REG - Aterian PLC - Rwanda Exploration Update

AterianAnnouncement

19/08/2024 07:00

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RNS Number : 8725A  Aterian PLC  19 August 2024

19 August 2024

 

Rwanda Exploration Update

 

Aterian Plc

("Aterian" or the "Company")

 

Aterian plc (LSE: ATN), the critical metal-focused exploration and development
company, is pleased to provide an update on recent work on the Rio Tinto Joint
Venture in Southern Rwanda.

 

Highlights:

·      2,274 auger soil sample results received

·      Key pathfinder elements vector into areas of potential
sub-surface pegmatite occurrences

·      Geological model upgraded with structural interpretation of
pegmatites

·      Drill planning on the licence is well advanced, with the
commencement of drilling currently anticipated next month

 

Results

During Q1/2024, 2,274 auger soil samples were collected from 200 x 20 m and
200 x 40m grids over anomalous areas identified in an earlier, coarser-spaced
geochemical sampling programme. The samples were shipped to ALS in Ireland for
multi-element analysis. The results from this work have allowed for an
interpretation of relevant geochemical ratios that determine the key
pathfinder elements that vector into areas of potential sub-surface pegmatite
occurrences.

 

Mr. Charles Bray, Chairman of Aterian plc, commented:

"Completing the ground soil sampling program marks an exciting step forward in
our partnership with Rio Tinto. An extension of the comprehensive ground soil
sampling program was completed in Q1 and covered key target zones within the
HCK project area. The survey has identified several anomalies consistent with
the possible presence of lithium-bearing minerals. The initial indications of
lithium potential are encouraging, and we are eager to continue our
exploration activities to fully understand the project's potential. These
preliminary results represent a crucial milestone in our ongoing exploration
efforts and provide a strong basis and analytical framework for the next phase
of exploration, the drill programme.

 

We will now focus on conducting drilling to establish the presence, extent,
and grade of any spodumene-bearing lithium mineralization. Our goal is to
maximize the project's potential and contribute to the global supply of this
critical battery metal."

 

Project Geology

Based on recent detailed surface prospecting and data review, the licence is
interpreted as lying proximal to a major shear zone, also observed in
geological maps and regional geophysics. The main lithological units observed
on the licence are granitic intrusions and deformed metasediments (schists,
phyllites, pelites, psammites, quartzites, graphitic schists and amphibolites)
hosting intruded pegmatites.

 

Most of the project comprises a NW striking SW dipping homocline of
metasediments on one, right-way up limb of a regional scale fold (evident in
regional magnetics and topography). The NE margin of the property coincides
with a regionally significant NNW-SSE trending sinistral shear zone.
Metasandstones are more dominant to the south of the fold structure, with
thinly bedded, finely laminated phyllitic metamudstones and siltstones
(locally graphitic schists) to the north.

 

Most pegmatites appear parallel or sub-parallel to the bedding/foliation and
deformed by later folding. The ground geophysical surveys undertaken across
the licence may not directly detect pegmatites but can potentially identify
structural controls and lithological domains for targeting. Pegmatites do not
appear to show an empirical relationship to litho-stratigraphic units,
contacts, or magnetic intensity.

 

Future Plans - Drilling

Drill targeting is underway using the recent geochemistry supported by
geological mapping and ground geophysics. Earthwork proposals for drill pads
and access have been received, and a contractor has been identified. Community
discussions have been held, and they remain supportive of the project. Initial
drilling will focus on the HCK-1 target, with 5 holes planned, totalling
1,200-1,500 m, with the objective of evaluating the fresh bedrock potential of
the pegmatites to host spodumene. Preparatory works are to commence before the
end of August, with drilling expected to commence possibly as early as late
September.

 

Qualified Person

The technical disclosure in this regulatory announcement has been approved by
Simon Rollason, Chief Executive Officer of Aterian Plc. A graduate of the
University of the Witwatersrand in Geology (Hons). He is a Member of the
Institute of Materials, Minerals and Mining, with over 30 years of experience
in mineral exploration and mining.

 

 

- ENDS -

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

For further information, please visit the Company's website:
www.aterianplc.com (http://www.aterianplc.com) or contact:

 

Aterian Plc:

Charles Bray, Executive Chairman - charles.bray@aterianplc.com
(mailto:charles.bray@aterianplc.com)

Simon Rollason, Director - simon.rollason@aterianplc.com
(mailto:simon.rollason@aterianplc.com)

 

Financial Adviser and Joint Broker:

Novum Securities Limited

David Coffman / George Duxberry

Colin Rowbury

Tel: +44 (0)207 399 9400

 

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Kasia Brzozowska

Tel: +44 20 3470 0470

 

Financial PR:

Bold Voodoo - ben@baldvoodoo.com

Ben Kilbey

Tel: +44 (0)7811 209 344

Notes to Editors:

About Aterian plc

www.aterianplc.com (http://www.aterianplc.com)

 

Aterian plc is an LSE-listed exploration and development company with a
diversified African portfolio of critical metals projects.

Aterian plc is actively seeking to acquire and develop new critical metal
resources to strengthen its existing asset base whilst supporting ethical and
sustainable supply chains as the world transitions to a sustainable, renewable
future. The supply of these metals is vital for the development of the
renewable energy, automotive and electronic manufacturing sectors that are
playing an increasing role in reducing carbon emissions and meeting climate
ambitions globally.

 

The Company entered into a joint venture agreement with Rio Tinto Mining and
Exploration Limited for Rio Tinto to earn into the HCK project in
southern Rwanda exploring and developing lithium-tantalum-niobium-tin mining
operations. Aterian currently holds a portfolio of multiple copper-silver and
base metal projects in the Kingdom of Morocco, with a total area of 897
km(2). In January 2024, the Company announced the acquisition of a 90 %
interest in Atlantis Metals. This private Botswana registered company holds
seven mineral prospecting licences for copper-silver in the Kalahari
Copperbelt and three for lithium brine exploration in the Makgadikgadi Pans
region. The total licence area in Botswana is 4,486 km(2).

 

The Company's strategy is to seek new exploration and production opportunities
across the African continent and to develop new sources of critical mineral
assets for exploration, development, and trading.

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