Corcel PLC Completion of Wo Wo Gap Project Acquisition (3540P)
18 Octubre 2021 - 1:00AM
UK Regulatory
TIDMCRCL
RNS Number : 3540P
Corcel PLC
18 October 2021
18 October 2021
Corcel PLC
("Corcel" or the "Company")
Completion of Wo Wo Gap Nickel-Cobalt Project Acquisition
Further to the Company announcements of 12 August 2021 and 8
October 2021, Corcel Plc, a natural resource exploration and
development company with interests in battery metals and flexible
energy generation and storage, announces that it has completed the
share purchase agreement with Australian-registered Resource Mining
Corporation Limited (ASX: RMI) ("RMI") to acquire 100% of the
issued share capital in Australian-registered Niugini Nickel Pty
Ltd, which owns 100% of the Wo Wo Gap nickel-cobalt project in
Papua New Guinea ("Project").
James Parsons, the Company's Executive Chairman commented:
"I am delighted we have secured the Wo Wo Gap project, which
effectively doubles the scale of our nickel and cobalt business.
Securing nickel supply remains a critical enabler for the major
players in global electrification and our nickel business is
perfectly positioned for the inevitable supercycle.
Near term priorities at Wo Wo gap will include resource updates,
exploring synergies with our Mambare project, and the early
securing of long term shipping and offtake arrangements."
Wo Wo Gap Project Details
The Project is located 200km from the Papua New Guinea capital
of Port Moresby and some 150km southeast of the Company's Mambare
nickel/cobalt asset. The Company sees significant synergies between
the two projects and believes this acquisition as a significant
step in its evolution towards building a leading regional battery
metal and nickel /cobalt business with material scale.
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.
The Project is held through one tenement in Papua New Guinea, EL
1165, which expired on 28 February 2020 and is currently under
reapplication for a further 2-year period.
For further information, please contact:
Scott Kaintz 020 7747 9960 Corcel Plc CEO
James Joyce / Andrew de Andrade 0207 220 1666 WH Ireland Ltd
NOMAD & Broker
Simon Woods 0207 3900 230 Vigo Consulting IR
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END
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