Corcel PLC Wowo Gap Nickel-Cobalt Exploration License Renewal (1735S)

TIDMCRCL

RNS Number : 1735S

Corcel PLC

07 March 2023

Corcel PLC

("Corcel" or the "Company")

Wowo Gap Nickel-Cobalt Exploration License Renewal

7 March 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 received formal renewal of Exploration License 1165 ("EL 1165"), now valid through February 2024. Corcel retains a 100% interest in the project, and is currently in the process of restructuring this interest into an Asian based joint venture as most recently announced on 1 March 2023. Further updates on progress at Wowo Gap and on completion of the overall restructuring effort will be made in due course.

Corcel Chief Executive Officer, Scott Kaintz commented: "After several years of COVID related delays this renewal now brings permitting fully up to date at Wowo Gap and enables the project to move forward accordingly and ultimately together with our new partners under the Integrated Battery Metals structure in Asia."

Further Information on Wowo Gap

The Project is located 200km from the Papua New Guinea capital of Port Moresby. 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.

 
   Lithology Type      Classification    Million   Ni%    Co%     Thousand     Thousand 
                                          Tonnes                   Tonnes       Tonnes 
                                                                  contained    Contained 
                                                                     Ni           Co 
--------------------  ----------------  --------  -----  -----  -----------  ----------- 
 Limonite/Saprolite       Indicated        63      0.85   0.08      540           50 
                Inferred                    9      0.84   0.07       76          6.3 
 -------------------------------------  --------  -----  -----  -----------  ----------- 
 Rocky Saprolite          Inferred         38      0.75   0.02      280          7.6 
                      ----------------  --------  -----  -----  -----------  ----------- 
 Total                    Indicated        63      0.85   0.08      540           44 
                Inferred                   47      0.77   0.03      360           14 
 -------------------------------------  --------  -----  -----  -----------  ----------- 
                 Total                     110     0.81   0.06      890           66 
 -------------------------------------  --------  -----  -----  -----------  ----------- 
 

Table 1. Wowo Gap JORC 2012 Mineral Resource Estimate by lithology type and classification at 0.7% Ni cut-off.

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

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March 07, 2023 06:52 ET (11:52 GMT)