19
August 2024
Rwanda Exploration
Update
Aterian Plc
("Aterian" or the
"Company")
Aterian plc
(LSE:
ATN), the critical metal-focused
exploration and development company, is pleased to provide an update on recent work on the Rio
Tinto Joint Venture in Southern Rwanda.
Highlights:
· 2,274 auger soil
sample results received
· Key pathfinder
elements vector into areas of potential sub-surface pegmatite
occurrences
· Geological model
upgraded with structural interpretation of pegmatites
· Drill
planning on the licence is well advanced, with the commencement of
drilling currently anticipated next month
Results
During Q1/2024, 2,274 auger soil samples were
collected from 200 x 20 m and 200 x 40m grids over anomalous areas
identified in an earlier, coarser-spaced geochemical sampling
programme. The samples were shipped to ALS in Ireland for
multi-element analysis. The results from this work have allowed for
an interpretation of relevant geochemical ratios that determine the
key pathfinder elements that vector into areas of potential
sub-surface pegmatite occurrences.
Mr. Charles Bray, Chairman of
Aterian plc, commented:
"Completing
the ground soil sampling program marks an exciting step forward in
our partnership with Rio Tinto. An extension of the comprehensive
ground soil sampling program was completed in Q1 and covered key
target zones within the HCK project area. The survey has identified
several anomalies consistent with the possible presence of
lithium-bearing minerals. The initial indications of lithium
potential are encouraging, and we are eager to continue our
exploration activities to fully understand the project's potential.
These preliminary results represent a crucial milestone in our
ongoing exploration efforts and provide a strong basis and
analytical framework for the next phase of exploration, the drill
programme.
We will now
focus on conducting drilling to establish the presence, extent, and
grade of any spodumene-bearing lithium mineralization. Our goal is
to maximize the project's potential and contribute to the global
supply of this critical battery metal."
Project
Geology
Based on recent detailed surface prospecting and data
review, the licence is interpreted as lying proximal to a
major shear zone, also observed in geological maps and regional
geophysics. The main lithological units observed on the licence are
granitic intrusions and deformed metasediments (schists, phyllites,
pelites, psammites, quartzites, graphitic schists and amphibolites)
hosting intruded pegmatites.
Most of the project comprises a NW striking SW dipping
homocline of metasediments on one, right-way up limb of a regional
scale fold (evident in regional magnetics and topography). The NE
margin of the property coincides with a regionally significant
NNW-SSE trending sinistral shear zone. Metasandstones are
more dominant to the south of the fold structure, with thinly
bedded, finely laminated phyllitic metamudstones and siltstones
(locally graphitic schists) to the north.
Most pegmatites appear parallel or sub-parallel to the
bedding/foliation and deformed by later folding. The ground
geophysical surveys undertaken across the licence may not directly
detect pegmatites but can potentially identify structural controls
and lithological domains for targeting. Pegmatites do not appear to
show an empirical relationship to litho-stratigraphic units,
contacts, or magnetic intensity.
Future Plans -
Drilling
Drill targeting is underway
using the recent geochemistry supported by geological mapping and
ground geophysics. Earthwork proposals for drill
pads and access have been received, and a contractor has been
identified. Community discussions have been held, and they remain
supportive of the project. Initial drilling will focus on the
HCK-1 target, with 5 holes planned, totalling 1,200-1,500 m, with
the objective of evaluating the fresh bedrock potential of the
pegmatites to host spodumene. Preparatory works are to commence
before the end of August, with drilling expected to commence
possibly as early as late September.
Qualified
Person
The technical disclosure in this regulatory
announcement has been approved by Simon Rollason, Chief Executive
Officer of Aterian Plc. A graduate of the University of the
Witwatersrand in Geology (Hons). He is a Member of the Institute of
Materials, Minerals and Mining, with over 30 years of experience in
mineral exploration and mining.
- ENDS -
This announcement contains information which,
prior to its disclosure, was inside information as stipulated under
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310 (as amended).
For further information, please visit the
Company's website: www.aterianplc.com or
contact:
Aterian Plc:
Charles Bray, Executive Chairman - charles.bray@aterianplc.com
Simon Rollason, Director - simon.rollason@aterianplc.com
Financial Adviser and Joint
Broker:
Novum Securities Limited
David Coffman / George Duxberry
Colin Rowbury
Tel: +44 (0)207 399 9400
Joint Broker:
SP Angel Corporate Finance LLP
Ewan Leggat / Kasia Brzozowska
Tel: +44 20 3470 0470
Financial PR:
Bold Voodoo
- ben@baldvoodoo.com
Ben Kilbey
Tel: +44 (0)7811 209 344
Notes to Editors:
About Aterian plc
www.aterianplc.com
Aterian plc is an LSE-listed exploration
and development company with a diversified African portfolio of
critical metals projects.
Aterian plc is actively seeking to acquire and develop new
critical metal resources to strengthen its existing asset base
whilst supporting ethical and sustainable supply chains as the
world transitions to a sustainable, renewable future. The
supply of these metals is vital for the development of the
renewable energy, automotive and electronic manufacturing sectors
that are playing an increasing role in reducing carbon emissions
and meeting climate ambitions globally.
The Company entered into a joint venture
agreement with Rio Tinto Mining and Exploration
Limited for Rio Tinto to earn into the HCK project in
southern Rwanda exploring and developing
lithium-tantalum-niobium-tin mining operations. Aterian currently
holds a portfolio of multiple copper-silver and base metal projects
in the Kingdom of Morocco, with a total area of 897
km2. In January 2024, the Company announced the
acquisition of a 90 % interest in Atlantis Metals. This private
Botswana registered company holds seven mineral prospecting
licences for copper-silver in the Kalahari Copperbelt and three for
lithium brine exploration in the Makgadikgadi Pans region. The
total licence area in Botswana is 4,486 km2.
The Company's strategy is to seek new
exploration and production opportunities across the African
continent and to develop new sources of critical mineral assets for
exploration, development, and trading.