Last checked at 21 Dec 2021 07:00
Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining
21 December 2021
Firering Strategic Minerals plc ("Firering" or "the Company")
Geological Update Atex Project
Firering Strategic Minerals, an exploration company focusing on critical minerals, is pleased to announce that SEMS Exploration has completed the first regional detailed geological map of the Company's flagship Atex Lithium-Tantalum Project in Côte d'Ivoire ("Atex"). The Company is further pleased to announce that, as of 16 December 2021, it has completed 240 auger holes as part of its Phase 1 exploration programme.
Key highlights:
Board believes Atex Lithium-Tantalum Project in northern Côte d'Ivoire has the potential to become Africa's next significant lithium pegmatite and coltan resource. The Atex licence area was mapped systematically by E-W traverses spaced at 1 km, recording more than 60 outcrops of potential interest. Two prospective areas to the north and south of Spodumene Hill were mapped at a line spacing of 500 m. Pegmatite intrusions occur in an NNE-SSW-oriented field at least 13 km x 4 km in dimension, which is well beyond the dimensions of some 400 m x 4 km initially defined by Adam (1966). The aplites found during the mapping programme lie up to 3-4 km to the NNE and SSW along strike of Spodumene Hill and could indicate extensions of the spodumene-bearing pegmatite/aplite zone currently being tested by auger drilling. The northeast corner of the Atex licence shows some 7 km of faulted contact between Birimian mafic volcanic and sedimentary rocks, making the area potentially prospective for orogenic Au (gold) mineralisation. 240 auger holes have been completed for a total of 1,328 metres with an average hole depth of 5.5 m. 1,283 auger drill and soil samples have been sent to Intertek Laboratories in Yamoussoukro for sample preparation and will be assayed using a 4-acid digest.
Yuval Cohen, Chief Executive of Firering Strategic Minerals, said:
"Completing this first detailed geological map of the Atex licence confirmed what the Company had long believed: the presence of a much larger pegmatite field. A similar mapping exercise will be completed over the Alliance licence area in 2022, in which Firering recently acquired a controlling stake. Assay results from the first 1,283 samples sent to Intertek are expected during Q1 of 2022.
"The results from our auger samples and soil samples will add valuable geological information that will enhance the geological map, which in turn, will assist us in refining our diamond drill programme - targeting the lithium bearing pegmatite veins - expected to commence during Q2 of 2022.
"We are extremely encouraged with the rapid progress at Atex, to date, considering we kicked off the two-year exploration drilling programme only in late November."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information and updates on Firering's exploration programme, visit www.fireringplc.com or contact the following:
Firering Strategic Minerals Yuval Cohen Tim Daniel | Tel: +44 20 7236 1177 |
SPARK Advisory Partners Limited Nominated Adviser Neil Baldwin / James Keeshan / Adam Dawes | Tel: +44 20 3368 3550
|
Optiva Securities Limited Broker Christian Dennis / Jeremy King | Tel: +44 20 3137 1903 |
St Brides Partners Limited Financial PR Susie Geliher / Oonagh Reidy | T: +44 20 7236 1177 E: firering@stbridespartners.co.uk |
Notes to Editors:
Firering Strategic Minerals
Firering Strategic Minerals plc is an AIM-quoted mining company focused on exploring and developing a portfolio of mines producing critical minerals in the Côte d'Ivoire including lithium and columbite-tantalite to support the global transition to net zero emissions. It operates the Atex Lithium-Tantalum Project in northern Côte d'Ivoire, which is prospective for both lithium and columbite-tantalite. Firering intends to advance development at Atex with a view to establishing pilot scale production of tantalum and niobium production within 18 months to generate early revenues and support further exploration work. A large-scale coltan production facility will be developed following pilot results, which will be supported by a debt facility of FCFA 5,057,000,000 (approximately €7,500,000) currently under negotiation to fund the entire scale-up plan to develop a portfolio of ethically sourced mineral projects in the Côte d'Ivoire, supplying EV batteries, high tech electronics and other fast-growing end markets.
About SEMS Exploration
SEMS Exploration is the leading full-service mineral exploration and mining consultancy company in West Africa. It provides a full range of geological, mining engineering and environmental services; from grassroots reconnaissance through mineral resource estimations, project management and mine design to the supervision of feasibility studies. SEMS has provided technical and corporate support services to the Mineral Exploration and Mining Industry of West and Central Africa since 2002. It has a reputation for dedicated, high-quality work which has attracted a high calibre of staff from all disciplines within the mining sector.