Appointment of Diamond Drilling Contractor at Atex

RNS Number : 0371I

Firering Strategic Minerals PLC

12 April 2022

 

Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

12 April 2022

Firering Strategic Minerals plc

("Firering" or "the Company")

Appointment of Diamond Drilling Contractor at Atex

Firering, an exploration company focusing on critical minerals, announces the appointment of FOREMI (part of Foraco International SA ("Foraco")), as its diamond drill contractor for the planned 3,000m drilling campaign at its flagship Atex dual Lithium-Tantalum Project ("Atex"), in the Côte d'Ivoire.

Highlights:

· FOREMI to spearhead 3,000m of diamond drilling scheduled to commence in mid-Q2 2022 - 11 drill targets identified to intercept the potentially lithium bearing pegmatite veins at Atex.

· Auger drilling, soil sampling and mapping work of the Atex licence area has indicated continuation of the potential lithium bearing pegmatites on either side of Spodumene Hill as well as more lepidolite floats (see RNS earlier today).

· Diamond drilling at lithium bearing pegmatite targets marks the next crucial phase of exploration at Atex. Phase one, comprising of auger drilling and soil sampling, was completed by Royal Mining with results validating the recent interpretation of the strike extent of the pegmatites on both sides of Spodumene Hill deposit (see RNS earlier today).

· Lithium prices surging ahead - battery-grade lithium carbonate (EXW China, ≥99.5% Li2CO3) averaging $76,700/tonne in March 2022, up 95% since the beginning of 2022 and 500% year-on-year.

Yuval Cohen, CEO of Firering, said:  

" The appointment of FOREMI marks another major milestone for Firering as we embark on the next all-important phase of core drilling at our flagship Atex dual Lithium-Tantalum Project to intercept fresh pegmatite. The world urgently needs more critical minerals, and we believe that the Atex Project has the potential to become the next major lithium resource in West Africa.

"FOREMI is a highly reputable drilling contractor with extensive experience in West Africa with tier-one miners and we look forward to working with them on site in the months ahead as we progress Atex to the next phase."

*** ENDS ***

For further information and updates on Firering's exploration programme, visit www.fireringplc.com or contact the following:

Firering Strategic Minerals Yuval Cohen Tim Daniel	Tel: [phone]
SPARK Advisory Partners Limited Nominated Adviser Neil Baldwin / James Keeshan / Adam Dawes	Tel: [phone]
Optiva Securities Limited Broker Christian Dennis / Jeremy King	Tel: [phone]
St Brides Partners Limited Financial PR Oonagh Reidy / Ana Ribeiro	T: [phone] E:  firering @stbridespartners.co.uk

Notes to Editors:

About Firering Strategic Minerals

Firering Strategic Minerals plc is an AIM-quoted mining company focused on exploring and developing a portfolio of mines producing critical minerals in the Côte d'Ivoire including lithium and tantalum to support the global transition to net zero emissions. It operates the Atex  Lithium-Tantalum Project  in northern Côte d'Ivoire, which is prospective for both lithium and tantalum.  Firering intends to advance development at Atex with a view to establishing a maiden Lithium resource and a pilot scale production of ethical tantalum and niobium production within 18 months to generate early revenues and support further exploration work.  A large-scale tantalum production facility will be developed following pilot results, which will be supported by a debt facility of FCFA 5,057,000,000 (approximately €7,500,000) currently under negotiation to fund the entire scale-up plan to develop a portfolio of ethically sourced mineral projects in the Côte d'Ivoire, supplying EV batteries, high tech electronics and other fast-growing end markets. The Company also recently a 100% interest in the Toura nickel-cobalt licence application located in western Côte d'Ivoire, adding to its asset portfolio of critical minerals.

About FOREMI

Based in Côte d'Ivoire, FOREMI is a joint venture between SODEMI (Société pour le Développement minier en Côte d'Ivoire) and TSE-listed Foraco, the French-headquartered drilling services company.  The mining explorer has a strong record in-country with a focus on a variety of commodities, and has completed drilling campaigns for a number of exploration and mining companies in Africa, including tier-one miners Endeavour Mining, Barrick Gold, Centamin, Montage Gold and Tata Steel.

 

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