Last checked at 7 Mar 2023 11:52
Corcel PLC
("Corcel" or the "Company")
Wowo Gap Nickel-Cobalt Exploration License Renewal
7 March 2023
Corcel Plc (London AIM: CRCL), the extractive industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements, announces that it has received formal renewal of Exploration License 1165 ("EL 1165"), now valid through February 2024. Corcel retains a 100% interest in the project, and is currently in the process of restructuring this interest into an Asian based joint venture as most recently announced on 1 March 2023. Further updates on progress at Wowo Gap and on completion of the overall restructuring effort will be made in due course.
Corcel Chief Executive Officer, Scott Kaintz commented: "After several years of COVID related delays this renewal now brings permitting fully up to date at Wowo Gap and enables the project to move forward accordingly and ultimately together with our new partners under the Integrated Battery Metals structure in Asia."
Further Information on Wowo Gap
The Project is located 200km from the Papua New Guinea capital of Port Moresby. Exploration at the Project dates back to the 1950s and has consisted of multiple drilling programmes, including diamond drilling, wacker holes and ground penetrating radar activities. Project activity of late has focused on maintaining commitments for the exploration licence, including site-based activities such as maintenance of the existing infrastructure and equipment, so as to facilitate a ready state for future exploration and development which is likely to be focused on a potential direct shipping ore operation.
Lithology Type | Classification | Million Tonnes | Ni% | Co% | Thousand Tonnes contained Ni | Thousand Tonnes Contained Co |
Limonite/Saprolite | Indicated | 63 | 0.85 | 0.08 | 540 | 50 |
Inferred | 9 | 0.84 | 0.07 | 76 | 6.3 | |
Rocky Saprolite | Inferred | 38 | 0.75 | 0.02 | 280 | 7.6 |
Total | Indicated | 63 | 0.85 | 0.08 | 540 | 44 |
Inferred | 47 | 0.77 | 0.03 | 360 | 14 | |
Total | 110 | 0.81 | 0.06 | 890 | 66 |
Table 1. Wowo Gap JORC 2012 Mineral Resource Estimate by lithology type and classification at 0.7% Ni cut-off.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
020 7747 9960
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.