Client News

Firering Strategic Minerals plc, an exploration company focusing on critical minerals, is pleased to announce the successful commencement of its Phase II Auger Drilling Campaign at its flagship Atex Lithium-Tantalum Project (“Atex”) in Côte d’Ivoire.  The Phase II Auger Drilling Campaign is undertaken in conjunction with Ricca Resources Limited (“Ricca”) following its US$18.6 million investment to advance Atex to Definitive Feasibility Study (“DFS”) announced on 2 November 2022.

Highlights:

·    Phase II of the Auger Drilling Campaign successfully commenced on 26 June 2023;

·  Several drilling target areas were delineated based on soil sample results and geological mapping;

·    A total of 256 auger holes have been drilled as of 06 July 2023 for a total of 1,147m of drilling;

·    Portable x-ray fluorescence spectrometry (“pXRF”) and Laser Induced Breakdown Spectrometry (“LIBS”) results for the soil samples from the northern block in Atex expected shortly.

Yuval Cohen, Chief Executive of Firering, said:

“I am excited to announce that, together with Ricca, we have now commenced our Phase II auger drilling campaign which is progressing very well.  A total of 300 holes were drilled as of 8 July 2023 for a total of 1,341m of drilling, resulting in an average hole depth of 4.48m.  All auger holes are being sampled and tested with pXRF in our camp in Tounvré with the End of Hole (“EOH”) sample being sent to Ghana for pXRF and LIBS testing.  Auger lines have been planned across all of the six initial target areas that were delineated based on received soil sample results and detailed geological mapping.

Auger Drilling

Phase II of the Atex auger drilling campaign commenced on 26 June 2023.  As of 8 July 2023, 300 holes have been completed for a total of 1,341m of drilling.  The average auger hole depth to date is 4.48m, ranging from a minimum of 2m to a maximum of 12m.  As mentioned in FSM’s announcement, dated 22 June 2023, six initial auger drill targets were identified based on received soil sample results and detailed geological mapping (see Figure 1 below).

Figure 1: Atex licence area showing six initial auger drill targets.  Current auger drilling is focussed on Targets 1 and 2 as shown in Figure 2.

The Phase II auger drilling campaign has been divided in two priority stages:

·    Priority 1 covering Targets 1, 2, 5 and 6; and

·    Priority 2 covering Targets 3 and 4.

Details for each priority are shown in the table below.

Geological interpretation of the auger drilling completed across some part of Targets 1 and 2 of the initial target areas is shown in Figure 2.  The drilling has confirmed some of the previously mapped and interpreted pegmatite traces as well as extensions to some of these pegmatites.  No assays from the auger drilling have yet been reported.

As of 6 July 2023, a total of samples 392 pXRF samples have been prepared.  pXRF testing in Tounvré started on 04 July 2023 after calibration of the pXRF machine and as of 6 July 2023, 107 samples have been tested.

As of 6 July 2023, a total of 78 EOH samples have been prepared and are ready to be sent to the lab in Ghana for pXRF and LIBS testing.

Soil Sampling

Soil sample results (pXRF and LIBS) from the northern block at Atex are also expected shortly.

Figure 2: Geological interpretation of the logging of the completed auger holes in Target 1 (refer Figure 1) as of 06 July 2023.

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.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

​Phase II of Auger Drilling Campaign commenced – 07:00:03 11 Jul 2023 – FRG News article | London Stock Exchange