Canegrass Lithium Option Exercise

RNS Number : 2318V

Corcel PLC

04 April 2023

 

Corcel PLC

("Corcel" or the "Company")

Canegrass Lithium Option Exercise

04 April 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 it has exercised its option to acquire the Canegrass Lithium project, as originally announced on 22 February 2023.   

Scott Kaintz, CEO, commented : "Building upon our recent acquisition and farm-out of the Mt. Weld REE project which is now approaching drilling, Corcel is pleased to have now acquired a high-upside / low-cost lithium project, adjacent to Aldoro Resources' Wyenmandoo lithium-rubidum-tantalum project in Western Australia."   

Transaction Details:

Corcel will now proceed to issue Huntsman Exploration Inc ("HMAN"), 50,000,000 new ordinary shares ("Acquisition Shares") at the previously agreed issue price of £0.004 equating to £200,000 consideration in aggregate. The shares will be issued following the Company's upcoming  General Meeting, currently scheduled for 26 April 2023 at 1500, with an additional announcement expected to be made in due course.   

About the Canegrass Lithium Project:

The project covers an area extending over part of the Windimurra Igneous Complex, a large differentiated layered ultramafic to mafic intrusion emplaced within the Yilgarn craton of Western Australia.  It is conical to a sheet-like body intruded into the Archaean granite-greenstone terrain of the Murchison Province, outcrops over an area of approximately 2,500 km2 and has an age of approximately 2800 Ma.  The complex is dominantly comprised of basic cumulate rocks that can broadly be classified as gabbroic in composition.  Magmatic layering dips inwards at the margins and flattens in the centre.  It is dissected by large scale strike-slip shear zones so that the original extent of the complex is unknown.  The Windimurra Igneous Complex is part of a much larger suite of similarly layered ultramafic to mafic bodies emplaced between 2,700-2,800Ma across the Murchison Province.  Collectively, these complexes are similar in thickness, volume, and composition to the Bushveld Igneous Complex of South Africa.

The project is predominately underlain by the lower zone of the Windimurra Intrusive Complex, a series of olivine-rich gabbro and gabbronorite which grade upwards into more leucocratic gabbroic rocks. The Lower zone is separated into a western and eastern lobe by the Shephards Discordant Zone ("SDZ"), which represents a significant break in the igneous stratigraphy and is characterised by magnetite and magnetite-bearing gabbro. To the east of the SDZ lies a package of mafic volcanic rocks, felsic volcaniclastic sandstones, and banded iron-formation bounded by the Wyemandoo Shear Zone and are part of the Norie Group.

Historic exploration completed by Aldoro has consisted of satellite imagery interpretation, geochemical sampling, rock chip sampling and an initial phase of drilling.  Due to the high degree of outcrop exposure and lack of vegetation, satellite imagery interpretation provides a rapid low-cost evaluation method to initially review and target pegmatite swarms.  A satellite imagery-based interpretation was conducted by HMAN across the entirety of the Canegrass Lithium Project and revealed extensive swarms of what is being interpreted as pegmatites.  These interpreted pegmatites are located within the same lithologies and setting as that at Aldoro's Project.  Furthermore, rock chip sampling conducted by Aldoro has confirmed the presence of high-grade rubidium with associated lithium mineralisation 1,400 m to the east of the Canegrass Lithium Project.

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  

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

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