REG - Firering Strategic - Signs RC drilling contract with FTE Drilling

Firering Strategic MineralsAnnouncement

12/12/2023 07:00

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RNS Number : 3906W  Firering Strategic Minerals PLC  12 December 2023

 

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

 

12 December 2023

Firering Strategic Minerals Plc

 ("Firering" or the "Company")

Signs RC drilling contract with FTE Drilling

RC drilling expected to commence mid-January 2024

Firering, an exploration company focusing on critical minerals, is pleased to
announce that it has signed the Reverse Circulation ("RC") drilling contract
with FTE Drilling for an initial total of c.3000m of drilling.  The RC
campaign, which is expected to commence in mid-January 2024, is carried in
conjunction with our Joint Venture ("JV") partner Ricca Resources ("Ricca").

Yuval Cohen, Chief Executive Officer of Firering, said:

"I am very pleased to announce the signing of the initial RC drilling contract
with FTE Drilling for c.3,000m.  FTE Drilling is expected to be on site and
start drilling operations mid- January 2024.  RC hole locations have been
finalised and Firering's field team will be preparing the drill pads in due
course.  We estimate that the RC drilling campaign will be completed during
February 2024 and that assay results will be available towards the end of Q1
2024 when we will provide the results of the RC campaign to the market".

 

Signing of RC drilling contract

Firering and FTE Drilling signed the initial RC drilling contract for c.3,000m
of drilling on 11 December 2023.  FTE Drilling plans to be on site mid-
January 2024 for the commencement of the RC drilling.  In conjunction with
Ricca, 18 holes have been planned and positioned (Figure 1).  The RC drilling
campaign should be completed during February 2024.  All RC holes will be
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.  As announced on 25 October 2023, the drilling is planned to
intersect fresh pegmatite beneath the weathered pegmatite identified during
Part 1 of the auger drilling campaign and to test the potential lithium
mineralisation of the pegmatites.  Assay results are expected towards the end
of Q1 2024 and will be used to direct future drilling programmes.

 

Summary on FTE Drilling

FTE Drilling is a Canadian headquartered company offering a complete range of
drilling services across Africa, Canada, the United States, and South America.
 FTE origins go back to 1923 when the first drill holes were drilled in
Canada by 'F. Lapointe et fils'.  In 1987, Forage Technic-Eau inc. was
established, which specialised in commercial and industrial drilling.  In
1999, FTE Drilling commenced drilling operations at mines in West Africa.  In
Côte d'Ivoire, FTE Drilling is represented by Forage FTE Drilling CI SARL.
 With its strong reputation, FTE Drilling is gradually expanding its global
presence and solidifying its position as an international leader in the
drilling industry.

Figure 1: Plan view of the hole locations for the 18 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.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

 Shard Capital Partners LLP                      Tel : +44 207 186 9950

 Joint Broker

 Damon Heath/ Erik Woolgar

                                                 T: +44 20 7236 1177

 St Brides Partners Limited                      E: firering (mailto:firering@stbridespartners.co.uk) @stbridespartners.co.uk

                                               (mailto:firering@stbridespartners.co.uk)
 Financial PR

 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.

 

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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