Firering Strategic Minerals PLC Signs RC drilling contract with FTE Drilling (3906W)
December 12 2023 - 1:00AM
UK Regulatory
TIDMFRG
RNS Number : 3906W
Firering Strategic Minerals PLC
12 December 2023
Firering Strategic Minerals plc / EPIC: FRG / Market: AIM /
Sector: Mining
12 December 2023
Firering Strategic Minerals Plc
("Firering" or the "Company")
Signs RC drilling contract with FTE Drilling
RC drilling expected to commence mid-January 2024
Firering, an exploration company focusing on critical minerals,
is pleased to announce that it has signed the Reverse Circulation
("RC") drilling contract with FTE Drilling for an initial total of
c.3000m of drilling. The RC campaign, which is expected to commence
in mid-January 2024, is carried in conjunction with our Joint
Venture ("JV") partner Ricca Resources ("Ricca").
Yuval Cohen, Chief Executive Officer of Firering, said:
"I am very pleased to announce the signing of the initial RC
drilling contract with FTE Drilling for c.3,000m. FTE Drilling is
expected to be on site and start drilling operations mid- January
2024. RC hole locations have been finalised and Firering's field
team will be preparing the drill pads in due course. We estimate
that the RC drilling campaign will be completed during February
2024 and that assay results will be available towards the end of Q1
2024 when we will provide the results of the RC campaign to the
market".
Signing of RC drilling contract
Firering and FTE Drilling signed the initial RC drilling
contract for c.3,000m of drilling on 11 December 2023. FTE Drilling
plans to be on site mid- January 2024 for the commencement of the
RC drilling. In conjunction with Ricca, 18 holes have been planned
and positioned (Figure 1). The RC drilling campaign should be
completed during February 2024. All RC holes will be logged and
sampled at 1m intervals with all fresh pegmatite samples sent to
Intertek Laboratories in Côte d'Ivoire for sample preparation,
after which the prepared samples will be sent to Intertek
Laboratories in Australia for assaying. As announced on 25 October
2023, the drilling is planned to intersect fresh pegmatite beneath
the weathered pegmatite identified during Part 1 of the auger
drilling campaign and to test the potential lithium mineralisation
of the pegmatites. Assay results are expected towards the end of Q1
2024 and will be used to direct future drilling programmes.
Summary on FTE Drilling
FTE Drilling is a Canadian headquartered company offering a
complete range of drilling services across Africa, Canada, the
United States, and South America. FTE origins go back to 1923 when
the first drill holes were drilled in Canada by 'F. Lapointe et
fils'. In 1987, Forage Technic-Eau inc. was established, which
specialised in commercial and industrial drilling. In 1999, FTE
Drilling commenced drilling operations at mines in West Africa. In
Côte d'Ivoire, FTE Drilling is represented by Forage FTE Drilling
CI SARL. With its strong reputation, FTE Drilling is gradually
expanding its global presence and solidifying its position as an
international leader in the drilling industry.
Figure 1 : Plan view of the hole locations for the 18 RC
holes.
Competent Person
In accordance with the AIM Note for Mining and Oil and Gas
Companies, Firering discloses that Michael Cronwright of CSA Global
is the Competent Person that has reviewed the technical information
contained in this document. Michael Cronwright has a Pr.Sci.Nat
with the South African Council for Natural Scientific Professions
("SACNASP") and is a member in good standing with SACNASP. Mr
Cronwright has the appropriate relevant qualifications, experience,
competence and independence to act as a Competent Person as defined
in the 2012 Edition of the "Australian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Michael
Cronwright consents to the inclusion of the information in this
announcement in the form and context in which it appears.
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.
*** ENDS ***
For further information and updates on Firering's exploration
programme, visit www.fireringplc.com or contact the following:
Firering Strategic Minerals Tel: +44 20 7236 1177
Yuval Cohen
Vassilios Carellas
SPARK Advisory Partners Limited Tel: +44 20 3368 3550
Nominated Adviser
Neil Baldwin / James Keeshan / Adam
Dawes
Optiva Securities Limited Tel: +44 20 3137 1903
Broker
Christian Dennis / Daniel Ingram
Shard Capital Partners LLP Tel : +44 207 186 9950
Joint Broker
Damon Heath/ Erik Woolgar
T: +44 20 7236 1177
St Brides Partners Limited E: firering @stbridespartners.co.uk
Financial PR
Ana Ribeiro / Susie Geliher / Isabelle
Morris
Notes to Editors:
Firering Strategic Minerals
Firering Strategic Minerals plc is an AIM-quoted mining company
focused on exploring and developing a portfolio of mines producing
strategic minerals in Côte d'Ivoire, specifically lithium and
tantalum, to support the global transition to net zero emissions.
It operates the Atex Lithium-Tantalum Project in northern Côte
d'Ivoire, which is prospective for both lithium and tantalum.
Firering's main focus is working together with Australian
diversified minerals company Ricca Resources to advance development
at Atex with a view to establishing a maiden lithium resource and
then progressing a Lithium project through to DFS. Firering is also
assessing pilot scale production of ethically sourced tantalum and
niobium to generate early revenues and support further exploration
work. Should pilot production be successful, a large-scale tantalum
production facility may be developed, which will be supported by a
debt facility of FCFA 5,057,000,000 (approximately EUR7,500,000)
currently under negotiation to fund the entire scale-up plan to
develop a portfolio of ethically sourced mineral projects in the
Côte d'Ivoire, supplying EV batteries, high tech electronics and
other fast-growing end markets. Firering also has an option to
acquire up to 28.33% of Limeco Resources Limited which is
commissioning a lime plant in Zambia.
Forward-Looking Statements
This announcement may contain some references to forecasts,
estimates, assumptions and other forward-looking statements.
Although the Company believes that its expectations, estimates and
forecast outcomes are based on reasonable assumptions, it can give
no assurance that they will be achieved. They may be affected by a
variety of variables and changes in underlying assumptions that are
subject to risk factors associated with the nature of the business,
which could cause actual results to differ materially from those
expressed herein.
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