REE Minerals Holding AS (REEM) was established in 1998 and have approximately 150 shareholders. REEM owns 100% of the shares of REE Minerals AS.
REEM has spent approximately NOK 30 million on drilling and development of what seems to be the largest carbonotite deposit of Rare Earth Elements (REE) in Europe. This deposit is located centrally in the south-west part of Norway, know as the Fen area. The commercially most interesting minerals are rare earth elements. These minerals are essential in everyday technology such as wind turbines, electric and hybrid cars, batteries, flat screens, smart phones, hi-tech defense systems etcetera, and central in the green deal.
REEM has performed two drill programs (2012 and 2014) with a total of approx. 2.500 meters with very promising results. Initial metallurgical tests conducted by Wardell Armstrong International (WAI) and Kingston Laboratories have been promising. In 2014 REE Minerals AS was granted exploitation rights from the government of Norway to exploit inter alia REE in Fen. This was a break-through for REEM and a confirmation that the government as well regarded the deposit to be commercially viable. REEMs strategy is to further develop this deposit in to a operating mine and as an important part of an European supply chain, preferrbly with financial and industrial partners.
Our geologists 21st NORTH reported: «although only drill tested by 15 diamond holes combined with surface channel sampling covering an area of roughly 750 x 300 m, the Fen carbonatite complex beyond doubt hosts a very large resource of REE´s. Carbonatite comprises more than 95% of the drill tested area and deeper holes has demonstrated that the mineralisation continues to minimum 300 meters depth, being open ended in all directions. The present exploration work strongly indicates that the deposit is extremely homogeneous and does not require expensive tightly spaced drilling, which is typical of vein type deposits. In addition, drill interceptions grading up to 4,49% TREO over 11,6 meters has demonstrated that higher grade bodies occur within the «background» mineralisation…An additional amount of infill drilling and delineation is required in order to increase and upgrade the resources to higher confidence categories in compliance.., but the remarkable homogeneous and consistent nature of the carbonatite and the associated REE mineralisation presents strong evidence for the Fen carbonatite complex to host a very large and significant source of REE´s comparable in size to some of the largest carbonatite complexes and REE deposits in the world».
REEM is currently planning a drill program 3 in January 2021 which will be conducted with the assitance of 21st NORTH and SRK Consulting. The drill program of approx. 3.500 meters with probably give the deposit status as an inferred resource according to standard 43-101.