REG - Corcel PLC - Canegrass Lithium Exploration Results

CorcelAnnouncement

18/03/2024 07:00

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RNS Number : 1339H  Corcel PLC  18 March 2024

Corcel PLC

("Corcel" or the "Company")

 

Canegrass Lithium Exploration Results

18 March 2024

Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production
company with battery metal interests, announces the results of its initial
exploration activities at the Company's 100%-owned Canegrass lithium project,
in Western Australia ("WA").

Corcel Executive Chairman, Antoine Karam, commented: "Intriguing initial
results from the Company's recent work at its 100%-owned Canegrass lithium
project in Western Australia indicate broader potential for the project than
originally anticipated, reflecting historic interest in the area for both
nickel and vanadium."

 

Lithium Exploration Results:

 

The Company commissioned APEX Geoscience ("APEX") to conduct a rock chip
sampling and reconnaissance program at the Company's Canegrass Lithium project
in Western Australia.  The project consists of three active tenements, E
59/2119, E 59/2697 and E 59/2698, with the Company having lithium rights over
all three tenements.

 

FIGURE I: Property Geology with Sample and Mapping Point Lithology

 

 

Field work was carried out over a multi-day period in November 2023 and
comprised of rock chip sampling of various target lithologies and targeted
geological mapping.  The goal of the field project was to investigate
pegmatite swarms interpreted from satellite imagery and to assess the
lithium-bearing pegmatite and magmatic nickel potential of the project.

 

A total of 37 rock chip samples were collected during field work.  Sampled
lithologies included 26 pegmatite, 5 gabbro-dunite, 5 quartz vein, and 1
calcrete sample.  Portable XRF analysis was conducted on the samples using an
Olympus Delta, with potassium/rubidium (K/Rb) ratios used to determine the
lithium potential of the samples.

 

The samples were submitted to ALS Global in Perth, WA, and analysed via sodium
peroxide fusion digest with ICPMS finish (ALS code ME-MS89L) to return
lithium-cesium-tantalum (LCT) pegmatite and mafic-ultramafic intrusion-related
elemental suites.  The results of the lab assays are provided in Appendix
II.

 

FIGURE II: Pegmatite Sample Locations with LCT Suite Assay Values

 

 

During the field program, two separate lithium-bearing mineral pegmatites were
observed and sampled in the east-southeast project area, confirming a LCT
pegmatite system is present at the project.  The two prospects (PEG 1 and PEG
2) share similar mineralogical and structural characteristics, with PEG 2
being larger.  Each prospect is positioned ~4.7km and ~2km respectively,
north of the Walgoo Monzogranite contact, the likely source granite for the
LCT pegmatite system.  Lepidolite was the primary lithium-bearing mineral
observed with lepidolite abundances varied across the swarms, with the highest
sample grading 1.34% Li2O.  Visual observations currently suggest no
spodumene mineralisation present at the project.

 

FIGURE III: Li2O % in Rock Chip Samples

 

 

Nickel and Vanadium Potential:

 

The Shephards Discordant Zone (SDZ), which runs the length of tenement E
59/2119 from north-south, represents a significant break in the igneous
stratigraphy of the Windumurra Igneous Complex. This unit, associated with
large vanadium deposits (in magnetite-bearing gabbros) at the Atlantic
Vanadium Pty Ltd's Windimurra Vanadium Mine to the north, offers very
prospective ground for magmatic vanadium and nickel (+/- Cu-Co-PGE) type
mineralisation on the Project.  Samples CGRX001 and CGRX002 were collected
from the upper zone of the Windimurra Igneous Complex in the northern portion
of the Project and returned assay values of 600 ppm Ni and 1.18% V2O5 and 230
ppm Ni and 0.51% V2O5, respectively.  Notable nickel and vanadium results are
presented in Appendix IV.

 

FIGURE IV: Rock Chip Samples Notable Ni and V2O5 Assay Values

 

 

Competent Persons Statement:

 

Jennifer Ayers, a Geologist with over 25 years of relevant experience and
member of the American Association of Petroleum Geologists and Geological
Society of America, has reviewed this announcement for the purposes of the
current Guidance Note for Mining, Oil and Gas Companies issued by the London
Stock Exchange in June 2009.

For further information, please contact:

Antoine
Karam
Corcel Plc Executive Chairman

Development@Corcelplc.com (mailto:Development@Corcelplc.com)
 

James Joyce / James Bavister /Andrew de Andrade
            WH Ireland Ltd NOMAD & Broker

0207 220 1666
 
 

Patrick
d'Ancona
           Vigo Communications IR

0207 3900
230

 
 

 

 

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inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014 which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

 

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