TIDMCRCL
RNS Number : 9832X
Corcel PLC
02 May 2023
Corcel PLC
("Corcel" or the "Company")
Mt. Weld Rare Earth Element Drill Campaign Underway - TVR
2 May 2023
Corcel Plc (London AIM: CRCL), the extractive industries
exploration and development company, with interests in battery
metals including nickel, cobalt, and rare earth elements, announces
that its joint venture partner, Riversgold Limited ("RGL") has
begun a drill campaign at the Mt. Weld Rare Earth Elements project
in Western Australia.
Highlights
o Drilling has begun on tenement P34/4489 immediately adjacent
(1.5km) to Lynas' globally significant Mt Weld rare earths mine
o Contractor appointed to undertake initial seven-hole, 2,000m
reverse circulation drilling programme expected to take several
weeks with the option to expand meterage
o Programme will test three discrete magnetic anomalies that may
represent extensions of the Mt Weld carbonatite intrusive
complex
Scott Kaintz, Corcel CEO, commented:
"Following the Farm Out Agreement with Riversgold earlier this
year, the RGL team now has the drill bit turning, which in the
coming weeks will provide initial exploration results at the
property. The outcome at Mt. Weld have been fully derisked to
Corcel investors offering attractive potential upside, and the
Company looks forward to making further announcements on progress
in due course."
Programme Summary
RGL has appointed a drilling contract to complete an initial
seven-hole, 2,000m reverse circulation drilling program on Mt. Weld
tenement P34/4489. The program will test three discrete magnetic
features confirmed through ground magnetic surveying.
The Mt. Weld Project on tenement P34/4489 covers 171 hectares
and straddles the access road to Lynas' Mt Weld Mine (see Figure
2). The tenement is predominantly covered by recent transported
sediments obscuring the underlying geology , with four discrete
undrilled magnetic features (T1-T4) (see Figures 1-3) interpreted
to potentially represent carbonatite intrusives associated with the
Mt Weld carbonatite intrusive complex 1.5km to the east.
A Farm-in and Joint Venture agreement with RGL was announced on
4 January 2023, allowing RGL to fund the first work programme of
AUD 500,000 to earn into a 50% interest in the project.
Figure 1: Ground Magnetic results with sectional slice, confirm
strong drill targets at T1 to T3 (See Figure 2 and Figure 3 for
location information and Figure 3 with section line A-B) with 7
drill holes to a depth of 250m-300m being designed for a 2,000m
drill program.
http://www.rns-pdf.londonstockexchange.com/rns/9832X_1-2023-5-1.pdf
Figure 2: Location of Mt Weld Project (P38/4489) with location
of four magnetic features T1-4, identified from open file magnetic
data, and its proximity to Lynas's Mt Weld REO Mine. T1 to T3 have
been confirmed by ground magnetics as strong targets with 7 drill
holes to a depth of 250m-300m being designed for a 2,000m drill
program.
http://www.rns-pdf.londonstockexchange.com/rns/9832X_2-2023-5-1.pdf
Figure 3: Open file high resolution magnetic survey - North
Sunrise Survey commissioned by Acacia Resources Ltd completed on
40m line spacing in an east west orientation with 25m terrain
clearance. Section Line A -B can be seen in Figure 1 as oblique
view.
http://www.rns-pdf.londonstockexchange.com/rns/9832X_3-2023-5-1.pdf
Total Voting Rights: Canegrass
Application has now been made for 50,000,000 new ordinary shares
to be admitted to trading on AIM in connection with the Canegrass
lithium project acquisition announced on 4 April 2023 and it is
expected that their admission to AIM will take place on or around 9
May 2023 ("Admission").
Following Admission, the Company's total issued share capital
will consist of 941,361,292 Ordinary Shares, with one voting right
per share. The Company does not hold any shares in treasury.
Therefore, the total number of Ordinary Shares and voting rights in
the Company will be 941,361,292 from Admission. This figure may be
used by shareholders in the Company from admission as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company pursuant to the FCA's
Disclosure Guidance and Transparency Rules.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
020 7747 9960
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd
NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
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