Critical Metals PLC Phase 1 Diamond Drill Programme (1309N)
September 21 2023 - 1:00AM
UK Regulatory
TIDMCRTM
RNS Number : 1309N
Critical Metals PLC
21 September 2023
Critical Metals plc / EPIC: CRTM / Market: Main Market
21 September 2023
Critical Metals plc
("Critical Metals" or the "Company")
Molulu Drilling Update: Phase 1 Diamond Drill Programme
First drill hole intercepts 13.02% copper
Highlights:
-- Results from first hole - Drill hole DD-1-01 intersected high
grade copper mineralisation of 13.02%, 6.77% and 5.42% from 10.80
meters to 15.83 meters deep
-- Results from Diamond Drilling ("DD") programme takes the
Company a major step closer to a JORC compliant resource
-- Results from the other nine holes are expected imminently
-- Phase 2 and Phase 3 Diamond Drilling campaign planned to
define further target areas and expand resource
Critical Metals plc, a mining investment company established to
acquire mining opportunities in the critical and strategic metals
sector, is pleased to provide an update on its Phase 1 diamond
drilling programme ("DD") at the Company's Molulu copper/cobalt
asset Molulu ("Molulu" or the ("Molulu Project") in the Democratic
Republic of the Congo ("DRC").
The diamond drilling programme which focusses on Phase 1 of
three areas identified by mapping and geophysics analysis completed
earlier in the year, consists of 1000 meters of drilling the oxide
zone and is aimed to increase the understanding of the Molulu
Project, identify other potential targets and increase the mineral
resource.
The Company is underway with Phase 1 of the DD programme with
more than 100 meters drilled, with some significant shallow copper
intersections, notably drill hole DD-1-01 which intersected high
grade copper mineralisation of 13.02%, 6.77% and 5.42% from 10.80
meters to 15.83 meters deep.
Results from the other nine drill holes within the DD programme
are anticipated imminently as the Company progresses towards
obtaining a JORC compliant resource. To this end, the Company is
planning to start drilling at Phase 2 and Phase 3 once Phase 1
drilling is complete.
Commenting on the results, CEO Russell Fryer said:
"It has been a very successful start to our drilling programme
with a high grade interception of copper mineralisation of 13.02%
on our first hole. Further work is needed to fully understand the
potential of our ore body, which has been accelerated by our
decision to bring in a second drill rig this week.
"We look forward to receiving the results from the remaining
nine diamond drill holes which will help us define the next
drilling targets. The high-grade sulphide zone is just one of
several zones with the potential to offer a secondary source of
copper feed to the market. It is an exciting time for the Company
as it gets closer to JORC compliant mineral resource."
Figure 1: Diamond drilling at Molulu, phases 1/2
Table 1: Drill Hole Intersections
10.80 m 0.30%
---------------
11.00 m 0.17%
---------------
11.20 m 0.30%
---------------
11.43 m 2.34%
---------------
11.63 m 0.19%
---------------
12.24 m 0.43%
---------------
12.33 m 2.12%
---------------
13.00 m 1.10%
---------------
13.10 m 1.12%
---------------
13.25 m 0.88%
---------------
13.75 m 0.78%
---------------
13.85 m 5.42%
---------------
13.95 m 0.63%
---------------
14.00 m 2.00%
---------------
14.38 m 2.40%
---------------
14.40 m 2.16%
---------------
14.42 m 2.65%
---------------
14.46 m 4.80%
---------------
14.50 m 1.99%
---------------
14.51 m 13.02%
---------------
14.53 m 1.95%
---------------
14.60 m 1.70%
---------------
14.70 m 1.50%
---------------
14.75 m 4.88%
---------------
14.77 m 6.77%
---------------
14.80 m 1.27%
---------------
14.85 m 3.65%
---------------
15.07 m 2.28%
---------------
15.68 m 0.75%
---------------
15.75 m 1.55%
---------------
15.83 m 0.30%
---------------
**ENDS**
For further information on the Company please visit
www.criticalmetals.co.uk or contact:
Critical Metals plc
Russell Fryer, CEO Tel: +44 (0)20 7236 1177
Peterhouse Capital Limited
Corporate Broker
Lucy William / Charles Goodfellow Tel: +44 (0)20 7469 0936 / +44
(0)20 7220 9797
---------------------------------
St Brides Partners Ltd
Financial PR
Catherine Leftley /Ana Ribeiro/Isabelle Tel: +44 (0)20 7236 1177
Morris
---------------------------------
About Critical Metals
Critical Metals PLC has acquired a controlling 100% stake in
Madini Occidental Limited, which holds an indirect 70% interest in
the Molulu copper/cobalt project, an ex-producing medium-scale
asset in the Katangan Copperbelt in the Democratic Republic of
Congo. In line with its investment strategy of focusing primarily
on known deposits, targeting projects with low entry costs and the
potential to generate short-term cash flow; the Company intends to
produce 120,000t/per annum of Copper Oxide Ore.
The Company will continue to identify future assets that are in
line with its stated acquisition objective of low CAPEX and OPEX
projects with near-term production, concentrating on minerals that
are perceived to have strategic importance to future economic
growth and generate significant value for shareholders.
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