UPDATE: Rare Element Reports 65% Increase of Rare-Earth Mineral Resources at Bear Lodge; Shares Up 6% Late Morning
Rare Element Resources Ltd. (RES.TO) today announced a 65% increase to its total Measured and Indicated (M&I) rare earth elements ( REE ) resources estimate at the Bear Lodge Project, from 571 to 944 million pounds of rare earth oxide (REO). The updated NI 43-101 compliant resource estimate includes the first Indicated resource at the HREE- enriched Whitetail Ridge deposit and high grades of Critical Rare Earth Oxides (CREOs) in all deposits.
- Total high-grade M&I oxide mineral resources of 14.7 million tons grading 3.22% REO at 1.5% cutoff grade
- Includes a high-grade core M&I resources of 6 million tons grading 4.72% REO at 3% cutoff grade that could support an initial higher-grade, lower production scenario and transition into full plant capacity and lower initial capital cost
- Includes high-grade Indicated ( I ) oxide mineral resource at the HREE-enriched Whitetail Ridge deposit of 2.25 million tons grading 2.61% REO at 1.5% cutoff grade.
Shares are up 14 cents (5.91%) to $2.51 late morning. Volume traded is nearly 16,000.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.