REG - Corcel PLC - Rare Earth Project Option

CorcelAnnouncement

19/10/2022 07:00

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RNS Number : 3819D  Corcel PLC  19 October 2022

Corcel PLC

("Corcel" or the "Company")

 

Rare Earth Project Option

 

Laverton, Western Australia

 

19 October 2022

 

Corcel Plc (London AIM: CRCL), the natural resource exploration and
development company, with interests in battery metals and flexible energy
generation and storage, announces that it has signed an exclusive 45-day
option to acquire 100% ownership of the "Mt Weld (P38/4489) Project,"  a
granted mineral tenement, located only 1.4 km (0.9 miles) west-north-west of
Lynas Rare Earths Limited's ("Lynas")(ASX: LYC) 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 (Fig 1:
http://www.rns-pdf.londonstockexchange.com/rns/3819D_1-2022-10-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3819D_1-2022-10-19.pdf) ). 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 1  (#_ftn1) and warrant further
investigation (Fig 2:
http://www.rns-pdf.londonstockexchange.com/rns/3819D_2-2022-10-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3819D_2-2022-10-19.pdf) ).

Chief Executive Officer, Scott Kaintz commented: "The Rare Earth Element
sector is robust and demand for REE's is growing worldwide for use in critical
electronics, super-magnets and key defence technologies.  Multiple countries
including the USA have sought, amidst rising world geopolitical tensions, to
diversify sources of REEs, targeting locations such as Australia as expanding
producers.

 

The Mt. Weld (P38/4489) Project appears to have four undercover targets
amenable to immediate drilling.  The tenement is fully granted, and existing
access is excellent, which bodes well for a quick option assessment and
potential drill programme.  Immediate plans are to complete our due diligence
during the exclusive option period, which will include reprocessing the
existing geophysics to refine priority targets. Should these targets prove to
be carbonatites, similar to Lynas's Mt Weld, we believe we will have a very
exciting new project for Corcel's exploration portfolio."

 

Transaction Details:

 

Corcel has signed an exclusive 45-day option to acquire the Mt Weld (P38/4489)
Project and has agreed to pay the vendors a non-refundable option payment of
£15,000. Corcel has commenced due diligence on the project and intends to
complete this during the 45-day option period.  Following Corcel exercising
the option to proceed to acquire the project, the Company will issue the
vendors (Peter Romeo Gianni, Geonomics Australia Pty Ltd and David Anthony
Lenigas) 50,000,000 new ordinary shares ("Acquisition Shares") at a deemed
issue price of 0.4p equating to £200,000 in aggregate.

 

None of the vendors are a related party to Corcel.

 

Qualified Persons Statement:

 

The information in this announcement that relates to the Exploration Results
for the Mt Weld Project is based on information compiled and fairly
represented by Mr Robert Jewson, who is a Member of the Australian Institute
of Geoscientists and is a vendor of the Mt Weld Project. Mr Jewson has
sufficient experience relevant to the style of mineralisation and type of
deposit under consideration, and to the activity which he has undertaken, to
qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore
Reserves Committee (JORC) Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Mr Jewson consents to the
inclusion in this report of the matters based on this information in the form
and context in which it appears.

 

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

Simon Woods 0207 3900 230
                 Vigo Communications IR

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.

 1  (#_ftnref1) North Sunrise Survey commissioned by Acacia Resources Ltd
completed on 40m line spacing in an east west orientation with 25m terrain
clearance

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