LONDON (Alliance News) – Rare Earth Minerals PLC Wednesday said it has agreed with its partner on the Sonoro lithium project in Mexico to extend the date of its exclusive right to increase interest in the El Sauz lithium property to as much as 49.9% from its current 30%.
The rare minerals exploration and development company said it has agreed with Bacanora Minerals Ltd to extend the date in which it can increase interest in the site to September 30 from May 22.
The mining concessions in which the rights exist are the Fleur, Fleur 1, El Sauz, Sauz 1 and Sauz 2, which total 5,325 hectares and form part of the overall Sonora lithium project in northern Mexico.
The concessions contain an indicated mineral resource of 120,990,000 tonnes of ore averaging 3,120 parts per million of lithium, resulting in 2.01 million tonnes of lithium carbonate equivalent.
“This four-month extension to our exclusive right provides REM with multiple options and flexibility on how best to use the company’s balance sheet to increase our exposure to this exciting lithium play,” Chairman David Lenigas said in a statement.
The company separately said that Bacanora has filed a technical report on the lithium resource at the Sonora lithium project, which summarises increases to the resources tonnage and classification that were announced by the company in June.
Rare Earth Minerals shares were up 5.0% to 0.950 pence on Wednesday.
