REG - Firering Strategic - Expanded known lithium mineralisation 122% at Atex

Firering Strategic MineralsAnnouncement

02/05/2024 07:00

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RNS Number : 9135M  Firering Strategic Minerals PLC  02 May 2024

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

2 May 2024

Firering Strategic Minerals plc

("Firering" or "the Company")

 

Expanded known lithium mineralisation by 122% at Atex Project in Cote d'Ivoire

 

Assay results include intercept of 15m at 0.74% Li(2)O, including 6m at 1.59%
Li(2)O

 

Firering Strategic Minerals plc, an exploration company focusing on critical
minerals, is pleased to announce assay results from its Reverse Circulation
("RC") campaign at its Atex Lithium-Tantalum Project ("Atex" or "the Project")
in Côte d'Ivoire.

 

HIGHLIGHTS

·    Expanded known lithium mineralisation by 122%, stretching the strike
length to 800m.

o  80m NNE (TVRC0009) and 712m SSW (TVRC0005) from diamond core hole TVDD004.

·    Positive assay results within the Atex license area, with notable
intercepts including 15m at 0.74% Li(2)O from 118m and 6m at 1.59% Li(2)O from
118m (TVRC0009).

·    Assay results confirmed promising lithium potential within the
license area, aligning with the broader lithium exploration success in the
region.

·    Next stage to focus on expanding drilling exploration efforts in an
easterly and northerly direction and delineating a maiden resource at Atex.

 

Yuval Cohen, Chief Executive of Firering, said: "Our recent RC drilling
efforts at Atex have yielded significant extensions to the known lithium
mineralisation, expanding it by 80m in a north-north-easterly direction
(TVRC0009) and 712m in a south-south-westerly direction (TVRC0005). This
brings the total strike length of identified intermittent lithium
mineralisation to 800m, which is a substantial 122% increase from the previous
known strike length of 360m ascertained during our DD campaign in 2022.
Noteworthy assay results include a positive intercept of 15m at 0.74% Li2O
from 118m in hole TVRC0009, which encompasses a 6m section yielding an even
higher grade of 1.59% Li2O.

 

"Our focus is now on expanding exploration efforts in an easterly and
northerly direction within our Atex license area. This will involve increased
drilling activities, with the ultimate goal of delineating a maiden resource
in the near future."

 

DETAILS

Lithium-cesium-tantalum ("LCT") pegmatites within the Atex licence area

The lithium bearing LCT pegmatites within the Atex Project area are hosted
rocks of the Birimian Supergroup within the Syama-Boundiali Greenstone Belt of
northern Cote d'Ivoire. These pegmatites form part of the larger Birimian-age
(~2 Ga) pegmatite province within the Baoulé-Mossi domain of the West African
Craton, which is host to a number of lithium bearing LCT pegmatite fields
including those in southwestern Mali, Ghana, south-western Niger, and Burkina
Faso (Melcher et al., 2017). Ivory Coast and the broader region is considered
to have significant hard rock lithium potential and is demonstrated by the
success of a number of explorers in the region that have advanced lithium
projects for which Mineral Resource estimates and studies have been reported,
including:

 

·    Ewoyaa Lithium Project in Ghana for which Atlantic Lithium (AIM:ALL,
ASX:A11) announced its Definitive Feasibility Study ("DFS") for the project in
June 2023 - (EWOYAA, GHANA - Atlantic Lithium Ltd);

·    Bougouni Lithium Project in southern Mali of Kodal Minerals (AIM:
KOD.L) - Bougouni Lithium Project - Kodal Minerals; and

·    Goulamina Lithium Project in southern Mali for which Leo Lithium's
(ASX:LLL) updated its DFS in December 2021 - Goulamina Project - Leo Lithium
Limited.

 

Firering, currently the only lithium focused exploration company within Cote
d'Ivoire exploring the lithium bearing pegmatites, has focused on the central
and southern parts of the Atex licence. The northern parts of the licence area
and broader region are also considered prospective for pegmatite hosted
lithium mineralisation and will be the focus of Firering's next exploration
activities.

 

On 9 April 2024, gold explorer Desert Metals (ASX:DM1) reported the discovery
of a lepidolite bearing pegmatite from air core drilling in the west of its
Tengrela South licence, which Firering believes is encouraging given this is
approximately 2km north of the northern edge of its Atex licence and 12km NNE
of its key target, Spodumene Hill. The western extremity of the Tengrela South
licence (PR-683) shares its southern boundary with the northern edge of
Firering's Atex licence (PR-777), and the two licences are geologically
contiguous in this area comprising the north-northeast striking metavolcanics
and metasedimentary rocks of the Birimian.

 

RC Assay Results

The Company completed a 23-hole RC drilling campaign for a total of 3,753m
ranging from 80m to 200m depth, averaging 163m (Figure 1) in March 2024.
Although 23 holes were drilled, TVRC0001 and TVRC0002 were abandoned due to
poor recoveries and redrilled as TVRC0009 and TVRC0008 respectively.
Accordingly, the results for the samples of the 21 holes submitted for assay
have all been received and positive intercepts are shown in Table 1.

 

Sections showing significant intercepts in holes TVRC0009, TVRC0020 and
TVRC0005 are shown in Figure 3 and Figure 4 respectively.  A plan view of the
location of the sections is shown in Figure 2.

 

Figure 1: Map showing RC collars (2024 campaign) and DD collars (2022
campaign).

 

 

 

Table 1: Positive intercepts (in bold) reported for completed RC holes.

Note: Significant intercepts for pegmatite ≥1m and with sample interval(s)
≥0.5% Li2O. Intercepts represent apparent widths and not true widths.
Apparent width will be greater than true width and the relationship between
apparent and true width has not yet been established. * Intercepts include 1m
of mixed mafic schist and pegmatite along top and/or bottom contacts.

 

Figure 2: Plan view of the two sections A-B and C-D shown in Figure 3 and
Figure 4 respectively.

Figure 3: Section looking southwest showing significant intercepts in holes
TVRC0009 and TVRC0020. Note: Section A - B in Figure 3 shows significant
intercepts in hole TVRC0009 and TVRC0020 in relation to the current geological
interpretation. Intercepts show apparent thickness, not true thickness.

Figure 4: Section looking southwest showing significant intercept in holes
TVRC0005. Note: Section C - D in Figure 4 shows significant intercept in hole
TVRC0005 in relation to the current geological interpretation. Intercept shows
apparent thickness, not true thickness.

 

Drilling, Logging, Sampling and QA/QC

The drill holes are sited using a hand-held GPS (Global Positioning System
device) within the tenement areas. On completion of the drilling, the final
coordinates, and elevations of drillhole collars are also collected using a
handheld GPS.

 

The RC drilling producing rock chips core has been utilised to sample the
pegmatite below ground surface. Drilling was done using an Atlas Copco T3W RC
drill rig with a 5.5 inch (140 mm) steel percussion hammer to drill from
surface to sample through to fresh rock to a maximum down hole depth of 200 m.
Drill chips were collected at 1m intervals from the start to the end of each
hole. A small split from each intervals was washed, and a library of drill
chips collected down each hole at 1 m intervals, and were qualitatively logged
(i.e. lithology, weathering, and mineralogy). A sample of the drill chips were
also laid out on a pallet on site and photographed. All drill chips in the
chip trays were photographed both in dry and wet states, with the photographs
stored in the database.

 

All intervals containing pegmatite material are split using a riffle splitter
at the rig. Splits were collected for analysis and a duplicate split was
collected every 50th sample. A split of the rejects has been retained as a
reference sample. All host rock (i.e. non-pegmatite) intervals were also
split, and a reference sample retained. All bulk samples were weighed prior to
splitting to monitor recoveries, and wet or damp samples were first air dried,
weighed and then split at Firering's core yard in Tounvre.

 

The samples were crushed to -2mm and pulverised at the Intertek Preparation
Laboratory, Cote d'Ivoire to 85% passing -75 microns. Sample pulps are
exported to Perth, via Ghana, where pulps are fused with sodium peroxide and
analysed by ICP-OES and ICP-MS to report 19-elements. (Intertek code FP6/MS
and FP6/OE). QA/QC comprising alternating Certified Refence Materials (CRM)
are inserted every 25th sample and blanks (silica chips) inserted every 33rd
sample into the samples stream as well as alternating field duplicates
(comprising a split from the RC sample rejects) and pulp duplicates are
inserted every 25th sample into the sample stream sent to the laboratory to
monitor the sampling methodology and laboratory performance as part of QA/QC
compliance.

 

These QA/QC results were assessed upon receipt of analyses, checked and, if
acceptable, imported into the Company's exploration database. Follow-up with
the laboratory is instigated in cases were any QA/QC sample fails the QA/QC
parameters. No areas of concern were identified in the results being reported.

 

Geology

The area is located in the western limit of the Bagoé Basin within a
southwest to north-south orientated arcuate belt of metavolcanic and
metasedimentary rocks of the Birimian Supergroup that are surrounded by
Eburnean-aged granitoids, including undeformed K-feldspar porphyritic
monzogranites, which are temporally associated with the pegmatites in the
region. The pegmatites within Atex are hosted in mafic schists, although some
minor mica schist is also present, and comprise a series of steeply dipping
north-northeast striking bodies. Less common are smaller east-west orientated
pegmatites.

 

Work to date by Firering has identified several pegmatite bodies around
Spodumene Hill that were the focus of the initial diamond core drilling
campaign completed in 2022. Several of these pegmatites have been identified
to be potentially lithium bearing, with the lithium hosted in spodumene and
lepidolite.

 

Subsequent soil sampling and auger drilling completed in 2023 identified a
number of additional pegmatite targets, which can be found at fireringplc.com:

·    22 June 2023 -
64940aeb5e64e_Exploration_Update_Atex_Lithium-Tantalum_Project.pdf;

·    11 July 2023 -
64ad0989af4e2_Phase_II_of_Auger_Drilling_Campaign_commenced_successfully.pdf;
and

·    25 October 2023 -
6538d2be755b3_Commencement_of_Part_2_of_Phase_II_5000m_auger_drilling_campaign_at_Atex.pdf.

 

This RC drilling programme focused on testing the strike extensions to the
north and south of Spodumene Hill as well as a number of the pegmatites to the
south of Spodumene Hill that were identified in the more recent soil sampling
and Phase II auger drilling completed in 2023.

 

Competent Person

In accordance with the AIM Note for Mining and Oil and Gas Companies, Firering
discloses that Michael Cronwright of ERM Ltd is the Competent Person that has
reviewed the technical information contained in this document. Michael
Cronwright has a Pr.Sci.Nat with the South African Council for Natural
Scientific Professions ("SACNASP") and is a member in good standing with
SACNASP. Mr Cronwright has the appropriate relevant qualifications,
experience, competence, and independence to act as a Competent Person as
defined in the 2012 Edition of the "Australian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Michael Cronwright
consents to the inclusion of the information in this announcement in the form
and context in which it appears.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

*** ENDS ***

 

For further information visit www.fireringplc.com or contact:

 

 Firering Strategic Minerals                          Tel: +44 20 7236 1177

 Yuval Cohen

 SPARK Advisory Partners Limited (Nominated Adviser)  T: +44 20 3368 3550

 Neil Baldwin / James Keeshan / Adam Dawes
 Optiva Securities Limited (Joint Broker)             T: +44 20 3137 1903

 Christian Dennis / Daniel Ingram
 Shard Capital Partners LLP (Joint Broker)            T: 020 7186 9950

 Damon Heath / Erik Woolgar
 St Brides Partners Limited (Financial PR)            E: firering (mailto:firering) @stbridespartners.co.uk

                                                    (mailto:firering@stbridespartners.co.uk)
 Isabel de Salis / Susie Geliher / Isabelle Morris

 

Notes to Editors:

 

Firering Strategic Minerals

Firering Strategic Minerals plc is an AIM-quoted mining company focused on
exploring and developing a portfolio of mines producing strategic minerals in
Côte d'Ivoire, specifically 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's main focus is working together with Australian
diversified minerals company Ricca Resources to advance development at Atex
with a view to establishing a maiden lithium resource and then progressing a
Lithium project through to DFS. Firering is also assessing pilot scale
production of ethically sourced tantalum and niobium to generate early
revenues and support further exploration work. Should pilot production be
successful, a large-scale tantalum production facility may be developed, 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.  Firering also has an option to acquire up to 28.33% of Limeco
Resources Limited, the owner of a Limestone project located 22km west of
Lusaka in Zambia.

 

Glossary of Technical Terms

 

 Lepidolite                         Lepidolite is a purple to lilac-grey or rose-coloured member of the mica group
                                    of minerals. It has chemical formula K(Li,Al)3(Al, Si)4O10(F,OH)2. It is part
                                    of the polylithionite, lepidolite, and trilithionite group of minerals, which
                                    share similar properties but have varying ratios of lithium and aluminium in
                                    their chemical formulas and a potential secondary source of lithium.
 ICP-OES                            Inductively coupled plasma-optical emission spectroscopy.
 ICP-MS                             Inductively coupled plasma mass spectrometry.
 Li                                 Lithium.
 Li2O                               Lithium Oxide (Lithia) - an inorganic lithium compound used to assess lithium
                                    minerals. Relationship between Li and Li2O: Li2O = Li x 2.153
 Metasediments                      Sedimentary rocks that have been metamorphosed.
 Metavolcanics                      Volcanic rocks that have been metamorphosed.
 Pegmatite                          An igneous rock typically of granitic composition, which is distinguished from
                                    other igneous rocks by the extremely coarse size of its crystals, or by an
                                    abundance of crystals with skeletal, graphic, or other strongly directional
                                    growth habits, or by a prominent spatial zonation of mineral assemblages.
 pXRF                               Portable X-ray Fluorescence handheld device that uses X-rays to excite matter
                                    at the atomic level for determining approximate chemical compositions. A built
                                    in CPU and display on the back of the unit provide live geochemical results
                                    within seconds.
 QA/QC                              Quality assurance and quality control. Use to assess the accuracy and
                                    reliability of assay results.
 Reverse Circulation (RC) drilling  Reverse circulation is a percussion drilling method whereby compressed air is
                                    circulated down the annulus of  the drill rod string (made up of dual wall
                                    drill rods) to power a pneumatic  piston which drives tungsten-steel drill
                                    bit designed to crush hard rock. The drill cuttings (rock chips) are returned
                                    to surface along the inner tube of the drill rods by the compressed air.
 Spodumene                          Spodumene is a pyroxene group mineral with a chemical formula of LiAlSi2O6.
                                    Spodumene is mined from pegmatites and concentrates produced which are the one
                                    of the primary sources of lithium.
 Ta                                 Tantalum.
 XRD                                x-Ray diffraction (XRD), or x-ray powder diffraction, utilizes x-ray radiation
                                    on crystalline organic and inorganic samples. The rays are diffracted in a
                                    pattern determined by the position, arrangement, and size of the constituents
                                    of the crystal.

 

Appendix - Table of Drillhole Collar Locations

 

 Hole_ID   Coordinate system  Easting (m)  Northing (m)  RL (m)  Depth (m)
 TVRC0001  WGS84_UTM29N       775186       1097803       398     186
 TVRC0002  WGS84_UTM29N       775337       1097722       401     160
 TVRC0003  WGS84_UTM29N       775258       1097140       408     156
 TVRC0004  WGS84_UTM29N       775398       1096922       419     130
 TVRC0005  WGS84_UTM29N       775316       1096950       419     156
 TVRC0006  WGS84_UTM29N       775183       1096833       419     156
 TVRC0007  WGS84_UTM29N       775174       1096656       417     200
 TVRC0008  WGS84_UTM29N       775335       1097714       411     200
 TVRC0009  WGS84_UTM29N       775189       1097800       398     172
 TVRC0010  WGS84_UTM29N       775323       1097799       407     200
 TVRC0011  WGS84_UTM29N       775207       1097877       400     180
 TVRC0012  WGS84_UTM29N       774514       1096045       412     180
 TVRC0013  WGS84_UTM29N       774896       1095906       392     132
 TVRC0014  WGS84_UTM29N       774730       1096384       414     170
 TVRC0015  WGS84_UTM29N       774946       1096301       410     200
 TVRC0016  WGS84_UTM29N       775194       1096139       436     150
 TVRC0017  WGS84_UTM29N       774289       1094591       436     140
 TVRC0018  WGS84_UTM29N       774467       1094527       435     142
 TVRC0019  WGS84_UTM29N       774423       1092932       412     80
 TVRC0020  WGS84_UTM29N       775233       1097770       397     200
 TVRC0021  WGS84_UTM29N       775142       1097830       397     200
 TVRC0022  WGS84_UTM29N       774634       1092854       406     83
 TVRC0023  WGS84_UTM29N       772593       1095985       417     180

 

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