Mt Weld Rare Earth Element Drill Campaign Underway

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                                                                                                                   

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.

 

END