REG - Rome Resources PLC - Significant Tin Widths Confirmed at Mont Agoma

Rome ResourcesAnnouncement

21/01/2025 07:00

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RNS Number : 0334U  Rome Resources PLC  21 January 2025

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.

 

21 January 2025

 

Rome Resources Plc

("Rome" or the "Company")

 

LABORATORY RESULTS CONFIRM SIGNIFICANT WIDTHS OF TIN MINERALISATION AT MONT
AGOMA

 

Rome Resources Plc (AIM: RMR), the DRC-focused tin explorer, is pleased to
announce laboratory results from the latest drilling campaign at its Mont
Agoma tin prospect located in the North Kivu province ("Mont Agoma") in the
Democratic Republic of Congo (the "DRC").

 

Assays from the first two of five completed diamond core drill holes confirm
significant widths of tin mineralisation across three discrete zones within
the tin, copper and zinc zone with combined widths of 38.4m in MADD016A and
32.1m in MADD017 which ended in mineralisation. Encouragingly, increased tin
grades and visible cassiterite (tin mineral) was noted within the deeper
intersection in MADD017 supporting the Company's zonation model in which tin
mineralisation increases at depths closer to the granitic source. To that end,
going forward the Company will concentrate the drilling programme on
evaluating how the mineralisation develops with depth of approximately 100m
below current intercepts.

 

Highlights:

 

·    1,657m completed from eight holes at Mont Agoma (3 ongoing) since
drilling commenced in August 2024.

·    MADD016A:

o  3m at 0.27% Sn from 46.5m; 20.5m at 0.18% Sn from 57.5m; 14.9m at 0.45%
from 99m. Total width of 38.4m of tin mineralisation.

o  3.9m at 1.24% Cu from 71.2m; 1.7m at 4.8% Cu from 95.3m; 7.2m at 1.32% Cu
from 212.4m.

o  31.0m at 4.02% Zn from 92m.

·    MADD017:

o  4m at 0.44% Sn from 72m; 10.5m at 0.28% Sn from 116.5m; 9.6m at 0.37% from
130m; 8m at 0.49% Sn from 154m, terminating early in mineralisation. Total
width of 32.1m of tin mineralisation.

o  25.35m at 13.97% Zn from 110.1m.

·    Early indications suggest that mineralisation at Mont Agoma aligns
with the copper to tin mineralisation transition zone at San Rafael in Peru -
with decreasing copper and increasing tin at greater depth.

·    Copper mineralisation potentially within a high-grade shoot plunging
to the northwest - with over 100m of visible copper identified in MADD018, the
northernmost drill hole.

·    High grade zinc identified throughout the 500m strike length drilled
to date in a similar setting comparable to Mpama South deposit, operated by
Alphamin.

·    Mineralisation remains open to the north, south and at depth.

·    Well placed to continue deeper drilling throughout 2025 following the
recent fundraise with Stanvic Mining.

 

Paul Barrett, Chief Executive Officer of Rome Resources Plc, commented: ''We
are extremely encouraged by the widths and grades of tin mineralisation
intersected in holes MADD016A and MADD017 which confirms tin, copper and zinc
mineralisation within the upper levels of the mineralised zonation model where
lower grade tin is expected in association with high grade copper. With more
than 200m width of confirmed sulphide mineralisation, it is becoming
increasingly clear that we are unlocking a complex mineralised system with an
increase in widths of tin mineralisation towards the base of the copper zone.
Our ongoing deeper drilling campaign will soon reach similar depths where
Alphamin's main resources are located.

 

Following our successful £4.2 million fundraising with Stanvic Mining, we are
in a strong position to continue drilling at the Mont Agoma and Kalayi
prospects, particularly targeting deeper levels on both prospects where there
are clear signposts that mineralisation increases at depth.

 

The results from these last two holes significantly increases our confidence
in finding high-grade tin mineralisation as new drilling moves to deeper
levels, and we look forward to updating the market as the drilling programme
continues to progress.''

 

Further information in relation to the results:

 

General

 

Significant intersections of Zinc was reported for both drill holes which is
similar to the mineralisation reported at Alphamin's Mpama South which
reported high grade zinc within parallel structures in close proximity to the
tin mineralisation. Results are summarised in Table 1 and shown in Figure 2.

 

Results indicate that copper mineralisation is focused within a high-grade
shoot plunging to the northwest. Copper widths appear to decrease towards the
southeast (current drill holes) but increase towards the northwest where more
than 100m of visual copper mineralisation (confirmed by the handheld Niton XRF
analysis) was intersected in MADD018 on the northernmost drill line. Best
continuous tin results to date have been reported in the southern drill holes
where tin mineralisation has been reported over significant widths, albeit of
a lower tenor closer to surface. The grades are expected to increase at depth
assuming a similar zonation model to that at San Rafael.

 

The Company is awaiting results from MADD018, drilled on the northernmost line
at Mont Agoma and intersected visible chalcopyrite (copper mineralisation)
over more than 100m. Samples have been prepped and have been sent to ALS
Global in Johannesburg for analysis. Samples from MADD020 and MADD021 drilled
in the southern portion are currently in transit to Lubumbashi for sample
preparation. Furthermore, additional results are expected from the Kalayi
Prospect during January 2025, where samples are currently being processed at
ALS Global in Johannesburg.

 

Following the recent £4.2 million strategic investment from Stanvic
Mining, Rome is well-positioned to, inter alia, expand the Company's existing
drilling programme. The focus remains on defining significant tin, copper,
zinc and silver resources at both Kalayi and Mont Agoma within the first
quarter of 2025.

 

 

Drill hole Details

 

To date 1,657m of diamond core drilling has been completed at Mont Agoma and
drilling has covered 500m of the 1km of potential geological strike. Five of
the initial 12 holes planned at Mont Agoma have been completed, with 3
additional holes in progress.

MADD016A and MADD017 were drilled 50m to the southeast of the southernmost
drill hole, MADD0009, in the initial drilling campaign where a significant
intercept of 5m at 0.66% Sn from 46m including 1m at 2.11% Sn from 47m was
reported. MADD016 reported an increase in width of 38.4m of tin mineralisation
and grades of 3m at 0.27% Sn from 46.5m, 20.5m at 0.18% Sn from 57.5m and
14.9m at 0.45% from 99m including 2.7m at 1.30% Sn from 101.5m. MADD017 which
was stopped within the mineralised zone for operational reasons but reported a
combined width of 32m and grades of 4m at 0.44% Sn from 72m, 10.5m at 0.28% Sn
from 116.5m, 9.6m at 0.37% from 130m and 8m at 0.49% Sn from 154m including a
maximum of 0.5m at 2.64% Sn from 160.5m - for a total 32.1m of tin
mineralisation. Both MADD016A and MADD017 showed a clear increase in width and
grade in tin mineralisation to the southeast.

Results reported for MADD016A and MADD017 strongly support the zonation
mineralised model in which tin mineralisation increases closer to towards the
source where tin drops out at higher temperatures than copper and zinc.
Assuming a plunge to this mineralisation to the northwest, tin would be
expected closer to surface in the south and at much deeper levels as drilling
moves northwards which is supported by drilling to date. The style of
mineralisation identified to date is highly analogous with that at San Rafael
towards the base of the copper mineralised zone and that at Alphamin's Mpama
South where zinc is associated with tin mineralisation and anomalous copper.

MADD021 targeted mineralisation expected 80m below the intercept in MADD017 as
shown in Figure 2. A zinc zone was intersected with minor anomalous tin and no
copper according to visual observations and handheld Niton XRF analysis. A
likely scenario is that the mineralised tin/copper/zinc zone was displaced
through faulting given that the region has been subjected to continuous
periods of extension and compression causing extensive folding and faulting or
the unlikely scenario in which drilling has reached the base of the high grade
north-westerly plunging shoot. Planned deep hole MAPC015 shown in Figure 1
will be drilled as a priority and will confirm which scenario is applicable
and will enable the company to plan an extensive drilling programme at Mont
Agoma taking into account the funding secured recently.

 

Figure 1: Completed and planned diamond drill holes with tin results on the
tin in soil anomaly at Mont Agoma.

Figure 2: Section across diamond drill holes MADD016A, MADD017 and MADD021
showing tin, copper and zinc results and zinc mineralisation identified on the
Niton XRF analyser.

Table 1: Significant Tin Intercepts at Mont Agoma (0.1% cut-off grade for Sn,
0.5% cut-off grade for Cu and Zn; maximum of 3m waste)

 BHID       From    To      Width  Sn (%)  Cu (%)  Ag (ppm)  Zn(%)
            46,50   49,50   3,00   0,27
            57,50   78,00   20,50  0,18
            71,20   75,05   3,85           1,24
 MADD016A   92,00   123,10  31,10                            4,02
            95,30   97,00   1,70           4,83
            99,00   113,90  14,90  0,45
 including  101,50  104,20  2,70   1,30
            212,40  219,55  7,15           1,32
            72,00   76,00   4,00   0,44
            110,10  135,50  25,40                            13,97
            116,50  127,00  10,50  0,28
 MADD017    128,00  128,80  0,80                   188,00
            130,00  139,60  9,60   0,37
            149,05  160,50  11,45                            3,90
            154,00  162,00  8,00   0,49

 

For further information please contact:

 

Rome Resources Plc

Paul Barrett, Chief Executive Officer

Mark Gasson, Chief Operating Officer

Tel. +44 (0)20 3143 6748

 

Allenby Capital Limited (Nominated Adviser and Joint Broker)

John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance)

Stefano Aquilino / Joscelin Pinnington (Sales & Corporate Broking)

Tel. +44 (0)20 3328 5656

 

OAK Securities (Joint Broker)

Jerry Keen, Head of Corporate Broking (jerry.keen@oak-securities.com)

Henry Clarke, Head of Sales (henry.clarke@oak-securities.com)

Tel. +44 (0)20 3973 3678

 

Camarco (Financial PR)

Gordon Poole / Emily Hall / Sam Morris

Tel. +44 (0) 20 3757 4980

 

OAK Securities is a trading name of Merlin Partners LLP. Merlin Partners LLP
is authorised and regulated by the Financial Conduct Authority (Reference
Number: 449191). Merlin Partners LLP is registered in England and Wales
(Registered Partnership Number: OC317265).

 

Qualified Person Statement

 

Dr Deon Vermaakt is a consultant of Rome Resources plc, a qualified geologist
and a registered Professional Natural Scientist (Geological Science) with the
South African Council for Natural Scientific Professions (SACNASP Reg. No.
400074/03). Dr Vermaakt is a qualified person (QP) under NI 43-101 and as
defined by the AIM Note for Mining, Oil and Gas Companies and has reviewed and
approved the scientific and technical information contained in this news
release.

 

The returned results of the QAQC samples inserted at regular intervals were
all except one within the acceptable limits as per industry standards. Of the
16 Sn CRM's only one returned a value outside the acceptable limits. The 5
copper and 9 zinc CRM's were all within industry limits.

All of the 18 Blank samples returned acceptable results. Results for the 14
duplicates all indicated satisfactory results for Sn, Cu and Zn.

 

A total of 62 QAQC samples were inserted in the three batches consisting of
241 samples.

 

Furthermore, Dr Vermaakt reviews all the sampling procedures on an on-going
basis. The handheld Niton XRF is frequently checked and calibrated to ensure
accurate analysis and measurements.

 

Glossary

 

 Cu:           The chemical element for copper

 Diamond Core  Diamond core drilling uses a diamond cutting bit, which rotates at the end of

Drill:       a steel rod (tube) allowing for a solid column of rock to be recovered from

             the tube at the surface.

 Km:           Kilometres (Metric)

 m:            Metres (Metric)

 Niton XRF:    A portable x-ray fluorescence analyser

 Gossan:       A generally hard oxidised surface zone of an ore body

 Sn:           The chemical element for tin

 Zn:           The chemical element for zinc

 

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