Client News

Firering Strategic Minerals plc, an exploration company focusing on critical minerals, is pleased to report the definition of multiple lithium in soil anomalies and a planned auger drilling programme following the large-scale Phase II soil sampling programme at the Atex Lithium-Tantalum Project (“Atex”), in Côte d’Ivoire.

The Phase II Programme was undertaken in conjunction with Ricca Resources Limited (“Ricca”), an Australian diversified minerals company, which has the option to earn up to 50% of Atex following its US$18.6 million investment to advance the project to Definite Feasibility Study (“DFS”) announced on 2 November 2022.

HIGHLIGHTS:

·    Six high-priority soil anomalies identified from Phase II soil sampling programme completed across Atex licence area.

·    Anomalies based on coincident soil geochemistry with mapped pegmatites and geological setting defining strong north-easterly orientation broadly coincident with mapped pegmatites.

·    Several lithium in soil anomalies occur adjacent to and along similar orientations to the Spodumene Hill lithium occurrence where previous drilling returned significant intersections, including an oblique intersection with an apparent width of 64m at 1.24% Li2O and 25m at 1.39% Li2O (refer the Company’s notification of 15 November 2022 and 15 December 2022).

·    Approximately 11,000m of Phase I auger drilling planned on a nominal 160m x 20m grid perpendicular to the defined soil anomaly trends.

·    Pending results of the Phase I auger programme, further auger infill drilling on a nominal 80m x 20m grid along the defined pegmatite trends planned to define targets ahead of deeper drilling below the depth of weathering for mineralisation potential.

Yuval Cohen, Chief Executive of Firering, said: “It brings me great satisfaction to share with the market the progress resulting from our collaboration with Ricca, as we witness the realisation of an accelerated exploration pathway. By harnessing our collective expertise, we will propel the exploration process forward at an accelerated pace.

“While we are still awaiting the remaining results from the soil sampling programme, we are confident that we have identified the most crucial soil anomalies, allowing us to proceed with auger drilling. We eagerly anticipate commencing the comprehensive auger drilling programme and sharing further updates on our progress soon.”

Stuart Crow, Non-Executive Chairman of Ricca Resources, added:

“The soil sampling and mapping programme has defined multiple target areas for follow-up auger drilling. We are very pleased with the results and look forward to commencing the auger drilling to further refine these targets ahead of deeper drill testing to confirm grade potential.

“Several of the auger anomalies occur adjacent to and along similar trends to the previously drilled Spodumene Hill lithium occurrence where drilling returned significant intersections, including 64m at 1.24% Li2O.

“Whilst we are still awaiting results for the remainder of the soils programme, we are confident the highest priority soil anomalies have been defined in order to commence auger drilling.

“We look forward to commencing the extensive auger drilling programme, receiving the remaining results from the soil sampling programme and providing further updates on our progress in due course.”

Soil Anomalies and Auger Programme

Grid soil geochemistry and mapping has identified six high-priority soil anomalies for auger drilling follow-up on a nominal 160m x 20m grid. Overall, the soil anomalies define a consistently north-north-east striking orientation coincident with regional mapping and outcropping pegmatites in the area.

Analysis was completed in-house using portable x-ray fluorescence spectrometry (“pXRF”) and Laser Induced Breakdown Spectrometry (“LIBS”). Soil analysis results are pending for the northern extent of the licence.

Soil targets 1, 2, 3 and 6 typically occur within mafic schists and associated with dominantly north-north-east striking sub-cropping pegmatite or pegmatite float. Target 5 occurs within and along the contact of a large granitic intrusive along the south-western margin of the licence area. Target 4 occurs in the north of the licence area, within mafic schists and associated with north-east and north-west striking pegmatites. Soil anomaly levels range from 85 to a maximum of 4,499 ppm lithium (‘Li’, refer to Figure 1).

Targets 1, 2, 5 and 6 have combined Li, rubidium (‘Rb’) and niobium (‘Nb’) anomalies indicating the presence of fractionated pegmatites. Targets 4 and 3 are Li only anomalies however with mapped pegmatites.

Targets 1, 2, 3 and 6 occur along the same orientation and within the same apparent pegmatite swarm which hosts the Spodumene Hill lithium occurrence. Previous drilling at the Spodumene Hill lithium occurrence reported significant highlights including 64m at 1.24% Li₂O from 76m in hole TVDD0004, 25m at 1.39% Li₂O from 77m in hole TVDD0018 and 7m at 1.33% Li₂O from 60m in hole TVDD0019 (refer the Company’s notifications of 15 November 2022 and 15 December 2022).

Auger drilling will be used to define the pegmatite footprint through the weathering profile on a nominal 160m x 20m grid that will be infilled to 80m x 20m as the pegmatite extents are defined. A total of approximately 11,000m of auger drilling is planned as part of Phase I with subsequent infill on a nominal 80m x 20m grid for Phase II, dependent on observations (refer Figure 2).

Auger drilling depth is to provide positive identification of rock type, which is estimated to be in the order of 5-6m depth and an end of hole sample will be collected for analysis to assist in potential target prioritisation. Once pegmatite footprints have been defined in auger, the next step is to drill test them with deeper RC or diamond drilling to confirm whether they are mineralised below the weathering profile.

Exploration Update: Atex Lithium-Tantalum Project – 07:00:06 22 Jun 2023 – FRG News article | London Stock Exchange