REG - Firering Strategic - Commencement of Diamond Drilling Programme at Atex

Firering Strategic MineralsAnnouncement

28/06/2022 07:01

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RNS Number : 3505Q  Firering Strategic Minerals PLC  28 June 2022

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

 

28 June 2022

 

Firering Strategic Minerals plc

("Firering" or "the Company")

Commencement of Diamond Drilling Programme at Atex

 

Firering, an exploration company focusing on critical minerals is pleased to
confirm FOREMI (part of Foraco International SA ("Foraco")), the diamond
drilling contractor has arrived on site and commenced work at our flagship
Atex dual Lithium-Tantalum Project ("Atex"), in Côte d'Ivoire.

 

Highlights:

 

·    Diamond drilling at potentially lithium bearing pegmatite targets
marks the next crucial phase of exploration at Atex. Phase one, comprising
detailed geological mapping, auger drilling and soil sampling, was completed
by SEMS Exploration and Royal Mining with results confirming a pegmatite zone
of at least 13 km x 4 km (NNE-SSW-oriented field), much larger than
anticipated.

·    FOREMI to spearhead 3,000m of diamond drilling - 11 drill targets
identified around and along strike from Spodumene Hill to intercept these
pegmatites at Atex.

·    The Board is confident that Atex could be the next significant
lithium project in West Africa, an underexplored region, fast growing in
popularity for its plentiful natural resources.

 

Yuval Cohen, CEO of Firering, said:

 

"The arrival of FOREMI's drilling team on site marks a huge leap ahead in
Atex's lithium exploration journey.

 

"This first phase of our diamond drilling programme, we believe, will confirm
the presence of lithium bearing pegmatites and assist us in our goal to
achieve a maiden resource estimate for Atex once all the drilling phases have
been completed.

 

"Côte d'Ivoire is an exciting mining destination as evidenced by recent
corporate activity, including Newmont's strategic investment in junior Awalé
Resources, coupled with its rich mineral resources and supportive government,
which bodes well for Atex's future prospects as an early mover in the West
African lithium development race.

 

"With the price of lithium remaining robust, now is the time to push ahead at
Atex, to meet the forecasted demand for lithium-ion batteries to fuel the EV
and energy storage revolution."

 

*** 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 / Daniel Ingram
 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 exploration company focused
on exploring and developing a portfolio of mines producing critical minerals
in 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 is planned to be developed depending on pilot plant test results,
which would 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
Côte d'Ivoire, supplying the EV battery, the high tech electronics and other
fast-growing end markets. The Company also recently acquired a 100% interest
in the Toura nickel-cobalt licence application located in western Côte
d'Ivoire, adding to its portfolio of critical mineral assets.

 

About FOREMI

Based in Côte d'Ivoire, FOREMI is a joint venture between SODEMI (Société
pour le Développement Minier de la Côte d'Ivoire) and TSE-listed Foraco, the
French-headquartered drilling services company.  Foraco 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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