Cinovec Lithium-Tin-Tungsten Project.The AIM-traded firm said the two drill holes are the most northern drilled by the company and are collared near the old main shaft.It reported "significant lithium mineralization" intersected from less than 30m depth in both holes, which are the shallowest intervals to-date.Drillhole CIW-19 returned two main lithium-mineralized intercepts of 53.1m, and drillhole CIW-20 returned three main mineralized intercepts.Significant tin and tungsten mineralization was intersected in upper part of both drill holes, the board claimed.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 mineralization on the flanks of the historic underground mine.Altogether, eight drill holes have been completed this year for a total of 2,791m, with three others underway currently."Rapid progress continues to be made in advancing the Cinovec Project," said Rare Earth Minerals chief executive Kiran Morzaria."These developments along with the excellent economics present in the scoping study, re-affirm that the Cinovec project will, we believe, become a low cost, market leading lithium and tin asset."In a separate announcement, Rare Earth Minerals also reported that Bacanora Minerals has distributed battery-grade lithium carbonate samples to Japan for testing by potential end users.Additionally, Bacanora has completed the infill drilling programme to be utilised in the mine planning.Rare Earth Minerals holds an interest in the Bacanora Project though its 19.12% holding in Bacanora and the joint venture interests of 30% in each of Mexalit and Megalit.At 1427 BST, shares in Rare Earth Minerals were down 4.48% at 0.64p.