Capital Metals PLC Drilling Programme at Southern License Commences (9665N)
05 Octubre 2021 - 1:00AM
UK Regulatory
TIDMCMET
RNS Number : 9665N
Capital Metals PLC
05 October 2021
5 October 2021
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 AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Capital Metals plc
("CMET" or the "Company")
Drilling Programme at Southern License Commences
Capital Metals plc (AIM:CMET), a natural resources company
focused on the development of the Eastern Minerals Project in Sri
Lanka ("the Project"), one of the highest-grade mineral sands'
projects globally, is pleased to announce that the auger drilling
programme at its southern exploration license EL199 has
commenced.
The Company has engaged the Geological Survey and Mines Bureau
("GSMB") in Sri Lanka to undertake the drilling program. The
drilling program is a combination of infill and resource extensions
and aims to confirm previous drill work and test with extension and
step out drilling. This will assist the Company to delineate the
key areas for any mining license applications over EL199 and build
out our resource estimate. Drilling is permitted under exploration
licenses and the Company is planning to drill 500 auger holes which
will take approximately 3 weeks.
Richard Stockwell, our newly appointed Technical Manager, is
overseeing the drill campaign and ensuring strict Quality Assurance
protocols are adhered to. An older dune sequence, which appears to
contain a high-value mineral assemblage, has been identified by
Richard and will be tested during the current drilling program.
Recent strict lock down protocols in Sri Lanka including the
freedom of movement of people have now come to an end. Furthermore,
the Sri Lankan Government has announced the resumption of state
services including Public Services, Provincial Councils and Local
Government, which has enabled the GSMB to travel to the Project
site to begin the drilling campaign. Indeed, Sri Lanka is no longer
on the UK government's red list in the latest adjustments to the UK
Foreign Office's "traffic light" system.
Michael Frayne, CEO, commented:
"It is great to finally see our consultant team back at the
Project site area in order to begin our auger drilling campaign.
Less than 10% of the Project has been drilled to date and one of
our key tasks is to build out the resources estimate from our
current resource of 17.2 Mt at 17.6% Total Heavy Minerals.
This drilling campaign will assist the Company in order to start
planning for mining license application(s) over our southern
license area.
We are encouraged that Sri Lankan strict COVID-19 protocols are
now being relaxed and government departments are returning to work
and trust this results in the timely approval of the Environmental
Impact Assessment."
For further information, please visit www.capitalmetals.com or
contact:
Capital Metals plc
Michael Frayne (CEO) +44 (0) 20 7317 6800
SPARK Advisory Partners (Nominated
Adviser)
Neil Baldwin / James Keeshan +44 (0) 20 3368 3554
WH Ireland Limited (Joint Broker)
Harry Ansell / Katy Mitchell +44 (0) 20 7220 1666
Brandon Hill Capital Limited
(Broker)
Jonathan Evans/Oliver Stansfield +44 (0) 20 3463 5000
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END
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