TIDMFRG
RNS Number : 6053Z
Firering Strategic Minerals PLC
15 January 2024
Firering Strategic Minerals plc / EPIC: FRG / Market: AIM /
Sector: Mining
15 January 2024
Firering Strategic Minerals Plc
("Firering" or the "Company")
RC drilling campaign commenced at Atex
Firering, an exploration company focusing on critical minerals,
is pleased to announce that it has commenced its 3,000m Reverse
Circulation ("RC") drilling campaign at Atex, its flagship lithium
project in Côte d'Ivoire.
Highlights
-- 3,000m RC drilling programme commenced at identified lithium
bearing pegmatite targets, the next crucial phase for Atex.
-- RC holes expected to build upon significant intercepts
obtained during the diamond drilling ("DD") campaign in 2022 near
Spodumene Hill, in addition to new targets identified by the 2023
auger drilling campaign.
-- Drilling is expected to be completed in four to six weeks and
details of pegmatite intercepts will be announced as they become
available over the coming weeks.
Yuval Cohen, Chief Executive Officer of Firering, said:
"This next phase of drilling at Atex will be crucial to Firering
as we look to rapidly advance the project and build on the highly
encouraging results from the diamond drilling campaign undertaken
in Q4 2022, which demonstrated the first significant intercepts
from Atex, including an intercept of 64m @ 1.24% Li(2) O near
Spodumene Hill, which is truly exceptional and amongst the best
intercepts reported at that time by our global peers.
"Although the RC programme is expected to conclude in four to
six weeks, we will update the market as intercepts are made
available over the coming weeks. Samples will be sent to Intertek
for assaying and first assay results are expected during Q1
2024.
"This is an exciting phase for our flagship Atex Project and am
looking forward to announcing the assay results in due course."
Commencement of RC drilling campaign
RC drilling commenced at Atex in January 2024. Hole locations
were finalised in December 2023 (refer Figure 1) based on the pXRF
and LIBS data from the 2023 soil sampling campaign at Atex, as well
as an updated structural interpretation using the data from recent
pXRF test work completed on the diamond drill core from the 2022 DD
campaign. The RC drilling campaign should be completed within four
to six weeks. All RC holes are being logged and sampled at 1m
intervals with all fresh pegmatite samples sent to Intertek
Laboratories in Côte d'Ivoire for sample preparation, after which
the prepared samples will be sent to Intertek Laboratories in
Australia for assaying. The drilling is planned to intersect fresh
pegmatite beneath the weathered pegmatite identified during the DD
and auger drilling campaigns, to test the potential lithium
mineralisation of these pegmatites and to test the strike length of
the pegmatite zone NNE of Spodumene Hill. Assay results are
expected towards the end of Q1 2024 and will be used to direct
future drilling programmes.
Figure 1 : Plan view of the hole locations for the initial RC
holes.
Competent Person
In accordance with the AIM Note for Mining and Oil and Gas
Companies, Firering discloses that Michael Cronwright of CSA Global
is the Competent Person that has reviewed the technical information
contained in this document. Michael Cronwright has a Pr.Sci.Nat
with the South African Council for Natural Scientific Professions
("SACNASP") and is a member in good standing with SACNASP. Mr
Cronwright has the appropriate relevant qualifications, experience,
competence and independence to act as a Competent Person as defined
in the 2012 Edition of the "Australian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Michael
Cronwright consents to the inclusion of the information in this
announcement in the form and context in which it appears.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
*** ENDS ***
For further information and updates on Firering's exploration
programme, visit www.fireringplc .com or contact the following:
Firering Strategic Minerals Tel: +44 20 7236 1177
Yuval Cohen
Vassilios Carellas
SPARK Advisory Partners Limited Tel: +44 20 3368 3550
Nominated Adviser
Neil Baldwin / James Keeshan / Adam
Dawes
Tel: +44 20 3137 1903
Optiva Securities Limited
Broker
Christian Dennis / Daniel Ingram
Shard Capital Partners LLP Tel : +44 207 186 9950
Joint Broker
Damon Heath/ Erik Woolgar
St Brides Partners Limited T: +44 20 7236 1177
Financial PR E: firering @stbridespartners.co.uk
Ana Ribeiro / Susie Geliher / Isabelle
Morris
Notes to Editors:
Firering Strategic Minerals
Firering Strategic Minerals plc is an AIM-quoted mining company
focused on exploring and developing a portfolio of mines producing
strategic minerals in Côte d'Ivoire, specifically lithium and
tantalum, to support the global transition to net zero emissions.
It operates the Atex Lithium-Tantalum Project in northern Côte
d'Ivoire, which is prospective for both lithium and tantalum.
Firering's main focus is working together with Australian
diversified minerals company Ricca Resources to advance development
at Atex with a view to establishing a maiden lithium resource and
then progressing a Lithium project through to DFS. Firering is also
assessing pilot scale production of ethically sourced tantalum and
niobium to generate early revenues and support further exploration
work. Should pilot production be successful, a large-scale tantalum
production facility may be developed, which will be supported by a
debt facility of FCFA 5,057,000,000 (approximately EUR7,500,000)
currently under negotiation to fund the entire scale-up plan to
develop a portfolio of ethically sourced mineral projects in the
Côte d'Ivoire, supplying EV batteries, high tech electronics and
other fast-growing end markets. Firering also has an option to
acquire up to 28.33% of Limeco Resources Limited which is
commissioning a lime plant in Zambia and is expected to reach full
production and first sales by the end of 2023.
Forward-Looking Statements
This announcement may contain some references to forecasts,
estimates, assumptions and other forward-looking statements.
Although the Company believes that its expectations, estimates and
forecast outcomes are based on reasonable assumptions, it can give
no assurance that they will be achieved. They may be affected by a
variety of variables and changes in underlying assumptions that are
subject to risk factors associated with the nature of the business,
which could cause actual results to differ materially from those
expressed herein.
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END
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