Last checked at 14 May 2024 07:00
Armadale Capital Plc
('Armadale' or 'the Company')
Re-opening of the Canyon Silver Mine Shaft
Further to the announcements of 24 April 2024 and 2 May 2024, Armadale Capital Plc (TIDM:ACP), an AIM quoted investment company focused on natural resource projects, is pleased to announce further information on the assets relating to Africo American Incorporated ("AAI"), a company incorporated under the laws of the State of Idaho, the holding company of the Canyon Silver lead, zinc and silver exploration asset based in Northern Idaho, USA ("Canyon Silver"), as well as the Board's plan for future development of this asset.
Armadale Capital has subscribed for US$150,000 of the initial US$500,000 required to exercise the first option to obtain a 25% interest in AAI (as set out in the announcement of 24 April 2024). The funds will be used to commence the re-opening of the Canyon Silver mine Number 2 and 3 Adit.
By opening both Number 2 and Number 3 portals, the Board expects to be able to obtain direct access to the historical mineralisation. This will enable fresh samples to be sourced from the resource for further analysis.
The Board anticipates it will take 60 days to open up these portals, and further work will be considered to open up ore passes and other access between the portal to expose further areas of mineralisation.
Another important objective is to trace the outcrop of the mineralisation from Number 3 tunnel. Once the Number 3 tunnels have been opened and made safe, work will commence on the hoist room, re-timbering, and laying track. The deposit has been inaccessible since 1987 due to a cave-in, and the Board intends to re-open the mine to modern safety standards. With two open tunnels and modern geological techniques, ACP believe significant data can be added to the historical information of the mine in a short period of time.
The team will also be installing air and water lines, with a further objective to reinstall electrification up until the hoist room.
The spot price of silver continues to trade around recent highs at c.$US28 per ounce. Prices at these levels will have a material impact on the potential of the project.
Shareholders will be kept updated with progress as it is made.
Competent Person statement
The information in this announcement that relates to exploration results is based on information compiled by Mr Matt Bull, a competent person, who is a Member of the Australian Institute of Geoscientists. Mr Bull has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Bull consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Enquiries: | |
Armadale Capital Plc Matt Bull, Executive Director Greg Entwistle Non Executive Director Tim Jones, Company Secretary | +44 (0) 20 7236 1177 |
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Nomad and Broker: Cavendish Capital Markets Ltd Simon Hicks / Seamus Fricker | +44 (0) 20 7220 0500 |
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.