Exploration Update on the Asturmet Project

RNS Number : 5881E

Technology Minerals PLC

14 March 2022

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

14 March 2022

Technology Minerals Plc

("Technology Minerals" or the "Company") 

Exploration Update on the Asturmet Cu-Co-Ni Project, Asturias, NW Spain

Deposit characterisation sampling confirms high grade mineralisation at the underground Aramo Mine 

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce initial results from a due diligence lithogeochemical characterisation sampling survey at its 100% owned Aramo Copper-Cobalt-Nickel ("Cu-Co-Ni") Project in Asturias, NW Spain. 

Highlights

· Due diligence sampling collected in November 2021 has confirmed high grade Cu-Co-Ni mineralisation at the historic Aramo mine on the St Patrick Licence

· A total of 79 samples were collected on the licence during the campaign, including 53 samples underground at the Aramo Mine on Level 3 in four historical partially stoped areas

· Field programmes are ongoing at the project with a more expansive exploration campaign planned for the St. Patrick Licence in the coming months

A selection of best results include:

Table 1: List of selected results from the characterisation sampling programme

SAMPLE ID	LOCATION	LEVEL	WORKING	SAMPLE_TYPE	Co_OG62  %	Cu_OG62  %	Ni_OG62  %
AES49848	Aramo Mine	Level 3	Stope B	Stope Scree	0.50	0.35	0.14
AES49852	Aramo Mine	Level 3	Stope B	Stope Scree	0.18	20.60	0.83
AES49853	Aramo Mine	Level 3	Stope B	Stope Scree	0.25	5.31	0.51
AES49855	Aramo Mine	Level 3	Stope B	Stope Scree	0.42	2.07	0.10
AES49858	Aramo Mine	Level 3	Stope B	Stope Scree	0.39	28.30	1.68
AES49860	Aramo Mine	Level 3	Stope B	Stope Scree	0.50	0.63	0.08
AES43409	Aramo Mine	Level 3	Stope B	Stope Scree	0.45	17.00	1.01
AES49896	Aramo Mine	Level 3	Stope B	Stope Scree	0.49	16.55	0.40
AES43401	Aramo Mine	Level 3	Stope C	O\C - Wall rock	1.88	13.25	1.10
AES49866	Aramo Mine	Level 3.5	Stope A	Stope Scree	0.39	1.58	0.10
AES49869	Aramo Mine	Level 3.5	Stope A	Stope Scree	0.50	4.27	0.14
AES49871	Aramo Mine	Level 3.5	Stope A	Stope Scree	0.39	10.05	0.55
AES49875	Aramo Mine	Level 3.5	Stope A	Stope Scree	0.35	5.11	0.29
AES43411	Aramo Mine	Level 3.5	Stope A	Stope Scree	0.20	5.01	0.42
AES49838	Aramo Mine	Level 3	Loc-3	Float	0.16	>50	0.80

Asturmet Project

The Company holds 100% of the Aramo Project through its 100% wholly-owned subsidiary, LRH Resources Limited ("LRHR"), and LRHR's 100% wholly-owned subsidiary Asturmet Recursós S.L. ("Asturmet").

The Asturmet Project consists of seven exploration permits or P.I. (Permiso del Investigación): St. Patrick (P.I. 30858), St. Andrew (P.I. 30869), St. David (P.I. 30870), Astur A (P.I. 30864), Astur B (P.I. 30865), Astur C (P.I. 30866) and Astur D (P.I. 30868). The licences cover a total area of approximately 461 km². The St Patrick licence (which covers the historic Aramo Mine), was issued to Asturmet in June 2018. The remaining licences are due to be issued imminently by the Spanish Ministry.

Local Geology

The Cu-Co-Ni Project is classed as an epithermal carbonate hosted deposit and lies within the western closure of the Cantabrian Orocline Fold and Thrust Belt.   The Aramo Mine is located within what is termed the Aramo "Caliza de Montana" stratigraphic unit comprising of organic rich limestones. Mineralisation is broadly confined to wide alteration zones with more localised east - west orientated high grade veins and stockwork mineralisation. The alteration zones, which are themselves pervasively mineralised, are interpreted to form extensive "pipe-like" bodies with significant vertical development at major fault intersection planes. These zones develop laterally outwards along individual faults creating the so called "Filon" zones. Lower angled stratigraphic bedding within the host limestones within the pipelike zones appear to create flatter zones or lenses of alteration and mineralisation with a 30-40 degree orientation dipping westwards.

The Aramo Mine

The Aramo mine was most recently in production from 1948 and ceased production in 1953. It has remained dormant for the last 69 years. The mine closed during a period of weak copper prices and a declining Dow Jones index for commodities. The mine has several mineralised zones with extensive alteration and associated Cu-Co-Ni mineralisation at a number of levels over a known vertical extent of 530-m whilst westwards, there lies a further 200-m of vertical prospective stratigraphy above the mine and to the west below the plateau.

Aims of the Sampling

The study involved accessing historical mine workings associated with the Aramo Mine at the accessible upper levels, in particular at the Level 3 elevation (1177m O.D.) to complete a mineral and alteration characterisation study, the full results of the sampling are presented in Table 2. The primary zone sampled comprised the St. Pedro Filon, a 30-40m wide (partially mined) alteration zone which dips westwards at 35-40 degrees. Three stopes within this zone were accessed and a selection of both wall rock and blasted stope piles were sampled.

The characterisation study aimed to collect a broad range of mineralisation and alteration types to better understand the paragenetic model for the deposit and to identify structural controls on the mineralisation. The majority of samples were collected from blasted stope material within the stopes with a selection of wall rock samples in the hanging wall and the footwall of the stoped areas where it was possible.

Results

A total of 79 samples were collected during the campaign and included 53 samples collected at the Aramo Mine on Level 3 in four different stoped areas (as reported here). A further 17 prospecting samples were also collected at locations on the plateau above the mine. These form part of a broader in-progress programme of ongoing sampling in association with characterisation of both rocks and soils for an ongoing hyperspectral remote sensing study. These results will be compiled and assimilated and reported in due course, along with the results of the Remote Sensing Study. A further seven samples comprised QAQC samples which were submitted along with the geochemical samples.

All samples followed a strict sampling and chain of custody process and were analysed by ALS Laboratories in Loughrea, County Galway, Ireland. Samples were analysed by four-acid ICP-AES analysis.

Further work

Field programmes are ongoing at the project with a full and more expansive exploration programme planned for the St. Patrick Licence in the coming months, which includes geological mapping and sampling, remote sensing analysis and geophysics.

Alex Stanbury, Chief Executive Officer of Technology Minerals, said: "We are pleased the initial results from our sampling survey at the historic Aramo mine within the St Patrick licence has confirmed high grade Copper-Cobalt-Nickel mineralisation.  In the coming months we plan to expand our exploration campaign which will help us continue to gain a better understanding the full potential of the project.  The Asturmet Project forms part of our wider strategy to move forward and advance multiple exploration campaigns across our portfolio of mineral resource projects focused on cobalt, copper, nickel, manganese, and lithium."

Competent Person

All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to LRHR), and a "qualified person" within the meaning of National Instrument 43-101.Vaughan Williams is also company secretary of LRHR and a Director of LRHR's  Spanish subsidiary Asturmet.

The Directors of the Company accept responsibility for this announcement.

For further information please visit www.technologyminerals.co.uk , @TechnologyMinerals on Twitter, or contact:

Technology Minerals Plc
Alex Stanbury, Chief Executive Officer Lester Kemp, Chief Operating Officer Wilson Robb, Chief Technical Officer	[phone] [e-mail]
Arden Partners Plc
Ruari McGirr, George Morgan	[phone]
Luther Pendragon
Harry Chathli, Alexis Gore, John Bick	[phone]

About Technology Minerals Plc

Technology Minerals is developing the UK's first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the Group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk.  

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts.  Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts.  Forward-looking statements sometimes use words such as 'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', or other words of similar meaning.  These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Table 2: List of selected results from the characterisation sampling programme

SAMPLE ID	LOCATION	LEVEL	WORKING	SAMPLE_TYPE	Co_OG62  %	Cu_OG62  %	Ni_OG62  %
AES49846	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.05	1.27	0.08
AES49847	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.23	2.74	0.10
AES49848	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.50	0.35	0.14
AES49849	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.39	0.46	0.05
AES49850	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.02	1.71	0.04
AES49851	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.08	1.80	0.06
AES49852	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.18	20.60	0.83
AES49853	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.25	5.31	0.51
AES49855	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.42	2.07	0.10
AES49856	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.01	0.20	0.01
AES49857	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.22	1.79	0.14
AES49858	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.39	28.30	1.68
AES49859	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.00	0.12	0.01
AES49860	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.50	0.63	0.08
AES43408	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.02	0.41	0.04
AES43409	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.45	17.00	1.01
AES49893	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.35	0.48	0.12
AES49894	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.23	0.42	0.07
AES49895	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.05	0.26	0.01
AES49896	Aramo Mine	Level 3  U/G	Stope B	Stope Scree	0.49	16.55	0.40
AES49839	Aramo Mine	Level 3  U/G	Stope C	Stope Scree	0.04	0.16	0.06
AES49840	Aramo Mine	Level 3  U/G	Stope C	Stope Scree	0.18	7.15	0.66
AES49841	Aramo Mine	Level 3  U/G	Stope C	Stope Scree	0.06	0.28	0.08
AES49842	Aramo Mine	Level 3  U/G	Stope C	Stope Scree	0.08	0.75	0.08
AES49843	Aramo Mine	Level 3  U/G	Stope C	Stope Scree	0.08	1.28	0.20
AES43414	Aramo Mine	Level 3  U/G	Stope C	O\C - Wall rock	0.15	2.44	0.24
AES49900	Aramo Mine	Level 3  U/G	Stope C	O\C - Wall rock	0.07	1.91	0.11
AES43406	Aramo Mine	Level 3  U/G	Stope C	O\C - Wall rock	0.07	0.90	0.13
AES43401	Aramo Mine	Level 3  U/G	Stope C	O\C - Wall rock	1.88	13.25	1.10
AES43402	Aramo Mine	Level 3  U/G	Stope C	O\C - Wall rock	0.06	2.32	0.05
AES43403	Aramo Mine	Level 3  U/G	Stope C	O\C - Wall rock	0.52	13.05	0.84
AES49861	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.02	0.18	0.05
AES49862	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.14	1.93	0.11
AES49864	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.02	1.83	0.15
AES49865	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.06	0.92	0.06
AES49866	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.39	1.58	0.10
AES49867	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.16	2.46	0.18
AES49868	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.24	2.25	0.09
AES49869	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.50	4.27	0.14
AES49870	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.05	1.65	0.09
AES49871	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.39	10.05	0.55
AES49873	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.04	1.31	0.09
AES49874	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.10	2.59	0.16
AES49875	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.35	5.11	0.29
AES43404	Aramo Mine	Level 3.5  U/G	Stope A	O\C - Wall rock	0.22	2.25	0.17
AES43405	Aramo Mine	Level 3.5  U/G	Stope A	O\C - Wall rock	0.15	5.70	0.23
AES43410	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.03	2.51	0.18
AES43411	Aramo Mine	Level 3.5  U/G	Stope A	Stope Scree	0.20	5.01	0.42
AES49892	Aramo Mine	Level 3  U/G	Loc-1	O\C - Wall rock	0.03	0.20	0.03
AES49844	Aramo Mine	Level 3  U/G	Loc-2	O\C - Wall rock	0.01	0.05	0.02
AES49838	Aramo Mine	Level 3  U/G	Loc-3	Float	0.16	>50	0.80
AES49897	Aramo Mine	Level 3  U/G	Loc-4	O\C - Wall rock	0.13	8.06	0.22
AES49898	Aramo Mine	Level 3  U/G	Loc-5	O\C - Wall rock	0.03	0.43	0.06

 

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