REG - Corcel PLC - Encouraging Initial Mt. Weld Drilling Results
13/06/2023 07:00
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RNS Number : 4723C Corcel PLC 13 June 2023
Corcel PLC
("Corcel" or the "Company")
Encouraging Initial Mt. Weld Drilling Results
13 June 2023
Corcel Plc (London AIM: CRCL), the pan Angolan / Brazilian Oil and Gas
company, with interests across battery metals mining and oil and gas is
delighted to announce the initial drilling results from the Company's Mt. Weld
rare earth elements joint venture with Riversgold Limited (ASX: "RGL"),
located 1.5km west/north-west of Lynas Rare Earth Element's Mt. Weld rare
earth oxide mine, near Laverton, Western Australia.
Highlights:
o Initial composite RC drill samples assay up to 2,200ppm TREO
o 52% of the planned initial ~2,000m RC programme completed to date
o Drilling program is on tenement P34/4489 - immediately to the west of
Lynas' globally significant Mt Weld rare earth oxide mine
Corcel Chief Executive Officer, Scott Kaintz commented: "Elevated initial
results out of Mt. Weld reinforce our fundamental view of the exciting mineral
and commercial prospectivity of the project, located, as it is, adjacent to
one of the world's largest REE operations, outside of China. We look forward
to additional results firming up the potential for a mineral resource estimate
in due course."
Drill Results:
The Company's JV partner, Riversgold, has drilled 5 holes to date totalling
1,036m of an initial seven-hole (~2,000m) reverse circulation ("RC") drilling
program on the joint venture tenement P34/4489. The program was designed to
test several magnetic features confirmed through both airborne and ground
magnetic surveying 1 (#_ftn1) .
The interesting elevated rare earth element ("REE)" results from four
composite samples are shown in Tables 1 and 3, with locations in Table 2. The
results from all 1m samples from the drill holes will be submitted for
assaying shortly.
Table 1: Mt Weld - Material Intersection Elevated TREO Assay Results
Composite Sample Number Drill Hole From m To m TREO(1) ppm TREO(1) %
MTW001 MWRC002 196 200 1,600 0.160%
MTW002 MWRC002 162 166 1,900 0.190%
MTW003 MWRC003 116 120 2,200 0.220%
MTW004 MWRC003 106 110 1,600 0.160%
Notes:
1. TREO are detailed in Appendix A, Section 1, "Verification of
sampling and assaying"
The Mt Weld Project straddles the access road to Lynas' Mt Weld mine (see
Figure 2). The tenement is predominantly covered by recent transported
sediments obscuring the underlying geology, with four discrete undrilled
magnetic features (T1-T4) (see Figures 1-3).
Figure 1: Drill Hole Locations completed to date at Mt Weld (P34/4489)
Hole one was abandoned due to difficult ground conditions at 84m. All four
remaining holes intersected the geophysical targets as modelled. The
magnetic high was deemed to be highly magnetic, black mafic volcanics which
were intersected at a width of 10 to 20m from 190 to 210m downhole.
To ascertain if REEs were indeed present, the Company prepared four composite
4 metre samples from holes 2 to 4 which had intersected highly magnetic, black
mafic volcanics. These samples were dispatched to the assay lab for rush
analysis prior to completing the drill program.
Figure 2: Cross section for drillhole MWRC002, showing drill hole trace and
modelled geophysics target
Figure 3: Long Section Showing 5 drill holes relative to the interpreted
geophysics targets
The drilling in holes 4 to 5 was successful in intersecting the targeted
interpreted magnetics, representing targets T2 and T3 in the announcement
dated 2 May 2023 and detailed in Figure 2. T1 was not drilled due to temporary
flooding of the small creek where the target drill hole was located. On
further assessment of the ground geophysics interpretation, T4 was downgraded
to a be a secondary priority, although it is located closer to the operating
Mt Weld Mine Site.
In hole 5, which was drilled after the rush assay was despatched, but before
the assay results were received, the drilling also intersected medium grained,
pink intermediate porphyry interpreted as syenite. Syenite is the host rock
at the neighbouring Wallaby Gold deposit currently being mined by Anglo
American Gold.
Figure 4: Location of the Mt Weld programme relative to Mt Weld REE Project
and Anglo Gold's Granny Smith / Wallaby Project
About the Mt. Weld Joint Venture:
The Mt. Weld Joint Venture is currently being operated by Riversgold Ltd,
Corcel's farm-in and joint venture partner, who through the expenditure of AUD
500,000 can earn a 50% stake in the project, as originally announced on 4
January 2023. Currently, Corcel retains an 80% interest in the project,
having previously sold a 20% interest as announced on 5 May 2023.
Future Operations:
A further detailed analysis of the anomalous REE assays and minerology is
currently underway, and the operator is expected to make further decisions
once these assessments have been completed and additional announcements will
be made as required.
For further information, please contact:
Scott Kaintz
Corcel Plc CEO
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
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.
Competent Person/Qualified Person Statement:
The information in this document that relates to exploration is based on
information compiled or reviewed by Edward Mead, who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr Mead is a Director of
Riversgold Ltd. Mr Mead has sufficient experience that is relevant to the
style of mineralisation under consideration and to the activity which he is
undertaking to qualify as a Competent Person (Qualified Person) as defined in
the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr Mead consents to the
inclusion in the report of the matters based on his information in the form
and context in which it appears.
Table 2: Drill hole information
Hole_ID Hole_Type Azimuth Dip Max_Depth Nat_East Nat_North Nat_RL
MWRC001 RC 353.44 -60.00 84 451702 6808730 423
MWRC002 RC 351.3 -59.86 246 451746 6808679 423
MWRC003 RC 355.17 -60.08 252 451814 6808680 423
MWRC004 RC 355.35 -62.63 250 451867 6808675 423
MWRC005 RC 353.96 -60.64 204 452125 6808705 423
Table 3: ALS Reported assay results for the four composite samples. Only
relevant REEs reported.
Method ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61
Analyte CeO2 Dy2O3 Er2O3 Gd2O3 La2O3 Nd2O3 Pr6O11 Sm2O3 Y Ce Hf La Nb Y
% % % % % % % % % ppm ppm ppm ppm ppm
0.01 0.01 0.01 0.01 0.01 ) 0.01 0.01 0.01 0.01 0.1 0.5 0.1 0.1 TREO ppm
MTW001 0.05 0.01 0.02 0.01 0.03 0.02 0.01 <0.01 0.01 359 10.6 194 152.5 32.6 1,600
MTW002 0.07 0.01 0.01 0.01 0.04 0.03 0.01 <0.01 0.01 482 11.2 239 142 39.8 1,900
MTW003 0.08 0.01 0.02 0.01 0.04 0.03 0.01 0.01 0.01 503 7.5 281 162 32.5 2,200
MTW004 0.05 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.01 354 10.4 180 180 44.6 1,600
TREO = Lanthanide Oxides + Yitrrium oxides + Scandium Oxides
Appendix : Table 1 JORC Tables
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Fine to -25mm rock fragments are obtained using Reverse Circulation
specific specialised industry standard measurement tools appropriate to the drilling methods.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · Every metre drilled was sampled at the drill rig using a rig mounted
meaning of sampling. static cone splitter to collect 2 - 3kg sub samples.
· Include reference to measures taken to ensure sample representivity · Four standard samples, two duplicates and two blanks are inserted
and the appropriate calibration of any measurement tools or systems used. with every 100 samples submitted for analysis .
· Aspects of the determination of mineralisation that are Material to · A total of 4 composite samples were submitted to ALS laboratory.
the Public Report.
· Four composite samples were taken using the spear sampling method,
· In cases where 'industry standard' work has been done this would be over 5m intervals per sample, to generate the four composites. Two composite
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples were taken from drill hole MWRC002 and two composite samples from
samples from which 3 kg was pulverised to produce a 30 g charge for fire MWRC003.
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · Collected samples were chosen using geological observation and
mineralisation types (eg submarine nodules) may warrant disclosure of detailed represent logged magnetic basalt with magnetite/ titano-magnetite.
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Reverse circulation drilling with 1m sample interval.
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
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 · Samples consisted of RC chips collected using an inverted 1m cone
results assessed. to sample the cyclone underflow .
· Measures taken to maximise sample recovery and ensure representative · Cyclone was "air flushed" at the end of each sample and cleaned every
nature of the samples. 6m to avoid contamination.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and · Collected chips were logged for geology, alteration, relative
geotechnically logged to a level of detail to support appropriate Mineral abundance of mineral species and mineralisation.
Resource estimation, mining studies and metallurgical studies.
· This logging is qualitative in nature.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Samples collected weighed approximately 2kg.
taken.
· Sample conditions were recorded by field crew during collection.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · At the laboratory, samples were dried at 105 degrees Celsius
before being pulverized using a Tungsten Carbide bowl to avoid contamination.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique. · Pulverized samples were then split and a sub-sample used for ICP
analysis.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Samples were submitted to ALS laboratory for analysis by Lithium
laboratory procedures used and whether the technique is considered partial or borate fusion XRF and a 4-acid digest with MS/ICP finish for a 48 element
total. suite.
· For geophysical tools, spectrometers, handheld XRF instruments, etc, · The methods utilized are appropriate and typical for the industry
the parameters used in determining the analysis including instrument make and for Rare Earth and other tested elements.
model, reading times, calibrations factors applied and their derivation, etc.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying · The verification of significant intersections by either independent · Results have been verified by company personnel.
or alternative company personnel.
· The REE assay data were converted from reported elemental assays
· The use of twinned holes. to the equivalent oxide compound as applicable to rare earth oxides. The
oxides were calculated from the element according to the following factors:
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols. · CeO2 1.1526
· Discuss any adjustment to assay data. · La2O3 1.1728
· Nd2O3 1.1664
· Pr6O11 1.2082
· Ho2O3 1.1455
· Lu2O3 1.1371
· Sm2O3 1.1596
· Tb2O3 1.1762
· Tm2O3 1.1421
· Y2O3 1.2699
· Yb2O3 1.1387
· Dy2O3 1.1477
· Er2O3 1.1435
· Eu2O3 1.1579
· Gd2O3 1.1526
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · The coordinate system used by the company is MGA zone 50
and down-hole surveys), trenches, mine workings and other locations used in reference grid with geodetic datum GDA94.
Mineral Resource estimation.
· Drillholes were located using a handheld GPS received with a
· Specification of the grid system used. typical horizontal accuracy of +/-4m.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillholes locations reported in this release do not have a
regular spacing.
· Whether the data spacing, and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · The purpose of this drilling was regional exploration, and the
Resource and Ore Reserve estimation procedure(s) and classifications applied. reported results are not anticipated to be part of a resource estimate at this
point.
· Whether sample compositing has been applied.
· Compositing to 5m sample length was undertaken over areas where
magnetite in basalt was visually identified in the logging
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drilling Azimuth was oriented perpendicular to the main strike of
possible structures and the extent to which this is known, considering the the magnetic anomaly that may have the potential to be spatially correlated
deposit type. with REE mineralisation.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · Samples are collected in calico bags across a defined arc on the
edge of the cone located under the cyclone. The calico bag features sample
number and down hole interval data pre-written on it. Bags sent for analysis
are collected by field technicians and placed in pre-numbered sample bag.
Sample depth and number are recorded by field technician and compared with
the geologist's spreadsheet to assure accuracy of data. Samples collected
are placed within bio-degradable plastic bags, which in turn are delivered to
the laboratory with detailed sample submission documentation.
· Laboratory assay samples feature a sample ID on the calico bag as
reference.
· After assaying, sample pulps are placed in paper bags and stored
for Riversgold to collect.
· All steps are supervised by a Riversgold geologist.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No external audits or reviews of the sampling techniques and data has
been conducted.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Tenement P 38/4489 is located approximately 28km South-Southeast of
agreements or material issues with third parties such as joint ventures, Laverton. It is accessed by the sealed road between the Mt Weld project and
partnerships, overriding royalties, native title interests, historical sites, Laverton. The tenement is 1.4Km west-northwest of Lynas Mt Weld REO
wilderness or national park and environmental settings. operations.
· The security of the tenure held at the time of reporting along with · The tenement is held by Corcel PLC and is currently subject to a farm
any known impediments to obtaining a licence to operate in the area. in option by Riversgold.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · 17 RAB and auger holes were drilled by Placer Exploration Ltd in 1993
targeting gold.
· 1 hole of unknown type but probably RAB drilled by Torridon
Exploration for gold and base metals
Geology · Deposit type, geological setting and style of mineralisation. · Carbonatite hosted REE mineralisation and/or gold below cover.
Drill hole Information · A summary of all information material to the understanding of the · Refer to Tables and Figures within the body of the release.
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o 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, · Intersections have been calculated using no cut off or internal
maximum and/or minimum grade truncations (eg cutting of high grades) and waste and represent the results of compositing at the sampling stage for early
cut-off grades are usually Material and should be stated. test for REE mineralisation
· Where aggregate intercepts incorporate short lengths of high-grade · The results for the REE suite (lanthanide series) in ppm is
results and longer lengths of low-grade results, the procedure used for such reported for each element individually.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · TREO = Lanthanide Oxides + Yitrrium oxides + Scandium Oxides
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Mineralisation down hole intersection width is reported as the
Exploration Results. geometry of the magnetic anomaly being tested is still uncertain. Therefore,
true width cannot yet be estimated.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Diagrams have been incorporated in the body of this release.
intercepts 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 · The assay results reported in the release are from 4 composite
practicable, representative reporting of both low and high grades and/or samples from a specific zone of geological interest and were fast tracked
widths should be practiced to avoid misleading reporting of Exploration through the laboratory. The remaining 1 metre samples are to be assayed.
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · No other substantive exploration data to be reported.
reported including (but not limited to): geological observations; geophysical
survey 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 (eg tests for lateral · A decision on any further work will be made once the bulk of the
extensions or depth extensions or large-scale step-out drilling). individual 1m intervals selected for further sampling have been analysed.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
(#_ftnref1)
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