Mt. Weld Update

Corcel PLC

28 March 2024

 

Corcel PLC

("Corcel" or the "Company")

Mt. Weld Update

28 March 2024

Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production company, announces an update to its Mt. Weld rare earth element project, located 1.5km west/north-west of Lynas Rare Earth Element's Mt. Weld rare earth oxide mine, near Laverton, Western Australia. 

Corcel's partner, Riversgold Limited (ASX:RGL) has informed the Company of its withdrawal from the Mt. Weld earn-in agreement, as part of a much larger tenement rationalisation process undertaken by RGL. 

This decision will leave the Company with an 80% interest in the project, with the balance of 20% being held by Extraction Srl, an entity in which Corcel's Executive Chairman, Antoine Karam, owns 45%.   

With the current and future shareholdings now clarified, the Company is assessing its options and next steps regarding further development of the project.

Corcel Executive Chairman, Antoine Karam, commented: "We thank our partners at Riversgold for driving Mt. Weld forward over the past year, including management of the initial drilling campaign at the project.  While it is clear Riversgold's significant project rationalisation effort moves them to focus on other avenues, primarily lithium, it leaves Corcel with ultimate control of the project's next steps."

About the Mt. Weld REE Project

The "Mt Weld (P38/4489) Project," consists of granted mineral tenement, located 1.4 km (0.9 miles) west-north-west of Lynas Rare Earths Limited's Mt. Weld REE Mine near Laverton in Western Australia.  The Project covers 171 hectares in size and the tenement straddles the mine access road to Lynas's Mt. Weld Mine.  The tenement is predominantly covered by recent transported sediments obscuring the underlying geology. Four discrete undrilled magnetic features, potentially representing carbonatite intrusive complexes have been interpreted from open file high resolution magnetic surveys and warrant further investigation.  

For further information, please contact:

Antoine Karam                                                                        Corcel Plc Executive Chairman

[e-mail]                                                                                   

James Joyce / James Bavister /Andrew de Andrade             WH Ireland Ltd NOMAD & Broker

0207 220 1666                                                                                        

Patrick d'Ancona                                                                    Vigo Communications IR

0207 3900 230                                                                                      

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

END