Last checked at 25 Jan 2021 07:00
Corcel PLC
("Corcel" or the "Company")
Mambare Project Update
25 January 2021
Corcel Plc, ("Corcel" or "the Company"), the natural resource exploration and development company with interests in battery metals and flexible grid solutions, is pleased to provide an update on the Company's Mambare nickel-cobalt asset in Papua New Guinea.
On 14 July 2020 the Company announced a positive Warden's Hearing, which is an important milestone in the process of applying for a mining licence to conduct a direct shipping operation. The next key milestone in the process is the award of an environmental permit, which, despite COVID 19 restrictions, the Company expects to receive in the near term.
The Company also notes a 37.3% rise in Nickel prices since in the last six months, which will underpin the economics of the project.
The Company and its partner Battery Metals Pty Ltd ("BMA") continue to take preparatory steps ahead of the ultimate potential award of a Mining Lease. These steps include:
· developing detailed port access and stockpiling plans
· refining capital cost estimates, including for key spend items such as road and bridge construction for Nickel shipment to the port
· developing proposals for local compensation agreements and relocation agreements, where required locally
· completing baseline Social Mapping
· planning the baseline water testing programme
· completing initial tax structuring
The Company is delighted to invite investors to an online Q&A platform which it will host together with its partner BMA, which will focus on explaining recent progress in PNG and the planned direct shipping operation. The online event will be held on 3 February 2021 at 0900 UK time. The registration link for the Q&A, offering access to submitting questions ahead of time, follows here:
https://www.yourcorcel.com
Notes to Editors on the Mambare Project:
· Mambare project sits on exploration licence EL1390 in Papua New Guinea
· JORC compliant Resource totalling 162.5 million tonnes of 0.94% nickel and 0.09% cobalt (1.53 million tonnes of in-situ Nickel and 146,000 tonnes in-situ Cobalt) stated gross.
· Current JORC compliant Resource is in respect of slope areas and a small part (3%) of the mineralised plateau
The Mambare project site is located near the village of Botue, approximately 90km north east of Port Moresby. The area is linked to Popondetta and Oro Bay by gravel and sealed roads.
The Mambare Plateau is an elevated 20 by 7-kilometre paleo-plateau in the Ajule-Kajale Range, developed on ultramafics. These ultramafics are overlain by gabbroic rocks and submarine basaltic volcanics.
Whilst the project has a long history of exploration digging, it remains largely unexplored with exploration activities to date covering only 3% of the plateau. Pre 1960s exploration consisted of test pitting and hand augering with at least one bulldozer trench being dug. Between 1960 and 1971, 240 auger holes were drilled, and 56 pits and one costean dug. Between 2008 and 2011 exploration campaigns included 7,291m of drilling from 455 holes and 5 test pits, including GPR surveys. The programmes conducted between 2008-12 covered only 3% of the Mambare Plateau, the primary long-term exploration target.
For further information, please contact:
Scott Kaintz 020 7747 9960 CEO Corcel Plc
Roland Cornish/ Rosalind Hill Abrahams 020 7628 3396 NOMAD Beaumont Cornish Limited
Thomas Smith 020 7392 1432 Broker Monecor (London) Ltd (ETX Capital)
Simon Woods 0207 3900 230 IR Vigo Communications
This announcement contains inside information under Article 7 of Regulation (EU) 596/2014.