REG - Critical Metals PLC - Phase 1 Diamond Drill Programme

Critical MetalsAnnouncement

21/09/2023 07:00

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RNS Number : 1309N  Critical Metals PLC  21 September 2023

Critical Metals plc / EPIC: CRTM / Market: Main Market

 

 

21 September 2023

 

Critical Metals plc

("Critical Metals" or the "Company") 

 

Molulu Drilling Update: Phase 1 Diamond Drill Programme

 

First drill hole intercepts 13.02% copper

 

 

Highlights:

 

·    Results from first hole - Drill hole DD-1-01 intersected high grade
copper mineralisation of 13.02%, 6.77% and 5.42% from 10.80 meters to 15.83
meters deep

·    Results from Diamond Drilling ("DD") programme takes the Company a
major step closer to a JORC compliant resource

·    Results from the other nine holes are expected imminently

·    Phase 2 and Phase 3 Diamond Drilling campaign planned to define
further target areas and expand resource

 

Critical Metals plc, a mining investment company established to acquire mining
opportunities in the critical and strategic metals sector, is pleased to
provide an update on its Phase 1 diamond drilling programme ("DD") at the
Company's Molulu copper/cobalt asset Molulu ("Molulu" or the ("Molulu
Project") in the Democratic Republic of the Congo ("DRC").

 

The diamond drilling programme which focusses on Phase 1 of three areas
identified by mapping and geophysics analysis completed earlier in the year,
consists of 1000 meters of drilling the oxide zone and is aimed to increase
the understanding of the Molulu Project, identify other potential targets and
increase the mineral resource.

 

The Company is underway with Phase 1 of the DD programme with more than 100
meters drilled, with some significant shallow copper intersections, notably
drill hole DD-1-01 which intersected high grade copper mineralisation of
13.02%, 6.77% and 5.42% from 10.80 meters to 15.83 meters deep.

Results from the other nine drill holes within the DD programme are
anticipated imminently as the Company progresses towards obtaining a JORC
compliant resource.  To this end, the Company is planning to start drilling
at Phase 2 and Phase 3 once Phase 1 drilling is complete.

 

 

Commenting on the results, CEO Russell Fryer said:

 

"It has been a very successful start to our drilling programme with a high
grade interception of copper mineralisation of 13.02% on our first hole.
Further work is needed to fully understand the potential of our ore body,
which has been accelerated by our decision to bring in a second drill rig this
week.

 

"We look forward to receiving the results from the remaining nine diamond
drill holes which will help us define the next drilling targets.  The
high-grade sulphide zone is just one of several zones with the potential to
offer a secondary source of copper feed to the market. It is an exciting time
for the Company as it gets closer to JORC compliant mineral resource."

 

Figure 1: Diamond drilling at Molulu, phases 1/2

 

 

 

 

 

 Table 1: Drill Hole Intersections
 10.80 m  0.30%
 11.00 m  0.17%
 11.20 m  0.30%
 11.43 m  2.34%
 11.63 m  0.19%
 12.24 m  0.43%
 12.33 m  2.12%
 13.00 m  1.10%
 13.10 m  1.12%
 13.25 m  0.88%
 13.75 m  0.78%
 13.85 m  5.42%
 13.95 m  0.63%
 14.00 m  2.00%
 14.38 m  2.40%
 14.40 m  2.16%
 14.42 m  2.65%
 14.46 m  4.80%
 14.50 m  1.99%
 14.51 m  13.02%
 14.53 m  1.95%
 14.60 m  1.70%
 14.70 m  1.50%
 14.75 m  4.88%
 14.77 m  6.77%
 14.80 m  1.27%
 14.85 m  3.65%
 15.07 m  2.28%
 15.68 m  0.75%
 15.75 m  1.55%
 15.83 m  0.30%

 

 

**ENDS**

 

 

For further information on the Company please visit www.criticalmetals.co.uk
(http://www.criticalmetals.co.uk/)  or contact:  

 

 Critical Metals plc

 Russell Fryer, CEO                               Tel: +44 (0)20 7236 1177
 Peterhouse Capital Limited

 Corporate Broker

 Lucy William / Charles Goodfellow                Tel: +44 (0)20 7469 0936 / +44 (0)20 7220 9797

 St Brides Partners Ltd

 Financial PR

 Catherine Leftley /Ana Ribeiro/Isabelle Morris   Tel: +44 (0)20 7236 1177

 

 About Critical Metals

Critical Metals PLC has acquired a controlling 100% stake in Madini Occidental
Limited, which holds an indirect 70% interest in the Molulu copper/cobalt
project, an ex-producing medium-scale asset in the Katangan Copperbelt in the
Democratic Republic of Congo. In line with its investment strategy of focusing
primarily on known deposits, targeting projects with low entry costs and the
potential to generate short-term cash flow; the Company intends to produce
120,000t/per annum of Copper Oxide Ore.

 

The Company will continue to identify future assets that are in line with its
stated acquisition objective of low CAPEX and OPEX projects with near-term
production, concentrating on minerals that are perceived to have strategic
importance to future economic growth and generate significant value for
shareholders.

 

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