Armadale Capital
Plc
('Armadale' or 'the
Company')
Re-opening of the Canyon
Silver Mine Shaft
Further to the announcements of 24
April 2024 and 2 May 2024, Armadale Capital Plc (TIDM:ACP), an AIM
quoted investment company focused on natural resource
projects, is pleased to announce further
information on the assets relating to Africo
American Incorporated ("AAI"), a company incorporated under the
laws of the State of Idaho, the holding company of the Canyon
Silver lead, zinc and silver exploration asset based in Northern
Idaho, USA ("Canyon Silver"), as well as the Board's plan for
future development of this asset.
Armadale Capital has subscribed for
US$150,000 of the initial US$500,000 required to exercise the first
option to obtain a 25% interest in AAI (as set out in the
announcement of 24 April 2024). The funds will be used to commence
the re-opening of the Canyon Silver mine Number 2 and 3
Adit.
By opening both Number 2 and Number
3 portals, the Board expects to be able to obtain direct access to
the historical mineralisation. This will enable fresh samples to be
sourced from the resource for further analysis.
The Board anticipates it will take
60 days to open up these portals, and further work will be
considered to open up ore passes and other access between the
portal to expose further areas of mineralisation.
Another important objective is to
trace the outcrop of the mineralisation from Number 3 tunnel. Once
the Number 3 tunnels have been opened and made safe, work will
commence on the hoist room, re-timbering, and laying track. The
deposit has been inaccessible since 1987 due to a cave-in, and the
Board intends to re-open the mine to modern safety standards. With
two open tunnels and modern geological techniques, ACP believe
significant data can be added to the historical information of the
mine in a short period of time.
The team will also be installing air
and water lines, with a further objective to reinstall
electrification up until the hoist room.
The spot price of silver continues
to trade around recent highs at c.$US28 per ounce. Prices at these
levels will have a material impact on the potential of the
project.
Shareholders will be kept updated
with progress as it is made.
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.
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Enquiries:
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Armadale Capital Plc
Matt Bull, Executive
Director
Greg Entwistle Non Executive
Director
Tim Jones, Company
Secretary
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+44 (0) 20 7236 1177
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Nomad and Broker: Cavendish Capital Markets
Ltd
Simon Hicks / Seamus
Fricker
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+44 (0) 20 7220 0500
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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.