LONDON (ShareCast) - Mineral developer Rare Earth Minerals said the initial drilling conducted with Bacanora Minerals at the Sonora project in Mexico had intersected what looks to be a mineral source.
"The intersection of what appears to be a repeat structure to the immediate west of the already defined 3.28m tonnes of indicated mineral resource, is further excellent news for the possible expansion of the mineral resource at Sonora Lithium Project," said group chairman David Lenigas.

Meanwhile, the London-listed group said Hastings Rare Metals confirmed samples taken at the company's Yangibana project in Australia indicated the potential to significantly reduce capital costs compared with initial estimates.

The results of the pre-feasibility work carried out by Hastings Rare Metals, which owns a 70% stake in the project, had yielded excellent results in terms of a significant reduction in capital costs as a result of the lower ore throughputs required at the hydro-metallurgical plant, Lenigas said.

Rare Earth shares were up 5.24% to 0.926p at 10:36 on Wednesday.

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