TIDMFRG
RNS Number : 5637F
Firering Strategic Minerals PLC
11 July 2023
Firering Strategic Minerals plc / EPIC: FRG / Market: AIM /
Sector: Mining
11 July 2023
Firering Strategic Minerals plc
("Firering" or "the Company")
Phase II of Auger Drilling Campaign commenced successfully.
pXRF and LIBS results North Block Imminent.
Firering Strategic Minerals plc, an exploration company focusing
on critical minerals, is pleased to announce the successful
commencement of its Phase II Auger Drilling Campaign at its
flagship Atex Lithium-Tantalum Project ("Atex") in Côte d'Ivoire.
The Phase II Auger Drilling Campaign is undertaken in conjunction
with Ricca Resources Limited ("Ricca") following its US$18.6
million investment to advance Atex to Definitive Feasibility Study
("DFS") announced on 2 November 2022.
Highlights:
-- Phase II of the Auger Drilling Campaign successfully commenced on 26 June 2023;
-- Several drilling target areas were delineated based on soil
sample results and geological mapping;
-- A total of 256 auger holes have been drilled as of 06 July
2023 for a total of 1,147m of drilling;
-- Portable x-ray fluorescence spectrometry (" pXRF") and Laser
Induced Breakdown Spectrometry ("LIBS") results for the soil
samples from the northern block in Atex expected shortly.
Yuval Cohen, Chief Executive of Firering, said:
"I am excited to announce that, together with Ricca, we have now
commenced our Phase II auger drilling campaign which is progressing
very well. A total of 300 holes were drilled as of 8 July 2023 for
a total of 1,341m of drilling, resulting in an average hole depth
of 4.48m. All auger holes are being sampled and tested with pXRF in
our camp in Tounvré with the End of Hole ("EOH") sample being sent
to Ghana for pXRF and LIBS testing. Auger lines have been planned
across all of the six initial target areas that were delineated
based on received soil sample results and detailed geological
mapping.
Auger Drilling
Phase II of the Atex auger drilling campaign commenced on 26
June 2023. As of 8 July 2023, 300 holes have been completed for a
total of 1,341m of drilling. The average auger hole depth to date
is 4.48m, ranging from a minimum of 2m to a maximum of 12m. As
mentioned in FSM's announcement, dated 22 June 2023, six initial
auger drill targets were identified based on received soil sample
results and detailed geological mapping (see Figure 1 below).
Figure 1: Atex licence area showing six initial auger drill
targets. Current auger drilling is focussed on Targets 1 and 2 as
shown in Figure 2 .
The Phase II auger drilling campaign has been divided in two
priority stages:
-- Priority 1 covering Targets 1, 2, 5 and 6; and
-- Priority 2 covering Targets 3 and 4.
Details for each priority are shown in the table below.
Target Drilling Priority Lines Holes planned Average Estimated
grid depth metres
(m)
1 160m x 20m 1 13 365 6 2,190
----------- --------- ------ -------------- -------- ----------
2 160m x 20m 1 13 420 6 2,520
----------- --------- ------ -------------- -------- ----------
3 160m x 20m 2 16 602 6 3,612
----------- --------- ------ -------------- -------- ----------
4 320m x 20m 2 4 146 6 1,656
----------- --------- ------ -------------- -------- ----------
5,6 160m x 20m 1 10 276 6 876
----------- --------- ------ -------------- -------- ----------
Total 1,809 10,854
----------- --------- ------ -------------- -------- ----------
Geological interpretation of the auger drilling completed across
some part of Targets 1 and 2 of the initial target areas is shown
in Figure 2. The drilling has confirmed some of the previously
mapped and interpreted pegmatite traces as well as extensions to
some of these pegmatites. No assays from the auger drilling have
yet been reported.
As of 6 July 2023, a total of samples 392 pXRF samples have been
prepared. pXRF testing in Tounvré started on 04 July 2023 after
calibration of the pXRF machine and as of 6 July 2023, 107 samples
have been tested.
As of 6 July 2023, a total of 78 EOH samples have been prepared
and are ready to be sent to the lab in Ghana for pXRF and LIBS
testing.
Soil Sampling
Soil sample results (pXRF and LIBS) from the northern block at
Atex are also expected shortly.
Figure 2: Geological interpretation of the logging of the
completed auger holes in Target 1 (refer Figure 1) as of 06 July
2023 .
Competent Person
In accordance with the AIM Note for Mining and Oil and Gas
Companies, Firering discloses that Michael Cronwright of CSA Global
is the Competent Person that has reviewed the technical information
contained in this document. Michael Cronwright has a Pr.Sci.Nat
with the South African Council for Natural Scientific Professions
("SACNASP") and is a member in good standing with SACNASP. Mr
Cronwright has the appropriate relevant qualifications, experience,
competence and independence to act as a Competent Person as defined
in the 2012 Edition of the "Australian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Michael
Cronwright consents to the inclusion of the information in this
announcement in the form and context in which it appears.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
***S ***
For further information and updates on Firering's exploration
programme, visit www.fireringplc.com or contact the following:
Firering Strategic Minerals Tel: +44 20 7236 1177
Yuval Cohen
SPARK Advisory Partners Limited Tel: +44 20 3368 3550
Nominated Adviser
Neil Baldwin / James Keeshan / Adam
Dawes
Optiva Securities Limited Tel: +44 20 3137 1903
Broker
Christian Dennis / Daniel Ingram
St Brides Partners Limited T: +44 20 7236 1177
Financial PR E: firering @stbridespartners.co.uk
Ana Ribeiro / Susie Geliher / Isabelle
Morris
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
Tantalum 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 tantalum.
Firering intends to advance development at Atex with a view to
establishing a maiden lithium resource and a pilot scale production
of ethically sourced tantalum and niobium within 18 months to
generate early revenues and support further exploration work. A
large-scale Tantalum production facility may be developed following
pilot results, which will be supported by a debt facility of FCFA
5,057,000,000 (approximately EUR7,500,000) 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.
Glossary of Technical Terms
Lepidolite Lepidolite is a purple to lilac-grey or rose-coloured member of the mica group of minerals.
It has chemical formula K(Li,Al)(3) (Al, Si)(4) O(10) (F,OH)(2) . It is part of the polylithionite,
lepidolite, and trilithionite group of minerals, which share similar properties but have varying
ratios of lithium and aluminium in their chemical formulas and a potential secondary source
of lithium.
ICP-OES Inductively coupled plasma-optical emission spectroscopy.
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ICP-MS Inductively coupled plasma mass spectrometry.
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Li Lithium.
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Li(2) O Lithium Oxide (Lithia) - an inorganic lithium compound used to assess lithium minerals. Relationship
between Li and Li(2) O: Li(2) O = Li x 2.153
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LIBS Laser Induced Breakdown Spectrometry. Handheld LIBS analysers use a high-focused laser to
ablate the surface of a sample. A plasma is formed consisting of electronically excited atoms
and ions. As these atoms decay back into their ground states, they emit characteristic wavelengths
of light, or "unique fingerprints". These "fingerprints" or spectra are distinct for each
element. Handheld LIBS analysis can be used for quantitative and qualitative measurements
including lithium.
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Metasediments Sedimentary rocks that have been metamorphosed.
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Metavolcanics Volcanic rocks that have been metamorphosed.
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Pegmatite An igneous rock typically of granitic composition, which is distinguished from other igneous
rocks by the extremely coarse size of its crystals, or by an abundance of crystals with skeletal,
graphic, or other strongly directional growth habits, or by a prominent spatial zonation of
mineral assemblages.
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pXRF Portable X-ray Fluorescence handheld device that uses X-rays to excite matter at the atomic
level for determining approximate chemical compositions. A built in CPU and display on the
back of the unit provide live geochemical results within seconds.
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QA/QC Quality assurance and quality control. Use to assess the accuracy and reliability of assay
results.
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Spodumene Spodumene is a pyroxene group mineral with a chemical formula of LiAlSi(2) O(6) . Spodumene
is mined from pegmatites and concentrates produced which are the one of the primary sources
of lithium.
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Ta Tantalum.
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XRD X-ray Diffraction or X-ray Powder Diffraction utilizes x-ray radiation on crystalline organic
and inorganic samples. The rays are diffracted in a pattern determined by the position, arrangement,
and size of the constituents of the crystal.
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