LONDON (ShareCast) - Rare Earth Minerals on Tuesday announced that potentially economically significant lithium deposits have been discovered at the Sonora Lithium project in Mexico, in which it owns a stake.

The AIM-listed company has a direct 30% stake in the Fleur-El Sauz Concessions of the Sonora Lithium project in Mexico, which are operated by Bacanora Minerals, in which it also owns 2.2%.

A report from Bacanora informed that recent metallurgical recoveries have shown results of up to 90.4% of lithium carbonate on the samples of clay extracted from the La Ventana section of the project.

Furthermore, the samples have been found to be soluble, meaning lithium can be retrievable from the resulting solutions.

Bacanora will now work on advancing efforts to build a commercial grade lithium product as well as investigating the recovery of other alkali metal compounds contained within the deposit.

As of 12:17 shares of the firm were up by 11.23% to 1.04p.

AB

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