REG - Firering Strategic - Phase II of Auger Drilling Campaign commenced

Firering Strategic MineralsAnnouncement

11/07/2023 07:00

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RNS Number : 5637F  Firering Strategic Minerals PLC  11 July 2023

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

 

11 July 2023

 

Firering Strategic Minerals plc

("Firering" or "the Company")

 

Phase II of Auger Drilling Campaign commenced successfully.

pXRF and LIBS results North Block Imminent.

 

Firering Strategic Minerals plc, an exploration company focusing on critical
minerals, is pleased to announce the successful commencement of its Phase II
Auger Drilling Campaign at its flagship Atex Lithium-Tantalum Project ("Atex")
in Côte d'Ivoire.  The Phase II Auger Drilling Campaign is undertaken in
conjunction with Ricca Resources Limited ("Ricca") following its US$18.6
million investment to advance Atex to Definitive Feasibility Study ("DFS")
announced on 2 November 2022.

 

Highlights:

 

·    Phase II of the Auger Drilling Campaign successfully commenced on 26
June 2023;

·  Several drilling target areas were delineated based on soil sample
results and geological mapping;

·    A total of 256 auger holes have been drilled as of 06 July 2023 for a
total of 1,147m of drilling;

·    Portable x-ray fluorescence spectrometry ("pXRF") and Laser Induced
Breakdown Spectrometry ("LIBS") results for the soil samples from the northern
block in Atex expected shortly.

 

Yuval Cohen, Chief Executive of Firering, said:

 

"I am excited to announce that, together with Ricca, we have now commenced our
Phase II auger drilling campaign which is progressing very well.  A total of
300 holes were drilled as of 8 July 2023 for a total of 1,341m of drilling,
resulting in an average hole depth of 4.48m.  All auger holes are being
sampled and tested with pXRF in our camp in Tounvré with the End of Hole
("EOH") sample being sent to Ghana for pXRF and LIBS testing.  Auger lines
have been planned across all of the six initial target areas that were
delineated based on received soil sample results and detailed geological
mapping.

 

Auger Drilling

Phase II of the Atex auger drilling campaign commenced on 26 June 2023.  As
of 8 July 2023, 300 holes have been completed for a total of 1,341m of
drilling.  The average auger hole depth to date is 4.48m, ranging from a
minimum of 2m to a maximum of 12m.  As mentioned in FSM's announcement, dated
22 June 2023, six initial auger drill targets were identified based on
received soil sample results and detailed geological mapping (see Figure 1
below).

Figure 1: Atex licence area showing six initial auger drill targets.  Current
auger drilling is focussed on Targets 1 and 2 as shown in Figure 2.

 

The Phase II auger drilling campaign has been divided in two priority stages:

·    Priority 1 covering Targets 1, 2, 5 and 6; and

·    Priority 2 covering Targets 3 and 4.

 

Details for each priority are shown in the table below.

 

 Target  Drilling grid  Priority  Lines  Holes planned  Average depth  Estimated metres

                                                        (m)
 1       160m x 20m     1         13     365            6              2,190
 2       160m x 20m     1         13     420            6              2,520
 3       160m x 20m     2         16     602            6              3,612
 4       320m x 20m     2         4      146            6              1,656
 5,6     160m x 20m     1         10     276            6              876
 Total                                   1,809                         10,854

 

Geological interpretation of the auger drilling completed across some part of
Targets 1 and 2 of the initial target areas is shown in Figure 2.  The
drilling has confirmed some of the previously mapped and interpreted pegmatite
traces as well as extensions to some of these pegmatites.  No assays from the
auger drilling have yet been reported.

 

As of 6 July 2023, a total of samples 392 pXRF samples have been prepared.
pXRF testing in Tounvré started on 04 July 2023 after calibration of the pXRF
machine and as of 6 July 2023, 107 samples have been tested.

 

As of 6 July 2023, a total of 78 EOH samples have been prepared and are ready
to be sent to the lab in Ghana for pXRF and LIBS testing.

 

Soil Sampling

Soil sample results (pXRF and LIBS) from the northern block at Atex are also
expected shortly.

 

 

Figure 2: Geological interpretation of the logging of the completed auger
holes in Target 1 (refer Figure 1) as of 06 July 2023.

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
 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 may 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)(4)O(10)(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.
 Li(2)O         Lithium Oxide (Lithia) - an inorganic lithium compound used to assess lithium
                minerals. Relationship between Li and Li(2)O: Li(2)O = Li x 2.153
 LIBS           Laser Induced Breakdown Spectrometry. Handheld LIBS analysers use a
                high-focused laser to ablate the surface of a sample. A plasma is formed
                consisting of electronically excited atoms and ions. As these atoms decay back
                into their ground states, they emit characteristic wavelengths of light, or
                "unique fingerprints". These "fingerprints" or spectra are distinct for each
                element.  Handheld LIBS analysis can be used for quantitative and qualitative
                measurements including lithium.
 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.
 Spodumene      Spodumene is a pyroxene group mineral with a chemical formula of
                LiAlSi(2)O(6). Spodumene is mined from pegmatites and concentrates produced
                which are the one of the primary sources of lithium.
 Ta             Tantalum.
 XRD            X-ray Diffraction 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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