Rare Earth Minerals upbeat on latest Cinovec drilling results

8th Nov 2016 16:40

(ShareCast News) - Rare Earth Minerals reported the analytical results for a further two drill holes CIW-07 and CIW-08 at the Cinovec Lithium-Tin-Tungsten Project on Tuesday.The AIM-traded firm currently holds a 17.64% economic interest in the project through its direct equity stake in European Metals Holdings, increasing to 20.84% following the annual general meeting of EMH to approve a further investment by REM.It said the two drill holes are collared near the historic main shaft, with significant lithium mineralization intersected from less than 10m depth in both holes, which are the shallowest intervals to-date.Drillhole CIW-07 returned a lithium-mineralised intercept of 226.7m @ 0.45% Li2O - inclusive of a 6.6m below cut-off unaltered granite - from 35m.The board said drillhole CIW-08 returned a mineralised intercept of 246.3m averaging 0.40% Li2O from 10.7m, containing high grade intervals of 6m @ 0.78% Li2O at 126-132m, and 4m @ 0.88% Li2O at 147-151m.Significant tin and tungsten mineralisation was also intersected in the upper part of both drillholes.Drilling continues 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.Rare Earth Minerals said altogether, nine drill holes have been competed this year for a total of 3,222m, with three other underway at this time."We are very pleased with the results for the latest two neighboring drill holes, located in the uppermost part of the Cinovec deposit near the historic mine shaft," said EMH CEO Keith Coughlan."The shallow lithium intercepts that extend significantly beyond historical workings, combined with the substantive tin and tungsten grades auger well for the economics of the deposit in this area."Coughlan said the board is very pleased to see the tin price back above $21,000/t."This enhances the economics of Cinovec significantly and provides us with great flexibility with regards to the development of the project."Cinovec is not only the largest lithium resource in Europe [and] it also contains one of the largest undeveloped tin resources in the world."