REG - Firering Strategic - Operational Update and Directorate Change

Firering Strategic MineralsAnnouncement

18/07/2022 07:00

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RNS Number : 7282S  Firering Strategic Minerals PLC  18 July 2022

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

 

18(th) July 2022

 

Firering Strategic Minerals plc

("Firering" or "the Company")

 

Operational Update and Directorate Change

 

Firering Strategic Minerals plc, an exploration company focusing on critical
minerals, is pleased to announce an operational update on its flagship Atex
Lithium-Tantalum Project ("Atex") in Côte d'Ivoire.

 

Highlights

 

·    Water borehole providing a water source for Phase 1 core drilling
programme has been completed

 

·    Additional auger sample results received from Intertek reveal an
additional two areas of interest

 

·    Drilling of first hole of the 3,000m Phase 1 diamond core drilling
programme on Spodumene Hill has commenced

 

·    Trenching across Spodumene Hill continues with further work defining
the 100m apparent width of pegmatite identified on Trench 1 and work
commencing on Trench 2 further north on the hill.

 

·    Tantalum Pit Sampling Programme commences on and around Spodumene
Hill to define the design for the pilot 'Multi Gravity Separation' plant
("MGS").

 

Yuval Cohen, Chief Executive of Firering, said:

"Our systematic and targeted approach to exploration and fieldwork at Atex
continues to increase our understanding of our lithium-tantalum project in
Côte d'Ivoire. The initial geochemical footprint based on the auger assay
results was reconfirmed by the infill auger assay results and two new areas of
interest have been identified.  We are now excited to commence our core
drilling programme targeting the potentially lithium-bearing pegmatites as
part of the fully funded diamond drilling campaign.  We look forward to
providing the market with our ongoing exploration results"

 

Operations Background

Water Borehole

·    First water borehole required for Phase 1's core drilling programme
targeting the potential Li bearing pegmatites has been completed

·    In terms of its social responsibility, Firering asked FOREMI to also
complete a water borehole in the nearby village Tounvré, which was well
received.

 

Auger Sample Results

·    430 additional auger samples from selected extended auger lines were
assayed by Intertek, Perth that reconfirmed the initial geochemical footprint
announced on 12 April 2022.

·    End of hole ("EOH") data for Ta, Li, Rb and Cs - provides good
resolution on bedrock geology.

·    Scoring of results based on percentiles shows prospective
areas/pegmatite that are very consistent to mapped pegmatites, specifically
towards the southwest.

·   Two additional areas of interest were identified from the new infill
results (https://bit.ly/3PyvyKn (https://bit.ly/3PyvyKn) )

 

Core Drilling Programme

·    Commenced work on the first drill hole as part of the Phase 1 core
drilling campaign comprising 3,000m drilling targeting the potentially Li
bearing pegmatites.

·    The first three drill hole locations have been selected to the west
of Spodumene Hill with further locations further along strike in a
north-easterly and south-westerly direction.

·    First core logging results are expected in August 2022 with first
assay results following in September 2022.

 

Trench Programme

·    The 1(st) new trench across the southern most part of Spodumene Hill
was completed and uncovered a contiguous pegmatite with an apparent width of
over 100m.  This trench is currently undergoing detailed geological mapping
and channel sampling.

·    Trenching activities on the 2(nd) new trench, located between the
1(st) trench and the old, half completed, SODEMI trench have commenced.

·    Once completed, the SODEMI trench will be extended in an easterly and
westerly direction after which an additional trench will be dug across the
northern most part of Spodumene Hill.

·    Each trench will be geologically logged in detail and sampled.

 

Pit Sampling

·    A systematic pitting programme has commenced on and around Spodumene
Hill, digging selected pits in areas originally identified by Adams during the
1960s with elevated coltan values.

·    Each pit is expected to reach a maximum depth of between 4 and 5
metres with each metre sampled and assayed. The pits will also be geologically
logged.

·    Composite samples of approximately 100kg will be sent to Coremet in
Johannesburg, South Africa, for metallurgical test work to define the design
for the pilot 'Multi Gravity Separation' plant ("MGS").

 

Directorate Change

Ofra Chen has resigned as a Non-Executive Director of the Company to focus on
her other professional commitments with immediate effect.  The Board would
like to thank Ms. Chen for her service to the Company and wish her well for
the future.

 

 

The Company is pleased to announce it has appointed Shai Kol, as Non-Executive
Director, with immediate effect. Mr Kol is a founder of the Company and has
been involved in its development since inception. By profession, Mr Kol is a
Chartered Accountant, and has an MBA from Tel Aviv University. Mr Kol worked
for 23 years in finance, with significant business & international
exposure. Mr Kol is a former employee of KPMG Corporate Finance and
Professional Practice. He was also the Financial Director for Europe, Middle
East and Africa for an international software company, Director of Finance and
Business Development for ZAP Group Ltd in Israel, during which time he led
fund raising and M&A activities.

 

The following information is disclosed pursuant to Schedule Two paragraph (g)
of the AIM Rules for Companies:

 

Yehoshua Shai Kol, aged 50, holds or has previously held the following
directorships:

 

 Current directorships and/or partnerships  Former directorships and/or partnerships (within the last five years):
 Dekel Agri-Vision Plc                      None

 CS Dekeloil Siva Limited

 Dekeloil Consulting Limited

 Pearlside Holdings Limited

 RN.SR. Energy Ltd

 

He currently holds 6,990,000 ordinary shares in the Company representing 8.05%
of the issued share capital.

 

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 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)
 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 77% owned
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.

 

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