ACP Armadale Capital Plc

Armadale Capital Plc

('Armadale' or 'the Company')

High Grade Results at Canyon Silver Confirmed

and

Update on Subscription

Canyon Silver assay results

Further to the announcement of 24 April 2024 and the 2 of May, Armadale Capital Plc (TIDM:ACP), an AIM quoted investment company focused on natural resource projects, is pleased to announce the first assay results of mineralisation exposed by the reopening of historic shafts have confirmed grades of silver and lead mineralisation of up to 1010 g/t silver and 18% lead..

A sample of sulphide mineralisation was taken from both the number 2 and number 3 shafts with both samples producing high grades. The sample from shaft number 3 returned 1,010 g/t silver and 18.0% lead, while the sample from the number 2 shaft returned 412 g/t silver and 18.3% lead. Samples were assayed using XFR in accordance with the JORC code for mineralisation of this type.   

The deposit has been inaccessible since 1987 due to a cave-in which has now largely been cleared. The Canyon Silver are in the process of installing critical mining infrastructure, including air and water lines, with a further objective to reinstalling electrification up to the hoist room. Shareholders will be kept updated with progress as it is made.

By continuing to open up both Number 2 and Number 3 portals further mineralisation is expected to be exposed in the coming weeks giving the company a good platform to fully explore the size and grade of the deposit.  It is currently estimated that it will take 60 days to open up these portals allowing access to more of the deposit, and further work will be considered to open up ore passes and other access between the portal to expose further areas of mineralisation.

 With two open tunnels and the employment of modern geological techniques, Armadale believe significant value can be added to the historical information of the mine in a short period of time.

Silver continues to test recent highs above $US29 per ounce which will have a material impact on the potential of the project. According to live prices from the precious metal website www.kitco.com. 

Update on Subscription

In addition the Company announces that following the announcement made on 24 April 2024 detailing the Company led Subscription to raise £650,000 in connection with the option to acquire an interest in the Canyon Silver mine, that as at the date of this announcement, the majority of Subscription funds have now been received by the Company with the remaining funds expected to be received shortly. The Company will provide a further update in due course.

Competent Person statement

The information in this announcement that relates to exploration results is based on information compiled by Mr Matt Bull, a competent person, who is a Member of the Australian Institute of Geoscientists. Mr Bull has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Bull consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 

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.