African Battery Metals PLC Update (2640Q)
June 05 2018 - 1:00AM
UK Regulatory
TIDMABM
RNS Number : 2640Q
African Battery Metals PLC
05 June 2018
African Battery Metals plc / EPIC: ABM / Market: AIM
5 June 2018
African Battery Metals plc ('ABM' or the 'Company')
Update
AIM listed African Battery Metals plc is pleased to announce an
update on its activities as it looks to implement its strategy to
become a significant explorer, developer and ultimately miner of
battery metals, specifically cobalt, lithium, copper and
nickel.
At the 53 km(2) Kisinka Permit PR12728 ('Kisinka'), located in
the Katanga Province of the Democratic Republic of Congo ('DRC')
(the 'Licence'), the Company has completed two auger programmes
that collected soil samples along lines across this 7-8km long
licence. A number of the resulting samples, after bagging,
collation and preparation, are being sent to an independent
laboratory in Johannesburg for assay. Subject to customs clearance
these should be dispatched by 15 June. Assay results will be
announced as soon as they are available. This initial work on the
Licence, which is c.40km east of the city of Lubumbashi, will be
followed up by a licence-wide sampling programme including
geophysics and soil sampling to test for further anomalies in what
is recognised as a highly prospective mineralised district, with
seven producing cobalt/copper mines within 30km of the Licence.
Further to the agreement with Mr Jean-Pierre Ndobo Mwamby, the
Congolese vendor of Kisinka, the Company has initiated the second
US$50,000 tranche of its committed US$100,000 payment to acquire
70% of the Licence as per the original agreement.
On a wider level, the Company has, in line with its strategy,
continued to assess multiple opportunities within the battery
metals arena. Having a dedicated London listed vehicle has
attracted significant interests from project owners; the Company's
team has been busy screening and further evaluating opportunities
that it believes may fit ABM's investment criteria. With this
increased workflow, the Company's geologists have been unable to
visit the Sakania licence permit in the DRC. Accordingly, it has
agreed to defer by six months the U$50,000 payment to the vendor Mr
Jean-Pierre Ndobo Mwamby for the acquisition of the project into
ABM.
ABM CEO Roger Murphy said, "We continue to be extremely busy in
building a portfolio of projects focussed on the battery metals
arena. We will be submitting the first set of samples from Kisinka
for independent analysis and are currently implementing further
exploration initiatives across the Licence to assist in quantifying
its prospectivity. Concurrently, we have been evaluating multiple
opportunities that we have both generated ourselves and been
approached on. We have a defined evaluation and investment process
and hope to announce further updates on these in the near
future."
**Ends**
For further information please visit https://www.abmplc.com/ or
contact:
African Battery Metals plc
Roger Murphy (CEO) +44 (0) 20 7583 8304
SP Angel Corporate Finance (Nomad and Broker)
Ewan Leggat +44 (0) 20 3470 0470
St Brides Partners Ltd (Public Relations)
Susie Geliher/Juliet Earl +44 (0) 20 7236 1177
Madini Minerals (Financial and Technical Adviser)
Iain Macpherson / Ilja Graulich +27 (0) 11 469 0629
Notes to Editors:
ABM is an AIM listed, Africa focused resource company exploring
for the key metals used in next generation batteries that fuel the
new electric vehicle revolution. The Board and team of advisors,
who have proven expertise in African exploration, mining and
project generation, have identified an opportunity to utilise the
Company's position to become the primary vehicle on the London
market for investors to gain exposure to the battery metal
commodity suite, particularly cobalt, lithium, copper and nickel.
The Company's primary focus is currently on cobalt, with the
initial portfolio targeting the Democratic Republic of Congo, the
main source of the world's cobalt and where the team has both
excellent knowledge and operational ability. The Board is
contemporaneously evaluating multiple projects across Africa to
rapidly build its portfolio, capitalise on the battery metal demand
fundamentals and deliver value for shareholders.
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.
END
UPDUSVKRWUANRAR
(END) Dow Jones Newswires
June 05, 2018 02:00 ET (06:00 GMT)
Power Metal Resources (LSE:POW)
Historical Stock Chart
From Apr 2024 to May 2024
Power Metal Resources (LSE:POW)
Historical Stock Chart
From May 2023 to May 2024