REG - Corcel PLC - Wowo Gap Nickel-Cobalt Exploration License Renewal

CorcelAnnouncement

07/03/2023 12:00

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RNS Number : 1735S  Corcel PLC  07 March 2023

 

Corcel PLC

("Corcel" or the "Company")

 

Wowo Gap Nickel-Cobalt Exploration License Renewal

7 March 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 it has received formal renewal
of Exploration License 1165 ("EL 1165"), now valid through February 2024.
Corcel retains a 100% interest in the project, and is currently in the process
of restructuring this interest into an Asian based joint venture as most
recently announced on 1 March 2023.  Further updates on progress at Wowo Gap
and on completion of the overall restructuring effort will be made in due
course.

Corcel Chief Executive Officer, Scott Kaintz commented: "After several years
of COVID related delays this renewal now brings permitting fully up to date at
Wowo Gap and enables the project to move forward accordingly and ultimately
together with our new partners under the Integrated Battery Metals structure
in Asia."

Further Information on Wowo Gap

The Project is located 200km from the Papua New Guinea capital of Port
Moresby.  Exploration at the Project dates back to the 1950s and has
consisted of multiple drilling programmes, including diamond drilling, wacker
holes and ground penetrating radar activities.   Project activity of late
has focused on maintaining commitments for the exploration licence, including
site-based activities such as maintenance of the existing infrastructure and
equipment, so as to facilitate a ready state for future exploration and
development which is likely to be focused on a potential direct shipping ore
operation.

 Lithology Type      Classification  Million Tonnes  Ni%   Co%   Thousand Tonnes contained Ni  Thousand Tonnes Contained Co
 Limonite/Saprolite  Indicated       63              0.85  0.08  540                           50
                     Inferred        9               0.84  0.07  76                            6.3
 Rocky Saprolite     Inferred        38              0.75  0.02  280                           7.6
 Total               Indicated       63              0.85  0.08  540                           44
                     Inferred        47              0.77  0.03  360                           14
                     Total           110             0.81  0.06  890                           66

Table 1. Wowo Gap JORC 2012 Mineral Resource Estimate by lithology type and
classification at 0.7% Ni cut-off.

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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