TIDMCRCL
RNS Number : 3613Q
Corcel PLC
20 February 2023
Corcel PLC
("Corcel" or the "Company")
Carbonatite REE Targets - Mt Weld REE Project
Ground Magnetics Finalises Drill Design
20 February 2023
Corcel Plc (London AIM: CRCL), the natural resource exploration
and development company, with interests in battery metals including
nickel, cobalt, and rare earth elements, announces that its farm in
partner on the Mt. Weld project, Riversgold Ltd ("RGL"), has
completed 3D Inversion Magnetics work on the existing drill targets
at Mt. Weld in order to prepare for an upcoming drill campaign at
the property.
Highlights:
o Magnetic features refined by ground magnetics offer clear
drill targets, only 1.4km from Lynas' Mt Weld rare earth oxide
mine
o Maiden eight-hole, 2,000 metre reverse circulation (RC) drill
program designed to test multiple targets to depths of 250
metres
o Approvals being progressed, with aim to commence drilling this
quarter
The Company reports that RGL has now released the results of a
ground magnetic geophysical survey on the Company's joint venture
tenement, and has confirmed the validity of multiple magnetic
targets and allowed refined planning for drilling (Figure
1)(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_1-2023-2-19.pdf).
The Mt Weld Project is located only 1.4km west-north-west of Lynas
Rare Earths Limited's Mt Weld rare earth oxide (REO) mine near
Laverton in Western Australia (Figure
2)(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_2-2023-2-19.pdf)
.
Corcel Chief Executive Officer, Scott Kaintz commented: "The
first operational activity following our farm-out of the Mt. Weld
project has now been completed, confirming the immediate
prospectivity of the project that we first observed last year. We
look forward to the initial drill campaign beginning and to
developing more projects of this nature, offering investors
exposure to exploration upside at minimal cost to Corcel."
Figure 1: Ground magnetic results with sectional slice, confirm
strong drill targets at T1 to T3 (see Figures 2 and 3 for location
information with section line A-B).
Figure 2: Location of Corcel's Mt Weld Project (P38/4489) with
location of magnetic features T1-4, identified from open file
magnetic data, and its proximity to Lynas's Mt Weld REO Mine.
About the Mt. Weld REE Project
The Mt Weld Project on tenement P34/4489 covers 171 hectares in
size and straddles the mine access road to Lynas's Mt Weld Mine
(see Figure 2). The tenement is predominantly covered by recent
transported sediments obscuring the underlying geology , with four
(4) discrete undrilled magnetic features (T1-T4) (Figure 3)
(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_3-2023-2-19.pdf)
(see Figure 1 - 3) which are interpreted to potentially represent
carbonatite intrusives associated with the Mt Weld carbonatite
intrusive complex 1.5km to the east.
As part of RGL's initial exploration works on the Mt Weld
Project since the initial farm-out agreement with Corcel in January
2023, a ground magnetic survey was undertaken, which has confirmed
the magnetic features and has assisted in the design of a maiden
reverse circulation ("RC") program on T1-T3, with eight holes to be
drilled to a depth of 250 metres, for a total of 2,000 metres.
Approvals are being progressed, with the aim of commencing drilling
this quarter.
Full details of the farm-out and joint venture agreement with
RGL covering the Mt. Weld project were announced on 4 January
2023.
Figure 3: Open file high resolution magnetic survey - North
Sunrise Survey commissioned by Acacia Resources Ltd completed on
40m line spacing in an east west orientation with 25m terrain
clearance. Section Line A -B can be seen in Figure 1 as oblique
view.
Qualified Persons Statement:
The information in this document that relates to exploration is
based on information compiled or reviewed by Edward Mead, who is a
Member of the Australasian Institute of Mining and Metallurgy. Mr.
Mead has sufficient experience that is relevant to the style of
mineralisation under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Mr. Mead consents to
the inclusion in the report of the matters based on his information
in the form and context in which it appears.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
020 7747 9960
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
APPIX I - JORC Tables
The following Tables are provided to ensure compliance with the
JORC Code (2012 Edition) requirements for the reporting of
Exploration Results at Mt Weld.
Section I: Sampling Techniques and Data
(Criteria in this section applies to all succeeding
sections)
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling Geometrics G858 Roving magnetometers
(eg cut channels, random with CV sensors sampling at
chips, or specific specialised 1Hz (2 x Rovers).
industry standard measurement Geometrics G857 Base Station
tools appropriate to the magnetometers sampling the Diurnal
minerals under investigation, field once every 20 seconds.
such as down hole gamma
sondes, or handheld XRF
instruments, etc). These
examples should not be taken
as limiting the broad meaning
of sampling.
---------------------------------- ------------------------------------------------------------
Include reference to measures No sampling undertaken.
taken to ensure sample
representivity and the
appropriate calibration
of any measurement tools
or systems used.
---------------------------------- ------------------------------------------------------------
Aspects of the determination No sampling for mineralisation.
of mineralisation that are
Material to the Public Report.
In cases where 'industry
standard' work has been
done this would be relatively
simple (eg 'reverse circulation
drilling was used to obtain
1 m samples from which 3
kg was pulverised to produce
a 30 g charge for fire assay').
In other cases more explanation
may be required, such as
where there is coarse gold
that has inherent sampling
problems. Unusual commodities
or mineralisation types
(eg submarine nodules) may
warrant disclosure of detailed
information.
---------------------------------- ------------------------------------------------------------
Drilling techniques Drill type (e.g. core, No drilling is being reported.
reverse circulation, open-hole
hammer, rotary air blast,
auger, Bangka, sonic etc)
and details (e.g. core diameter,
triple of standard tube,
depth of diamond tails,
face-sampling bit or other
type, whether core is orientated
and if so, by what method,
etc).
---------------------------------- ------------------------------------------------------------
Drill sample Method of recording and No drilling is being reported.
recovery assessing core and chip
sample recoveries and results
assessed.
---------------------------------- ------------------------------------------------------------
Measures taken to maximise No drilling is being reported.
sample recovery and ensure
representative nature of
the samples.
---------------------------------- ------------------------------------------------------------
Whether a relationship No drilling is being reported.
exists between sample recovery
and grade and whether sample
bias may have occurred due
to preferential loss/gain
of fine/coarse material.
---------------------------------- ------------------------------------------------------------
Logging Whether core and chip samples No logging undertaken .
have been geologically and
geotechnically logged to
a level of detail to support
appropriate Mineral Resource
estimation, mining studies
and metallurgical studies.
---------------------------------- ------------------------------------------------------------
Whether logging is qualitative No logging undertaken.
or quantitative in nature.
Core (or costean, channel,
etc) photography.
---------------------------------- ------------------------------------------------------------
The total length and percentage No logging undertaken.
of the relevant intersections
logged.
---------------------------------- ------------------------------------------------------------
Sub-sampling If core, whether cut or No sub-sampling has been undertaken.
techniques and sawn and whether quarter,
sample preparation half or all core taken.
---------------------------------- ------------------------------------------------------------
If non-core, whether riffled,
tube sampled, rotary split,
etc and whether sampled
wet or dry.
---------------------------------- ------------------------------------------------------------
For all sample types, the
nature, quality and
appropriateness
of the sample preparation
technique.
---------------------------------- ------------------------------------------------------------
Quality control procedures No sub-sampling has been undertaken.
adopted for all sub- sampling
stages to maximise representivity
of samples.
---------------------------------- ------------------------------------------------------------
Measures taken to ensure No sub-sampling has been undertaken.
that the sampling is
representative
of the in-situ material
collected, including for
instance results for field
duplicate/second- half sampling.
---------------------------------- ------------------------------------------------------------
Whether sample sizes are No sub-sampling has been undertaken.
appropriate to the grain
size of the material being
sampled.
---------------------------------- ------------------------------------------------------------
Quality of The nature, quality and No assay data or laboratory
assay data and appropriateness of the assaying tests.
laboratory tests and laboratory procedures
used and whether the technique
is considered partial or
total.
For geophysical tools,
spectrometers, handheld
XRF instruments, etc, the
parameters used in determining
the analysis including
instrument
make and model, reading
times, calibrations factors
applied and their derivation,
etc.
Nature of quality control
procedures adopted (eg standards,
blanks, duplicates, external
laboratory checks) and whether
acceptable levels of accuracy
(ie lack of bias) and precision
have been established.
---------------------------------- ------------------------------------------------------------
Verification The verification of significant Data was gridded and coloured
of sampling intersections by either by Southern Geoscience Consultants
and assaying independent or alternative for interpretation purposes.
company personnel.
---------------------------------- ------------------------------------------------------------
The use of twinned holes. No drilling being reported
----------------------------------
Documentation of primary
data, data entry procedures,
data verification, data
storage (physical and electronic)
protocols.
----------------------------------
Discuss any adjustment
to assay data.
---------------------------------- ------------------------------------------------------------
Location of Accuracy and quality of All locations determined by
data points surveys used to locate drill handheld GPS using GDA94 datum
holes (collar and down-hole in UTM Zone 51.
surveys), trenches, mine
workings and other locations
used in Mineral Resource
estimation.
---------------------------------- ------------------------------------------------------------
Specification of the grid
system used.
---------------------------------- ------------------------------------------------------------
Quality and adequacy of
topographic control.
-------------------- ---------------------------------- ------------------------------------------------------------
Data spacing Data spacing for reporting Ground magnetic survey data
and distribution of Exploration Results. presented was acquired in January
2023 survey by Southern Geoscience
Consultants Pty Ltd. Data collected
at 25m line spacing, north-south
line direction at 2m sensor
height. Equipment utilized:
* Geometrics G858 Roving magnetometers with CV sensors
sampling at 1Hz (2 x Rovers)
* Geometrics G857 Base Station magnetometers sampling
the Diurnal field once every 20 seconds
---------------------------------- ------------------------------------------------------------
Whether the data spacing Sampling type not designed to
and distribution is sufficient be used in an MRE.
to establish the degree
of geological and grade
continuity appropriate for
the Mineral Resource and
Ore Reserve estimation
procedure(s)
and classifications applied.
-------------------- ---------------------------------- ------------------------------------------------------------
Whether sample compositing No compositing has been applied.
has been applied.
---------------------------------- ------------------------------------------------------------
Orientation Whether the orientation Survey was walked perpendicular
of data in relation of sampling achieves unbiased to know structures.
to geological sampling of possible structures
structure and the extent to which
this is known, considering
the deposit type.
---------------------------------- ------------------------------------------------------------
If the relationship between No drilling has been undertaken
the drilling orientation and orientation of mineralised
and the orientation of key structures is unknown.
mineralised structures is
considered to have introduced
a sampling bias, this should
be assessed and reported
if material.
---------------------------------- ------------------------------------------------------------
Sample security The measures taken to ensure Data was supplied directly by
sample security. the contractor and has been
reviewed by Southern Geoscience
Consultants.
---------------------------------- ------------------------------------------------------------
Audits or reviews The results of any audits Data was supplied directly by
or reviews of sampling techniques the contractor and has been
and data. reviewed by Southern Geoscience
Consultants.
---------------------------------- ------------------------------------------------------------
Section II: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section)
Mineral Type, reference name/number, The prospecting licence P38/4489
tenement location and ownership is held by Peter Gianni with
and land tenure including agreements or transfer of title to Corcel Plc
status material issues with third in process. A Farm-in and Joint
parties such as joint ventures, Venture agreement with London
partnerships, overriding listed Corcel Plc (Corcel) to
royalties, native title earn up to a 70% interest, was
interests, historical sites, announced on 4 January 2023 with
wilderness or national key terms as follows:
park and environmental
settings. * RGL agrees to sole fund A$500,000 during the First
Earning Period (the earlier of 12 months, expenditure
met or withdrawal) to earn 50% of the Project.
* In the event RGL wishes to withdraw during the First
Earning Period, RGL must spend a minimum of A$100,000
within the first six months or pay the balance of the
A$100,000 in cash to Corcel.
* At the conclusion of the First Earning Period and
following notice by RGL to commence the Second
Earning Period from, Corcel may elect to either:
o commence the Second Earning
Period during which time RGL
must sole fund a further A$1,000,000
within 12 months to earn an additional
20% interest in the Project;
or
o contribute to expenditure in
proportion to their respective
interests of 50% each under a
joint venture agreement.
------------------------------------------------------------ ------------------------------------------------------------
The security of the tenure The tenements are in good standing
held at the time of reporting and there are no known impediments
along with any known impediments to operate.
to obtaining a licence
to operate in the area.
------------------------------------------------------------ ------------------------------------------------------------
Exploration Acknowledgment and appraisal No exploration of note has been
done by of exploration by other undertaken.
other parties parties.
------------------------------------------------------------ ------------------------------------------------------------
Geology Deposit type, geological The tenement is located 1.5 km
setting and style of mineralisation. to the west of the Mt Weld Carbonaitite
REE mine, with magnetic features
withinP38/4489 potentially associated
with this intrusion.
------------------------------------------------------------ ------------------------------------------------------------
Drill hole A summary of all information No drilling being reported.
Information material to the understanding
of the exploration results
including a tabulation
of the following information
for all Material drill
holes:
* easting and northing of the drill hole collar
* elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole collar
* dip and azimuth of the hole
* down hole length and interception depthhole length.
--------------- ------------------------------------------------------------ ------------------------------------------------------------
If the exclusion of this No drilling being reported.
information is justified
on the basis that the information
is not Material and this
exclusion does not detract
from the understanding
of the report, the Competent
Person should clearly explain
why this is the case.
--------------- ------------------------------------------------------------ ------------------------------------------------------------
In reporting Exploration
Results, weighting averaging
techniques, maximum and/or
minimum grade truncations
(eg. cutting of high grades)
and cut-off grades are
usually Material and should
be stated.
------------------------------------------------------------ ------------------------------------------------------------
Data Where aggregate intercepts No aggregation methods have been
aggregation incorporate short lengths used.
methods of high-grade results and
longer lengths of low grade
results, the procedure
used for such aggregation
should be stated and some
typical examples of such
aggregations should be
shown in detail.
------------------------------------------------------------ ------------------------------------------------------------
The assumptions used for No aggregation methods have been
any reporting of metal used.
equivalent values should
be clearly stated.
------------------------------------------------------------ ------------------------------------------------------------
These relationships are No metal equivalent values are
particularly important being used.
in the reporting of Exploration
Results. If the geometry
of the mineralisation with
respect to the drill hole
angle is known, its nature
should be reported. If
it is not known and only
the down hole lengths are
reported, there should
be a clear statement to
this effect (eg 'down hole
length, true width not
known').
------------------------------------------------------------ ------------------------------------------------------------
Relationship Appropriate maps and sections No mineralisation widths have
between (with scales) and tabulations been reported.
mineralisation of intercepts should be
widths and included for any significant
intercept discovery being reported
lengths These should include, but
not be limited to a plan
view of drill hole collar
locations and appropriate
sectional views.
------------------------------------------------------------ ------------------------------------------------------------
Diagrams Where comprehensive reporting Location maps of projects within
of all Exploration Results the release with relevant exploration
is not practicable, representative information contained.
reporting of both low and
high grades and/or widths
should be practiced to
avoid misleading reporting
of Exploration Results.
------------------------------------------------------------ ------------------------------------------------------------
Balanced Other exploration data, The reporting of exploration
reporting if meaningful and material, results is considered balanced
should be reported including by the competent person. The
(but not limited to): geological locations of rock chip samples
observations; geophysical will be released once assays
survey results; geochemical are returned from the laboratory.
survey results; bulk samples
- size and method of treatment;
metallurgical test results;
bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or
contaminating substances.
------------------------------------------------------------ ------------------------------------------------------------
Other The nature and scale of No other exploration to report.
substantive planned further work (eg.
exploration tests for lateral extensions
data or depth extensions or
large-scale step-out drilling).
Diagrams clearly highlighting
the areas of possible extensions,
including the main geological
interpretations and future
drilling areas, provided
this information is not
commercially sensitive.
------------------------------------------------------------ ------------------------------------------------------------
Further work Drilling using Reverse Circulation
(RC) technique to investigate
magnetic anomalism identified
from ground magnetic survey.
------------------------------------------------------------ ------------------------------------------------------------
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