FIRERING STRATEGIC MINERALS PLC

Regulatory Filings • Jul 11, 2023

National Storage Mechanism | Additional information

RNS Number : 5637F

Firering Strategic Minerals PLC

11 July 2023

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

11 July 2023

Firering Strategic Minerals plc

("Firering" or "the Company")

Phase II of Auger Drilling Campaign commenced successfully.

pXRF and LIBS results North Block Imminent.

Firering Strategic Minerals plc, an exploration company focusing on critical minerals, is pleased to announce the successful commencement of its Phase II Auger Drilling Campaign at its flagship Atex Lithium-Tantalum Project ("Atex") in Côte d'Ivoire.  The Phase II Auger Drilling Campaign is undertaken in conjunction with Ricca Resources Limited ("Ricca") following its US$18.6 million investment to advance Atex to Definitive Feasibility Study ("DFS") announced on 2 November 2022.

Highlights:

·    Phase II of the Auger Drilling Campaign successfully commenced on 26 June 2023;

·  Several drilling target areas were delineated based on soil sample results and geological mapping;

·    A total of 256 auger holes have been drilled as of 06 July 2023 for a total of 1,147m of drilling;

·    Portable x-ray fluorescence spectrometry ("pXRF") and Laser Induced Breakdown Spectrometry ("LIBS") results for the soil samples from the northern block in Atex expected shortly.

Yuval Cohen, Chief Executive of Firering, said:

"I am excited to announce that, together with Ricca, we have now commenced our Phase II auger drilling campaign which is progressing very well.  A total of 300 holes were drilled as of 8 July 2023 for a total of 1,341m of drilling, resulting in an average hole depth of 4.48m.  All auger holes are being sampled and tested with pXRF in our camp in Tounvré with the End of Hole ("EOH") sample being sent to Ghana for pXRF and LIBS testing.  Auger lines have been planned across all of the six initial target areas that were delineated based on received soil sample results and detailed geological mapping.

Auger Drilling

Phase II of the Atex auger drilling campaign commenced on 26 June 2023.  As of 8 July 2023, 300 holes have been completed for a total of 1,341m of drilling.  The average auger hole depth to date is 4.48m, ranging from a minimum of 2m to a maximum of 12m.  As mentioned in FSM's announcement, dated 22 June 2023, six initial auger drill targets were identified based on received soil sample results and detailed geological mapping (see Figure 1 below).

Figure 1: Atex licence area showing six initial auger drill targets.  Current auger drilling is focussed on Targets 1 and 2 as shown in Figure 2.

The Phase II auger drilling campaign has been divided in two priority stages:

·    Priority 1 covering Targets 1, 2, 5 and 6; and

·    Priority 2 covering Targets 3 and 4.

Details for each priority are shown in the table below.

Target	Drilling grid	Priority	Lines	Holes planned	Average depth (m)	Estimated metres
1	160m x 20m	1	13	365	6	2,190
2	160m x 20m	1	13	420	6	2,520
3	160m x 20m	2	16	602	6	3,612
4	320m x 20m	2	4	146	6	1,656
5,6	160m x 20m	1	10	276	6	876
Total				1,809		10,854

Geological interpretation of the auger drilling completed across some part of Targets 1 and 2 of the initial target areas is shown in Figure 2.  The drilling has confirmed some of the previously mapped and interpreted pegmatite traces as well as extensions to some of these pegmatites.  No assays from the auger drilling have yet been reported.

As of 6 July 2023, a total of samples 392 pXRF samples have been prepared.  pXRF testing in Tounvré started on 04 July 2023 after calibration of the pXRF machine and as of 6 July 2023, 107 samples have been tested.

As of 6 July 2023, a total of 78 EOH samples have been prepared and are ready to be sent to the lab in Ghana for pXRF and LIBS testing.

Soil Sampling

Soil sample results (pXRF and LIBS) from the northern block at Atex are also expected shortly.

Figure 2: Geological interpretation of the logging of the completed auger holes in Target 1 (refer Figure 1) as of 06 July 2023.

Competent Person

In accordance with the AIM Note for Mining and Oil and Gas Companies, Firering discloses that Michael Cronwright of CSA Global is the Competent Person that has reviewed the technical information contained in this document. Michael Cronwright has a Pr.Sci.Nat with the South African Council for Natural Scientific Professions ("SACNASP") and is a member in good standing with SACNASP. Mr Cronwright has the appropriate relevant qualifications, experience, competence and independence to act as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Michael Cronwright consents to the inclusion of the information in this announcement in the form and context in which it appears.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

*** ENDS ***

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

Firering Strategic Minerals Yuval Cohen	Tel: +44 20 7236 1177
SPARK Advisory Partners Limited Nominated Adviser Neil Baldwin / James Keeshan / Adam Dawes	Tel: +44 20 3368 3550
Optiva Securities Limited Broker Christian Dennis / Daniel Ingram	Tel: +44 20 3137 1903
St Brides Partners Limited Financial PR Ana Ribeiro / Susie Geliher / Isabelle Morris	T: +44 20 7236 1177 E: firering@stbridespartners.co.uk

Notes to Editors:

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 ethically sourced tantalum and niobium within 18 months to generate early revenues and support further exploration work. A large-scale Tantalum production facility may 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.

Glossary of Technical Terms

Lepidolite	Lepidolite is a purple to lilac-grey or rose-coloured member of the mica group of minerals. It has chemical formula K(Li,Al)3(Al, Si)4O10(F,OH)2. It is part of the polylithionite, lepidolite, and trilithionite group of minerals, which share similar properties but have varying ratios of lithium and aluminium in their chemical formulas and a potential secondary source of lithium.
ICP-OES	Inductively coupled plasma-optical emission spectroscopy.
ICP-MS	Inductively coupled plasma mass spectrometry.
Li	Lithium.
Li2O	Lithium Oxide (Lithia) - an inorganic lithium compound used to assess lithium minerals. Relationship between Li and Li2O: Li2O = Li x 2.153
LIBS	Laser Induced Breakdown Spectrometry. Handheld LIBS analysers use a high-focused laser to ablate the surface of a sample. A plasma is formed consisting of electronically excited atoms and ions. As these atoms decay back into their ground states, they emit characteristic wavelengths of light, or "unique fingerprints". These "fingerprints" or spectra are distinct for each element.  Handheld LIBS analysis can be used for quantitative and qualitative measurements including lithium.
Metasediments	Sedimentary rocks that have been metamorphosed.
Metavolcanics	Volcanic rocks that have been metamorphosed.
Pegmatite	An igneous rock typically of granitic composition, which is distinguished from other igneous rocks by the extremely coarse size of its crystals, or by an abundance of crystals with skeletal, graphic, or other strongly directional growth habits, or by a prominent spatial zonation of mineral assemblages.
pXRF	Portable X-ray Fluorescence handheld device that uses X-rays to excite matter at the atomic level for determining approximate chemical compositions. A built in CPU and display on the back of the unit provide live geochemical results within seconds.
QA/QC	Quality assurance and quality control. Use to assess the accuracy and reliability of assay results.
Spodumene	Spodumene is a pyroxene group mineral with a chemical formula of LiAlSi2O6. Spodumene is mined from pegmatites and concentrates produced which are the one of the primary sources of lithium.
Ta	Tantalum.
XRD	X-ray Diffraction or X-ray Powder Diffraction utilizes x-ray radiation on crystalline organic and inorganic samples. The rays are diffracted in a pattern determined by the position, arrangement, and size of the constituents of the crystal.

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