Last checked at 5 Dec 2022 07:00
Corcel PLC
("Corcel" or the "Company")
Mt. Weld Project Option Exercise
05 December 2022
Corcel Plc (London AIM: CRCL), the natural resource exploration and development company, with primary interests in battery metals, announces that, further to its announcement of 19 October 2023, it has exercised its option to acquire 100% ownership of the "Mt Weld (P38/4489) Project," a granted mineral tenement, located 1.4 km (0.9 miles) west-north-west of Lynas Rare Earths Limited's Mt. Weld REE Mine near Laverton in Western Australia.
Chief Executive Officer, Scott Kaintz commented: "Formally acquiring this very attractive tenement immediately adjacent to Lynas Rare Earth's sizeable REE mine, begins a process of expansion of Corcel's primary battery metals exposure following the recent agreement to restructure our current PNG nickel-cobalt interests. We look forward to working with our new technical partners on planning and executing a high-impact drill campaign in early 2023."
Transaction Details:
Corcel will now proceed to issue the vendors (Peter Romeo Gianni, Geonomics Australia Pty Ltd and David Anthony Lenigas) 50,000,000 new ordinary shares ("Acquisition Shares") at the previously agreed issue price of £0.004 equating to £200,000 consideration in aggregate. The shares will be issued following the Company's Annual General Meeting, currently scheduled for 22 December 2022 at 1000 with an additional announcement expected to be made in due course.
Mt. Weld Background:
The Project covers 171 hectares in size and the tenement straddles the mine access road to Lynas's Mt. Weld Mine. The tenement is predominantly covered by recent transported sediments obscuring the underlying geology. Four discrete undrilled magnetic features, potentially representing carbonatite intrusive complexes have been interpreted from open file high resolution magnetic surveys and warrant further investigation.
For further information, please contact:
Scott Kaintz 020 7747 9960 Corcel Plc CEO
James Joyce / Andrew de Andrade 0207 220 1666 WH Ireland Ltd NOMAD & Broker
Patrick d'Ancona 0207 3900 230 Vigo Communications IR
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.