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
Development@Corcelplc.com
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.