REG - Corcel PLC - Mt Weld Rare Earth Element Drill Campaign Underway

CorcelAnnouncement

02/05/2023 07:15

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RNS Number : 9832X  Corcel PLC  02 May 2023

 

Corcel PLC

("Corcel" or the "Company")

 

Mt. Weld Rare Earth Element Drill Campaign Underway - TVR

2 May 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 its joint venture partner,
Riversgold Limited ("RGL") has begun a drill campaign at the Mt. Weld Rare
Earth Elements project in Western Australia.

Highlights

 

o  Drilling has begun on tenement P34/4489 immediately adjacent (1.5km) to
Lynas' globally significant Mt Weld rare earths mine

 

o  Contractor appointed to undertake initial seven-hole, ~2,000m reverse
circulation drilling programme expected to take several weeks with the option
to expand meterage

 

o  Programme will test three discrete magnetic anomalies that may represent
extensions of the Mt Weld carbonatite intrusive complex

Scott Kaintz, Corcel CEO, commented:

"Following the Farm Out Agreement with Riversgold earlier this year, the RGL
team now has the drill bit turning, which in the coming weeks will provide
initial exploration results at the property.  The outcome at Mt. Weld have
been fully derisked to Corcel investors offering attractive potential upside,
and the Company looks forward to making further announcements on progress in
due course."

Programme Summary

 

RGL has appointed a drilling contract to complete an initial seven-hole,
~2,000m reverse circulation drilling program on Mt. Weld tenement P34/4489.
The program will test three discrete magnetic features confirmed through
ground magnetic surveying.

 

The Mt. Weld Project on tenement P34/4489 covers 171 hectares and 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) interpreted to potentially represent carbonatite intrusives associated
with the Mt Weld carbonatite intrusive complex 1.5km to the east.

 

A Farm-in and Joint Venture agreement with RGL was announced on 4 January
2023, allowing RGL to fund the first work programme of AUD 500,000 to earn
into a 50% interest in the project.

Figure 1: Ground Magnetic results with sectional slice, confirm strong drill
targets at T1 to T3 (See Figure 2 and Figure 3 for location information and
Figure 3 with section line A-B) with 7 drill holes to a depth of ~250m-300m
being designed for a 2,000m drill program.
http://www.rns-pdf.londonstockexchange.com/rns/9832X_1-2023-5-1.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9832X_1-2023-5-1.pdf)

Figure 2: Location of Mt Weld Project (P38/4489) with location of four
magnetic features T1-4, identified from open file magnetic data, and its
proximity to Lynas's Mt Weld REO Mine. T1 to T3 have been confirmed by ground
magnetics as strong targets with 7 drill holes to a depth of ~250m-300m being
designed for a 2,000m drill program.
http://www.rns-pdf.londonstockexchange.com/rns/9832X_2-2023-5-1.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9832X_2-2023-5-1.pdf)

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.
http://www.rns-pdf.londonstockexchange.com/rns/9832X_3-2023-5-1.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9832X_3-2023-5-1.pdf)

Total Voting Rights: Canegrass

 

Application has now been made for 50,000,000 new ordinary shares to be
admitted to trading on AIM in connection with the Canegrass lithium project
acquisition announced on 4 April 2023 and it is expected that their admission
to AIM will take place on or around 9 May 2023 ("Admission").

 

Following Admission, the Company's total issued share capital will consist of
941,361,292 Ordinary Shares, with one voting right per share. The Company does
not hold any shares in treasury. Therefore, the total number of Ordinary
Shares and voting rights in the Company will be 941,361,292 from Admission.
This figure may be used by shareholders in the Company from admission as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change in their interest in, the
share capital of the Company pursuant to the FCA's Disclosure Guidance and
Transparency Rules.

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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