LONDON (ShareCast) - Shares in Rare Earth Metals leapt on news that a third of drilling has been completed at the Yangibana rare earth elements joint venture in Western Australia.

AIM-listed REM, which owns 30% free carry interest in the project, said its partner and the project's majority owner, Hasting Rare Metals, has drilled the first 29 reverse circulation holes at the Yangibana North prospect.

The first seventy samples have been despatched to Genalysis in Perth for analysis.

Geological sampling and previous drilling at Yangibana has already identified elevated neodymium oxides and europium oxides.

It said the planned programme involved drilling on nine sections spaced at 50m along the main outcrop of the Yangibana North prospect, with up to five holes drilled on each section.

Approximately 350m of drilling is required on each of the nine sections, totalling 3,150m.

The 29 holes drilled to date represents a total of 942 metres.

REM has a 30% free carry interest in the project to Bankable Feasibility Study.

Shares in Rare Earth Metals were up 33.33% to 0.9p at 10:50 on Wednesday.

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