REG - Firering Strategic - Appointment of Diamond Drilling Contractor at Atex

Firering Strategic MineralsAnnouncement

12/04/2022 07:16

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RNS Number : 0371I  Firering Strategic Minerals PLC  12 April 2022

Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

 

12 April 2022

 

Firering Strategic Minerals plc

("Firering" or "the Company")

Appointment of Diamond Drilling Contractor at Atex

 

Firering, an exploration company focusing on critical minerals, announces the
appointment of FOREMI (part of Foraco International SA ("Foraco")), as its
diamond drill contractor for the planned 3,000m drilling campaign at its
flagship Atex dual Lithium-Tantalum Project ("Atex"), in the Côte d'Ivoire.

 

Highlights:

 

·    FOREMI to spearhead 3,000m of diamond drilling scheduled to commence
in mid-Q2 2022 - 11 drill targets identified to intercept the potentially
lithium bearing pegmatite veins at Atex.

·    Auger drilling, soil sampling and mapping work of the Atex licence
area has indicated continuation of the potential lithium bearing pegmatites on
either side of Spodumene Hill as well as more lepidolite floats (see RNS
earlier today).

·    Diamond drilling at lithium bearing pegmatite targets marks the next
crucial phase of exploration at Atex. Phase one, comprising of auger drilling
and soil sampling, was completed by Royal Mining with results validating the
recent interpretation of the strike extent of the pegmatites on both sides of
Spodumene Hill deposit (see RNS earlier today).

·    Lithium prices surging ahead - battery-grade lithium carbonate (EXW
China, ≥99.5% Li2CO3) averaging $76,700/tonne in March 2022, up 95% since
the beginning of 2022 and 500% year-on-year.

 

Yuval Cohen, CEO of Firering, said:

"The appointment of FOREMI marks another major milestone for Firering as we
embark on the next all-important phase of core drilling at our flagship Atex
dual Lithium-Tantalum Project to intercept fresh pegmatite. The world urgently
needs more critical minerals, and we believe that the Atex Project has the
potential to become the next major lithium resource in West Africa.

 

"FOREMI is a highly reputable drilling contractor with extensive experience in
West Africa with tier-one miners and we look forward to working with them on
site in the months ahead as we progress Atex to the next phase."

 

*** ENDS ***

 

For further information and updates on Firering's exploration programme, visit
www.fireringplc.com or contact the following:

 

 Firering Strategic Minerals                 Tel: +44 20 7236 1177

 Yuval Cohen

 Tim Daniel
 SPARK Advisory Partners Limited             Tel: +44 20 3368 3550

 Nominated Adviser

 Neil Baldwin / James Keeshan / Adam Dawes
 Optiva Securities Limited                   Tel: +44 20 3137 1903

 Broker

 Christian Dennis / Jeremy King
 St Brides Partners Limited                  T: +44 20 7236 1177

 Financial PR                                E: firering (mailto:firering@stbridespartners.co.uk) @stbridespartners.co.uk

                                           (mailto:firering@stbridespartners.co.uk)
 Oonagh Reidy / Ana Ribeiro

 

Notes to Editors:

 

About Firering Strategic Minerals

Firering Strategic Minerals plc is an AIM-quoted mining company focused on
exploring and developing a portfolio of mines producing critical minerals in
the Côte d'Ivoire including lithium and tantalum to support the global
transition to net zero emissions. It operates the Atex Lithium-Tantalum
Project in northern Côte d'Ivoire, which is prospective for both lithium and
tantalum.  Firering intends to advance development at Atex with a view to
establishing a maiden Lithium resource and a pilot scale production of ethical
tantalum and niobium production within 18 months to generate early revenues
and support further exploration work.  A large-scale tantalum production
facility will be developed following pilot results, which will be supported by
a debt facility of FCFA 5,057,000,000 (approximately €7,500,000) currently
under negotiation to fund the entire scale-up plan to develop a portfolio of
ethically sourced mineral projects in the Côte d'Ivoire, supplying EV
batteries, high tech electronics and other fast-growing end markets. The
Company also recently a 100% interest in the Toura nickel-cobalt licence
application located in western Côte d'Ivoire, adding to its asset portfolio
of critical minerals.

 

About FOREMI

Based in Côte d'Ivoire, FOREMI is a joint venture between SODEMI (Société
pour le Développement minier en Côte d'Ivoire) and TSE-listed Foraco, the
French-headquartered drilling services company.  The mining explorer has a
strong record in-country with a focus on a variety of commodities, and has
completed drilling campaigns for a number of exploration and mining companies
in Africa, including tier-one miners Endeavour Mining, Barrick Gold, Centamin,
Montage Gold and Tata Steel.

 

 

 

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