REG - Armadale Capital PLC - Re-opening of the Canyon Silver Mine Shaft

Armadale CapitalAnnouncement

14/05/2024 07:00

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RNS Number : 3186O  Armadale Capital PLC  14 May 2024

Armadale Capital Plc

('Armadale' or 'the Company')

 

Re-opening of the Canyon Silver Mine Shaft

 

Further to the announcements of 24 April 2024 and 2 May 2024, Armadale Capital
Plc (TIDM:ACP), an AIM quoted investment company focused on natural resource
projects, is pleased to announce further information on the assets relating to
Africo American Incorporated ("AAI"), a company incorporated under the laws of
the State of Idaho, the holding company of the Canyon Silver lead, zinc and
silver exploration asset based in Northern Idaho, USA ("Canyon Silver"), as
well as the Board's plan for future development of this asset.

 

Armadale Capital has subscribed for US$150,000 of the initial US$500,000
required to exercise the first option to obtain a 25% interest in AAI (as set
out in the announcement of 24 April 2024). The funds will be used to commence
the re-opening of the Canyon Silver mine Number 2 and 3 Adit.

 

By opening both Number 2 and Number 3 portals, the Board expects to be able to
obtain direct access to the historical mineralisation. This will enable fresh
samples to be sourced from the resource for further analysis.

 

The Board anticipates it will take 60 days to open up these portals, and
further work will be considered to open up ore passes and other access between
the portal to expose further areas of mineralisation.

 

Another important objective is to trace the outcrop of the mineralisation from
Number 3 tunnel. Once the Number 3 tunnels have been opened and made safe,
work will commence on the hoist room, re-timbering, and laying track. The
deposit has been inaccessible since 1987 due to a cave-in, and the Board
intends to re-open the mine to modern safety standards. With two open tunnels
and modern geological techniques, ACP believe significant data can be added to
the historical information of the mine in a short period of time.

 

The team will also be installing air and water lines, with a further objective
to reinstall electrification up until the hoist room.

 

The spot price of silver continues to trade around recent highs at c.$US28 per
ounce. Prices at these levels will have a material impact on the potential of
the project.

 

Shareholders will be kept updated with progress as it is made.

 

Competent Person statement

 

The information in this announcement that relates to exploration results is
based on information compiled by Mr Matt Bull, a competent person, who is a
Member of the Australian Institute of Geoscientists. Mr Bull has sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to
qualify as a competent person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves". Mr Bull consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears.

 

 

 Enquiries:
 Armadale Capital Plc                             +44 (0) 20 7236 1177

 Matt Bull, Executive Director

 Greg Entwistle Non Executive Director

 Tim Jones, Company Secretary

 Nomad and Broker: Cavendish Capital Markets Ltd  +44 (0) 20 7220 0500

 Simon Hicks / Seamus Fricker

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

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