REG - Firering Strategic - RC drilling campaign commenced at Atex

Firering Strategic MineralsAnnouncement

15/01/2024 07:00

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RNS Number : 6053Z  Firering Strategic Minerals PLC  15 January 2024

 

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

 

15 January 2024

Firering Strategic Minerals Plc

 ("Firering" or the "Company")

RC drilling campaign commenced at Atex

Firering, an exploration company focusing on critical minerals, is pleased to
announce that it has commenced its 3,000m Reverse Circulation ("RC") drilling
campaign at Atex, its flagship lithium project in Côte d'Ivoire.

Highlights

·    3,000m RC drilling programme commenced at identified lithium bearing
pegmatite targets, the next crucial phase for Atex.

·    RC holes expected to build upon significant intercepts obtained
during the diamond drilling ("DD") campaign in 2022 near Spodumene Hill, in
addition to new targets identified by the 2023 auger drilling campaign.

·    Drilling is expected to be completed in four to six weeks and details
of pegmatite intercepts will be announced as they become available over the
coming weeks.

Yuval Cohen, Chief Executive Officer of Firering, said:

"This next phase of drilling at Atex will be crucial to Firering as we look to
rapidly advance the project and build on the highly encouraging results from
the diamond drilling campaign undertaken in Q4 2022, which demonstrated the
first significant intercepts from Atex, including an intercept of 64m @ 1.24%
Li(2)O near Spodumene Hill, which is truly exceptional and amongst the best
intercepts reported at that time by our global peers.

 

"Although the RC programme is expected to conclude in four to six weeks, we
will update the market as intercepts are made available over the coming
weeks.  Samples will be sent to Intertek for assaying and first assay results
are expected during Q1 2024.

 

"This is an exciting phase for our flagship Atex Project and am looking
forward to announcing the assay results in due course."

 

Commencement of RC drilling campaign

RC drilling commenced at Atex in January 2024.  Hole locations were finalised
in December 2023 (refer Figure 1) based on the pXRF and LIBS data from the
2023 soil sampling campaign at Atex, as well as an updated structural
interpretation using the data from recent pXRF test work completed on the
diamond drill core from the 2022 DD campaign.  The RC drilling campaign
should be completed within four to six weeks.  All RC holes are being logged
and sampled at 1m intervals with all fresh pegmatite samples sent to Intertek
Laboratories in Côte d'Ivoire for sample preparation, after which the
prepared samples will be sent to Intertek Laboratories in Australia for
assaying.  The drilling is planned to intersect fresh pegmatite beneath the
weathered pegmatite identified during the DD and auger drilling campaigns, to
test the potential lithium mineralisation of these pegmatites and to test the
strike length of the pegmatite zone NNE of Spodumene Hill.  Assay results are
expected towards the end of Q1 2024 and will be used to direct future drilling
programmes.

 

Figure 1: Plan view of the hole locations for the initial RC holes.

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 (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
                                                 Tel: +44 20 3137 1903

 Optiva Securities Limited

 Broker

 Christian Dennis / Daniel Ingram

 Shard Capital Partners LLP                      Tel : +44 207 186 9950

 Joint Broker

 Damon Heath/ Erik Woolgar

 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 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 which is commissioning a lime plant in Zambia and is
expected to reach full production and first sales by the end of 2023.

 

Forward-Looking Statements

This announcement may contain some references to forecasts, estimates,
assumptions and other forward-looking statements. Although the Company
believes that its expectations, estimates and forecast outcomes are based on
reasonable assumptions, it can give no assurance that they will be achieved.
They may be affected by a variety of variables and changes in underlying
assumptions that are subject to risk factors associated with the nature of the
business, which could cause actual results to differ materially from those
expressed herein.

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