REG - Firering Strategic - Further Near Surface High-Grade Assays from Atex
15/12/2022 07:00
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RNS Number : 7630J Firering Strategic Minerals PLC 15 December 2022
Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining
15 December 2022
Firering Strategic Minerals plc
("Firering" or "the Company")
Further Near Surface High-Grade Assays from Atex Lithium- Tantalum Project
Final Set of Assay Results Include Significant Intercept of 25m @ 1.39% Li(2)O
Firering Strategic Minerals plc ("FSM"), an exploration company focusing on
critical minerals, is pleased to announce the final set of assay results from
its maiden scout diamond drill programme at its flagship Atex Lithium-Tantalum
Project ("Atex"), in Côte d'Ivoire.
Highlights:
· Positive results received from the final assays from scout drilling
include:
o 25m at 1.39% Li(2)O from 77m in hole TVDD0018, including:
§ 18m at 1.85% Li(2)O from 80m.
o 7m at 1.33% Li(2)O from 60m in hole TVDD0019.
o 21m at 0.73% Li(2)O from 72m in hole TVDD0019, including:
§ 7m at 1.65% Li(2)O from 73m.
· Second phase of exploration is expected to start in Q1 2023 with the
technical support from Ricca Resources Limited ("Ricca") following its US$18.6
million investment to advance Atex to Definitive Feasibility Study ("DFS").
Plans include:
o Immediate commencement in January of a large-scale soil sampling programme
covering a 10km by 5km area west of the large pegmatite zones already
identified in the Atex licence.
o The enlarged geochemical footprint will assist in determining new targets
for the next phase of auger, Reverse Circulation ("RC") and diamond drilling
planned for H2 2023.
Yuval Cohen, Chief Executive of Firering, said:
"Our maiden scout drilling campaign has been successful, confirming the
continuity of the visible surface lithium bearing pegmatites below surface,
with visible spodumene interceptions confirmed through the laboratory assays
in several drill holes across our licence area. There have been several
significant intercepts throughout our phase one scout drilling campaign,
including one exceptional intercept of 64m Intercept @ 1.24% Li2O in hole
TVDD0004 announced last month, which ranked among the world's top five drill
hits in October.
"Our final assay results from our drilling campaign have not disappointed,
with additional significant intercepts, including 25m, grading 1.39% Li2O
identified. These intercepts again confirm the presence of lithium in our
pegmatite system.
"We are excited to start the next phase of our exploration activities at Atex,
in conjunction with our joint venture partner, Ricca Resources. Together, and
following a site visit last month, we have agreed on a soil sampling
programme, which will kick start work on site in early Q1 2023, which will
drive the intended second auger and diamond drilling campaigns. We look
forward to updating the market throughout this second campaign."
Assay Results
Assay results were received for all remaining holes from the scout drilling
programme (see map below).
Map showing the remaining diamond drill holes (blue) or which assay results
are reported.
Significant intercepts are reported for holes TVDD0012, TVDD0013, TVDD0018 and
TVDD0019. No significant mineralisation is reported for the remaining holes
from these final assay results (see table below).
Hole ID Dip Angle (Degrees) Drill type Pegmatite Intersection, Including Waste, From/To (m) Pegmatite Intersection, Excluding Waste, From/To (m) Intersection Length (m) Grade
Azimuth (degrees) Li2O (%) Ta (ppm) Nb (ppm)
TVDD001 -50 124 DD No significant mineralisation
TVDD002 -50 124 DD No significant mineralisation
TVDD003 Refer to press release dated 15 November 2022
TVDD004
TVDD005
TVDD006
TVDD007 -50 304 DD No significant mineralisation
TVDD008 -50 304 DD No significant mineralisation
TVDD009 -50 124 DD No significant mineralisation
TVDD010 -50 124 DD No significant mineralisation
TVDD011 -50 304 DD No significant mineralisation
TVDD012 -50 304 DD 27-32.27 5.27 No significant mineralisation
33.95-59.05 25.1 0.21 21 62
including 34.9-35.68 0.78 1.15 20 57
TVDD013 -50 304 DD 61.42-70.36 8.94 No significant mineralisation
85.15-86.32 1.17 No
sig
nif
ica
nt
min
era
lis
ati
on
86.5-96.18 9.68 0.13 22 50
including 92.86-93.06 0.2 0.68 34 91
TVDD014 -50 124 DD No significant mineralisation
TVDD015 -50 124 DD No significant mineralisation
TVDD016 -50 124 DD No significant mineralisation
TVDD017 -50 124 DD No significant mineralisation
TVDD018 -50 304 DD 67.51-70.99 3.48 No significant mineralisation
77.39-102.33 24.94 1.39 116 49
including 80.15-98.13 17.98 1.85 137 41
TVDD019 -50 304 DD 60.42-67.12 6.7 1.33 30 50
71.53-92.46 20.93 0.73 31 75
including 72.85-80.29 7.44 1.65 36 67
Note: Significant intercepts are reported for pegmatites >1m and with at
least one sample interval of >0.5%Li(2)O. Intercepts represent apparent
widths and not true width. Apparent width will be greater than true width
and the relationship between apparent and true width has not yet been
established.
Sections showing significant intercepts in holes TVDD0018 and TVDD0019 are
shown below. Assay results for TVDD0018 included a large intercept of 24.94m
at 1.39% Li(2)O. Assay results for TVDD0019 included an intercept of 6.70m
at 1.33% Li(2)O and a large intercept of 20.93m at 0.73% Li(2)O. Assay
results support geological logging undertaken on the drill holes.
Note: Section A - A' shows significant intercepts in hole TVDD0018 in relation
to the current geological interpretation Intercepts show apparent thickness,
not true thickness. No significant mineralisation is reported for hole
TVDD0010
Note: Section B - B' shows significant intercepts in hole TVDD0003 in relation
to the current geological interpretation. Intercepts show apparent
thickness.
Drilling, Logging and Sampling
The drill holes are initially sited using a hand-held GPS (Global Positioning
System device) within the tenement areas. Accurate coordinates and
elevations of drill holes collars are subsequently derived from a DGPS
(Differential Global Position devices) survey.
Diamond drilling, producing drill core has been utilised to sample the
pegmatite below ground surface. Drilling was done using diamond core rigs
with PQ sized drill rods used from surface to sample through to fresh rock.
HQ sized drill rods were used after the top-of-fresh-rock had been
intersected.
Drill cores are geologically logged and all pegmatite intersections are
selected and marked-up with a unique sample ID assigned before splitting and
sampling. Cores are cut in half using a core cutter, and individual samples
bagged and sent for analysis.
Currently, drill core samples are 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 21-elements.
(Intertek code FP6/MS and FP6/OES).
QA/QC
Alternating Certified Refence Materials (CRM) and blanks are inserted every
7(th) sample into the samples stream and pulp duplicates are inserted every
16(th) sample into the sample stream sent to the laboratory to ensure QA/QC
compliance. These QA/QC results are assessed upon receipt of analyses,
checked and, if acceptable, accepted into the analytical database. Follow-up
with the laboratory is instigated in cases were any QA/QC sample fails the
QA/QC parameters.
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 the Atex Project 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 have been the focus of the current drilling campaign.
Several of these pegmatites have been identified to be potentially lithium
bearing, with the lithium hosted in spodumene and lepidolite.
Competent Person
In accordance with the AIM Note for Mining and Oil and Gas Companies, Firering
discloses that Michael Cronwright of CSA Global 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 and updates on Firering's exploration programme, visit
www.fireringplc.com (http://www.fireringplc.com) or contact the following:
Firering Strategic Minerals Tel: +44 20 7236 1177
Yuval Cohen / Vassilios Carellas
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
(mailto:firering@stbridespartners.co.uk)
Ana Ribeiro / 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 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
ethically sourced tantalum and niobium 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.
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.
RC Drilling Reverse Circulation Drilling - a method of drilling which uses dual wall drill
rods that consist of an outer drill rod and an inner tube.
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.
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