Business
Option to Acquire Australian Lithium Project
Option to Acquire Australian Lithium Project.
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 Option to Acquire Australian Lithium Project\n \n \n \n 22 February 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 signed an exclusive 30-day option with Huntsman Exploration Inc. (\"HMAN\") to acquire 100% of the lithium rights of the Canegrass Lithium Project, consisting of several granted mineral tenements, adjacent to Aldoro Resources Ltd's (\"Aldoro\"), Wyemandoo Pegmatite project in Western Australia. \n \n \n \n Corcel Chief Executive Officer, Scott Kaintz commented:\n \n \"We are delighted to rapidly follow our recent acquisition and subsequent farm out of Mt Weld, with an option to acquire a second high quality Australian battery metals asset. The Canegrass Lithium project, which sits next to (and could be an extension of) Aldoro's existing pegmatite project, has generated rock chip sample grades of up to 2% Li20 and rubidium grades of up to 1.8% and is ripe for near term high impact drill activity. Meanwhile, the market for lithium market remains buoyant with prices well above multi-decade historical norms.\" \n \n \n \n About the Canegrass Lithium Project\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 similar in thickn...