Completion of Wo Wo Gap Project Acquisition

RNS Number : 3540P

Corcel PLC

18 October 2021

 

18 October 2021

Corcel PLC

("Corcel" or the "Company")

Completion of Wo Wo Gap Nickel-Cobalt Project Acquisition

Further to the Company announcements of 12 August 2021 and 8 October 2021, Corcel Plc, a natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, announces that it has completed the share purchase agreement with Australian-registered Resource Mining Corporation Limited (ASX: RMI) ("RMI") to acquire 100% of the issued share capital in Australian-registered Niugini Nickel Pty Ltd, which owns 100% of the Wo Wo Gap nickel-cobalt project in Papua New Guinea ("Project"). 

James Parsons, the Company's Executive Chairman commented:

"I am delighted we have secured the Wo Wo Gap project, which effectively doubles the scale of our nickel and cobalt business.  Securing nickel supply remains a critical enabler for the major players in global electrification and our nickel business is perfectly positioned for the inevitable supercycle.

Near term priorities at Wo Wo gap will include resource updates, exploring synergies with our Mambare project, and the early securing of long term shipping and offtake arrangements."

Wo Wo Gap Project Details

The Project is located 200km from the Papua New Guinea capital of Port Moresby and some 150km southeast of the Company's Mambare nickel/cobalt asset.  The Company sees significant synergies between the two projects and believes this acquisition as a significant step in its evolution towards building a leading regional battery metal and nickel /cobalt business with material scale.

Exploration at the Project dates back to the 1950s and has consisted of multiple drilling programmes, including diamond drilling, wacker holes and ground penetrating radar activities.   Project activity of late has focused on maintaining commitments for the exploration licence, including site-based activities such as maintenance of the existing infrastructure and equipment, so as to facilitate a ready state for future exploration and development which is likely to be focused on a potential direct shipping ore operation. 

The Project is held through one tenement in Papua New Guinea, EL 1165, which expired on 28 February 2020 and is currently under reapplication for a further 2-year period.

For further information, please contact:

Scott Kaintz  020 7747 9960                                                                         Corcel Plc CEO 

James Joyce / Andrew de Andrade   0207 220 1666                                   WH Ireland Ltd NOMAD & Broker

Simon Woods  0207 3900 230        Vigo Consulting IR 

This announcement contains inside information under Article 7 of Regulation (EU) 596/2014.

 

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