Rare Earth Minerals strikes deal with Bacanora Minerals
AIM-listed Rare Earth Minerals(REM) has executed formal agreements with Toronto Stock Exchange-listed Bacanora Minerals, enabling REM certain rights to participate in drilling and project evaluation of the El Sauz and Fleur Lithium concessions in northern Mexico.
AIM-listed Rare Earth Minerals(REM) has executed formal agreements with Toronto Stock Exchange-listed Bacanora Minerals, enabling REM certain rights to participate in drilling and project evaluation of the El Sauz and Fleur Lithium concessions in northern Mexico.
Under the terms of the agreement, REM reported that it would earn an initial 10% interest in Bacanora's 100%-owned subsidiary that would hold the concessions by making an upfront cash payment of $250,000 and providing $500,000 to the company in two installments.
REM reported that a diamond drill under contract from Godbe Drilling of Colorado, USA, had arrived at the concessions. It said that the drilling programme would be estimated to take approximately 80 days with final results of drill core analyses expected in late August.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
David Lenigas, Chairman of Rare Earth Minerals, commented: "The company is very pleased to be quickly advancing this project with the first drill testing. If this test is successful it will then provide the geological evidence necessary to demonstrate that the basin that hosts the lithium-rich clays extends for at least 7.0 kilometres in a northwesterly direction and onto Bacanora's adjoining La Ventana concession, leading to a far better understanding of the basin and the scale of the resource on the project areas."
REM's share price was down 3.85% to 0.06p at 12:02pm on Thursday.
MF
-
SIPP holders to get cash warnings and be offered default funds
News Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
By Marc Shoffman Published
-
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
By Marc Shoffman Published