REG - Unicorn Mineral Res. - Annual General Meeting Statement

Unicorn Mineral Resources Public CoAnnouncement

03/10/2024 07:00

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RNS Number : 7237G  Unicorn Mineral Resources plc  03 October 2024

 

 

3 October 2024

Unicorn Mineral Resources Plc

 

("Unicorn" or the "Company")

 

Annual General Meeting Statement

At the annual general meeting of the Company being held today, the Chairman,
Paddy Doherty, will give the following statement.

As I mentioned in our annual report in July, the Company spent much of the
first half of 2024 investigating several opportunities in Africa.  We are
currently focusing our due diligence on one such opportunity, a copper
prospect in Namibia.  Whilst there can be no guarantee at this relatively
early stage of completing a transaction, we are excited by the potential
offered by this opportunity to reopen an old mine as well as to exploit the
significant tailings that exist on site.

In Ireland, work has been focused on maintaining our ground holding at the
Kilmallock and Lisheen Blocks.  The Kilmallock ground is located in a highly
prospective region in south county Limerick, 15km south of the large Pallas
Green deposit owned by Glencore Zinc Ireland and approximately 8km along
strike to the west from the newly discovered Ballywire Deposit, owned and
operated by Group Eleven Resources. Group Eleven Resources have been using
gravity surveying to identify drilling targets that have produced some of the
best zinc / lead, massive sulphide intersections, drilled in Ireland over the
past ten years.  Unicorn Mineral Resources has a similar style of high grade
zinc / lead massive mineralisation centred on the Bulgaden region.

As previously announced, a detailed gravity survey designed to identify drill
targets located in the 100 - 300m depth range was carried out at Kilmallock
earlier this year, testing the region underlain by sub-cropping Waulsortian
Reef along strike from Bulgaden.  This work consisted of 174 stations on a
nominal 200 x 200m grid and identified five very strong gravity anomalies that
are considered to be highly prospective and will require follow up work.  The
renewal reports for the three Kilmallock Licences have been prepared and
submitted to the Geoscience Regulatory Office in order to maintain these
licences in good standing for the next two years.

Lastly, we have commenced work with our advisers to prepare an FCA approved
prospectus for the sole purpose of converting the £233,446 convertible loan
notes issued last December.  A further £366,554 of convertible loan notes
are available for issue and the Company may look to utilise this to raise
additional working capital if required.

Whilst we cannot ignore the current geopolitical tensions that exist around
the world and the negative impact on smaller listed companies, the move to
sustainability will require an increase in the use of copper and zinc - two of
the metals that Unicorn was set up to explore for.  Ireland is home to
several 'unicorns' and whilst we are unlikely to achieve such lofty status, I
remain confident that Unicorn Mineral Resources is no mythical creature but
has a bright future.

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

- ENDS -

For further information, please visit www.UnicornMineralResources.com
(http://www.UnicornMineralResources.com) or contact:

 

 Unicorn Mineral Resources Plc                                                  Novum Securities Limited - Financial Adviser and Broker

                                                                                David Coffman / George Duxberry

 John O'Connor, CFO                                                             Colin Rowbury

                                                                                Tel: +44 (0)207 399 9400

 Tel: +353 86 259 5123

 Email: John.OConnor@umr.ie (mailto:John.OConnor@umr.ie)

 Gathoni Muchai Investments

 Faith Kinyanjui Mumbi

 info@gathonimuchaiinvestments.com (mailto:info@gathonimuchaiinvestments.com)

 

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