Rare Earth Minerals (LON:REM) has topped up its stake in Bacanora Minerals (LON:BCN, CVE:BCN) as it ramps up its drilling programme in Mexico.
The junior miner bought £324,530 worth of shares in Bacanora, taking its total holding to 16.8% from 16.4%.
REM and its joint venture partner Bacanora are stepping up the pace at the Sonora Lithium project in Mexico following its recent supply deal with lithium battery giant Tesla Motors (NASDAQ:TSLA).
They have completed drilling nine holes of a planned 18 and a second rig has been mobilised to speed up drilling of the remaining holes, which is hoped to be completed this month.
The pre-feasibility study for the Sonora Lithium Project in Mexico is due to be reported in at the start of next year.