Business
Canegrass Lithium Option Exercise
Canegrass Lithium Option Exercise.
About this update from Corcel Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Corcel PLC\n \n \n \n (\"Corcel\" or the \"Company\")\n \n \n \n \n \n Canegrass Lithium Option Exercise\n \n \n \n 04 April 2023\n \n \n \n Corcel\n Plc (London AIM: CRCL),\n the extractive industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements,\n announces that it has exercised its option to acquire the Canegrass Lithium project, as originally announced on 22 February 2023. \n \n \n \n Scott Kaintz, CEO, commented\n \n \n : \"Building upon our recent acquisition and farm-out of the Mt. Weld REE project which is now approaching drilling, Corcel is pleased to have now acquired a high-upside / low-cost lithium project, adjacent to Aldoro Resources' Wyenmandoo lithium-rubidum-tantalum project in Western Australia.\" \n \n \n \n \n Transaction Details:\n \n \n \n Corcel will now proceed to issue Huntsman Exploration Inc (\"HMAN\"), 50,000,000 new ordinary shares (\"Acquisition Shares\") at the previously agreed issue price of £0.004 equating to £200,000 consideration in aggregate. The shares will be issued following the Company's upcoming General Meeting, currently scheduled for 26 April 2023 at 1500, with an additional announcement expected to be made in due course. \n \n \n \n \n \n About the Canegrass Lithium Project:\n \n \n \n \n \n The project covers an area extending over part of the Windimurra Igneous Complex, a large differentiated layered ultramafic to mafic intrusion emplaced within the Yilgarn craton of Western Australia. It is conical to a sheet-like body intruded into the Archaean granite-greenstone terrain of the Murchison Province, outcrops over an area of approximately 2,500 km2 and has an age of approximately 2800 Ma. The complex is dominantly comprised of basic cumulate rocks that can broadly be classified as gabbroic in composition. Magmatic layering dips inwards at the margins and flattens in the centre. It is dissected by large scale strike-slip shear zones so that the original extent of the complex is unknown. The Windimurra Igneous Complex is part of a much larger suite of similarly layered ultramafic to mafic bodies emplaced between 2,700-2,800Ma across the Murchison Province. Collectively, these complexes are si...