Corcel PLC Wowo Gap Nickel-Cobalt Exploration License Renewal (1735S)
March 08 2023 - 2:05AM
UK Regulatory
TIDMCRCL
RNS Number : 1735S
Corcel PLC
07 March 2023
Corcel PLC
("Corcel" or the "Company")
Wowo Gap Nickel-Cobalt Exploration License Renewal
7 March 2023
Corcel Plc (London AIM: CRCL), the extractive industries
exploration and development company, with interests in battery
metals including nickel, cobalt, and rare earth elements, announces
that it has received formal renewal of Exploration License 1165
("EL 1165"), now valid through February 2024. Corcel retains a 100%
interest in the project, and is currently in the process of
restructuring this interest into an Asian based joint venture as
most recently announced on 1 March 2023. Further updates on
progress at Wowo Gap and on completion of the overall restructuring
effort will be made in due course.
Corcel Chief Executive Officer, Scott Kaintz commented: "After
several years of COVID related delays this renewal now brings
permitting fully up to date at Wowo Gap and enables the project to
move forward accordingly and ultimately together with our new
partners under the Integrated Battery Metals structure in
Asia."
Further Information on Wowo Gap
The Project is located 200km from the Papua New Guinea capital
of Port Moresby. Exploration at the Project dates back to the 1950s
and has consisted of multiple drilling programmes, including
diamond drilling, wacker holes and ground penetrating radar
activities. Project activity of late has focused on maintaining
commitments for the exploration licence, including site-based
activities such as maintenance of the existing infrastructure and
equipment, so as to facilitate a ready state for future exploration
and development which is likely to be focused on a potential direct
shipping ore operation.
Lithology Type Classification Million Ni% Co% Thousand Thousand
Tonnes Tonnes Tonnes
contained Contained
Ni Co
-------------------- ---------------- -------- ----- ----- ----------- -----------
Limonite/Saprolite Indicated 63 0.85 0.08 540 50
Inferred 9 0.84 0.07 76 6.3
------------------------------------- -------- ----- ----- ----------- -----------
Rocky Saprolite Inferred 38 0.75 0.02 280 7.6
---------------- -------- ----- ----- ----------- -----------
Total Indicated 63 0.85 0.08 540 44
Inferred 47 0.77 0.03 360 14
------------------------------------- -------- ----- ----- ----------- -----------
Total 110 0.81 0.06 890 66
------------------------------------- -------- ----- ----- ----------- -----------
Table 1. Wowo Gap JORC 2012 Mineral Resource Estimate by
lithology type and classification at 0.7% Ni cut-off.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
020 7747 9960
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
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