TIDMCRCL
RNS Number : 4723C
Corcel PLC
13 June 2023
Corcel PLC
("Corcel" or the "Company")
Encouraging Initial Mt. Weld Drilling Results
13 June 2023
Corcel Plc (London AIM: CRCL), the pan Angolan / Brazilian Oil
and Gas company, with interests across battery metals mining and
oil and gas is delighted to announce the initial drilling results
from the Company's Mt. Weld rare earth elements joint venture with
Riversgold Limited (ASX: "RGL"), located 1.5km west/north-west of
Lynas Rare Earth Element's Mt. Weld rare earth oxide mine, near
Laverton, Western Australia.
Highlights:
o Initial composite RC drill samples assay up to 2,200ppm
TREO
o 52% of the planned initial 2,000m RC programme completed to
date
o Drilling program is on tenement P34/4489 - immediately to the
west of Lynas' globally significant Mt Weld rare earth oxide
mine
Corcel Chief Executive Officer, Scott Kaintz commented:
"Elevated initial results out of Mt. Weld reinforce our fundamental
view of the exciting mineral and commercial prospectivity of the
project, located, as it is, adjacent to one of the world's largest
REE operations, outside of China. We look forward to additional
results firming up the potential for a mineral resource estimate in
due course."
Drill Results:
The Company's JV partner, Riversgold, has drilled 5 holes to
date totalling 1,036m of an initial seven-hole (2,000m) reverse
circulation ("RC") drilling program on the joint venture tenement
P34/4489. The program was designed to test several magnetic
features confirmed through both airborne and ground magnetic
surveying [1] .
The interesting elevated rare earth element ("REE)" results from
four composite samples are shown in Tables 1 and 3, with locations
in Table 2. The results from all 1m samples from the drill holes
will be submitted for assaying shortly.
Table 1 : Mt Weld - Material Intersection Elevated TREO Assay
Results
Composite Drill Hole From To m TREO(1) ppm TREO(1)
Sample Number m %
MTW001 MWRC002 196 200 1,600 0.160%
------------ ----- ----- ------------ --------
MTW002 MWRC002 162 166 1,900 0.190%
------------ ----- ----- ------------ --------
MTW003 MWRC003 116 120 2,200 0.220%
------------ ----- ----- ------------ --------
MTW004 MWRC003 106 110 1,600 0.160%
------------ ----- ----- ------------ --------
Notes:
1. TREO are detailed in Appendix A, Section 1, " Verification of sampling and assaying"
The Mt Weld Project straddles the access road to Lynas' Mt Weld
mine (see Figure 2). The tenement is predominantly covered by
recent transported sediments obscuring the underlying geology, with
four discrete undrilled magnetic features (T1-T4) (see Figures
1-3).
Figure 1 : Drill Hole Locations completed to date at Mt Weld
(P34/4489)
Hole one was abandoned due to difficult ground conditions at
84m. All four remaining holes intersected the geophysical targets
as modelled. The magnetic high was deemed to be highly magnetic,
black mafic volcanics which were intersected at a width of 10 to
20m from 190 to 210m downhole.
To ascertain if REEs were indeed present, the Company prepared
four composite 4 metre samples from holes 2 to 4 which had
intersected highly magnetic, black mafic volcanics. These samples
were dispatched to the assay lab for rush analysis prior to
completing the drill program.
Figure 2 : Cross section for drillhole MWRC002, showing drill
hole trace and modelled geophysics target
Figure 3 : Long Section Showing 5 drill holes relative to the
interpreted geophysics targets
The drilling in holes 4 to 5 was successful in intersecting the
targeted interpreted magnetics, representing targets T2 and T3 in
the announcement dated 2 May 2023 and detailed in Figure 2. T1 was
not drilled due to temporary flooding of the small creek where the
target drill hole was located. On further assessment of the ground
geophysics interpretation, T4 was downgraded to a be a secondary
priority, although it is located closer to the operating Mt Weld
Mine Site.
In hole 5, which was drilled after the rush assay was
despatched, but before the assay results were received, the
drilling also intersected medium grained, pink intermediate
porphyry interpreted as syenite. Syenite is the host rock at the
neighbouring Wallaby Gold deposit currently being mined by Anglo
American Gold.
Figure 4 : Location of the Mt Weld programme relative to Mt Weld
REE Project and Anglo Gold's Granny Smith / Wallaby Project
About the Mt. Weld Joint Venture:
The Mt. Weld Joint Venture is currently being operated by
Riversgold Ltd, Corcel's farm-in and joint venture partner, who
through the expenditure of AUD 500,000 can earn a 50% stake in the
project, as originally announced on 4 January 2023. Currently,
Corcel retains an 80% interest in the project, having previously
sold a 20% interest as announced on 5 May 2023.
Future Operations:
A further detailed analysis of the anomalous REE assays and
minerology is currently underway, and the operator is expected to
make further decisions once these assessments have been completed
and additional announcements will be made as required.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
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.
Competent Person/Qualified Person 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 is a Director of Riversgold Ltd. 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 (Qualified 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.
Table 2: Drill hole information
Hole_ID Hole_Type Azimuth Dip Max_Depth Nat_East Nat_North Nat_RL
MWRC001 RC 353.44 -60.00 84 451702 6808730 423
----------- -------- ------- ---------- --------- ---------- -------
MWRC002 RC 351.3 -59.86 246 451746 6808679 423
----------- -------- ------- ---------- --------- ---------- -------
MWRC003 RC 355.17 -60.08 252 451814 6808680 423
----------- -------- ------- ---------- --------- ---------- -------
MWRC004 RC 355.35 -62.63 250 451867 6808675 423
----------- -------- ------- ---------- --------- ---------- -------
MWRC005 RC 353.96 -60.64 204 452125 6808705 423
----------- -------- ------- ---------- --------- ---------- -------
Table 3: ALS Reported assay results for the four composite
samples. Only relevant REEs reported.
Method ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-XRF30 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61
Analyte CeO2 Dy2O3 Er2O3 Gd2O3 La2O3 Nd2O3 Pr6O11 Sm2O3 Y Ce Hf La Nb Y
--------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- --------
% % % % % % % % % ppm ppm ppm ppm ppm
--------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- --------
TREO
0.01 0.01 0.01 0.01 0.01 ) 0.01 0.01 0.01 0.01 0.1 0.5 0.1 0.1 ppm
--------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- --------
MTW001 0.05 0.01 0.02 0.01 0.03 0.02 0.01 <0.01 0.01 359 10.6 194 152.5 32.6 1,600
--------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- ------
MTW002 0.07 0.01 0.01 0.01 0.04 0.03 0.01 <0.01 0.01 482 11.2 239 142 39.8 1,900
--------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- ------
MTW003 0.08 0.01 0.02 0.01 0.04 0.03 0.01 0.01 0.01 503 7.5 281 162 32.5 2,200
--------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- ------
MTW004 0.05 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.01 354 10.4 180 180 44.6 1,600
--------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------- -------- ------
TREO = Lanthanide Oxides + Yitrrium oxides + Scandium Oxides
Appendix : Table 1 JORC Tables
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
============= ============================================================ =========================================================================
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Fine to -25mm rock fragments are obtained using
random chips, or specific specialised industry Reverse Circulation drilling methods.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These * Every metre drilled was sampled at the drill rig
examples should not be taken as limiting the broad using a rig mounted static cone splitter to collect 2
meaning of sampling. - 3kg sub samples.
* Include reference to measures taken to ensure sample * Four standard samples, two duplicates and two blanks
representivity and the appropriate calibration of any are inserted with every 100 samples submitted for
measurement tools or systems used. analysis .
* Aspects of the determination of mineralisation that * A total of 4 composite samples were submitted to ALS
are Material to the Public Report. laboratory.
* In cases where 'industry standard' work has been done * Four composite samples were taken using the spear
this would be relatively simple (eg 'reverse sampling method, over 5m intervals per sample, to
circulation drilling was used to obtain 1 m samples generate the four composites. Two composite samples
from which 3 kg was pulverised to produce a 30 g were taken from drill hole MWRC002 and two composite
charge for fire assay'). In other cases more samples from MWRC003.
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg * Collected samples were chosen using geological
submarine nodules) may warrant disclosure of detailed observation and represent logged magnetic basalt with
information. magnetite/ titano-magnetite.
============================================================ =========================================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Reverse circulation drilling with 1m sample interval.
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
============================================================ =========================================================================
Drill sample
recovery * Method of recording and assessing core and chip * Samples consisted of RC chips collected using an
sample recoveries and results assessed. inverted 1m cone to sample the cyclone underflow .
* Measures taken to maximise sample recovery and ensure * Cyclone was "air flushed" at the end of each sample
representative nature of the samples. and cleaned every 6m to avoid contamination.
* Whether a relationship 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 have been geologically * Collected chips were logged for geology, alteration,
and geotechnically logged to a level of detail to relative abundance of mineral species and
support appropriate Mineral Resource estimation, mineralisation.
mining studies and metallurgical studies.
* This logging is qualitative in nature.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
============================================================ =========================================================================
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Samples collected weighed approximately 2kg.
and sample half or all core taken.
preparation
* Sample conditions were recorded by field crew during
* If non-core, whether riffled, tube sampled, rotary collection.
split, etc and whether sampled wet or dry.
* At the laboratory, samples were dried at 105 degrees
* For all sample types, the nature, quality and Celsius before being pulverized using a Tungsten
appropriateness of the sample preparation technique. Carbide bowl to avoid contamination.
* Quality control procedures adopted for all * Pulverized samples were then split and a sub-sample
sub-sampling stages to maximise representivity of used for ICP analysis.
samples.
* Measures taken to ensure 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 appropriate to the grain
size of the material being sampled.
============================================================ =========================================================================
Quality
of assay * The nature, quality and appropriateness of the * Samples were submitted to ALS laboratory for analysis
data and assaying and laboratory procedures used and whether by Lithium borate fusion XRF and a 4-acid digest with
laboratory the technique is considered partial or total. MS/ICP finish for a 48 element suite.
tests
* For geophysical tools, spectrometers, handheld XRF * The methods utilized are appropriate and typical for
instruments, etc, the parameters used in determining the industry for Rare Earth and other tested
the analysis including instrument make and model, elements.
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
of sampling * The verification of significant intersections by * Results have been verified by company personnel.
and assaying either independent or alternative company personnel.
* The REE assay data were converted from reported
* The use of twinned holes. elemental assays to the equivalent oxide compound as
applicable to rare earth oxides. The oxides were
calculated from the element according to the
* Documentation of primary data, data entry procedures, following factors:
data verification, data storage (physical and
electronic) protocols.
* CeO2 1.1526
* Discuss any adjustment to assay data.
* La2O3 1.1728
* Nd2O3 1.1664
* Pr6O11 1.2082
* Ho2O3 1.1455
* Lu2O3 1.1371
* Sm2O3 1.1596
* Tb2O3 1.1762
* Tm2O3 1.1421
* Y2O3 1.2699
* Yb2O3 1.1387
* Dy2O3 1.1477
* Er2O3 1.1435
* Eu2O3 1.1579
* Gd2O3 1.1526
============================================================ =========================================================================
Location
of data * Accuracy and quality of surveys used to locate drill * The coordinate system used by the company is MGA zone
points holes (collar and down-hole surveys), trenches, mine 50 reference grid with geodetic datum GDA94.
workings and other locations used in Mineral Resource
estimation.
* Drillholes were located using a handheld GPS received
with a typical horizontal accuracy of +/-4m.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
============================================================ =========================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Drillholes locations reported in this release do not
distribution have a regular spacing.
* Whether the data spacing, and distribution is
sufficient to establish the degree of geological and * The purpose of this drilling was regional exploration,
grade continuity appropriate for the Mineral Resource and the reported results are not anticipated to be
and Ore Reserve estimation procedure(s) and part of a resource estimate at this point.
classifications applied.
* Compositing to 5m sample length was undertaken over
* Whether sample compositing has been applied. areas where magnetite in basalt was visually
identified in the logging
============================================================ =========================================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * Drilling Azimuth was oriented perpendicular to the
relation sampling of possible structures and the extent to main strike of the magnetic anomaly that may have the
to which this is known, considering the deposit type. potential to be spatially correlated with REE
geological mineralisation.
structure
* If the relationship between the drilling orientation
and the orientation of key 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 sample security. * Samples are collected in calico bags across a defined
arc on the edge of the cone located under the
cyclone. The calico bag features sample number and
down hole interval data pre-written on it. Bags sent
for analysis are collected by field technicians and
placed in pre-numbered sample bag. Sample depth and
number are recorded by field technician and compared
with the geologist's spreadsheet to assure accuracy
of data. Samples collected are placed within
bio-degradable plastic bags, which in turn are
delivered to the laboratory with detailed sample
submission documentation.
* Laboratory assay samples feature a sample ID on the
calico bag as reference.
* After assaying, sample pulps are placed in paper bags
and stored for Riversgold to collect.
* All steps are supervised by a Riversgold geologist.
============================================================ =========================================================================
Audits or
reviews * The results of any audits or reviews of sampling * No external audits or reviews of the sampling
techniques and data. techniques and data has been conducted.
============================================================ =========================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria JORC Code explanation Commentary
=============== =============================================================== ==============================================================
Mineral
tenement * Type, reference name/number, location and ownership * Tenement P 38/4489 is located approximately 28km
and land including agreements or material issues with third South-Southeast of Laverton. It is accessed by the
tenure status parties such as joint ventures, partnerships, sealed road between the Mt Weld project and Laverton.
overriding royalties, native title interests, The tenement is 1.4Km west-northwest of Lynas Mt Weld
historical sites, wilderness or national park and REO operations.
environmental settings.
* The tenement is held by Corcel PLC and is currently
* The security of the tenure held at the time of subject to a farm in option by Riversgold.
reporting along with any known impediments to
obtaining a licence to operate in the area.
=============================================================== ==============================================================
Exploration
done by other * Acknowledgment and appraisal of exploration by other * 17 RAB and auger holes were drilled by Placer
parties parties. Exploration Ltd in 1993 targeting gold.
* 1 hole of unknown type but probably RAB drilled by
Torridon Exploration for gold and base metals
=============================================================== ==============================================================
Geology
* Deposit type, geological setting and style of * Carbonatite hosted REE mineralisation and/or gold
mineralisation. below cover.
=============================================================== ==============================================================
Drill hole
Information * A summary of all information material to the * Refer to Tables and Figures within the body of the
understanding of the exploration results including a release.
tabulation of the following information for all
Material drill holes:
o easting and northing of
the drill hole collar
o elevation or RL (Reduced
Level - elevation above sea
level in metres) of the drill
hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
* If the exclusion of this 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.
=============================================================== ==============================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * Intersections have been calculated using no cut off
methods techniques, maximum and/or minimum grade truncations or internal waste and represent the results of
(eg cutting of high grades) and cut-off grades are compositing at the sampling stage for early test for
usually Material and should be stated. REE mineralisation
* Where aggregate intercepts incorporate short lengths * The results for the REE suite (lanthanide series) in
of high-grade results and longer lengths of low-grade ppm is reported for each element individually.
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail. * TREO = Lanthanide Oxides + Yitrrium oxides + Scandium
Oxides
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
=============================================================== ==============================================================
Relationship
between * These relationships are particularly important in the * Mineralisation down hole intersection width is
mineralisation reporting of Exploration Results. reported as the geometry of the magnetic anomaly
widths and being tested is still uncertain. Therefore, true
intercept width cannot yet be estimated.
lengths * 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').
=============================================================== ==============================================================
Diagrams
* Appropriate maps and sections (with scales) and * Diagrams have been incorporated in the body of this
tabulations of intercepts should be included for any release.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
=============================================================== ==============================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * The assay results reported in the release are from 4
Results is not practicable, representative reporting composite samples from a specific zone of geological
of both low and high grades and/or widths should be interest and were fast tracked through the
practiced to avoid misleading reporting of laboratory. The remaining 1 metre samples are to be
Exploration Results. assayed.
=============================================================== ==============================================================
Other
substantive * Other exploration data, if meaningful and material, * No other substantive exploration data to be reported.
exploration should be reported including (but not limited to):
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
=============================================================== ==============================================================
Further
work * The nature and scale of planned further work (eg * A decision on any further work will be made once the
tests for lateral extensions or depth extensions or bulk of the individual 1m intervals selected for
large-scale step-out drilling). further sampling have been analysed.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============================================================== ==============================================================
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