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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DRLKZMGGKDFGMZM

(END) Dow Jones Newswires

October 05, 2021 02:00 ET (06:00 GMT)

Equatorial Palm Oil (LSE:PAL)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Equatorial Palm Oil.
Equatorial Palm Oil (LSE:PAL)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Equatorial Palm Oil.