REG - Corcel PLC - Initial Canegrass Exploration Program Begins

CorcelAnnouncement

22/11/2023 07:15

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RNS Number : 3005U  Corcel PLC  22 November 2023

Corcel PLC

("Corcel" or the "Company")

 

Initial Canegrass Exploration Program Begins

22 November 2023

Corcel Plc (London AIM: CRCL), the Angolan focused exploration and production
company, announces the beginning of initial exploration efforts at the
Company's 100% owned Canegrass lithium project, in Western Australia.

Antoine Karam, Executive Chairman of Corcel, commented: "We are excited to
have our initial field team on site at Canegrass in Western Australia. With
lithium remaining extremely attractive across Australasia and meaningful
potential for nickel at the project, we expect these results to inform and
guide our next steps at the site. Whilst we continue to build momentum in our
operations in Angola, we still believe material shareholder value exists in
our Western Australian assets and look forward to progressing this activities
on the ground."

Exploration Programme:

The Company has engaged APEX Geoscience ("APEX") out of Freemantle, Australia,
to conduct initial exploration activities at the Company's Canegrass lithium
project.  The programme includes a first pass ground truthing programme
designed to verify the interpreted pegmatite swarms originally delineated from
satellite imagery analysis.  The goal of the program is to investigate and
confirm both the lithium and nickel prospectivity of the project.

APEX has conducted a desktop review of the historical surface and drilling
geochemical data in order to highlight potential target areas for lithium and
nickel mineralisation.  Rock chip samples will be collected from each target
area and these samples will be analysed in the field using a pXRF for Ni and
lithium pathfinder elements including Rb, Sn, Cs, Ta, and K/Rb ratios.
Geological observations of each pegmatite will be recorded, including the
approximate dimensions of each outcropping pegmatite, visual abundances of
minerals and if lithium minerals (spodumene, petalite and lepidolite) are
present.

All rock chip samples will be submitted to ALS Global in Perth, Western
Australia, to confirm field generated pXRF results.  Multi-element analysis
of the pegmatite samples will be completed using sodium peroxide fusion (ALS
code MS-ME89L).  Multi-element analysis of the remaining samples will be
completed using four acid digestion with ICP-MS finish (ALS code ME-MS61).

The geochemical results from this program will indicate fractionation of the
pegmatites and if they are indeed LCT pegmatites and confirm Ni prospectivity.

The field programme is expected to last just under a week, and the Company
will make further announcements on the results 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:

Antoine
Karam
Corcel Plc Executive Chairman

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

 

 

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