Home » Posts tagged 'lithium'
Tag Archives: lithium
ECR Minerals #ECR – CEO Andrew Haythorpe discusses exploration progress at Queensland & Victoria
ECR CEO Andrew Haythorpe discusses the latest exploration progress at Victoria and the transition to Queensland. Andrew discusses the potential he sees at Lolworth, with 30 different gold occurrences plus niobium and tantalum already at such an early phase. He then looks at the Hurricane project, and how the gold in veins at surface are consistently 1-5m thick (one was 60m thick), which leads to a consistent 1-5 g/t at surface, and the most recent project acquisition, the Blue Mountain project where there is a lot of alluvial gold. Andrew then covers how low cost work programmes including geophysics and geochemistry, RC drilling keep the costs down and will identify the biggest and best anomalies. On funding, there are plans for further asset sales, and he confirms ECR are fully funded for all QLD and Victoria exploration this year. In summary, Andrew believes the chances of pinning down a major find in Queensland is much better. ECR has the right people and right geology, plus there could be some major players keen on partnering in Queensland.
Technology Minerals Plc #TM1 – EA Approves Lithium-ion Battery Recycling Plant
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that its 48.25% owned battery recycling business, Recyclus Group Ltd (“Recyclus”), has received final clearance from the Environment Agency (“EA”) to commence full operations at its lithium-ion (“Li-ion”) battery recycling plant in Wolverhampton, West Midlands. Recyclus has also been awarded Approved Battery Treatment Operator (“ABTO”) status by the EA, allowing it to commence recycling operations immediately, with on-site treatment and processing of spent Li-ion batteries.
The EA permit allows Recyclus a daily storage limit of 140 m3 (c.100 tonnes) and to process up to 22,000 tonnes of Li-ion batteries per annum. It is expected that 8,300 tonnes will be processed in the first year, utilising a single shift pattern of labour during the standard working week. Applications for licence variations to operate additional shifts will be considered in due course as will the potential to increase processing capability.
The approval from the EA for the Wolverhampton plant is a major milestone for Recyclus, making it the first industrial scale plant in the UK with the capability to recycle Li-ion batteries. Operations will commence on completion of the fire prevention systems installation which is expected shortly. This will be followed immediately by a plant commissioning phase, which is expected to commence in June this year.
Following commencement of operations, Recyclus anticipates the receipt of gate fees for collection and storage of Li-ion batteries, and from the sale of black mass, produced from the recycling process. Black mass contains critical battery metals that can be sold back into the battery supply chain.
Recyclus owns the IP for both the process and the plant which is designed to process most Li-ion battery types. Recyclus will manufacture all plants, including those designed specifically for OEM clients, here in the UK. Recyclus’s aim is to increase the UK processing capability to c.50,000 tonnes per annum through the construction of five more Li-ion recycling plants.
BIS Research latest study, Black Mass Recycling Market – A Global and Regional Analysis, states the global black mass recycling market, valued at $9.22bn in 2022, is projected to reach $53 bn by 2031.
Robin Brundle, Chairman of Technology Minerals, said: “We are pleased to announce that we have received final EA approval to commence full automated operations at our Li-ion battery recycling plant in Wolverhampton. This is a significant moment for the Company and the UK. The Wolverhampton plant has become the first facility in the UK with the capability to recycle Li-ion batteries on an industrial scale.
“Given the global shift towards electrification and the growing demand for Li-ion batteries, we believe we have a compelling first mover advantage in this burgeoning market. Our aim is to establish enduring partnerships with businesses and organisations, both in the UK and internationally, offering them an environmentally friendly solution for their end-of-life batteries. With feedstock stored and ready to be processed, everything is in place to ramp up operations at the facility and start generating revenues.”
Enquiries
|
Technology Minerals Plc |
|
|
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
c/o +44 (0)20 4582 3500 |
|
Oberon Investments Limited |
|
|
Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
|
|
|
|
Gracechurch Group |
|
|
Harry Chathli, Alexis Gore, Rebecca Scott |
+44 (0)20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed company, providing a sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. As with the increasing global demand for battery metals to supply electrification increases, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Recyclus Group Ltd
The demand for the raw materials used in battery manufacturing is anticipated to increase substantially. Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group’s battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support from Technology Minerals, Recyclus is an integral component to the recycling of lithium-ion and lead-acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com
ECR Minerals #ECR – CEO Andrew Haythorpe talks through Blue Mountain and other projects
ECR Minerals #ECR – CEO Andrew Haythorpe talks through Blue Mountain and other projects with Andrew Scott. The Blue Mountain project represents a wonderful opportunity in an accessible part of Queensland. With impressive recoveries there by previous operators, the project compliments other Queensland projects from a logistical. standpoint. Andrew also discusses Lolworth, and how the team are very keen to get back to discover the primary source for Nb Ta Li and Au before looking at the drill campaign at Creswick and the drill ready targets at Hurricane. Andrew the looks at his ongoing role as CEO and how ECR is a well funded company, although he reminds us that every overnight success takes a few years to generate!
#TM1 Technology Minerals PLC – Innovate UK awards £1.96m for recycling system
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that its 48.25% owned battery recycling business, Recyclus Group Ltd (“Recyclus”), in collaboration with the University of Birmingham (“UoB”), has been awarded funding of £1.96m from the UK Government’s Innovate UK, to create a mobile battery recycling system capable of safely handling any type of lithium-ion (“Li-ion”) battery.
Recyclus will lead the project and design and build a compact prototype Universal Battery Recycling System (“UBRS”), a mobile recycling truck that handles a complete range of Li-ion battery modules from all areas of industry. The main unit will be designed to accept batteries on an individual or batch-load basis and will implement a new industry standard that can benefit the UK and global recycling sectors. The Advanced Materials & Processing Laboratory (“AMPLab”) at the UoB will support the project providing leading edge 3D printing techniques, incorporating additive manufacturing for the required cutting tools.
The innovative recycling trucks will be based on Recyclus’ existing technology for industrial-scale Li-ion battery recycling, capable of safely dealing with the 5+ types of Li-ion battery chemistry, in any combination. Recyclus plans to operate the recycling trucks with three size options ranging from 7.5 to 16 tonnes which will be capable of processing between 500 and 2,000 kilogrammes per hour of Li-ion batteries.
The aim is to develop a consistent battery recycling channel which creates safe and environmentally friendly recycling of Li-ion batteries across the UK. The whole system will be completely sealed, emission free, with a gated infeed chamber and a series of sealed outfeed chutes which feeds separated materials into collection containers. The system will reduce Li-ion batteries to five recyclable products:
· Black mass, which contains lithium, manganese, cobalt and nickel
· Electrolyte
· Ferrous (steel)
· Non-ferrous (aluminium & copper)
· Light mixed fraction (plastic, rubber & paper)
According to analysis from McKinsey & Company, ‘Battery 2030: Resilient, sustainable, and circular’, global demand for Li-ion batteries could grow 30 per cent annually from 700 GWh in 2022 to around 4,700 GWh by 2030.
Kate Jermey, Business Engagement Manager (KTP) at the University of Birmingham, said: “This project will enable Recyclus Group and The University of Birmingham to respond to the current challenges around battery recycling infrastructure, and provide a viable and desperately needed solution to the issue of waste batteries, through the usage of Industry 4.0/ Additive Manufacturing Solutions to speed up systems design and deployment.”
Robin Brundle, Chairman of Technology Minerals, said: “Securing this grant from Innovate UK is a strong endorsement for Recyclus and we look forward to working with the University of Birmingham on this programme which could be the catalyst for future collaboration.
“The rapid development of consumer goods such as vapes, handhelds, e-Bikes and the general transition to electric transport is already causing serious environmental issues. The build-up of end-of-life Li-ion batteries over the coming years will create a battery waste tsunami that we need to prepare for by investing in the capabilities and capacity for large-scale battery recycling.
“The Recyclus mobile unit takes the recycling solution to the problem and will provide a reliable, cost-effective and automated process for safe and environmentally friendly recycling of Li-ion batteries across the UK. This will accelerate the recovery of the critical raw materials essential to the transition to electrification and significantly reduce the use of landfill. This innovative mobile battery recycling system will implement a new industry standard that can benefit not just the UK, but around the world.”
Innovate UK
Innovate UK, the UK’s innovation agency, drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. It funds business and research collaborations to accelerate innovation and drive business investment into R&D. Its support is available to businesses across all economic sectors, value chains and UK regions. They help businesses grow through the development and commercialisation of new products, processes, and services.
Enquiries
|
Technology Minerals Plc |
|
|
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
c/o +44 (0)20 4582 3500 |
|
Oberon Investments Limited |
|
|
Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
|
|
|
|
Arden Partners Plc |
|
|
Tim Dainton, Louisa Waddell |
+44 (0)20 3829 5000 |
|
Gracechurch Group |
|
|
Harry Chathli, Alexis Gore, Rebecca Scott |
+44 (0)20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Recyclus Group Ltd
The demand for the raw materials used in battery manufacturing is anticipated to substantially increase. Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group’s battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support, Recyclus is an integral component to the recycling of lithium-ion and lead-acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com
#FCM First Class Metals PLC – Zigzag Lithium Property Earn-In & Issue of Equity
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to announce that it has signed an agreement with Nuinsco Resources Limited in respect to the Zigzag lithium project in Ontario.
Highlights:
· Historic grades at surface up to 1.68% lithium (Li20) over 7.9m and 0.168% tantalum (Ta205) over 2.54m. The claim group covers the historic Tebishogeshik occurrence as well as other mineralised occurrences.
· The pegmatite hosting the deposit is reported to be more than 800m in length and 20m thick at surface.
· Sampling by Nuinsco returned strongly anomalous lithium, tantalum, and rubidium, peaking at 3.55% Li20 with significant tantalum, and rubidium results at 836 ppm Ta₂O5, and 4,003 ppm Rubidium Rb₂2O.
· Exploration Permit already in place, allowing for exploration activities which may include stripping, trenching, and drilling.
· Property located 10.5km from the Green Technology Metals Limited (ASX: GT1) Seymour Project and several other hard rock lithium properties. Close to nearby current and future planned key infrastructure.
· Signing completes the process outlined in the ‘Exclusivity Agreement’ announced on the 112th of December 2022 for the ‘Lithium property Earn In’. The project funding was also announced in the same news release, James Goozee a High Net Worth Individual (“HNWI”) lithium/battery metals focussed investor took the full £300,000 private subscription at 16p per share.
1https://polaris.brighterir.com/public/first_class_metals/news/rns/story/r790kzx
Figure 1–ZigZag Lake pegmatite (grey) with very coarse gained lithium bearing spodumene crystals (pale green), for scale the business card 3″x2″.
The project is less than 100km from Armstrong in northwest Ontario in the Seymour Lake area, a district already proved to be prospective for hard rock, pegmatite hosted lithium. Existing infrastructure currently in place in the local area is expected to be further bolstered in the future by the planned Jackfish Hydro project and a Spodumene Process Plant at the Green Technology Metals, Seymour site which is just over 10km away.
The six unit claim group includes a mapped structure of 800m which (Tebishogeshik occurrence) and is wholly contained within the claim block, the lithium-tantalum mineralization is pegmatite-hosted with significant rubidium and cesium mineralization also reported. See figure 2. All of which are ‘critical minerals’ as identified by the 2Canadian and United Kingdom Governments.
Previous workers of the Tebishogeshik occurrence have identified Li2O and Ta2O5 mineralization along the entire length of the showing from sampling at surface, grading up to 1.68% Li2O over 7.9m and 0.168% Ta2O5 over 2.54m in separate channels samples. Several shallow historic drill holes along the occurrence have returned significant intersections, including, (in separate drill holes) an intersection grading 1.08% Li2O over 6.1m and a separate intersection of 399.8ppm Ta2O5 over 2.92m. Both intersections were less than 20m down hole. The structure is open along strike and to depth and remains to be fully evaluated.
Lithium-ion battery production capacity pipeline globally to 2030 increases up to 8.1 TWh and North American EV battery production is forecast to reach 1 TWh annually by 2030. Even if production from known current assets were to double against planned capacities, expected North American demand alone would exceed supply by 40%.
Figure 2-Zigzag Claim Block geology with main known Lithium Pegmatite’s mapped.
Terms of the deal:
The deals is structured so that FCM has an option to earn-in up to an 80% interest over the exclusive option held by Nuinsco Resources over the Zigzag mining claims. The payments for the exercise of this option include a cash component of $CAD500,000 and a share component of $CAD250,000 in FCM Ordinary Shares spread across approximately 3.5 years. Additionally, FCM has committed to undertake exploration related expenses on the property over the same period to a value of $CAD550,000.
|
Table 1 Zigzag Option Schedule |
|
||||||||||||||
|
Cash (CAD$) |
Ordinary FCM Shares (CAD$) |
Annual Work Commitment (CAD$) |
|
||||||||||||
|
On Signing |
50,000 |
25,000 |
0.00 |
|
|||||||||||
|
June 01, 2023 |
75,000 |
30,000 |
50,000 |
|
|||||||||||
|
June 01, 2024 |
100,000 |
50,000 |
100,000 |
|
|||||||||||
|
June 01, 2025 |
125,000 |
60,000 |
150,000 |
|
|||||||||||
|
June 01, 2026 |
150,000 |
85,000 |
250,000 |
|
|||||||||||
|
Total |
500,000 |
250,000 |
550,000 |
|
|||||||||||
|
|
|
||||||||||||||
These payments and work commitments maybe accelerated at FCM’s option. Upon completion, the Zigzag mining claims will be owned by FCM and Nuinsco on an 80:20 basis and the parties will have deemed to enter a joint venture for the development of these mining claims. Should either party not wish to contribute to this joint venture a standard industry dilution clause shall apply. If either party dilutes to a 10% ownership interest or lower, their entire interest will automatically convert into a NSR royalty payment, and the other party shall be the 100% owner of the Zigzag mining claims. Additionally, half of such NSR royalty payment may be purchased by the other party by paying a sum of $CAD 750,000.
Figure 3 the Zigzag property is in a very prospective exploration proven lithium rich belt.
Issue of Equity
350,000 new ordinary shares are being issued to cover elements of the Nuinsco Share Payments and professional fees incurred, they will rank pari passu with the Company’s existing issued ordinary shares. The Company intends to allot and issue these new ordinary shares under its existing authorities on a non-pre-emptive basis.
The Company will be making its application to admit the new ordinary shares to the Official List of the FCA and to trading on the Main Market (Standard List) of the LSE. Admission is expected to occur on the 16th of March 2023.
Conditional on Admission, the Company’s issued ordinary share capital will be 70,794,589 ordinary shares, which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Marc Sale CEO commented:
“FCM is very enthused with the opportunity to have executed the agreement on this very prospective lithium prospect. FCM has now significantly augmented their portfolio of critical minerals within our exploration focus. Given the worldwide shift toward greener and cleaner economies, the acquisition of additional property assets such as Zigzag Lake is a strategic progression for FCM.“
For further information, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
ECR Minerals #ECR Interview – Creswick Results and 2023 Operating Plan
February 2023: Andrew Scott talks to Andrew Haythorpe and Adam Jones. The high grade results from Creswick are first on the agenda, and Adam discusses the un mined high grades discovered in the adits (tunnels) at ECR’s Brewery Lane property, and the grades from the rock chip sampling at Mills Reef on the new tenement 4km to the south. The rig will be moved to the Brewery Lane property and a diamond drilling will commence.
Andrew discusses how the core resampling last year and the results from sampling means the team can plan drill targets with real confidence – ” a real opportunity as soon as we can get the drill rig onsite”. He confirms that there have been no JV approaches or conversations yet.
Andrew then discusses Blue Moon – while the mineralised grades were lower than hoped, there are a couple more assays to come and a further hole left to complete.
Adam then discusses the lab used by ECR in Ballarat, which now turns samples around in 2-2.5 weeks, before turning to Tambo, where some initial data analysis is underway ahead of an initial field visit.
Andrew and Adam then discuss Lolworth, a potentially ‘world class’ discovery, where lithium, niobium and tantalum have been discovered along with an extraordinary amount of gold. The 10km ridgeline sits to the north of the lithium anomalies and represents a fantastic opportunity – potentially a company building asset.
Andrew then discussed the new Hurricane project awaiting completion of due diligence and approvals, and then talks through the imminent arrival of the 2nd drill rig and its likely deployment.
The team finally summarise the operating plan, possible asset disposals and the level of commitment across the company. The last word is from Andrew – “with 20yrs experience in the industry, ECR has the best portfolio of assets I have seen over that time”
Cadence Minerals #KDNC – European Metals Announcement: Just Transition Fund Approves Cinovec Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement by European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that the Cinovec Project has been classified as a Strategic Project for the Usti Region of the Czech Republic. The list of Strategic Projects has been approved by the European Commission, the Czech Central Government and the Czech Regional Goverment in Usti. Being classified as such means that the Cinovec Project has priority for grant funding from the Just Transition Fund (“JTF“) co-funding, ahead of many other projects that have been submitted.
The total amount allocated by the Just Transition fund for the Czech Republic is CZK 41B (€1.64B) of which the Usti region has been allocated CZK 15.8B (approx. €632M).
The first call for grant applications under the JTF opened on 14 November 2022 and closes on 31 December 2023.
Given the total amount which may be applied for by the eleven designated Strategic Projects in the Usti region in the first call is CZK 8.3B (approx €350M) and that the funds allocated in this first call from the Just Transition Fund to these Strategic Projects totals CZK7.3B (approx €300M), although there can be no certainty, the Company is confident that Cinovec will receive a significant portion of the funds applied for from the JTF for the Project.
The maximum funding to be made available upon application to each Strategic Project in the Usti Region is CZK 1.2bn (approx €49M). The Cinovec Project has been allocated the maximum possible JTF grant of CZK 1.2B (approx €49M), subject to passing through the application process, funds remaining available and obtaining the necessary permits for the early-stage Cinovec work programmes to which this grant funding is planned to be applied to, in particular the early full development of the twin decline entry/egress system for the mine.
Accordingly, *Geomet s.r.o (the Cinovec project company) will apply for JTF Grant funding for the maximum amount of CZK 1.2B (approx €49M).
EMH Executive Chairman Keith Coughlan said:
“I am very pleased that the European Union via the Just Transition Fund has approved the Cinovec Project as a Strategic Project for the Usti Region of the Czech Republic. This approval provides further evidence of strong support from the Czech Government and the European Union and the Europe-wide recognition of the critical part which the Cinovec Project will play in enabling the EU to reach its stated goals of lithium self-sufficiency by 2030.”
“The proposed grants from the Just Transition Fund could play an important part in accelerating the development of the Cinovec Project. For example, the initial entry into the deposit via twin declines and ancillary road network at the proposed Dukla site are likely to be early-stage beneficiaries of this funding. This could reduce the time until first ore is produced by the Cinovec Project post final investment decision. As the funding is in the form of a non-repayable grant this could also have the additional benefit of not diluting the existing shareholders of the Company.”
“European Metals is well positioned for the rising demand in battery materials, developing the Cinovec project, the largest hard rock lithium project in the EU, which is centrally located on the Czech Republic’s border with Germany. The project possesses excellent ESG credentials which will enable the production of battery grade lithium hydroxide and carbonate with potentially one of the lowest CO2 emissions, globally.”
Link here to view the full EMH announcement
*Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Headquartered in the Czech Republic, CEZ a.s. is an established, integrated energy group with operations in a number of Central and South-eastern European countries and Turkey.
Cadence Minerals holds approximately 7.2% percent of the equity in European Metals Holdings.
| For further information contact:
|
|
| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel |
– Ends –
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Listing of Evergreen Lithium on the Australian Stock Exchange
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Evergreen Lithium Limited (“Evergreen”) has filed its admission Prospectus with Australian Securities & Investments Commission and the Australian Stock Exchange (“ASX”). Cadence owns approximately 15.8 million Evergreen shares which are anticipated to represent 8.7% of the issued share capital of Evergreen on admission. Evergreen’s indicative timetable for admission is 10 March 2023.
Highlights:
- Evergreen Lithium has filed a listing and offering prospectus with the ASX; the anticipated admission date is 10 March 2023.
- On admission, Cadence will own approximately 8.7% of Evergreen, which at the offer price values Cadence’s equity stake at AS$ 3.96 million.
- Evergreen intends to advance three hard rock lithium exploration projects in Australia.
- The flagship Byone Lithium Project covers the north-eastern strike extent of the lithium-and tantalum endowed Bynoe Pegmatite field;
- The project is adjacent to Core Lithium’s producing lithium mine.
- Soil sampling on the project returned geochemical anomalies indicating lithium mineralisation.
- Based on soil sampling alone an initial five target zones have been identified that contain lithium mineralisation.
- The second prospect, Kenny Lithium, is located within the Dundas Mineral Field of Western Australia, close to Mt Dean and Mt Belches-Bald Hill pegmatite fields’
- Initial field mapping on the project has confirmed the presence of substantial outcropping pegmatites
- 10km zone of pegmatite outcropping has been confirmed in the North-Eastern section of the Kenny Lithium Project
- Evergreen has recently completed a comprehensive auger program, drilling 1,731 holes. Evergreen expects the results to be available shortly after admission.
Cadence CEO Kiran Morzaria commented: “On behalf of the Cadence board, I am pleased that our investment into Lithium Technologies and Lithium Supplies have materialised into soon to be listed Evergeen and its Byone and Kenny lithium projects. Once Evergreen lists on the ASX market, it will add further value to Cadence’s rounded portfolio of listed lithium investment vehicles, which include European Metals Holdings (AIM: EMH) and our Sonora Lithium assets. Added to this, Cadence has exposure to the world class Yangibana rare earths project through it’s shareholding in Hastings Technology Metals (ASX: HAS) and of course our flagship Amapa iron ore project, the value of which was recently estimated with the publication of a pre-feasibility study, associated post tax NPV and maiden ore reserve declaration.”
“Your board believes that considerable potential exists across our assets to deliver further progress as we move forward in 2023. I look forward to reporting back with further developments.”
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. This initial consideration was valued at AS$ 3.16 million (£1.81 million). A further AS$ 6.63 million (£3.80 million) shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. Further details of these milestones can be found in the Evergreen prospectus available here. Cadence’s shares may be subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
As of 31 December 2021, the total carrying values of LT and LS in the Company’s balance sheet was approximately £803,000. Based on the anticipated admission price of Evergreen on the ASX, Cadence’s shares in Evergreen will be worth £2.27 million.
Evergreen Lithium
On acquiring LT and LS, Evergreen became the 100% owner of three exploration tenements. The Bynoe Lithium Project and Fortune Lithium Project (awaiting grant of exploration permit) are located in the Northern Territory, and the Kenny Lithium Project is located in Western Australia.
Evergreen is listing on the ASX to develop these projects further and raise up to AS$ 7 million via a share offer. Evergreen can advance its business model if the listing and the offer are successful.
Byone Lithium Project
The Bynoe Lithium Project is Evergreen’s flagship prospect. Evergreen’s primary focus is to explore and discover an economically viable lithium resource for development. The Bynoe Lithium Project is located south of Darwin in the Northern Territory, Australia. It covers the north-eastern strike extent of the lithium- and tantalum-endowed Bynoe Pegmatite Field.
The Bynoe Pegmatite Field is host to Core Lithium Ltd’s (ASX: CXO) (“Core Lithium” or “Core”) high-grade Finniss lithium deposit, which is adjacent to Core Lithium’s producing lithium mine. Core Lithium’s deposit is just 1.2km from the Bynoe Lithium Project. Soil sampling conducted on the Bynoe Lithium Project has returned geochemical anomalies that indicate the lithium mineralisation continues along the trend into the Company’s Bynoe Lithium Project. Based on the initial stages of soil sampling alone (which only covers approximately 10-20% of the Bynoe Lithium Project area, an initial five target zoneshave been identified that contain lithium mineralisation. The Bynoe Lithium Project covers an area of 231 km2, making Evergreen one of the largest tenement holders within the central Bynoe Pegmatite Field after Core Lithium.
In recent years, exploration activities within the Bynoe Field have been focused on the discovery of economic lithium mineralisation hosted in pegmatites, the most successful of which has been Evergreen’s neighbour, Core Lithium, which in a very short time frame, has delineated a JORC mineral resource of 18.9mt at 1.32% Li2O at its Finniss Project. Core Lithium has achieved excellent drilling intercepts at their BP33 prospect of 107 metres at 1.70% Li2O, located within 1km of the Bynoe Lithium Project and Core Lithium’s Finniss (BP33) mine.
After listing and completion of its capital raise, Evergreen intends to expand the geochemical soil sampling significantly. In addition, Evergreen recently completed an Ambient Noise Topography (“ANT”) Survey and is currently awaiting its geophysical interpretation. Core Lithium recently used ANT (refer to ASX announcement Core Lithium, 1 August 2022, “BP33 drilling delivers outstanding results”). Core noted the results were an “outstanding success” and showed “excellent correlation” with known pegmatite bodies that were already identified by drilling.
Once the baseline geochemical and geophysical data is collected, Evergreen plans to systematically drill test the anomalies, starting with the highest priority along strike from Core Lithium’s mineralised pegmatites.
Kenny Lithium Project
The Kenny Lithium Project is located within the Dundas Mineral Field of Western Australia and 50km East of Norseman in the Eastern Goldfields. It is close to the Mt Dean and Mt Belches-Bald Hill pegmatite fields, and there are multiple significant lithium discoveries located in close proximity to the Kenny Lithium Project
The Kenny Lithium Project covers an area of 210 km2, providing Evergreen with a large and prospective land holding within the Dundas mineral field.
The Kenny Lithium Project lies at the southern end of the Norseman-Wiluna Granite Greenstone Belt within the Archaean Yilgarn Craton. This is a well-known lithium-producing region/mineral field and is host to the significant Mount Marion, Bald Hill and Baldania mines, respectively, which are close to the Company’s Kenny Lithium Project.
Initial field mapping on the Kenny Lithium Project has confirmed the presence of substantial outcropping pegmatites, whereby an approximate 10km zone of pegmatite outcropping has been confirmed in the North-Eastern section of the Kenny Lithium Project, which significantly exceeds what has already been identified by the Government Survey of Western Australia (GSWA).
Evergreen’s goal is to explore and discover an economic lithium resource for subsequent development. As with the Company’s Bynoe Lithium Project, minimal geochemical work has been undertaken within the tenure; however, historical results have proven encouraging. Evergreen has recently completed a comprehensive auger program, drilling 1,731 holes. Evergreen expects the results to be available following the listing. After that, the Company will design a drill program to drill test any targets identified to be prospective for lithium mineralisation and test the economic potential.
Fortune Lithium Project
The Fortune Lithium Project (EL31828) is located in the Northern Territory and is currently in its application phase and undergoing Native Title procedures. Evergreen Fortune Lithium Project is 784.71km² and is located 150km northeast of Alice Springs, in the Arunta region. The tenement itself has not been historically explored for lithium.
The Fortune Lithium Project lies in the Mesoproterozoic Aileron Province of the Arunta Region. The Arunta Region comprises a sequence of Proterozoic rocks known to host tin-tantalum-tungsten pegmatites. Historic pegmatite-hosted workings targeting tin-tantalum and mica are recorded in the vicinity of the Fortune Lithium Project area. There has been no exploration activity on the Fortune Lithium Project tenement specifically. The Fortune Lithium Project is currently in the application phase and is, therefore not granted tenure.
| For further information contact:
|
|
| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel |
– Ends –
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
#TM1 Technology Minerals PLC – Seven New Licences Secured at Leinster, Ireland
New prospecting licences expand the Company’s footprint to 760km2 at the Leinster lithium property in South East Ireland
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the addition of seven new prospecting licences to its ground holding on its Leinster Lithium Property, Republic of Ireland. This addition brings the Company’s licence position to 23 licences covering a total of 760km2 of highly prospective geology with verified occurrences of spodumene-bearing lithium pegmatites. Initial reconnaissance at two localities on the new licences have already yielded two clusters of spodumene pegmatite float material with grades of up to 1.73% Li2O.
Highlights:
· Seven new licences awarded to the Company’s 100% wholly owned subsidiary LRH Resources Limited.
· The seven licences totalling 235km2 increase the overall ground holding to 760km2.
· Two localities on the new licences reported historic spodumene-bearing lithium pegmatite occurrences (Irish Base Metals Report 1977).
· A total of ten float samples were collected at two localities on Prospecting Licence Area (“PLA”) 3895 and PLA 3896.
· Four samples on PLA 3895 yielded analyses of between 1.54 – 1.79 % Li2O.
· Four samples on PLA 3896 yielded analyses of between 0.58 – 1.63 % Li2O.
· The Company believes that the new licences lie on a parallel but less well-defined structural trend to the East Carlow Deformation Zone which itself has been shown to provide the locus for spodumene pegmatite emplacement.
· The presence of structure is a key component to the anatectic genetic model for pegmatite development and emplacement in South East Ireland.
· Follow up exploration will commence to further enhance understanding of the spatial distribution of the boulder trains discovered so far, as well as the rest of the licences.
New Licences
The seven licences, which were awarded to the Company’s wholly owned subsidiary LRH Resources Limited (“LRH”) on 1 December 2022, are 100% owned. The other 16 licences which form the rest of the Company’s Leinster Property exploration block, are operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ).
The seven new licences form a contiguous block with the Company’s previously issued PLA 1597 and extends the ground holding both to the NE and SW of the Knockeen and Carriglead spodumene-bearing boulder trains which were reported on that licence. Together this block of eight licences form the Company’s South Leinster Block (Figure 1 & 2).
|
Project |
Licence No. |
County |
Commencement |
Initial Duration |
Area |
|
SW Leinster |
1541 |
Wexford |
01/12/2022 |
6-years |
36.61 |
|
SW Leinster |
1542 |
Wexford |
01/12/2022 |
6-years |
20.39 |
|
SW Leinster |
3213 |
Kilkenny |
01/12/2022 |
6-years |
43.42 |
|
SW Leinster |
3214 |
Kilkenny |
01/12/2022 |
6-years |
43.33 |
|
SW Leinster |
3895 |
Wexford |
01/12/2022 |
6-years |
23.74 |
|
SW Leinster |
3896 |
Wexford |
01/12/2022 |
6-years |
34.49 |
|
SW Leinster |
4054 |
Wexford |
01/12/2022 |
6-years |
33.09 |
|
Total |
235.07 |
Table 1: List of seven new licences issued December 2022
Geology and Preliminary Reconnaissance Sampling
The new licences are located along an interpreted NE-SW structural corridor which parallels both the SE margin of the Leinster Granite Batholiths as well as the associated East Carlow Deformation Zone (ECDZ) structural corridor. The ECDZ has provided a structural locus for a series of spodumene pegmatite occurrences which have been identified over 110km of extent between Dublin (and the Company’s Northern Block), and the Company’s Knockeen and Carriglead prospects on PLA 1597 to the south. The second structural corridor is interpreted to trend parallel and to the south of the ECDZ as it passes through the Company’s new licences.
Evidence for spodumene pegmatites relating to two historical boulder trains were reported in archive reports and maps at the Geological Survey of Ireland and date back to 1977. A brief reconnaissance visit to the two areas by the Company’s geologists on PLAs 3895 and 3896 have confirmed the presence of numerous boulders of spodumene pegmatite. Ten samples were collected for analysis during this initial reconnaissance visit.
The results of the sampling are presented below in Table 2 with the four samples on PLA 3895 returning assay values of between 1.54 – 1.79 % Li2O with four further samples on PL 3896 reporting between 0.58 – 1.63 % Li2O. Two further samples AES61135 and AES61136 comprising of altered lithologies associated with the pegmatites were also analysed (Table 2). The spatial distribution of the sampling across the two areas are presented in Figures 1-3 below. Ongoing geological mapping, and sampling by the Company will further define this zone and determine the full pegmatite prospectivity.
|
Project |
Sample Type |
Sample No |
Licence |
Li ppm |
Li2O% |
|
LRHR Leinster Project |
Float |
AES61127 |
3895 |
7260 |
1.56 |
|
LRHR Leinster Project |
Float |
AES61128 |
3895 |
7140 |
1.54 |
|
LRHR Leinster Project |
Float |
AES61129 |
3895 |
7990 |
1.72 |
|
LRHR Leinster Project |
Float |
AES61130 |
3895 |
8300 |
1.79 |
|
LRHR Leinster Project |
Float |
AES61131 |
3896 |
2700 |
0.58 |
|
LRHR Leinster Project |
Float |
AES61132 |
3896 |
5600 |
1.21 |
|
LRHR Leinster Project |
Float |
AES61133 |
3896 |
7570 |
1.63 |
|
LRHR Leinster Project |
Float |
AES61134 |
3896 |
4490 |
0.97 |
|
LRHR Leinster Project |
Float |
AES61135 |
3896 |
119 |
0.03 |
|
LRHR Leinster Project |
Float |
AES61136 |
3896 |
102 |
0.02 |
Table 2: Results from reconnaissance prospecting * Li2O % = Li % x 2.153
Figure 1: Location of the company properties showing the Northern Block (15 licences)
and the Southern Block (eight licences)
Figure 2: Location of eight licences (seven new) comprising the Southern Block
Figure 3: Reconnaissance Sampling PLAs 3895 and 3896
Photo 1: Spodumene pegmatite samples from PLA 3895: AES61127 (1.56% Li2O) and AES61129 (1.72% Li2O) and PLA 3896: AES61132 (1.21% Li2O)
Alex Stanbury, CEO of Technology Minerals, said: “We are pleased to add seven new prospecting licences to our Leinster Project, increasing our strategic foothold at the Leinster lithium property in South East Ireland by over 40 percent to 760km2. We consider these to be exciting additions to our portfolio and look forward to commencing further exploration to enhance our understanding of the project’s potential. Given the supply squeeze taking place for lithium globally, finding new sources of primary supply will be critical to help power the move to a carbon neutral economy.”
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.
Enquiries
|
Technology Minerals Plc |
|
|
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 4582 3500 |
|
|
|
|
Oberon Investments Limited |
|
|
Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
|
Arden Partners Plc |
|
|
Tim Dainton, Louisa Waddell |
+44 207 614 5900 |
|
Gracechurch Group |
|
|
Harry Chathli, Alexis Gore, William Dobinson |
+44 20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Appendix 1: Analytical Results
|
Sample_ID |
Programme |
Li_ppm |
Li2O% |
Prospect |
|
AES63003 |
Follow Up Sampling Dec 2022 |
17,410 |
3.75 |
Knockeen |
|
AES63033 |
Follow Up Sampling Dec 2022 |
16,860 |
3.63 |
Knockeen |
|
AES63519 |
Follow Up Sampling Dec 2022 |
13,160 |
2.83 |
Knockeen |
|
AES63015 |
Follow Up Sampling Dec 2022 |
13,050 |
2.81 |
Knockeen |
|
AES63029 |
Follow Up Sampling Dec 2022 |
12,920 |
2.78 |
Knockeen |
|
AES63042 |
Follow Up Sampling Dec 2022 |
12,580 |
2.71 |
Knockeen |
|
AES63014 |
Follow Up Sampling Dec 2022 |
12,200 |
2.63 |
Knockeen |
|
AES63021 |
Follow Up Sampling Dec 2022 |
12,040 |
2.59 |
Knockeen |
|
AES63018 |
Follow Up Sampling Dec 2022 |
11,980 |
2.58 |
Knockeen |
|
AES63011 |
Follow Up Sampling Dec 2022 |
11,820 |
2.54 |
Knockeen |
|
AES63023 |
Follow Up Sampling Dec 2022 |
11,620 |
2.50 |
Knockeen |
|
AES63028 |
Follow Up Sampling Dec 2022 |
11,580 |
2.49 |
Knockeen |
|
AES63041 |
Follow Up Sampling Dec 2022 |
11,570 |
2.49 |
Knockeen |
|
AES63037 |
Follow Up Sampling Dec 2022 |
11,510 |
2.48 |
Knockeen |
|
AES63016 |
Follow Up Sampling Dec 2022 |
11,460 |
2.47 |
Knockeen |
|
AES63044 |
Follow Up Sampling Dec 2022 |
11,340 |
2.44 |
Knockeen |
|
AES63012 |
Follow Up Sampling Dec 2022 |
11,180 |
2.41 |
Knockeen |
|
AES63008 |
Follow Up Sampling Dec 2022 |
9,920 |
2.14 |
Knockeen |
|
AES63048 |
Follow Up Sampling Dec 2022 |
9,520 |
2.05 |
Knockeen |
|
AES63043 |
Follow Up Sampling Dec 2022 |
9,360 |
2.02 |
Knockeen |
|
AES63027 |
Follow Up Sampling Dec 2022 |
8,820 |
1.90 |
Knockeen |
|
AES63046 |
Follow Up Sampling Dec 2022 |
8,790 |
1.89 |
Knockeen |
|
AES63516 |
Follow Up Sampling Dec 2022 |
8,370 |
1.80 |
Knockeen |
|
AES63036 |
Follow Up Sampling Dec 2022 |
8,300 |
1.79 |
Knockeen |
|
AES63007 |
Follow Up Sampling Dec 2022 |
8,090 |
1.74 |
Knockeen |
|
AES63026 |
Follow Up Sampling Dec 2022 |
8,030 |
1.73 |
Knockeen |
|
AES63010 |
Follow Up Sampling Dec 2022 |
7,890 |
1.70 |
Knockeen |
|
AES63517 |
Follow Up Sampling Dec 2022 |
7,910 |
1.70 |
Knockeen |
|
AES63512 |
Follow Up Sampling Dec 2022 |
7,840 |
1.69 |
Knockeen |
|
AES63017 |
Follow Up Sampling Dec 2022 |
7,550 |
1.63 |
Knockeen |
|
AES63520 |
Follow Up Sampling Dec 2022 |
7,370 |
1.59 |
Knockeen |
|
AES63049 |
Follow Up Sampling Dec 2022 |
7,100 |
1.53 |
Knockeen |
|
AES63515 |
Follow Up Sampling Dec 2022 |
7,040 |
1.52 |
Knockeen |
|
AES63024 |
Follow Up Sampling Dec 2022 |
6,190 |
1.33 |
Knockeen |
|
AES63031 |
Follow Up Sampling Dec 2022 |
6,140 |
1.32 |
Knockeen |
|
AES63013 |
Follow Up Sampling Dec 2022 |
5,720 |
1.23 |
Knockeen |
|
AES63019 |
Follow Up Sampling Dec 2022 |
5,420 |
1.17 |
Knockeen |
|
AES63030 |
Follow Up Sampling Dec 2022 |
5,300 |
1.14 |
Knockeen |
|
AES63034 |
Follow Up Sampling Dec 2022 |
4,960 |
1.07 |
Knockeen |
|
AES63039 |
Follow Up Sampling Dec 2022 |
4,790 |
1.03 |
Knockeen |
|
AES63022 |
Follow Up Sampling Dec 2022 |
4,710 |
1.01 |
Knockeen |
|
AES63514 |
Follow Up Sampling Dec 2022 |
4,300 |
0.93 |
Knockeen |
|
AES63045 |
Follow Up Sampling Dec 2022 |
4,290 |
0.92 |
Knockeen |
|
AES63025 |
Follow Up Sampling Dec 2022 |
3,940 |
0.85 |
Knockeen |
|
AES63032 |
Follow Up Sampling Dec 2022 |
3,550 |
0.76 |
Knockeen |
|
AES63035 |
Follow Up Sampling Dec 2022 |
2,680 |
0.58 |
Knockeen |
|
AES63009 |
Follow Up Sampling Dec 2022 |
1,920 |
0.41 |
Knockeen |
|
AES63047 |
Follow Up Sampling Dec 2022 |
1,480 |
0.32 |
Knockeen |
|
AES63038 |
Follow Up Sampling Dec 2022 |
450 |
0.10 |
Knockeen |
|
AES63001 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63002 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63004 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63005 |
Follow Up Sampling Dec 2022 |
130 |
0.03 |
Knockeen |
|
AES63513 |
Follow Up Sampling Dec 2022 |
100 |
0.02 |
Knockeen |
|
AES63518 |
Follow Up Sampling Dec 2022 |
80 |
0.02 |
Knockeen |
|
AES63006 |
Follow Up Sampling Dec 2022 |
60 |
0.01 |
Knockeen |
Table 4: Results from follow up prospecting at Knockeen (December 2022)
* Li2O % = Li ppm % (x 2.153)
|
Sample_ID |
Programme |
Li_ppm |
Li2O% |
Prospect |
|
AES63504 |
Follow Up Sampling Dec 2022 |
9,720 |
2.09 |
Carriglead |
|
AES63503 |
Follow Up Sampling Dec 2022 |
8,890 |
1.91 |
Carriglead |
|
AES63509 |
Follow Up Sampling Dec 2022 |
7,870 |
1.69 |
Carriglead |
|
AES63501 |
Follow Up Sampling Dec 2022 |
7,460 |
1.61 |
Carriglead |
|
AES63507 |
Follow Up Sampling Dec 2022 |
5,620 |
1.21 |
Carriglead |
|
AES63505 |
Follow Up Sampling Dec 2022 |
5,120 |
1.10 |
Carriglead |
|
AES63508 |
Follow Up Sampling Dec 2022 |
3,280 |
0.71 |
Carriglead |
|
AES63511 |
Follow Up Sampling Dec 2022 |
500 |
0.11 |
Carriglead |
|
AES63506 |
Follow Up Sampling Dec 2022 |
330 |
0.07 |
Carriglead |
|
AES63502 |
Follow Up Sampling Dec 2022 |
290 |
0.06 |
Carriglead |
Table 5: Results from follow up prospecting at Carriglead (December 2022)
* Li2O % = Li ppm % (x 2.153)
First Class Metals #FCM – Exclusivity Agreement for Lithium property Earn-In & Issue of Equity
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to announce that it has entered into an exclusivity agreement with a third party in respect to a Lithium project in Ontario.
Highlights
· Exclusivity Agreement signed giving sixty days exclusivity on a highly prospective, strategically located lithium project in Ontario.
· Premium fundraising from a private subscription of £300,000 to one single HNW resource sector investor at 16p per share.
Precise details of the agreement are covered by an NDA, however FCM can report the project is less than 100km from Armstrong in northwest Ontario in a district already proved to be prospective for hard rock, pegmatite hosted lithium.
A structure of over 800m has been identified and is wholly contained within the claim block, the lithium-tantalum mineralization is pegmatite-hosted with significant rubidium and cesium mineralization also reported. All of which are ‘critical minerals’ as identified by the Canadian Government and supported within the ‘Critical Minerals Strategy’ directive released by the Canadian Government on the 9th of December 20221.
Previous workers have identified Li2O and Ta2O5 mineralization along the entire length of the showing from sampling at surface, grading up to 1.68% Li2O (Lithium Oxide) over 7.9m and 0.168% Ta2O5 (Tantalum Oxide) over 2.54m in separate channels samples. Several shallow historic drill holes along the occurrence have returned significant intersections, including, (in separate drill holes) an intersection grading 1.08% Li2O over 6.1m and a separate intersection of 399.8ppm Ta2O5 over 2.92m. Both intersections were less than 20m down hole. The occurrence is open along strike and to depth and remains to be fully evaluated
FCM has a sixty day exclusive right to conclude negotiations and execute an Earn In deal, the salient points of which have already been established.
Marc Sale CEO commented:
“FCM is very encouraged with the opportunity to negotiate entry into this very prospective early-stage lithium prospect and in doing so will significantly augment the portfolio of critical minerals in our exploration focus.”
Fundraising & Issue of Equity
Alongside the lithium property exclusivity, FCM will place via a private subscription 1,875,000 ordinary shares at a price of 16p, raising £300,000 from a single HNW resource/battery metals investor. The subscription includes a one for one warrant totalling 1,875,000 warrants at 22p for a three-year period.
· Private subscription is at a 4% premium to the 5 VWAP day mid closing price from the previous week (5/12/2022-9/12/2022).
· All the subscription has been taken by one single HNW resource/battery metals focussed investor.
· The 16p issue represents a 60% premium to the IPO in late July 2022.
A further 300,000 new ordinary shares will be issued in lieu of outstanding professional advisor fees, who have elected to receive payment in shares.
The new ordinary shares will rank pari-passu with the Company’s existing issued ordinary shares. The Company intends to allot and issue these new ordinary shares under its existing authorities on a non-pre-emptive basis.
The Company will be making its application to admit the new ordinary shares to the Official List of the FCA and to trading on the Main Market (Standard List) of the LSE. Admission is expected to occur on 19th December 2022.
Conditional on Admission, the Company’s issued ordinary share capital will be 68,873,707 ordinary shares, which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
For further information, please contact:
First Class Metals PLC
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker) Jonathan Brown Jason Robertson 02073742212
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s showings.
FCM has commenced exploration programmes based on the detailed historical data review of available information on and around its seven claim blocks which comprise over 180km².
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Links to External Sites
The document may contain links to other websites; these external websites are not under FCM’s control. FCM’s shall not be held responsible for such websites and do not make any warranties regarding the same. FCM’s do not endorse these websites in any manner.
