REG - Corcel PLC - Mt. Weld Project Option Exercise

CorcelAnnouncement

05/12/2022 07:00

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RNS Number : 5225I  Corcel PLC  05 December 2022

Corcel PLC

("Corcel" or the "Company")

 

Mt. Weld Project Option Exercise

 

 

05 December 2022

 

Corcel Plc (London AIM: CRCL), the natural resource exploration and
development company, with primary interests in battery metals, announces that,
further to its announcement of 19 October 2023, it has exercised its option to
acquire 100% ownership of the "Mt Weld (P38/4489) Project," a granted mineral
tenement, located 1.4 km (0.9 miles) west-north-west of Lynas Rare Earths
Limited's Mt. Weld REE Mine near Laverton in Western Australia.

 

Chief Executive Officer, Scott Kaintz commented: "Formally acquiring this
very attractive tenement immediately adjacent to Lynas Rare Earth's sizeable
REE mine, begins a process of expansion of Corcel's primary battery metals
exposure following the recent agreement to restructure our current PNG
nickel-cobalt interests.  We look forward to working with our new technical
partners on planning and executing a high-impact drill campaign in early
2023."

 

Transaction Details:

 

Corcel will now proceed to issue the vendors (Peter Romeo Gianni, Geonomics
Australia Pty Ltd and David Anthony Lenigas) 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 Annual General Meeting, currently scheduled for 22
December 2022 at 1000 with an additional announcement expected to be made in
due course.

 

Mt. Weld Background:

The Project covers 171 hectares in size and the tenement straddles the mine
access road to Lynas's Mt. Weld Mine.  The tenement is predominantly covered
by recent transported sediments obscuring the underlying geology. Four
discrete undrilled magnetic features, potentially representing carbonatite
intrusive complexes have been interpreted from open file high resolution
magnetic surveys and warrant further investigation.

For further information, please contact:

Scott Kaintz 020 7747
9960
      Corcel Plc CEO

James Joyce / Andrew de Andrade 0207 220 1666
   WH Ireland Ltd NOMAD & Broker

Patrick d'Ancona  0207 3900
230
                  Vigo Communications IR

 

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