Corcel PLC
("Corcel"
or the "Company")
Canegrass
Lithium Exploration Results
18 March
2024
Corcel plc, (London AIM: CRCL), the Angolan
focused exploration and production company with battery metal
interests, announces the results of its initial exploration
activities at the Company's 100%-owned Canegrass lithium project,
in Western Australia ("WA").
Corcel Executive Chairman, Antoine Karam,
commented: "Intriguing
initial results
from the Company's recent work at its 100%-owned Canegrass lithium
project in Western Australia indicate broader potential for the
project than originally anticipated, reflecting historic interest
in the area for both nickel and vanadium."
Lithium Exploration Results:
The Company commissioned APEX
Geoscience ("APEX") to conduct a rock chip sampling and
reconnaissance program at the Company's Canegrass Lithium project
in Western Australia. The project consists of three active
tenements, E 59/2119, E 59/2697 and E 59/2698, with the Company
having lithium rights over all three tenements.
FIGURE I: Property Geology with Sample and Mapping Point
Lithology
Field work was carried out over a
multi-day period in November 2023 and comprised of rock chip
sampling of various target lithologies and targeted geological
mapping. The goal of the field project was to investigate
pegmatite swarms interpreted from satellite imagery and to assess
the lithium-bearing pegmatite and magmatic nickel potential of the
project.
A total of 37 rock chip samples were
collected during field work. Sampled lithologies included 26
pegmatite, 5 gabbro-dunite, 5 quartz vein, and 1 calcrete
sample. Portable XRF analysis was conducted on the samples
using an Olympus Delta, with potassium/rubidium (K/Rb) ratios used
to determine the lithium potential of the samples.
The samples were submitted to ALS
Global in Perth, WA, and analysed via sodium peroxide fusion digest
with ICPMS finish (ALS code ME-MS89L) to return
lithium-cesium-tantalum (LCT) pegmatite and mafic-ultramafic
intrusion-related elemental suites. The results of the lab
assays are provided in Appendix II.
FIGURE II: Pegmatite Sample Locations with LCT Suite Assay
Values
During the field program, two
separate lithium-bearing mineral pegmatites were observed and
sampled in the east-southeast project area, confirming a LCT
pegmatite system is present at the project. The two prospects
(PEG 1 and PEG 2) share similar mineralogical and structural
characteristics, with PEG 2 being larger. Each prospect is
positioned ~4.7km and ~2km respectively, north of the Walgoo
Monzogranite contact, the likely source granite for the LCT
pegmatite system. Lepidolite was the primary lithium-bearing
mineral observed with lepidolite abundances varied across the
swarms, with the highest sample grading 1.34% Li2O. Visual
observations currently suggest no spodumene mineralisation present
at the project.
FIGURE III: Li2O % in Rock Chip Samples
Nickel and Vanadium Potential:
The Shephards Discordant Zone (SDZ),
which runs the length of tenement E 59/2119 from north-south,
represents a significant break in the igneous stratigraphy of the
Windumurra Igneous Complex. This unit, associated with large
vanadium deposits (in magnetite-bearing gabbros) at the Atlantic
Vanadium Pty Ltd's Windimurra Vanadium Mine to the north, offers
very prospective ground for magmatic vanadium and nickel (+/-
Cu-Co-PGE) type mineralisation on the Project. Samples
CGRX001 and CGRX002 were collected from the upper zone of the
Windimurra Igneous Complex in the northern portion of the Project
and returned assay values of 600 ppm Ni and 1.18% V2O5 and 230 ppm
Ni and 0.51% V2O5, respectively. Notable nickel and vanadium
results are presented in Appendix IV.
FIGURE IV: Rock Chip Samples Notable Ni
and V2O5 Assay Values
Competent Persons Statement:
Jennifer Ayers, a Geologist with
over 25 years of relevant experience and member of the
American Association of Petroleum Geologists and Geological Society
of America, has reviewed this announcement for the purposes of the
current Guidance Note for Mining, Oil and Gas Companies issued by
the London Stock Exchange in June 2009.
For
further information, please contact:
Antoine
Karam
Corcel Plc Executive
Chairman
Development@Corcelplc.com
James Joyce / James Bavister
/Andrew de Andrade
WH Ireland Ltd NOMAD &
Broker
0207 220
1666
Patrick d'Ancona
Vigo
Communications IR
0207 3900 230
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014
which is part of UK law by virtue of the European Union
(withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.