Corcel PLC - Pupa New Guinea, Canada, UK and Australia-focused exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements - On Tuesday, says its joint venture partner, Riversgold Ltd, has begun a drill campaign at the Mt Weld rare earth elements project in Western Australia. The programme will test three discrete magnetic anomalies that may represent extension of the Mt Weld carbonatite intrusive complex, the company says.
Chief Executive Scott Kaintz says: "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."
In January, a farm-in and joint venture agreement with Riversgold was announced allowing Riversgold to fund the first work programme to earn a 50% interest in the project.
Current stock price: 0.350 pence
12-month change: down 75%
By Heather Rydings, Alliance News senior economics reporter
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Corcel (CRCL)