REG - Switch Metals PLC - Exploration programme at Issia Tantalum Project
19/05/2025 07:00
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RNS Number : 1177J Switch Metals PLC 19 May 2025
19 May 2025
Switch Metals plc
("Switch Metals" or the "Company")
Exploration programme underway at the Issia Tantalum Project
Switch Metals plc (LSE: SWT), the tantalum-focused mining company with assets
located in Côte d'Ivoire, is pleased to announce the launch of its
exploration programme on the 100%-owned Badinikro Permit of the Issia Project,
which covers an area of 112 km(2) of the 1,015 km(2) district-scale Issia
Project (see Figure 1 below).
Highlights
· Commencement of pitting exploration programme at 100 m by 100 m line
spacing covering an area of 2.5 km² on the first Mineral Resources Estimate
("MRE") target zone ("MRE Target 1") leading towards a maiden mineral resource
estimate before the end of the year (Figure 2).
· This programme may be extended to the second target ("MRE Target
2") that covers an area of 1.3 km(2).
· Regional pitting exploration programme also underway at 200 m by 200
m line spacing covering a cumulative area of 6.5 km² over four target zones
("Explo Targets 1-4"), to define new exploration targets for future resource
expansion (Figure 2).
· Additional trenching and rock sampling planned on
Lithium-Caesium-Tantalum ("LCT") pegmatite occurrences that are associated
with the significant coltan concentrations at surface, to delineate deeper
source rock targets for future hard rock exploration drilling.
Karl Akueson, Chief Executive Officer of Switch Metals commented:
"The start of pitting for resource generation on the first MRE target zone at
Issia is an exciting step for the Company following the completion of our
recent admission to trading on AIM.
"This zone meets all our exploration criteria with surface occurrences of
coarse coltan minerals, a strong heavy minerals footprint combined with robust
tantalum and niobium geochemical fingerprint down to saprolite level at the
bottom of the pits, which is typical of eluvial placer deposits. Importantly,
this target overlies hard rock pegmatite discoveries previously made by Switch
Metals, which we believe to be the source of these shallow sedimentary
deposits.
"In parallel to the pitting programme, regional target generation will
continue to identify additional near-surface targets for resource growth. In
this tropical environment, any mineralised overburden within these areas may
uncover more weathered pegmatites and expose deeper hard rock targets, which
we would test in future drill programmes.
"As we refine these deeper targets, we expect to successfully define shallow
resources that can be extracted and processed through conventional screening
and gravity separation plants to generate early cash flow for a relatively low
capital expenditure.
"I look forward to updating investors on the progress of our risk-hedged
tantalum exploration programme in Côte d'Ivoire in due course."
Background
Previous work
In 2024, as reported in the Competent Person Report contained in the Company's
AIM admission document ("CPR"), the first pass of systematic 5 m-deep
exploration pits for heavy mineral concentrate ("HMC") sampling was conducted
in the Badinikro North Target over prospective areas for eluvial coltan placer
mineralisation. These targets were defined by tantalum (Ta) and niobium (Nb)
soil geochemical results combined with multiple occurrences of anomalous LCT
pegmatites. Preliminary results showed evidence for a 3.5 km² conceptual
exploration target hosting about 10,000-15,000 tonnes of HMC at an average
grade in the range 600 - 700 g/m(3) containing Ta concentrations up to 41%,
and an average of 2.3% Ta over an initial batch of 52 composite HMC pit
samples (out of 374) with no minimum grade cut-off applied.
In early 2025, following the publication of the CPR, all composite HMC samples
(n = 374) from exploration pits completed in the Badinikro North target area
were prepared through simple grinding for HMC's homogenisation and assayed by
SEMS Exploration ("SEMS") in Abidjan using their in-house X-Ray Fluorescence
("pXRF") portable device. SEMS uses an Olympus Vanta C Series pXRF analyser
equipped with a silver anode 50 kV X-Ray Tube and specific programmes to
enable the detection and quantification of pathfinder elements (Ta, Nb, Sn,
Zr, Fe, Ti) contained in the targeted heavy minerals such as coltan, ilmenite,
cassiterite and zircon. HMC samples were assayed under standard conditions
using three rounds of 20-second assay time for each set of elements measured.
Regular quality control checks and calibration are done using a silicon
dioxide blank, duplicates and various internal standards and certified
reference materials with known Ta and Nb contents.
HMC's geochemical results showed a strong correlation between Ta and Nb,
highlighting the presence of coltan minerals in HMC (Figure 3). The tantalum
geochemical map (Figure 2), using a cut-off grade of 0.25% Ta(2)O(5), can be
interpreted as exhibiting the favourable zones containing significant detrital
coltan concentrations.
These results allowed the delineation of two MRE target areas covering 3.8
km², for refined pit exploration sampling that may support the first
definition of coltan resources in the Badinikro North area, along with
additional pit sampling programmes in the surrounding eluvial and alluvial
environments, covering an exploration area of 6.5 km².
Three target sources - eluvial, alluvial and hard rock pegmatites
Coltan, which is a mineral hosting tantalum and niobium, is found in three
environments at Issia:
- hard rock sources called pegmatites that are generally found
under soil cover and extend into the bedrock (Figures 4 & 5);
- eluvial shallow sources (or eluvial placers) that are located
directly above or near the pegmatites and were formed through the natural
weathering (disaggregation and leaching) of the fresh pegmatite rocks over
time, liberating coltan minerals that are concentrated in situ due to their
high density (Figures 3 & 4); and
- alluvial shallow sources (or alluvial placers) that can be found in
regional basins, in topographic lows surrounding source rocks and eluvial
deposits (Figure 4).
Exploration technique - Pitting vs. drilling
Switch Metals' exploration plan has been designed to start at the surface and
to target shallow sources in the form of eluvial and alluvial placers. The
Company sees this approach as the most efficient technique, leading to better
delineation of deeper hard rock pegmatite drilling targets, which are
higher-risk targets that could provide significant resource growth
opportunities in the future.
Importantly, shallow resources where the coltan has naturally been liberated
over time through weathering are simple and cost-effective to process using
conventional screening and gravity separation techniques.
To define shallow resources, pitting is a technically and cost-effective
option. Average pit depths of 5 m and 1m by 1 m wide have historically been
used with success during historic programmes at Issia. Considering the
nuggetty feature of tantalum-bearing coltan in shallow soils, pit samples
allow for more accurate grade estimation when compared to drill cores of a few
centimetres in diameter. Drilling is used for fresh hard rock testing, which
may be applied in the future on such targets at Issia.
About Tantalum
Tantalum is a high-value and rare metal generally hosted in coltan minerals in
association with niobium metal and other trace metals. It is mostly used in
electronic capacitors, semiconductors, cutting, aerospace, defence, electric
vehicle, medical, and chemical industries. Nearly 60% of global tantalum
production is sourced in the DRC and Rwanda. Buyers are seeking additional,
ethical and long-term supply sources. Over the past years, tantalum prices
have ranged between US$150,000 and $250,000 per tonne of tantalum pentoxide
(Ta(2)O(5)).
Figure 1: Location map of the Issia Project including the five exploration
permits in south-west Côte d'Ivoire with access from road network.
Figure 2: Pit exploration plan for coltan placer resource estimate (pink
contours) and four zones for additional targets definition (black contours) at
Badinikro North, Issia.
Figure 3: Example of heavy minerals concentrate (left hand side) containing
coltan nuggets (containing tantalum metal) (right hand side) panned from
shallow eluvial sediments within the Badinikro resource target areas.
Figure 4: Schematic of eluvial (and colluvial), alluvial and hard rock LCT
pegmatite contexts typical of the interpreted Issia coltan district.
Figure 5: Evidence of weathered and non-weathered hard rock pegmatites within
the resource target zones at Issia which have previously been core sampled,
assayed and confirmed Ta mineralisation.
Qualified Person Statement:
The technical information contained in this disclosure has been read and
approved by Dr Christophe Bonnetti (PhD, EurGeol), who is a qualified
geologist and acts as the qualified person under the AIM Rules - Note for
Mining and Oil & Gas Companies. Dr Bonnetti is a Senior Consultant
Geologist working for Arethuse Geology Sarl which has been retained by Switch
Metals plc to provide technical support.
For further information, please contact:
Switch Metals plc
Via IFC Advisory
Karl Akueson, CEO
Andy Yeo, CFO
Allenby Capital Limited (Nominated Adviser & Joint Broker)
Corporate Finance: Nick Harriss / James Reeve / Lauren Wright
+44 (0) 203 328 5656
Sales: Kelly Gardiner / Matt Butlin
OAK Securities (Lead Broker)
+44 (0) 203 973 3678 3
Jerry Keen, Head of Corporate Broking
jerry.keen@oak-securities.com (mailto:jerry.keen@oak-securities.com)
Henry Clarke, Head of Sales
henry.clarke@oak-securities.com (mailto:henry.clarke@oak-securities.com)
IFC Advisory Limited (Financial PR and IR)
+44 (0) 203 934 6630
Tim Metcalfe / Florence Staton
switchmetals@investor-focus.co.uk
About Switch Metals
Switch Metals plc, admitted to AIM in April 2025, is a mining company focused
on technology and battery minerals in Côte d'Ivoire, one of the most
attractive mining jurisdictions in Africa. The Company is the largest land
holder covering tantalum, lithium and other critical metals prospects in the
country (and potentially in West Africa) today.
Its core assets include Issia (Ta + Nb), Bouaké (Ta + Nb + REE) and Tiassalé
(Li) projects. Issia is the current focus for the Company as it exhibits
potential for early cash flow through ethical tantalum production from shallow
coltan placer deposits with significant scale-up potential (from both placers
and hard rock pegmatites).
The Company is led by an experienced team with an in-country presence.
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