REG - Corcel PLC - Canegrass Lithium Option Exercise

CorcelAnnouncement

04/04/2023 07:00

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RNS Number : 2318V  Corcel PLC  04 April 2023

Corcel PLC

("Corcel" or the "Company")

 

Canegrass Lithium Option Exercise

04 April 2023

Corcel Plc (London AIM: CRCL), the extractive industries exploration and
development company, with interests in battery metals including nickel,
cobalt, and rare earth elements, announces that it has exercised its option to
acquire the Canegrass Lithium project, as originally announced on 22 February
2023.

Scott Kaintz, CEO, commented: "Building upon our recent acquisition and
farm-out of the Mt. Weld REE project which is now approaching drilling, Corcel
is pleased to have now acquired a high-upside / low-cost lithium project,
adjacent to Aldoro Resources' Wyenmandoo lithium-rubidum-tantalum project in
Western Australia."

Transaction Details:

Corcel will now proceed to issue Huntsman Exploration Inc ("HMAN"), 50,000,000
new ordinary shares ("Acquisition Shares") at the previously agreed issue
price of £0.004 equating to £200,000 consideration in aggregate. The shares
will be issued following the Company's upcoming  General Meeting, currently
scheduled for 26 April 2023 at 1500, with an additional announcement expected
to be made in due course.

 

About the Canegrass Lithium Project:

 

The project covers an area extending over part of the Windimurra Igneous
Complex, a large differentiated layered ultramafic to mafic intrusion emplaced
within the Yilgarn craton of Western Australia.  It is conical to a
sheet-like body intruded into the Archaean granite-greenstone terrain of the
Murchison Province, outcrops over an area of approximately 2,500 km2 and has
an age of approximately 2800 Ma.  The complex is dominantly comprised of
basic cumulate rocks that can broadly be classified as gabbroic in
composition.  Magmatic layering dips inwards at the margins and flattens in
the centre.  It is dissected by large scale strike-slip shear zones so that
the original extent of the complex is unknown.  The Windimurra Igneous
Complex is part of a much larger suite of similarly layered ultramafic to
mafic bodies emplaced between 2,700-2,800Ma across the Murchison Province.
Collectively, these complexes are similar in thickness, volume, and
composition to the Bushveld Igneous Complex of South Africa.

 

The project is predominately underlain by the lower zone of the Windimurra
Intrusive Complex, a series of olivine-rich gabbro and gabbronorite which
grade upwards into more leucocratic gabbroic rocks. The Lower zone is
separated into a western and eastern lobe by the Shephards Discordant Zone
("SDZ"), which represents a significant break in the igneous stratigraphy and
is characterised by magnetite and magnetite-bearing gabbro. To the east of the
SDZ lies a package of mafic volcanic rocks, felsic volcaniclastic sandstones,
and banded iron-formation bounded by the Wyemandoo Shear Zone and are part of
the Norie Group.

 

Historic exploration completed by Aldoro has consisted of satellite imagery
interpretation, geochemical sampling, rock chip sampling and an initial phase
of drilling.  Due to the high degree of outcrop exposure and lack of
vegetation, satellite imagery interpretation provides a rapid low-cost
evaluation method to initially review and target pegmatite swarms.  A
satellite imagery-based interpretation was conducted by HMAN across the
entirety of the Canegrass Lithium Project and revealed extensive swarms of
what is being interpreted as pegmatites.  These interpreted pegmatites are
located within the same lithologies and setting as that at Aldoro's Project.
Furthermore, rock chip sampling conducted by Aldoro has confirmed the presence
of high-grade rubidium with associated lithium mineralisation 1,400 m to the
east of the Canegrass Lithium Project.

For further information, please contact:

Scott Kaintz
 
Corcel Plc CEO

020 7747 9960
 
 

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

0207 220 1666
 
 

Patrick d'Ancona
 
Vigo Communications IR

0207 3900
230

 

 

The information contained within this announcement is deemed to constitute
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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