Update on exploration campaign at Leinster Project

RNS Number : 5574T

Technology Minerals PLC

20 March 2023

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

20 March 2023

Technology Minerals Plc  

("Technology Minerals" or the "Company")  

Update on exploration campaign at Leinster Project in Ireland

Positive Geochemical Survey Results and Plans for Expanded Leinster Lithium Project Drill Programme

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that following the return of favourable test results at the Leinster Lithium Project (the "Property" or the "Project"), Global Battery Metals Ltd (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ), intends to drill multiple targets across a prospective lithium trend at Prospecting Licence Area 1597 ("PLA 1597").

Highlights

Following the previously reported identification of a lithium bearing spodumene pegmatite surface boulder train on PLA 1597, key updates include:

· A detailed deep overburden (base of till) programme was recently completed for a total of 373 samples covering an area of 600m x 450m over the location of an extensive spodumene pegmatite float boulder train and an associated historically reported trenched bedrock occurrence;

· The interpreted geochemical results indicate the potential discovery of up to six LCT (lithium-cesium-tantalum) pegmatite dikes across the Knockeen target area;  

· Follow-up drill programme plans are being finalised, currently calling for up to nine drill pads (with two holes planned per pad); 

· ALS Laboratories ( Loughrea, Ireland ) analysis included comprehensive testing for a specific suite of elements which includes lithium as well as multiple rare earth elements of which cesium and tantalum are typically associated with this type of LCT Pegmatite target;

· Drilling permit submissions are being finalised, and will be submitted to the governmental regulatory body as part of the due process for standard screening procedures for drilling programmes in Ireland and Europe; and

· A local area drill contractor's availability has been secured, and will be mobilised as soon as the permitting is completed.

The PLA 1597 licence, which was awarded to Technology Minerals' wholly owned subsidiary LRH Resources Limited ("LRH") on 22 March 2022, forms part of the Company's Leinster Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd ("GBML"), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) with no project expenditure required by the Company.

Alex Stanbury, CEO of Technology Minerals, said : "Our confidence in the Leinster Project is further evidenced by the latest encouraging research and testing results. With multiple new drilling targets identified, permit submissions are now being finalised to obtain clearance for the new drilling programme and we look forward updating shareholders of our progress."

Michael Murphy, CEO of GBML said : "These results are both exciting and informative. The deep overburden samples have helped us to zero in on a distinct set of drill targets, and the company has ambitious plans for Spring drilling. The potential to drill up to six interpreted dikes along a lithium anomaly trend line across this claim has the team highly motivated about the entire property. We are told the drill permitting process in these areas of Ireland is relatively straightforward and our paperwork is being prepped with the intent to submit in a matter of days. Based on all of our research and testing, the potential to uncover further significant lithium occurrences along the recognized regional scale south-east Leinster LCT pegmatite corridor is a real possibility. Needless to say, we will be moving quickly to verify what we believe we are into."

Exploration to date has included surface lithogeochemical sampling with an associated detailed deep overburden sampling grid - both yielding excellent results and when combined potentially confirming the presence of multiple LCT pegmatite dikes below surface at the Knockeen target on PLA 1597. The pegmatite dike targets are intrusive bodies that typically form swarms of several separate dikes which range in thickness and cross cut the granitic and metasedimentary host rocks.  The dikes are typically composed of Spodumene (lithium aluminium silicate in the pyroxene family) as well as accessory minerals including quartz, feldspars and micas. While the lithium content of the samples collected to date are at very significant grades, the supporting trace element geochemistry of the other elements including the Rare Earth Elements (REE's) that occur naturally at very low levels are very important and significant indicators providing corroborative evidence for the presence of the dikes.

Figure 1: Deep Overburden sampling grid showing anomalous lithium (ppm)in linear trends

across the Knockeen Prospect.

The Knockeen Prospect has now reached a significant confidence level to plan a staged diamond core drilling programme to test the six anomalous geochemical trends. The drill programme parameters are being finalised, including plans accounting for up to nine drill pad locations, and discussions are in hand with a drilling contractor. The drilling screening process has commenced with the governmental regulatory body. This process is a standard procedure for all drill programmes in Ireland and across Europe.

During the recent and ongoing fieldwork, a total of 66 rock samples were collected and analysed. Assay results of the samples by ALS Laboratories reported Li₂O% lithium contents ranging up to 3.75 % Li₂O as reported in the press release date January 18, 2023.

In conjunction with this work the detailed grid comprising of 373 deep overburden (base of till) samples were collected over a closely spaced sample grid over 600m x 450m covering the area of the historical trench as well as the spodumene pegmatite float boulders. The results have been very encouraging and the multi-elemental results have been interpreted to show up to six clear linear anomalous trends which are anomalous in lithium, as well as the supporting REE elements of cesium and tantalum which combine to indicate the potential presence of LCT signature pegmatite dykes at shallow depths of between 1m - 7m below ground surface.

The area of the exploration is centred on a locality where a forty-year-old historical company report described a trench excavated at Knockeen Townland which uncovered in bedrock, a 1.8m wide spodumene-bearing pegmatite vein. However, no detailed laboratory assays or geological maps of the trench were reported at that time.

Figure 2: Location of the Knockeen and Carriglead prospects on PLA 1597 showing pegmatite analytical results* and the deep overburden sampling grid (*results previously reported PR 18/01/2023)

Figure 3: Deep Overburden sampling (top) and

Spodumene pegmatite samples from Knockeen (bottom)

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 GBML and to LRH), and a "qualified person" within the meaning of National Instrument 43-101.Vaughan Williams is also company secretary of LRH.

Enquiries

Technology Minerals Plc
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer	c/o [phone]
Oberon Investments Limited
Nick Lovering, Adam Pollock	[phone]
Arden Partners Plc
Tim Dainton, Louisa Waddell	[phone]
Gracechurch Group
Harry Chathli, Alexis Gore, Rebecca Scott	[phone]

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    

 

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