Wednesday, 27 July 2011

Ram Resources targets maiden JORC Resource in new rare earths drilling at Motzfeldt

Ram Resources (ASX: RMR) is eyeing off a maiden Inferred JORC Resource in a new drilling campaign at the Motzfeldt multi-element project in Southern Greenland.

The program will include up to 19 diamond holes for around 3200 metres - targeting the Aries Prospect where historic drilling concentrated on the centre line of the mineralised zone.

Holes will be drilled to 200 metres, with the program taking 45 to 50 days to complete, with results expected by mid-October and the resource estimation by the end of November 2011.

Ram has previously intercepted high grade rare earth elements at Aries including; 25 metres at 5,031 parts per million (ppm) total rare earth oxides (TREO), and 20 metres at 4,852ppm TREO.

In other important news for Ram - earlier in the year the company signed an agreement with the minority shareholders of Greenland Resources Limited (GRL) to vary terms for the acquisition of the remaining 49% of Motzfeldt.

Ram, which already holds 51% of the project, will have a 12 month option to acquire the remaining 49% in one transaction by issuing 200 million shares to the vendor.

The variation offers improved terms for the acquisition, reduced complexity and greater flexibility in negotiating future corporate transactions.

If Ram is able to establish a Resource at Aries by the end of the upcoming 2011 field season, a greater focus will be placed on potential development of the project.

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