REG - Corcel PLC - Mt Weld & Ground Magnetics Update
20/02/2023 07:00
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RNS Number : 3613Q Corcel PLC 20 February 2023
Corcel PLC
("Corcel" or the "Company")
Carbonatite REE Targets - Mt Weld REE Project
Ground Magnetics Finalises Drill Design
20 February 2023
Corcel Plc (London AIM: CRCL), the natural resource exploration and
development company, with interests in battery metals including nickel,
cobalt, and rare earth elements, announces that its farm in partner on the Mt.
Weld project, Riversgold Ltd ("RGL"), has completed 3D Inversion Magnetics
work on the existing drill targets at Mt. Weld in order to prepare for an
upcoming drill campaign at the property.
Highlights:
o Magnetic features refined by ground magnetics offer clear drill targets,
only 1.4km from Lynas' Mt Weld rare earth oxide mine
o Maiden eight-hole, 2,000 metre reverse circulation (RC) drill program
designed to test multiple targets to depths of 250 metres
o Approvals being progressed, with aim to commence drilling this quarter
The Company reports that RGL has now released the results of a ground magnetic
geophysical survey on the Company's joint venture tenement, and has confirmed
the validity of multiple magnetic targets and allowed refined planning for
drilling (Figure
1)(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_1-2023-2-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_1-2023-2-19.pdf) ).
The Mt Weld Project is located only 1.4km west-north-west of Lynas Rare
Earths Limited's Mt Weld rare earth oxide (REO) mine near Laverton in Western
Australia (Figure
2)(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_2-2023-2-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_2-2023-2-19.pdf) ) .
Corcel Chief Executive Officer, Scott Kaintz commented: "The first operational
activity following our farm-out of the Mt. Weld project has now been
completed, confirming the immediate prospectivity of the project that we first
observed last year. We look forward to the initial drill campaign beginning
and to developing more projects of this nature, offering investors exposure to
exploration upside at minimal cost to Corcel."
Figure 1: Ground magnetic results with sectional slice, confirm strong drill
targets at T1 to T3 (see Figures 2 and 3 for location information with section
line A-B).
Figure 2: Location of Corcel's Mt Weld Project (P38/4489) with location of
magnetic features T1-4, identified from open file magnetic data, and its
proximity to Lynas's Mt Weld REO Mine.
About the Mt. Weld REE Project
The Mt Weld Project on tenement P34/4489 covers 171 hectares in size and
straddles the mine access road to Lynas's Mt Weld Mine (see Figure 2). The
tenement is predominantly covered by recent transported sediments obscuring
the underlying geology, with four (4) discrete undrilled magnetic features
(T1-T4) (Figure 3)
(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_3-2023-2-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_3-2023-2-19.pdf) ) (see
Figure 1 - 3) which are interpreted to potentially represent carbonatite
intrusives associated with the Mt Weld carbonatite intrusive complex 1.5km to
the east.
As part of RGL's initial exploration works on the Mt Weld Project since the
initial farm-out agreement with Corcel in January 2023, a ground magnetic
survey was undertaken, which has confirmed the magnetic features and has
assisted in the design of a maiden reverse circulation ("RC") program on
T1-T3, with eight holes to be drilled to a depth of 250 metres, for a total of
2,000 metres. Approvals are being progressed, with the aim of commencing
drilling this quarter.
Full details of the farm-out and joint venture agreement with RGL covering the
Mt. Weld project were announced on 4 January 2023.
Figure 3: Open file high resolution magnetic survey - North Sunrise Survey
commissioned by Acacia Resources Ltd completed on 40m line spacing in an east
west orientation with 25m terrain clearance. Section Line A -B can be seen in
Figure 1 as oblique view.
Qualified Persons 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 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
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.
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
APPENDIX I - JORC Tables
The following Tables are provided to ensure compliance with the JORC Code
(2012 Edition) requirements for the reporting of Exploration Results at Mt
Weld.
Section I: Sampling Techniques and Data
(Criteria in this section applies to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific Geometrics G858 Roving magnetometers with CV sensors sampling at 1Hz (2 x
specialised industry standard measurement tools appropriate to the minerals Rovers).
under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad Geometrics G857 Base Station magnetometers sampling the Diurnal field once
meaning of sampling. every 20 seconds.
Include reference to measures taken to ensure sample No sampling undertaken.
representivity and the appropriate calibration of any measurement tools or
systems used.
Aspects of the determination of mineralisation that are Material to the Public No sampling for mineralisation.
Report. In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air No drilling is being reported.
blast, auger, Bangka, sonic etc) and details (e.g. core diameter, triple of
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is orientated and if so, by what method, etc).
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results No drilling is being reported.
assessed.
Measures taken to maximise sample recovery and ensure representative nature of No drilling is being reported.
the samples.
Whether a relationship exists between sample recovery and grade and whether No drilling is being reported.
sample bias may have occurred due to preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have been geologically and geotechnically logged No logging undertaken.
to a level of detail to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core No logging undertaken.
(or costean, channel, etc) photography.
The total length and percentage of the relevant intersections logged. No logging undertaken.
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. No sub-sampling has been undertaken.
If non-core, whether riffled, tube sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample
preparation technique.
Quality control procedures adopted for all sub- sampling stages to maximise No sub-sampling has been undertaken.
representivity of samples.
Measures taken to ensure that the sampling is representative of the in-situ No sub-sampling has been undertaken.
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 No sub-sampling has been undertaken.
sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory No assay data or laboratory tests.
procedures used and whether the technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the
parameters used in determining the analysis including instrument make and
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 or Data was gridded and coloured by Southern Geoscience Consultants for
alternative company personnel. interpretation purposes.
The use of twinned holes. No drilling being reported
Documentation of primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and All locations determined by handheld GPS using GDA94 datum in UTM Zone 51.
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
Data spacing and distribution Data spacing for reporting of Exploration Results. Ground magnetic survey data presented was acquired in January 2023 survey by
Southern Geoscience Consultants Pty Ltd. Data collected at 25m line spacing,
north-south line direction at ~2m sensor height. Equipment utilized:
· Geometrics G858 Roving magnetometers with CV sensors sampling at
1Hz (2 x Rovers)
· Geometrics G857 Base Station magnetometers sampling the Diurnal
field once every 20 seconds
Whether the data spacing and distribution is sufficient to establish the Sampling type not designed to be used in an MRE.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied. No compositing has been applied.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible Survey was walked perpendicular to know structures.
structures and the extent to which this is known, considering the deposit
type.
If the relationship between the drilling orientation and the orientation of No drilling has been undertaken and orientation of mineralised structures is
key mineralised structures is considered to have introduced a sampling bias, unknown.
this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. Data was supplied directly by the contractor and has been reviewed by Southern
Geoscience Consultants.
Audits or reviews The results of any audits or reviews of sampling techniques and data. Data was supplied directly by the contractor and has been reviewed by Southern
Geoscience Consultants.
Section II: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or The prospecting licence P38/4489 is held by Peter Gianni with transfer of
material issues with third parties such as joint ventures, partnerships, title to Corcel Plc in process. A Farm-in and Joint Venture agreement with
overriding royalties, native title interests, historical sites, wilderness or London listed Corcel Plc (Corcel) to earn up to a 70% interest, was announced
national park and environmental settings. on 4 January 2023 with key terms as follows:
· RGL agrees to sole fund A$500,000 during the First Earning Period
(the earlier of 12 months, expenditure met or withdrawal) to earn 50% of the
Project.
· In the event RGL wishes to withdraw during the First Earning
Period, RGL must spend a minimum of A$100,000 within the first six months or
pay the balance of the A$100,000 in cash to Corcel.
· At the conclusion of the First Earning Period and following
notice by RGL to commence the Second Earning Period from, Corcel may elect to
either:
o commence the Second Earning Period during which time RGL must sole fund a
further A$1,000,000 within 12 months to earn an additional 20% interest in the
Project; or
o contribute to expenditure in proportion to their respective interests of
50% each under a joint venture agreement.
The security of the tenure held at the time of reporting along with any known The tenements are in good standing and there are no known impediments to
impediments to obtaining a licence to operate in the area. operate.
Exploration done by Acknowledgment and appraisal of exploration by other parties. No exploration of note has been undertaken.
other parties
Geology Deposit type, geological setting and style of mineralisation. The tenement is located 1.5 km to the west of the Mt Weld Carbonaitite REE
mine, with magnetic features withinP38/4489 potentially associated with this
intrusion.
Drill hole Information A summary of all information material to the understanding of the exploration No drilling being reported.
results including a tabulation of the following information for all Material
drill holes:
· 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 depthhole length.
If the exclusion of this information is justified on the basis that the No drilling being reported.
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.
In reporting Exploration Results, weighting averaging techniques, maximum
and/or minimum grade truncations (eg. cutting of high grades) and cut-off
grades are usually Material and should be stated.
Data aggregation methods Where aggregate intercepts incorporate short lengths of high-grade results and No aggregation methods have been used.
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.
The assumptions used for any reporting of metal equivalent values should be No aggregation methods have been used.
clearly stated.
These relationships are particularly important in the reporting of Exploration No metal equivalent values are being used.
Results. 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').
Relationship between mineralisation widths and intercept lengths Appropriate maps and sections (with scales) and tabulations of intercepts No mineralisation widths have been reported.
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.
Diagrams Where comprehensive reporting of all Exploration Results is not practicable, Location maps of projects within the release with relevant exploration
representative reporting of both low and high grades and/or widths should be information contained.
practiced to avoid misleading reporting of Exploration Results.
Balanced reporting Other exploration data, if meaningful and material, should be reported The reporting of exploration results is considered balanced by the competent
including (but not limited to): geological observations; geophysical survey person. The locations of rock chip samples will be released once assays are
results; geochemical survey results; bulk samples - size and method of returned from the laboratory.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Other substantive exploration data The nature and scale of planned further work (eg. tests for lateral extensions No other exploration to report.
or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions, including the
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
Further work Drilling using Reverse Circulation (RC) technique to investigate magnetic
anomalism identified from ground magnetic survey.
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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