Picture of Capital Metals logo

CMET Capital Metals News Story

0.000.00%
gb flag iconLast trade - 00:00
Basic MaterialsHighly SpeculativeMicro CapSucker Stock

REG - Capital Metals PLC - Drill Results and Project Update

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220420:nRST7197Ia&default-theme=true

RNS Number : 7197I  Capital Metals PLC  20 April 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

20 April 2022

 

Capital Metals plc

("CMET" or the "Company")

Outstanding Drill Results Confirms Higher Grade

and Potential Resource Extensions

& Project Update

Capital Metals plc (AIM: CMET), a natural resources company focused on the
development of the Eastern Minerals Project located in the Eastern Province in
Sri Lanka (the "Project"), one of the highest-grade mineral sands projects
globally, is pleased to announce the first half of results from the late-2021
auger drilling programme.

Highlights

·      50% of the assays from the Q4 2021 auger drilling programme
completed

·      High levels of assay precision and accuracy returned from
comprehensive quality assurance programme

·      Exceptional high-grade results of +30%Total Heavy Minerals*
("THM"), including:

o  1m at 86.1% THM

o  0.5m @ 70.86% THM

o  0.5m @ 56.77% THM

o  2.4m @ 50.14% THM

o  2.5m @ 46.40% THM

o  2.5m @ 38.29% THM

o  3.5m @ 33.40% THM

·      Average grade of results of 19.94% THM from 352 drill results
received to date, compared to the existing JORC resource grade of 17.6%

·      Confirmation of continuity of high grade as well as lateral
extensions of resource areas

·      Results indicate likely new potential high-grade resource areas
not previously identified

·      All results from surface to maximum of only 3.5m depth due to
limit of auger drilling and average depth 1.5m from surface. All results ended
in mineralisation

·      Further air core drill programme planned later in the year in
order to test lateral and depth extensions to increase the JORC Resource

The drill results are in the Komari and Ureni North sections, located in the
southern portion of the Project (see link to map below). Extremely high-grade
zones of +30% THM were identified within the drilling, with 63 of the 352
drill results received to date recording over 30% THM, and the highest result
returning 1m at 86.1% THM.

The average grade of results to date is 19.94% THM which compares favourably
with our current global resource grade of 17.6% THM and these results indicate
possible high-grade resource areas not previously identified.

All drill results are from surface to a maximum of only 3.5m depth with
average depth 1.5m from surface and we believe there is resource continuity at
depth as shown from the 2018 drill programme, which included results of 14m at
26.3% THM; 8m at 26.6% THM.

Encouragingly, drilling to date has confirmed continuity of high grade as well
as adjacent extensions of resource areas. Further analysis of the remaining
samples and test work to characterise the mineral assemblage is still to be
completed by the lab being used in Sri Lanka, however, given the results to
date, the Company is expecting a further uplift to historical figures.

The Company's geologists are now preparing an air core drilling campaign for
later this year that will test lateral and depth extensions with the aim of
increasing our current JORC Resource of 17.2Mt at 17.6% THM, which will be
funded from our oversubscribed February 2022 fundraise.

THM is defined here as the magnetic fraction plus the non-magnetic heavy
liquid separation ("HLS") sink fraction.

A summary of the sampling and assay procedure is presented in Appendix 1.

A summary of significant intercepts is presented in Appendix 2.

A drilling and resource plan is included in a PDF version of this announcement
on the Company's website by clicking the link below:

https://capitalmetals.com/auger-drilling-campaign-2021
(https://capitalmetals.com/auger-drilling-campaign-2021)

Verified assay results returned to date have had extensive QA/QC review.
Sample duplicates and heavy mineral standard samples have all been introduced
to the laboratory for this drilling programme. A Competent Person ("CP") audit
of the laboratory in March 2022 has confirmed the high level of accuracy and
precision returned from quality assurance samples.

Development Study

We have been informed by IHC Mining, who are completing the Development Study
and the revised Project Economics, that they are nearing the final draft of
their report. Following feedback from the Company's commercial and technical
team on the initial drafts of the Development Study, including the Project
Economics, we are expecting to receive the final report imminently.

 

Economic Situation in Sri Lanka

The Company notes the economic and political events in Sri Lanka related to
country's debt position and discussions with the International Monetary Fund
("IMF"), caused largely by the COVID shutdowns and the lack of tourist income
on which the country is heavily reliant. This has resulted in shortages of
foreign exchange reserves and essentials including fuel as well as power
generation due to the shortages in hydroelectricity. However, the country is
currently experiencing heavy showers which has eased some pressure on diesel
power plants.

In response to the social pressure exerted by island wide protests, the
Governor of the Central Bank and the Treasury Secretary has been replaced by
respected and qualified professionals who have taken immediate steps to halt
the current decline and are currently engaged with the IMF on debt
restructuring and obtaining funding.

There have been no direct impacts on the Project from the situation and the
Board believes that our Project, when operational, will be favourable for the
country as it will generate foreign export earnings for the country. We are
continuing to work diligently with the Sri Lankan authorities in order to
progress the issue of our first Industrial Mining Licence ("IML"). This will
enable us to move into commissioning the mineral sands concentrator to enable
first production of a heavy minerals concentrate.

 

Michael Frayne, Chief Executive Officer, commented:

"The first half of results from our auger drilling campaign were spectacular.
Less than 10% of the Project has been drilled to date and these latest results
confirm our belief that this resource will expand and we will uncover high
grade areas not previously identified.

"Our geologists are now planning the air core drill campaign for later this
year which we expect will increase the resource.

"The Project is shaping up in every aspect to be a significant mineral sands
project and we look forward to sharing the results of the Development Study in
the very near term."

 

Competent Person

Information in this report relating to Exploration Results is based on data
reviewed by Mr Richard Stockwell, a principal of Placer Consulting Pty Ltd and
Technical Manager of the Company. Mr Stockwell is a Fellow of the Australian
Institute of Geoscientists and has in excess of 20 years' experience, which is
relevant to the style of mineralisation and type of deposit under
consideration, and to the activity he is undertaking, to qualify as a
Competent Person as defined in the 2021 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral resources and Ore Reserves". Mr
Stockwell consents to the inclusion of the information in the form and
context in which it appears.

 

For further information, please visit www.capitalmetals.com or contact:

 Capital Metals plc                           j (mailto:james.mahony@capitalmetals.com) ames.mahony@capitalmetals.com

                                            (mailto:james.mahony@capitalmetals.com)
 Michael Frayne (CEO)

 James Mahony (CFO)

 SPARK Advisory Partners (Nominated Adviser)  +44 (0) 20 3368 3554

 Neil Baldwin / James Keeshan
 WH Ireland Limited (Joint Broker)            +44 (0) 20 7220 1666

 Harry Ansell / Katy Mitchell
 Tavira Securities Limited (Joint Broker)     +44 (0) 20 7100 5100

 Jonathan Evans / Oliver Stansfield

 

APPENDIX 1 - JORC Table 1

 

 Criteria                                                                   Explanation                                                                      Comment
 Sampling techniques                                                        Nature and quality of sampling (e.g. cut channels, random chips, or specific     Hand auger drilling is executed by the Geological Survey & Mines Bureau in

                                                                          specialised industry standard measurement tools appropriate to the minerals      Sri Lanka ("GSMB") field team using a manually operated enclosed-flight Spiral
                                                                            under investigation, such as down hole gamma sondes, or handheld XRF             Auger (SP / SOS) system from Dormer Engineering in Queensland, Australia.
                                                                            instruments, etc.). These examples should not be taken as limiting the broad     Drilling proceeds to the water table, which is intersected at an average
                                                                            meaning of sampling.                                                             depth, for this dataset, of 1.5m from surface.

                                                                                                                                                             The first 0.5m advance is withdrawn and the contents of the auger removed onto
                                                                                                                                                             a sheet and set aside for bagging. The subsequent samples are taken in the
                                                                                                                                                             same manner at 1m intervals or until the hole is abandoned at the water table.

                                                                                                                                                             The whole sample is retained.

                                                                            Include reference to measures taken to ensure sample representivity and the      All drilling is completed above the water table.
                                                                            appropriate calibration of any measurement tools or systems used.

                                                                                                                                                             Drilling and sampling activities are supervised by a suitably qualified GSMB
                                                                                                                                                             geologist who is present at all times. All drill samples are geologically
                                                                                                                                                             logged by the geologist at the drill site.

                                                                                                                                                             Each sample is bagged at site and transferred to the GSMB laboratory. Samples
                                                                                                                                                             are dried and weighed prior to analysis.
                                                                            Aspects of the determination of mineralisation that are Material to the Public   All samples are dried and weighed.  A riffle-split sub sample is then wet
                                                                            Report. In cases where 'industry standard' work has been done this would be      screened to determine slimes (-63 µm) and oversize material (+1mm).
                                                                            relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m      Approximately 100g of the resultant sand sample is then oven-dried and
                                                                            samples from which 3 kg was pulverised to produce a 30 g charge for fire         passed over a Franz Isodynamic Magnetic Separator to produce magnetic (M) and
                                                                            assay'). In other cases, more explanation may be required, such as where there   non-magnetic (NM) fractions. The NM fraction is then subjected to heavy liquid
                                                                            is coarse gold that has inherent sampling problems. Unusual commodities or       separation (HLS) using Lithium heteropolytungstate (LST) with a density of
                                                                            mineralisation types (e.g. submarine nodules) may warrant disclosure of          2.82g/ml.
                                                                            detailed information.

                                                                                                                                                             All fractions are weighed and reported as a percentage of the in-ground total
                                                                                                                                                             sample weight.

                                                                                                                                                             Grain counting of heavy minerals is completed by mineralogist and mineral
                                                                                                                                                             assemblage data is then reported as a percentage of the HM fraction.
 Drilling techniques                                                        Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air         All samples are generated by hand auger drilling utilising 75mm diameter
                                                                            blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or    enclosed-flight spiral auger.  Drill holes are oriented vertically by eye.
                                                                            standard tube, depth of diamond tails, face-sampling bit or other type,

                                                                            whether core is oriented and if so, by what method, etc.).
 Drill sample recovery                                                      Method of recording and assessing core and chip sample recoveries and results    Samples are assessed visually for recoveries. Samples are retrieved moist from
                                                                            assessed.                                                                        the ground. The configuration of drilling and nature of materials encountered
                                                                                                                                                             results in negligible sample loss.

                                                                                                                                                             Hand-auger drilling is ceased when recoveries become poor once the water table
                                                                                                                                                             has been reached. Water table and recovery information is included in
                                                                                                                                                             lithological logs.
 Drill sample recovery, cont'd.                                             Measures taken to maximise sample recovery and ensure representative nature of   The GSMB's trained geologists supervise drilling on a 1 team 1 geologist basis
                                                                            the samples.                                                                     and are responsible for monitoring all aspects of the drilling and sampling
                                                                                                                                                             process.
                                                                            Whether a relationship exists between sample recovery and grade and whether      No relationship is believed to exist between grade and sample recovery. The
                                                                            sample bias may have occurred due to preferential loss/gain of fine/coarse       moisture content and absence of hydraulic inflow above the water table results
                                                                            material.                                                                        in a sample size that is well within the expected size range.
 Logging                                                                    Whether core and chip samples have been geologically and geotechnically logged   Qualitative logs of geological characteristics are collected in the field to
                                                                            to a level of detail to support appropriate Mineral Resources estimation,        allow a comprehensive geological interpretation to be carried out. Drill holes
                                                                            mining studies and metallurgical studies.                                        are characterised by their location within the beach-barrier sequence to
                                                                                                                                                             assist with domaining each sequence unit in subsequent resource estimations.
                                                                            Whether logging is qualitative or quantitative in nature. Core (or costean,      Logging of sand samples in the field is qualitative and includes description
                                                                            channel, etc.) photography.                                                      of sand colour, sorting and angularity. Estimates of black HM and garnet is
                                                                                                                                                             recorded. A comments field is employed to allow further description of the
                                                                                                                                                             location or sand sample.
                                                                            The total length and percentage of the relevant intersections logged.            All drill holes are logged in full and all samples are assayed.
 Sub-sampling techniques and sample preparation                             If core, whether cut or sawn and whether quarter, half or all core taken.        All samples comprise unconsolidated sand.
                                                                            If non-core, whether riffled, tube sampled, rotary split, etc. and whether       Samples are taken in their entirety. Drill samples are oven-dried and split
                                                                            sampled wet or dry.                                                              for analysis.
                                                                            For all sample types, the nature, quality and appropriateness of the sample      Sample preparation is recorded on a standard flow sheet and detailed QA/QC is
                                                                            preparation technique.                                                           undertaken on all samples. Sample preparation techniques and QA/QC protocols
                                                                                                                                                             are appropriate for the magnetic separation and heavy mineral determinations.

 Sub-sampling techniques and sample preparation, cont'd.                    Quality control procedures adopted for all sub- sampling stages to maximise      Quality assurance protocols include the application of trained geological

                                                                          representivity of samples.                                                       staff and experienced samplers. Use of plastic sheets and sample bags to
                                                                                                                                                             remove the potential of sample loss and cleaning of sample equipment between
                                                                                                                                                             samples.

                                                                                                                                                             Competent person (CP) review of laboratory techniques and flowsheet is applied
                                                                                                                                                             to ensure representative sample splitting.  Inspection of laboratory
                                                                                                                                                             procedure and equipment is completed to ensure appropriate technique, good
                                                                                                                                                             housekeeping and application of accurate sample handling and sample management
                                                                                                                                                             procedures.

                                                                                                                                                             Laboratory duplicate and standard sample geostatistical analysis is employed
                                                                                                                                                             to manage sample precision and analysis accuracy. Twin drilling is applied to
                                                                                                                                                             determine short range variability in grade and lithological character.

                                                                            Measures taken to ensure that the sampling is representative of the in-situ      Samples are taken in their entirety. Laboratory duplicates are generated for
                                                                            material collected, including for instance results for field                     precision analysis at the sample splitting stage. Results indicate a high
                                                                            duplicate/second-half sampling.                                                  level of precision is achieved.

                                                                            Whether sample sizes are appropriate to the grain size of the material being     The sample size is considered adequate for a medium-grained sand.
                                                                            sampled.
                               Quality of assay data and laboratory tests.  The nature, quality and appropriateness of the assaying and laboratory           Sample preparation and analysis of drill samples is completed by the GSMB
                                                                            procedures used and whether the technique is considered partial or total.        research laboratory in Colombo. Analysis is conducted on a split fraction of
                                                                                                                                                             the total sample and the retains are labelled and stored.

                                                                                                                                                             Techniques employed conform to contemporary analysis methodology in the
                                                                                                                                                             treatment of minerals separable by their physical properties. A CP audit of
                                                                                                                                                             the facility was completed with no recommended improvements noted.
                                                                            For geophysical tools, spectrometers, handheld XRF instruments, etc., the         None used.
                                                                            parameters used in determining the analysis including instrument make and
                                                                            model, reading times, calibrations factors applied and their derivation, etc.
 Quality of assay data and laboratory tests, cont'd.                        Nature of quality control procedures adopted (e.g. standards, blanks,            Quality assurance is maintained by laboratory duplicate and standard sample
                                                                            duplicates, external laboratory checks) and whether acceptable levels of         assaying procedure. Standard samples are provided by Placer Consulting Pty Ltd
                                                                            accuracy (i.e. lack of bias) and precision have been established.                and are submitted blind to the laboratory. As a total sample is generated by
                                                                                                                                                             the drilling, a field duplicate is not generated. A laboratory duplicate is
                                                                                                                                                             created at the sample splitting stage.

                                                                                                                                                             Standards and duplicates are submitted at a frequency of 1:20 samples. They
                                                                                                                                                             are subjected to the complete sample preparation and assaying process.

                                                                                                                                                             Analysis of sample duplicates is undertaken by standard geostatistical
                                                                                                                                                             methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to
                                                                                                                                                             ensure that sample splitting is representative.  Standards determine assay
                                                                                                                                                             accuracy performance, monitored on control charts, where failure (beyond 3SD
                                                                                                                                                             from the mean) triggers re-assay of the affected batch.

                                                                                                                                                             A high level of accuracy and precision are displayed in geostatistical
                                                                                                                                                             analyses to date.
 Verification of sampling and assaying                                      The verification of significant intersections by either independent or           Significant intersections are customary from hand auger and sonic core
                                                                            alternative company personnel.                                                   drilling at the Eastern Minerals Project. Results in excess of 20% THM are
                                                                                                                                                             common and in some cases, substantially higher concentrations are intersected.
                                                                                                                                                             Placer Consulting considers this to be reasonable and consistent with beach,
                                                                                                                                                             berm and foredune accumulations in a highly-mineralised region.  No audit
                                                                                                                                                             analyses have been completed on these exploration results.
                                                                            The use of twinned holes.                                                        Twinned holes are drilled across a geographically-dispersed area to determine
                                                                                                                                                             short-range geological and assay field variability.  Twin drilling is applied
                                                                                                                                                             at a frequency of 1:25 drill holes.

                                                                                                                                                             Geostatistical analysis of twin drilling data awaits the return of all assay
                                                                                                                                                             results.
                                                                            Documentation of primary data, data entry procedures, data verification, data    Field logging data, photo's and maps are generated in the field by the GSMB
                                                                            storage (physical and electronic) protocols.                                     geologist and provided to CMET staff in excel spreadsheet, pdf document and
                                                                                                                                                             jpeg files. These data are stored in the master database at the Colombo office
                                                                                                                                                             and on a secured cloud-storage facility that is accessible by invitation.
                                                                            Discuss any adjustment to assay data.                                            Assay data adjustments are made to convert laboratory collected weights to
                                                                                                                                                             assay field percentages and to account for moisture.
 Location of data points                                                    Accuracy and quality of surveys used to locate drill holes (collar and           These exploration results are located by GSMB staff using hand-held GPS.
                                                                            down-hole surveys), trenches, mine workings and other locations used in          Mineral resources are not considered in this report.
                                                                            Mineral Resources estimation.
                                                                            Specification of the grid system used.                                           The Kandawala Sri Lanka Grid is used to locate the drill collars.
 Location of data points, cont'd.                                           Quality and adequacy of topographic control.                                     Elevations are not recorded for these exploration results.

 Data spacing and distribution                                              Data spacing for reporting of Exploration Results.                               Drill spacing relates to the sequence stratigraphic unit and their extent.
                                                                                                                                                             Drill holes are generally spaced at 5m-east intervals in the beach and tidal
                                                                                                                                                             zones. The Berm zone is drilled at 15 - 50m east spacings dependent on their
                                                                                                                                                             lateral extent.
                                                                            Whether the data spacing and distribution is sufficient to establish the         No mineral resource or ore reserve is considered in this report.
                                                                            degree of geological and grade continuity appropriate for the Mineral
                                                                            Resources and Ore Reserves estimation procedure(s) and classifications
                                                                            applied.
                                                                            Whether sample compositing has been applied.                                     Samples are not composited.
 Orientation of data in relation to geological structure                    Whether the orientation of sampling achieves unbiased sampling of possible       Sample orientation is vertical and approximately perpendicular to the dip and
                                                                            structures and the extent to which this is known, considering the deposit        strike of the mineralization, which results in true thickness estimates.
                                                                            type.                                                                            Drilling and sampling is consistent with the anisotropy of the mineralisation.
                                                                            If the relationship between the drilling orientation and the orientation of      There is no apparent bias arising from the orientation of the drill holes with
                                                                            key mineralised structures is considered to have introduced a sampling bias,     respect to the strike and dip of the deposit.
                                                                            this should be assessed and reported if material.
 Sample security                                                            The measures taken to ensure sample security.                                    All samples are numbered, with sample splits, residues and HM sinks stored
                                                                                                                                                             securely at the GSMB pending completion of the programme. Samples will be
                                                                                                                                                             transferred for secured storage at CMET property upon completion.
 Audits or reviews                                                          The results of any audits or reviews of sampling techniques and data.            The Competent Person completed an audit of the GSMB laboratory. Personnel,
                                                                                                                                                             equipment and procedures represent best practice and no recommended
                                                                                                                                                             improvements were forwarded. Data are monitored by CMET staff and reviewed by
                                                                                                                                                             the CP as they are returned.

 

 

 

 Criteria                                                          Explanation                                                                      Comment
 Mineral tenement and land tenure status                           Type, reference name/number, location and ownership including agreements or      The exploration results are coincident with the granted Exploration Licence
                                                                   material issues with third parties such as joint ventures, partnerships,         EL2017/199 wholly owned by CMET JV partner Damsila Exports (Pvt) Ltd.
                                                                   overriding royalties, native title interests, historical sites, wilderness or

                                                                   national park and environmental settings.                                        A 7% f.o.b. government royalty is payable on exported minerals.
                                                                   The security of the tenure held at the time of reporting along with any known    There are no known impediments to the security of tenure over the area
                                                                   impediments to obtaining a licence to operate in the area.                       containing the reported exploration results.
 Exploration done by other parties                                 Acknowledgment and appraisal of exploration by other parties.                    CMET and partners have completed the only systematic exploration of this
                                                                                                                                                    region of the Eastern Minerals Project. The reported results offer support to
                                                                                                                                                    previous drilling and in some cases, higher heavy mineral grades and greater
                                                                                                                                                    lateral extent.
 Geology                                                           Deposit type, geological setting and style of mineralisation.                    Exploration results are indicative of modern, low slimes tidal, beach and berm
                                                                                                                                                    detrital heavy mineral sand deposits. Holocene dunes are truncated by the
                                                                                                                                                    modern marine successions and are also heavily mineralised. Heavy minerals are
                                                                                                                                                    derived originally from the neighbouring Precambrian metamorphic terrane and
                                                                                                                                                    from Pleistocene dune deposits. Two monsoon seasons provide ample winnowing
                                                                                                                                                    action on heavy mineral deposits and generate both northerly and southerly
                                                                                                                                                    long-shore drift.
 Drill hole Information                                            A summary of all information material to the understanding of the exploration    An intercept table is listed in the report.
                                                                   results including a tabulation of the following information for all Material

                                                                   drill holes:                                                                     Results support previous releases on exploration results and mineral

                                                                                resources.
                                                                   · easting and northing of the drill hole collar

                                                                   · elevation or RL (Reduced Level - elevation above sea level in metres) of
                                                                   the drill hole collar

                                                                   · dip and azimuth of the hole

                                                                   · down hole length and interception depth

                                                                   · hole length.

                                                                   If the exclusion of this information is justified on the basis that the
                                                                   information is not Material and this exclusion does not detract from the
                                                                   understanding of the report, the Competent Person should clearly explain why
                                                                   this is the case.
 Data aggregation methods                                          In reporting Exploration Results, weighting averaging techniques, maximum        Mineral intersections are reported at a 5% heavy mineral bottom cut, as is
                                                                   and/or minimum grade truncations (e.g. cutting of high grades) and cut-off       customary for the Eastern Minerals Project resources. No top cut is applied.
                                                                   grades are usually Material and should be stated.

                                                                   Where aggregate intercepts incorporate short lengths of high grade results and   No data aggregation is required.
                                                                   longer lengths of low grade results, the procedure used for such aggregation
                                                                   should be stated and some typical examples of such aggregations should be
                                                                   shown in detail.
 Data aggregation methods, cont'd.                                 The assumptions used for any reporting of metal equivalent values should be      No metal equivalents are used for reporting of exploration results.
                                                                   clearly stated.
 Relationship between mineralisation widths and intercept lengths  These relationships are particularly important in the reporting of Exploration   All drill holes are vertical and perpendicular to the dip and strike of
                                                                   Results.                                                                         mineralisation.
                                                                   If the geometry of the mineralisation with respect to the drill hole angle is    Mineral deposits typically approximate a horizontal to shoreward dipping
                                                                   known, its nature should be reported.                                            accumulation.  Intercepts are approximately true thickness.
                                                                   If it is not known and only the down hole lengths are reported, there should
                                                                   be a clear statement to this effect (e.g. 'down hole length, true width not
                                                                   known').
 Diagrams                                                          Appropriate maps and sections (with scales) and tabulations of intercepts        Refer to link to website as set out in RNS.
                                                                   should be included for any significant discovery being reported These should
                                                                   include, but not be limited to a plan view of drill hole collar locations and
                                                                   appropriate sectional views.
 Balanced reporting                                                Where comprehensive reporting of all Exploration Results is not practicable,     Reporting of results is restricted to results returned to the 4(th) April 2022
                                                                   representative reporting of both low and high grades and/or widths should be     from the 2021 GSMB drilling in the Komari Region of the Eastern Minerals
                                                                   practiced to avoid misleading reporting of Exploration Results.                  Project. Intercepts are disclosed in an unambiguous way and include all
                                                                                                                                                    intercepts >5% THM and >0.5m in thickness. Only 37 from 223 intercepts
                                                                                                                                                    are excluded by these criteria.
 Other substantive exploration data                                Other exploration data, if meaningful and material, should be reported           No additional, substantive information has returned from the drill sample
                                                                   including (but not limited to): geological observations; geophysical survey      analyses included in this report.
                                                                   results; geochemical survey results; bulk samples - size and method of
                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical
                                                                   and rock characteristics; potential deleterious or contaminating substances.
 Further work                                                      The nature and scale of planned further work (e.g. tests for lateral             Further sample assay results are anticipated from the GSMB to complete this
                                                                   extensions or depth extensions or large-scale step-out drilling).                drilling and assay campaign. Mineralogical results are anticipated from the
                                                                                                                                                    total sample set.
                                                                   Diagrams clearly highlighting the areas of possible extensions, including the    Refer to link to website as set out in RNS.
                                                                   main geological interpretations and future drilling areas, provided this
                                                                   information is not commercially sensitive.

 

 

APPENDIX 2 - Significant intercepts (5%THM bottom-cut, intervals > 0.5m)

 BHID    INTERCEPT
 K27TE2  1m @ 86.1% THM from 0.5m
 K7T1    0.5m @ 70.86% THM from 0m
 K36TE1  0.5m @ 56.77% THM from 0m
 K33TE1  0.5m @ 54.9% THM from 0m
 K24BE1  0.5m @ 53.54% THM from 0m
 K9TE1   0.5m @ 50.45% THM from 0m
 K36TE2  0.6m @ 50.43% THM from 0.5m
 K37BE1  2.4m @ 50.14% THM from 0m
 K37TE1  0.5m @ 49.71% THM from 0m
 K36BE1  2.5m @ 46.4% THM from 0m
 K6T1    0.5m @ 44.37% THM from 0m
 K9TE2   1m @ 42.48% THM from 0.5m
 K37TE2  0.5m @ 42.21% THM from 0.5m
 K33TE2  0.5m @ 40.02% THM from 0.5m
 K40BE1  2.5m @ 38.29% THM from 0m
 K39TE1  0.5m @ 37.63% THM from 0m
 K9T1    0.5m @ 36.91% THM from 0m
 K29BE1  1.1m @ 35.595% THM from 0m
 K33BE1  2.2m @ 34.80% THM from 0m
 K35TE1  0.5m @ 34.23% THM from 0m
 K38TE1  0.5m @ 33.53% THM from 0m
 K29TE1  0.5m @ 33.49% THM from 0m
 K9BM1   3.5m @ 33.4025% THM from 0m
 K12TE1  0.5m @ 33.22% THM from 0m
 K7BM2   2.3m @ 31.925% THM from 0m
 K33BE2  2.2m @ 31.80% THM from 0m
 K8BM1   1.5m @ 31.745% THM from 0m
 K35TE2  1m @ 31.06% THM from 0.5m
 K8TE1   0.5m @ 30.83% THM from 0m
 K14TE2  1m @ 30.5% THM from 0.5m
 K16BE1  1.5m @ 29.47% THM from 0m
 K16TE1  0.5m @ 29.32% THM from 0m
 K35BE1  2.5m @ 29.03% THM from 0m
 K13BM1  1.5m @ 29.005% THM from 0m
 K8BM2   1.5m @ 28.97% THM from 0m
 K8BE1   1.5m @ 28.745% THM from 0m
 K6BM2   1.5m @ 28.665% THM from 0m
 K12BE1  1.5m @ 28.3% THM from 0m
 K7BE1   1.5m @ 28.285% THM from 0m
 K38BE1  1.5m @ 28.12% THM from 0m
 K10BE1  2.5m @ 28.1% THM from 0m
 K5BM2   1.5m @ 27.355% THM from 0m
 K33BM1  2.5m @ 27.10% THM from 0m
 K16TE2  1m @ 26.91% THM from 0.5m
 K12BM1  1.5m @ 26.89% THM from 0m
 K28TE1  0.5m @ 26.7% THM from 0m
 K6BM1   1.5m @ 26.65% THM from 0m
 K39BE1  1.5m @ 26.42% THM from 0m
 K38BM3  1.5m @ 26.385% THM from 0m
 K1T1    0.5m @ 26.2% THM from 0m
 K39BM3  1.5m @ 26.195% THM from 0m
 K34BE1  2.2m @ 26.19% THM from 0m
 K5BE1   2.2m @ 26.08% THM from 0m
 K9BM2   2.2m @ 25.99% THM from 0m
 K14BE1  1.5m @ 25.75% THM from 0m
 K15BE1  1.5m @ 25.74% THM from 0m
 K39BM2  1.5m @ 25.74% THM from 0m
 K37BM1  1.5m @ 25.665% THM from 0m
 K7TE1   0.5m @ 25.65% THM from 0m
 K6BE1   2m @ 25.64% THM from 0m
 K19TE1  0.5m @ 25.62% THM from 0m
 K11BE1  2.5m @ 24.775% THM from 0m
 K25TE2  1m @ 24.37% THM from 0.5m
 K11TE1  0.5m @ 23.96% THM from 0m
 K5BM1   1.5m @ 23.93% THM from 0m
 K9BE1   1m @ 23.91% THM from 0.5m
 K26BE1  1.5m @ 23.775% THM from 0m
 K3TE1   0.5m @ 23.75% THM from 0m
 K39BM1  1.5m @ 23.52% THM from 0m
 K38BM2  1.5m @ 23.29% THM from 0m
 K7BM1   2.2m @ 23.13% THM from 0m
 K36BM2  0.5m @ 23.04% THM from 0m
 K34TE1  0.5m @ 22.99% THM from 0m
 K36BM1  1.5m @ 22.71% THM from 0m
 K15TE2  1m @ 22.35% THM from 0.5m
 K26TE1  0.5m @ 22.29% THM from 0m
 K25TE1  0.5m @ 22.18% THM from 0m
 K34TE2  1m @ 22.11% THM from 0.5m
 K21TE1  0.5m @ 21.87% THM from 0m
 K2TE1   0.5m @ 21.79% THM from 0m
 K13TE1  0.5m @ 21.58% THM from 0m
 K20TE1  0.5m @ 21.3% THM from 0m
 K26TE2  1m @ 20.88% THM from 0.5m
 K10BM1  1.5m @ 20.855% THM from 0m
 K40BM2  1.5m @ 20.66% THM from 0m
 K40BM3  1.5m @ 20.54% THM from 0m
 K8TE2   0.5m @ 20.46% THM from 0.5m
 K41TE1  0.5m @ 20.43% THM from 0m
 K38BM1  1.5m @ 20.35% THM from 0m
 K11BM1  1.5m @ 20.315% THM from 0m
 K31BE1  1.1m @ 20.29% THM from 0m
 K13BE1  1.5m @ 20.035% THM from 0m
 K27TE1  0.5m @ 19.85% THM from 0m
 K6TE2   0.7m @ 19.64% THM from 0.5m
 K6TE1   0.5m @ 19.54% THM from 0m
 K40TE1  0.5m @ 19.49% THM from 0m
 K22TE1  0.5m @ 19.23% THM from 0m
 K24T1   0.5m @ 18.95% THM from 0m
 K19T1   0.5m @ 18.81% THM from 0m
 K4TE1   0.5m @ 18.4% THM from 0m
 K25BE1  1.5m @ 18.385% THM from 0m
 K5TE1   0.5m @ 18.29% THM from 0m
 K4BM1   0.5m @ 17.67% THM from 0m
 K34BM1  2.5m @ 17.62% THM from 0m
 K38TE2  0.5m @ 17.57% THM from 0.5m
 K35BM1  2.5m @ 17.34% THM from 0m
 K28TE2  1m @ 17.22% THM from 0.5m
 K23T1   0.5m @ 17.18% THM from 0m
 K37BM2  1.5m @ 17.025% THM from 0m
 K13TE2  1m @ 16.93% THM from 0.5m
 K31BM2  2.5m @ 16.64% THM from 0m
 K22TE2  1m @ 16.38% THM from 0.5m
 K37BM3  0.5m @ 16.28% THM from 0m
 K40BM1  1.5m @ 16.23% THM from 0m
 K32BM2  2.2m @ 16.14% THM from 0m
 K19BE1  1.5m @ 15.955% THM from 0m
 K23TE1  0.5m @ 15.65% THM from 0m
 K12TE2  1m @ 15.56% THM from 0.5m
 K32BE1  1m @ 15.185% THM from 0m
 K4BM2   1.5m @ 15.01% THM from 0m
 K22T1   0.5m @ 14.55% THM from 0m
 K14TE1  0.5m @ 14.53% THM from 0m
 K21TE2  1m @ 14.35% THM from 0.5m
 K34BM2  2.5m @ 14.27% THM from 0m
 K32TE1  0.5m @ 14.2% THM from 0m
 K35BM2  2.2m @ 14.16% THM from 0m
 K2T1    0.5m @ 14.03% THM from 0m
 K24BM1  1.5m @ 14.025% THM from 0m
 K21T1   0.5m @ 14.02% THM from 0m
 K18TE1  0.5m @ 13.56% THM from 0m
 K28BE1  1.5m @ 13.505% THM from 0m
 K21BM1  2.5m @ 12.76% THM from 0m
 K11TE2  0.7m @ 12.29% THM from 0.5m
 K31TE1  0.5m @ 12.14% THM from 0m
 K21BE2  1.5m @ 12.14% THM from 0m
 K32BM3  2.5m @ 12.02% THM from 0m
 K30BM2  3.5m @ 11.785% THM from 0m
 K3BM1   1.5m @ 11.665% THM from 0m
 K29BE2  1.2m @ 11.645% THM from 0m
 K22BM1  2.5m @ 11.63% THM from 0m
 K3BM2   1.5m @ 11.565% THM from 0m
 K28BM1  1.5m @ 11.03% THM from 0m
 K4T1    0.5m @ 10.98% THM from 0m
 K22BE1  0.5m @ 10.9% THM from 0m
 K22BE2  1.5m @ 10.895% THM from 0m
 K10T1   0.5m @ 10.8% THM from 0m
 K27BM1  1.5m @ 10.725% THM from 0m
 K2BM2   1.5m @ 10.62% THM from 0m
 K18TE2  0.7m @ 10.39% THM from 0.5m
 K31BE2  1.2m @ 10.195% THM from 0m
 K2BM1   1m @ 10.15% THM from 0.5m
 K19TE2  1m @ 10.09% THM from 0.5m
 K32BE2  1.2m @ 10.085% THM from 0m
 K11T1   0.5m @ 9.97% THM from 0m
 K10TE2  0.7m @ 9.9% THM from 0.5m
 K5TE2   0.6m @ 9.68% THM from 0.5m
 K30BE1  0.5m @ 9.08% THM from 0m
 K27BE1  0.5m @ 8.58% THM from 0m
 K17BE1  1m @ 8.495% THM from 0m
 K21BE1  1.5m @ 8.43% THM from 0m
 K18BE2  1.5m @ 8.34% THM from 0m
 K17TE2  0.7m @ 8.22% THM from 0.5m
 K25BM1  2.5m @ 8.11% THM from 0m
 K20BM1  1.5m @ 7.975% THM from 0m
 K30BM1  1.5m @ 7.89% THM from 0m
 K3TE2   1m @ 7.85% THM from 0.5m
 K20TE2  1m @ 7.69% THM from 0.5m
 K26BM1  2.5m @ 7.58% THM from 0m
 K10TE1  0.5m @ 7.5% THM from 0m
 K4BE1   1.5m @ 7.49% THM from 0m
 K3T1    0.5m @ 7.35% THM from 0m
 K4TE2   1m @ 7.32% THM from 0.5m
 K1BE3   1.5m @ 7.265% THM from 0m
 K2BE2   1.5m @ 7.20% THM from 0m
 K1BM1   1.5m @ 7.09% THM from 0m
 K3BE1   1.5m @ 6.86% THM from 0m
 K41T1   0.5m @ 6.81% THM from 0m
 K23BM2  1.5m @ 6.415% THM from 0m
 K24BM2  1.5m @ 6.37% THM from 0m
 K19BM1  0.5m @ 6.22% THM from 0m
 K17T1   0.5m @ 6.1% THM from 0m
 K12T1   0.5m @ 5.74% THM from 0m
 K31BM3  2.5m @ 5.63% THM from 0m
 K1BE2   0.5m @ 5.45% THM from 0m
 K17TE1  0.5m @ 5.35% THM from 0m
 K24TE1  0.5m @ 5.09% THM from 0m

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLUROVRUVUSURR

Recent news on Capital Metals

See all news