REG - Corcel PLC - Mt. Weld Update

CorcelAnnouncement

28/03/2024 13:30

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RNS Number : 7602I  Corcel PLC  28 March 2024

 

Corcel PLC

("Corcel" or the "Company")

 

Mt. Weld Update

28 March 2024

Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production
company, announces an update to its Mt. Weld rare earth element project,
located 1.5km west/north-west of Lynas Rare Earth Element's Mt. Weld rare
earth oxide mine, near Laverton, Western Australia.

Corcel's partner, Riversgold Limited (ASX:RGL) has informed the Company of its
withdrawal from the Mt. Weld earn-in agreement, as part of a much larger
tenement rationalisation process undertaken by RGL.

This decision will leave the Company with an 80% interest in the project, with
the balance of 20% being held by Extraction Srl, an entity in which Corcel's
Executive Chairman, Antoine Karam, owns 45%.

With the current and future shareholdings now clarified, the Company is
assessing its options and next steps regarding further development of the
project.

Corcel Executive Chairman, Antoine Karam, commented: "We thank our partners at
Riversgold for driving Mt. Weld forward over the past year, including
management of the initial drilling campaign at the project.  While it is
clear Riversgold's significant project rationalisation effort moves them to
focus on other avenues, primarily lithium, it leaves Corcel with ultimate
control of the project's next steps."

 

About the Mt. Weld REE Project

The "Mt Weld (P38/4489) Project," consists of 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.  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:

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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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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