Firering Strategic Minerals plc (“FSM”), an exploration company focusing on critical minerals, is pleased to announce its first set of assay results from its maiden scout diamond drill programme at its flagship Atex Lithium-Tantalum Project (“Atex”), in Côte d’Ivoire.
Highlights:
· Positive results received from first assays from scout drilling including:
o 64m at 1.24% Li2O from 76m in hole TVDD0004, including:
§ 27m at 2.13% Li2O from 76m
§ 4.06% Li2O, the highest individual sample assay grade.
o 15m at 0.59% Li2O from 37m in hole TVDD0003, including:
§ 4m at 1.95% Li2O from 45m.
· Confirms Atex’s standing as the first potentially significant lithium exploration project in Côte d’Ivoire.
· Two out of the four scout drill holes showing grades of lithium above 0.5% Li2O.
· Additional assays expected during Q4 2022, including holes 18 and 19 that demonstrated significant pegmatite intercepts with visible spodumene.
· Second phase of exploration being prepared with Ricca Resources Ltd (“Ricca”) following recent US$18.6 million investment agreement.
Yuval Cohen, Chief Executive of Firering, said:
“These first assay results from our scout drilling at Atex show the first significant intercepts, including 64m, grading 1.24% Li2O. This is exceptional and amongst the best intercepts recently reported by our global peers and confirm the presence of lithium in our pegmatite system. We look forward to announcing the remaining assay results in the coming weeks, in particular the results for holes 18 and 19 for which we previously announced significant pegmatite intercepts with visible spodumene.
“Following the recently announced US$18.6m investment agreement with Ricca, the next phase of our fully funded exploration programme will be defined and carried out jointly. Both the Firering and Ricca senior technical teams are currently at the Atex site and the next phase of exploration will be finalised over the coming weeks. We look forward to updating the market on our combined efforts.”
Assay Results
Assay results were received for holes TVDD0003, TVDD0004, TVDD0005 and TVDD0006 (see map below).
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Map showing the four diamond drill holes for which assay results are reported.
Significant intercepts are reported for holes TVDD0003 and TVDD0004. No significant mineralisation is reported for holes TVDD0005 and TVDD0006 (see table below).
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Note: Significant intercepts are reported for pegmatites >1m and with at least one sample interval of >0.5%Li2O. Intercepts represent apparent widths and not true width. Apparent width will be greater than true width and the relationship between apparent and true width has not yet been established.
Assay results for TVDD0004 included the highest grading spodumene bearing sample of 0.31m from 118.5m at 4.06% Li2O as well as a large intercept of 64.01m @ 1.24% Li2O. Assay results support geological logging undertaken on the drill holes.
Sections showing significant intercepts in holes TVDD0003 and TVDD0004 are shown below.
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Note: Section A – A’ shows significant intercepts in hole TVDD0004 in relation to the current geological interpretation Intercepts show apparent thickness, not true thickness; results for holes TVDD0010 and TVDD0018 currently outstanding.
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Note: Section B – B’ shows significant intercepts in hole TVDD0003 in relation to the current geological interpretation. Intercepts show apparent thickness, not true thickness; results for hole TVDD0011 currently outstanding.
Drilling, Logging and Sampling
The drill holes are initially sited using a hand-held GPS (Global Positioning System device) within the tenement areas. Accurate coordinates and elevations of drill holes collars are subsequently derived from a DGPS (Differential Global Position devices) survey.
Diamond drilling, producing drill core has been utilised to sample the pegmatite below ground surface. Drilling was done using diamond core rigs with PQ sized drill rods used from surface to sample through to fresh rock. HQ sized drill rods were used after the top-of-fresh-rock had been intersected.
Drill cores are geologically logged and all pegmatite intersections are selected and marked-up with a unique sample ID assigned before splitting and sampling. Cores are cut in half using a core cutter, and individual samples bagged and sent for analysis.
Currently, drill core samples are crushed to -2mm and pulverised at the Intertek Preparation Laboratory, Cote d’Ivoire to 85% passing -75 microns. Sample pulps are exported to Perth, via Ghana, where pulps are fused with sodium peroxide and analysed by ICP-OES and ICP-MS to report 21-elements. (Intertek code FP6/MS and FP6/OES).
QA/QC
Alternating Certified Refence Materials (CRM) and blanks are inserted every 7th sample in to the samples stream and pulp duplicates are inserted every 16th sample into the sample stream sent to the laboratory to ensure QA/QC compliance. These QA/QC results are assessed upon receipt of analyses, checked and, if acceptable, accepted into the analytical database. Follow-up with the laboratory is instigated in cases were any QA/QC sample fails the QA/QC parameters.
Geology
The area is located in the western limit of the Bagoé Basin within a southwest to north-south orientated arcuate belt of metavolcanic and metasedimentary rocks of the Birimian Supergroup that are surrounded by Eburnean-aged granitoids, including undeformed K-feldspar porphyritic monzogranites, which are temporally associated with the pegmatites in the region. The pegmatites within the Atex Project are hosted in mafic schists, although some minor mica schist is also present, and comprise a series of steeply dipping north-northeast striking bodies. Less common are smaller east-west orientated pegmatites.
Work to date by Firering has identified a number of pegmatite bodies around Spodumene Hill that have been the focus of the current drilling campaign. Several of these pegmatites have been identified to be potentially lithium bearing, with the lithium hosted in spodumene and lepidolite.
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.
For further information and updates on Firering’s exploration programme, visit www.fireringplc.com or contact the following:
Firering Strategic Minerals
Yuval Cohen
Neil Herbert
Tel: +44 20 7236 1177
