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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Corcel Plc | AQSE:CRCL.GB | Aquis Stock Exchange | Ordinary Share | GB00BKM69866 |
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-0.105 | -34.43% | 0.20 | 0.10 | 0.30 | 0.305 | 0.1549 | 0.305 | 8,905,359 | 15:29:28 |
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TIDMCRCL
RNS Number : 4723C
Corcel PLC
13 June 2023
Corcel PLC
("Corcel" or the "Company")
Encouraging Initial Mt. Weld Drilling Results
13 June 2023
Corcel Plc (London AIM: CRCL), the pan Angolan / Brazilian Oil and Gas company, with interests across battery metals mining and oil and gas is delighted to announce the initial drilling results from the Company's Mt. Weld rare earth elements joint venture with Riversgold Limited (ASX: "RGL"), located 1.5km west/north-west of Lynas Rare Earth Element's Mt. Weld rare earth oxide mine, near Laverton, Western Australia.
Highlights:
o Initial composite RC drill samples assay up to 2,200ppm TREO
o 52% of the planned initial 2,000m RC programme completed to date
o Drilling program is on tenement P34/4489 - immediately to the west of Lynas' globally significant Mt Weld rare earth oxide mine
Corcel Chief Executive Officer, Scott Kaintz commented: "Elevated initial results out of Mt. Weld reinforce our fundamental view of the exciting mineral and commercial prospectivity of the project, located, as it is, adjacent to one of the world's largest REE operations, outside of China. We look forward to additional results firming up the potential for a mineral resource estimate in due course."
Drill Results:
The Company's JV partner, Riversgold, has drilled 5 holes to date totalling 1,036m of an initial seven-hole (2,000m) reverse circulation ("RC") drilling program on the joint venture tenement P34/4489. The program was designed to test several magnetic features confirmed through both airborne and ground magnetic surveying [1] .
The interesting elevated rare earth element ("REE)" results from four composite samples are shown in Tables 1 and 3, with locations in Table 2. The results from all 1m samples from the drill holes will be submitted for assaying shortly.
Table 1 : Mt Weld - Material Intersection Elevated TREO Assay Results
Composite Drill Hole From To m TREO(1) ppm TREO(1) Sample Number m % MTW001 MWRC002 196 200 1,600 0.160% ------------ ----- ----- ------------ -------- MTW002 MWRC002 162 166 1,900 0.190% ------------ ----- ----- ------------ -------- MTW003 MWRC003 116 120 2,200 0.220% ------------ ----- ----- ------------ -------- MTW004 MWRC003 106 110 1,600 0.160% ------------ ----- ----- ------------ --------
Notes:
1. TREO are detailed in Appendix A, Section 1, " Verification of sampling and assaying"
The Mt Weld Project 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).
Figure 1 : Drill Hole Locations completed to date at Mt Weld (P34/4489)
Hole one was abandoned due to difficult ground conditions at 84m. All four remaining holes intersected the geophysical targets as modelled. The magnetic high was deemed to be highly magnetic, black mafic volcanics which were intersected at a width of 10 to 20m from 190 to 210m downhole.
To ascertain if REEs were indeed present, the Company prepared four composite 4 metre samples from holes 2 to 4 which had intersected highly magnetic, black mafic volcanics. These samples were dispatched to the assay lab for rush analysis prior to completing the drill program.
Figure 2 : Cross section for drillhole MWRC002, showing drill hole trace and modelled geophysics target
Figure 3 : Long Section Showing 5 drill holes relative to the interpreted geophysics targets
The drilling in holes 4 to 5 was successful in intersecting the targeted interpreted magnetics, representing targets T2 and T3 in the announcement dated 2 May 2023 and detailed in Figure 2. T1 was not drilled due to temporary flooding of the small creek where the target drill hole was located. On further assessment of the ground geophysics interpretation, T4 was downgraded to a be a secondary priority, although it is located closer to the operating Mt Weld Mine Site.
In hole 5, which was drilled after the rush assay was despatched, but before the assay results were received, the drilling also intersected medium grained, pink intermediate porphyry interpreted as syenite. Syenite is the host rock at the neighbouring Wallaby Gold deposit currently being mined by Anglo American Gold.
Figure 4 : Location of the Mt Weld programme relative to Mt Weld REE Project and Anglo Gold's Granny Smith / Wallaby Project
About the Mt. Weld Joint Venture:
The Mt. Weld Joint Venture is currently being operated by Riversgold Ltd, Corcel's farm-in and joint venture partner, who through the expenditure of AUD 500,000 can earn a 50% stake in the project, as originally announced on 4 January 2023. Currently, Corcel retains an 80% interest in the project, having previously sold a 20% interest as announced on 5 May 2023.
Future Operations:
A further detailed analysis of the anomalous REE assays and minerology is currently underway, and the operator is expected to make further decisions once these assessments have been completed and additional announcements will be made as required.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
Development@corcelplc.com
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.
Competent Person/Qualified Person Statement:
The information in this document that relates to exploration is based on information compiled or reviewed by Edward Mead, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Mead is a Director of Riversgold Ltd. Mr Mead has sufficient experience that is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person (Qualified Person) as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Mead consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Table 2: Drill hole information
Hole_ID Hole_Type Azimuth Dip Max_Depth Nat_East Nat_North Nat_RL MWRC001 RC 353.44 -60.00 84 451702 6808730 423 ----------- -------- ------- ---------- --------- ---------- ------- MWRC002 RC 351.3 -59.86 246 451746 6808679 423 ----------- -------- ------- ---------- --------- ---------- ------- MWRC003 RC 355.17 -60.08 252 451814 6808680 423 ----------- -------- ------- ---------- --------- ---------- ------- MWRC004 RC 355.35 -62.63 250 451867 6808675 423 ----------- -------- ------- ---------- --------- ---------- ------- MWRC005 RC 353.96 -60.64 204 452125 6808705 423 ----------- -------- ------- ---------- --------- ---------- -------
Table 3: ALS Reported assay results for the four composite samples. Only relevant REEs reported.
Method ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 Analyte CeO2 Dy2O3 Er2O3 Gd2O3 La2O3 Nd2O3 Pr6O11 Sm2O3 Y Ce Hf La Nb Y --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- % % % % % % % % % ppm ppm ppm ppm ppm --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- TREO 0.01 0.01 0.01 0.01 0.01 ) 0.01 0.01 0.01 0.01 0.1 0.5 0.1 0.1 ppm --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- MTW001 0.05 0.01 0.02 0.01 0.03 0.02 0.01 <0.01 0.01 359 10.6 194 152.5 32.6 1,600 --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- ------ MTW002 0.07 0.01 0.01 0.01 0.04 0.03 0.01 <0.01 0.01 482 11.2 239 142 39.8 1,900 --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- ------
MTW003 0.08 0.01 0.02 0.01 0.04 0.03 0.01 0.01 0.01 503 7.5 281 162 32.5 2,200 --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- ------ MTW004 0.05 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.01 354 10.4 180 180 44.6 1,600 --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- ------
TREO = Lanthanide Oxides + Yitrrium oxides + Scandium Oxides
Appendix : Table 1 JORC Tables
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary ============= ============================================================ ========================================================================= Sampling techniques * Nature and quality of sampling (eg cut channels, * Fine to -25mm rock fragments are obtained using random chips, or specific specialised industry Reverse Circulation drilling methods. standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These * Every metre drilled was sampled at the drill rig examples should not be taken as limiting the broad using a rig mounted static cone splitter to collect 2 meaning of sampling. - 3kg sub samples. * Include reference to measures taken to ensure sample * Four standard samples, two duplicates and two blanks representivity and the appropriate calibration of any are inserted with every 100 samples submitted for measurement tools or systems used. analysis . * Aspects of the determination of mineralisation that * A total of 4 composite samples were submitted to ALS are Material to the Public Report. laboratory. * In cases where 'industry standard' work has been done * Four composite samples were taken using the spear this would be relatively simple (eg 'reverse sampling method, over 5m intervals per sample, to circulation drilling was used to obtain 1 m samples generate the four composites. Two composite samples from which 3 kg was pulverised to produce a 30 g were taken from drill hole MWRC002 and two composite charge for fire assay'). In other cases more samples from MWRC003. explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg * Collected samples were chosen using geological submarine nodules) may warrant disclosure of detailed observation and represent logged magnetic basalt with information. magnetite/ titano-magnetite. ============================================================ ========================================================================= Drilling techniques * Drill type (eg core, reverse circulation, open-hole * Reverse circulation drilling with 1m sample interval. hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). ============================================================ ========================================================================= Drill sample recovery * Method of recording and assessing core and chip * Samples consisted of RC chips collected using an sample recoveries and results assessed. inverted 1m cone to sample the cyclone underflow . * Measures taken to maximise sample recovery and ensure * Cyclone was "air flushed" at the end of each sample representative nature of the samples. and cleaned every 6m to avoid contamination. * Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. ============================================================ ========================================================================= Logging * Whether core and chip samples have been geologically * Collected chips were logged for geology, alteration, and geotechnically logged to a level of detail to relative abundance of mineral species and support appropriate Mineral Resource estimation, mineralisation. mining studies and metallurgical studies. * This logging is qualitative in nature. * Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. * The total length and percentage of the relevant intersections logged. ============================================================ ========================================================================= Sub-sampling techniques * If core, whether cut or sawn and whether quarter, * Samples collected weighed approximately 2kg. and sample half or all core taken. preparation * Sample conditions were recorded by field crew during * If non-core, whether riffled, tube sampled, rotary collection. split, etc and whether sampled wet or dry. * At the laboratory, samples were dried at 105 degrees * For all sample types, the nature, quality and Celsius before being pulverized using a Tungsten appropriateness of the sample preparation technique. Carbide bowl to avoid contamination. * Quality control procedures adopted for all * Pulverized samples were then split and a sub-sample sub-sampling stages to maximise representivity of used for ICP analysis. samples. * Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. * Whether sample sizes are appropriate to the grain size of the material being sampled. ============================================================ ========================================================================= Quality of assay * The nature, quality and appropriateness of the * Samples were submitted to ALS laboratory for analysis data and assaying and laboratory procedures used and whether by Lithium borate fusion XRF and a 4-acid digest with laboratory the technique is considered partial or total. MS/ICP finish for a 48 element suite. tests * For geophysical tools, spectrometers, handheld XRF * The methods utilized are appropriate and typical for instruments, etc, the parameters used in determining the industry for Rare Earth and other tested the analysis including instrument make and model, elements. reading times, calibrations factors applied and their derivation, etc. * Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. ============================================================ ========================================================================= Verification of sampling * The verification of significant intersections by * Results have been verified by company personnel.
and assaying either independent or alternative company personnel. * The REE assay data were converted from reported * The use of twinned holes. elemental assays to the equivalent oxide compound as applicable to rare earth oxides. The oxides were calculated from the element according to the * Documentation of primary data, data entry procedures, following factors: data verification, data storage (physical and electronic) protocols. * CeO2 1.1526 * Discuss any adjustment to assay data. * La2O3 1.1728 * Nd2O3 1.1664 * Pr6O11 1.2082 * Ho2O3 1.1455 * Lu2O3 1.1371 * Sm2O3 1.1596 * Tb2O3 1.1762 * Tm2O3 1.1421 * Y2O3 1.2699 * Yb2O3 1.1387 * Dy2O3 1.1477 * Er2O3 1.1435 * Eu2O3 1.1579 * Gd2O3 1.1526 ============================================================ ========================================================================= Location of data * Accuracy and quality of surveys used to locate drill * The coordinate system used by the company is MGA zone points holes (collar and down-hole surveys), trenches, mine 50 reference grid with geodetic datum GDA94. workings and other locations used in Mineral Resource estimation. * Drillholes were located using a handheld GPS received with a typical horizontal accuracy of +/-4m. * Specification of the grid system used. * Quality and adequacy of topographic control. ============================================================ ========================================================================= Data spacing and * Data spacing for reporting of Exploration Results. * Drillholes locations reported in this release do not distribution have a regular spacing. * Whether the data spacing, and distribution is sufficient to establish the degree of geological and * The purpose of this drilling was regional exploration, grade continuity appropriate for the Mineral Resource and the reported results are not anticipated to be and Ore Reserve estimation procedure(s) and part of a resource estimate at this point. classifications applied. * Compositing to 5m sample length was undertaken over * Whether sample compositing has been applied. areas where magnetite in basalt was visually identified in the logging ============================================================ ========================================================================= Orientation of data in * Whether the orientation of sampling achieves unbiased * Drilling Azimuth was oriented perpendicular to the relation sampling of possible structures and the extent to main strike of the magnetic anomaly that may have the to which this is known, considering the deposit type. potential to be spatially correlated with REE geological mineralisation. structure * If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. ============================================================ ========================================================================= Sample security * The measures taken to ensure sample security. * Samples are collected in calico bags across a defined arc on the edge of the cone located under the cyclone. The calico bag features sample number and down hole interval data pre-written on it. Bags sent for analysis are collected by field technicians and placed in pre-numbered sample bag. Sample depth and number are recorded by field technician and compared with the geologist's spreadsheet to assure accuracy of data. Samples collected are placed within bio-degradable plastic bags, which in turn are delivered to the laboratory with detailed sample submission documentation. * Laboratory assay samples feature a sample ID on the calico bag as reference. * After assaying, sample pulps are placed in paper bags and stored for Riversgold to collect. * All steps are supervised by a Riversgold geologist. ============================================================ ========================================================================= Audits or reviews * The results of any audits or reviews of sampling * No external audits or reviews of the sampling techniques and data. techniques and data has been conducted. ============================================================ =========================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary =============== =============================================================== ============================================================== Mineral tenement * Type, reference name/number, location and ownership * Tenement P 38/4489 is located approximately 28km and land including agreements or material issues with third South-Southeast of Laverton. It is accessed by the tenure status parties such as joint ventures, partnerships, sealed road between the Mt Weld project and Laverton. overriding royalties, native title interests, The tenement is 1.4Km west-northwest of Lynas Mt Weld historical sites, wilderness or national park and REO operations. environmental settings.
* The tenement is held by Corcel PLC and is currently * The security of the tenure held at the time of subject to a farm in option by Riversgold. reporting along with any known impediments to obtaining a licence to operate in the area. =============================================================== ============================================================== Exploration done by other * Acknowledgment and appraisal of exploration by other * 17 RAB and auger holes were drilled by Placer parties parties. Exploration Ltd in 1993 targeting gold. * 1 hole of unknown type but probably RAB drilled by Torridon Exploration for gold and base metals =============================================================== ============================================================== Geology * Deposit type, geological setting and style of * Carbonatite hosted REE mineralisation and/or gold mineralisation. below cover. =============================================================== ============================================================== Drill hole Information * A summary of all information material to the * Refer to Tables and Figures within the body of the understanding of the exploration results including a release. tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. * If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. =============================================================== ============================================================== Data aggregation * In reporting Exploration Results, weighting averaging * Intersections have been calculated using no cut off methods techniques, maximum and/or minimum grade truncations or internal waste and represent the results of (eg cutting of high grades) and cut-off grades are compositing at the sampling stage for early test for usually Material and should be stated. REE mineralisation * Where aggregate intercepts incorporate short lengths * The results for the REE suite (lanthanide series) in of high-grade results and longer lengths of low-grade ppm is reported for each element individually. results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. * TREO = Lanthanide Oxides + Yitrrium oxides + Scandium Oxides * The assumptions used for any reporting of metal equivalent values should be clearly stated. =============================================================== ============================================================== Relationship between * These relationships are particularly important in the * Mineralisation down hole intersection width is mineralisation reporting of Exploration Results. reported as the geometry of the magnetic anomaly widths and being tested is still uncertain. Therefore, true intercept width cannot yet be estimated. lengths * If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. * If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). =============================================================== ============================================================== Diagrams * Appropriate maps and sections (with scales) and * Diagrams have been incorporated in the body of this tabulations of intercepts should be included for any release. significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. =============================================================== ============================================================== Balanced reporting * Where comprehensive reporting of all Exploration * The assay results reported in the release are from 4 Results is not practicable, representative reporting composite samples from a specific zone of geological of both low and high grades and/or widths should be interest and were fast tracked through the practiced to avoid misleading reporting of laboratory. The remaining 1 metre samples are to be Exploration Results. assayed. =============================================================== ============================================================== Other substantive * Other exploration data, if meaningful and material, * No other substantive exploration data to be reported. exploration should be reported including (but not limited to): data geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. =============================================================== ============================================================== Further work * The nature and scale of planned further work (eg * A decision on any further work will be made once the tests for lateral extensions or depth extensions or bulk of the individual 1m intervals selected for large-scale step-out drilling). further sampling have been analysed. * Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. =============================================================== ==============================================================
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