LONDON (ShareCast) - Rare Earth Minerals (REM) has uncovered a battery-grade lithium deposit at a project in northern Mexico.

REM said it had secured independent confirmation that its joint venture partner Bacanora Minerals could produce battery-grade lithium carbonate from the lithium-bearing clays at the Sonora lithium scheme. REM owns 30% of the Bacanora subsidiary that owns concessions controlled by the joint venture.

Lithium carbonate is used in lithium ion batteries for small consumer and industrial appliances, electric vehicles and big storage facilities for power companies.

REM's Chairman David Lenigas said: "The Sonora lithium project as a whole has already reported inferred resources of over 2.4m tonnes of lithium carbonate equivalent and drilling is continuing to upgrade the deposit. Further drilling and project updates should be reported shortly."

Shares in REM rose 0.06p or 13.6% to 0.5p at 14:55 in London.

PW

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