Rare Earth Minerals plc’s (LON:REM; OTC:REMMY) associate Macarthur Minerals has reported due diligence work has started on a possible farm-in to its Ravensthorpe lithium project in Western Australia.
REM owns 15.5% of MacArthur and the company potentially farming in is Canadian.Rare Earth also owns 16.4% of European Metals Holdings Limited (LON:EMH). Its quarterly update reported successful completion of drill programme at the Cinovec lithium/tin project and the start of a second stage drill programme to target higher grade lithium zones.
Since the start of 2016, both Bacanora Minerals (LON:BCN) and EMH, REM’s most significant investments, have seen large increases in share price due to the excitement in lithium, it added.
Its own shares rose 9% today to 0.7p.
Source: Rare Earth Minerals PLC says due diligence underway at associate Macathur’s property