TIDMCRTM
RNS Number : 3376Z
Critical Metals PLC
15 May 2023
Critical Metals plc / EPIC: CRTM / Market: Main Market
15 May 2023
Critical Metals plc
("Critical Metals" or the "Company")
Molulu Operational Update
Critical Metals plc, a mining investment company established to
acquire mining opportunities in the critical and strategic metals
sector, is pleased to provide a comprehensive operational update on
activities at the Company's Molulu copper/cobalt asset ('Molulu')
in the Democratic Republic of Congo ('DRC').
Highlights:
-- 6,500 tonnes of oxide ore at an average grade of 3% mined to
date, as measured by our geologist using a handheld XRF
-- Mining focus accelerating to the high-grade sulphide zones -
high grade ore samples above 8.3% copper
-- Latest mapping and geophysics programmes re-emphasis copper and cobalt potential
-- Dewatering process of pits underway
-- Potential buyers of ore visiting Molulu, first sales to be
completed once transport infrastructure is complete
-- Mobilisation for road rehabilitation and bridge building has
started and is expected to be finished in by the end of May
-- ESG programmes expanding, including providing support for the growing local economy
Focusing on higher grade sulphide zones
The Company has mined over 6,500 tonnes of oxide ore at an
average grade of 3%, as measured by our geologist using a handheld
XRF, which is now available for sale. After surveying the Molulu
copper grades and market, the technical team have decided to focus
mining on the high-grade sulphide copper ore. This high-grade
sulphide copper ore body will be exposed in the pits that have
begun the dewatering process.
To illustrate why the Company is focusing on the sulphide zones,
a grab sample was taken from the big pit that is currently being
dewatered. This sample was analysed using a handheld x-ray
fluorescent (XRF) and the copper result was 8.36%. For comparison
purposes, copper head grades in mines in Chile, Peru, and Arizona
are below 1% contained copper.
Due to the much higher-grade sulphide copper ore, mining the
sulphide zones has the potential to increase profitability by
orders of magnitude above the oxide only mining. When the drilling
programme begins, which we expect will be in June, the team will
drill through the oxide zones in the sulphide areas to expand the
resource, and to create a JORC report. Details on the mining of the
sulphide zones will be released during and after the drilling
programme. Oxide mining will continue but will no longer be the
focus of production.
Latest mapping and geophysics programmes reconfirm large copper
and cobalt potential
There are several identified areas where the host geology is
favourable to find large copper and cobalt zones. The mapping data
exercise was completed last week and will be used in conjunction
with the findings from the geophysics and IP data collection that
is underway.
Geophysics analysis is processing images of the copper and
cobalt anomalies by injecting electric currents into the ground. We
plan on continuing the geophysics analysis until the end of May as
the Company has identified several exciting areas and anomalies
from our geophysics programme.
The mapping, geophysics, and IP (induced-polarisation)
programmes are expected to be completed by the end of May, and the
drilling programme will begin in June. Early results from the drill
programme will be released when they become available. These
drilling results will be used to form the basis of a JORC
report.
Dewatering process of pits underway
The dewatering of both sulphide and copper pits has begun.
First, a trench has been dug from the smaller pit so the water
could decant naturally to a local stream. In addition to the
trench, a large watering pump was purchased two weeks ago and is en
route to Molulu. The Company expects to begin dewatering the big
pit with the pump this week and anticipate both pits will be
dewatered within thirty days.
Buyers of copper ore visited the Molulu mine
A number of potential buyers of copper ore have recently visited
Molulu and took samples for testing in their plants. First sales of
oxide ore could commence as soon as the bridge is installed, and
the road rehabilitation completed. We expect these tasks to be
complete by the end of the month (see further comment below).
The rehabilitation of the road has begun and is expected to be
completed by the end of May
The longer than usual seasonal heavy rain season began in early
January and finished at the end of April. These heavy rains delayed
the rehabilitation of the road and the building of the bridge that
is required to cross the river close to our lease area. The
rehabilitation of the road and bridge has now begun, and the
current expectation is that the water culverts will be installed
next week and the bridge to be completed by the end of this
month.
Environmental, Social and Governance (ESG) Programme
When the Company acquired the Molulu asset in September 2022,
there were no DRC based employees. Due to the rapid expansion of
the mine activities, there are now thirty employees, and, with the
exception of two, are DRC citizens. The Company estimates that once
drilling commences during the summer, and the mining tonnage
increased, the Company expects to have over forty full time
employees and approximately twenty casual labours.
Most of the food consumed at Molulu is sourced and purchased
from local villagers. This has created a small but growing economy
in the area. The Company is committed to it continued support to
help grow the local economy and enterprises.
In the DRC, most of the population lives on $2 per day and
struggles to put food on their table. Critical Metals via the
Molulu mine, pays its workers a significantly higher rate than the
average rate in the DRC. In addition, the Company provides two or
three meals per day to its employees, both permanent and casual. In
total, we currently feed about almost fifty people daily and expect
this to increase.
All employees, either full time or casual labour, are provided
with standard PPE equipment to maintain health and safety. A daily
Health Safety & Environment (HSE) meeting is held at 6:30am
before workers deploy to their areas to ensure compliance. The
Company remains committed to setting high health & safety
standards, as part of this effort, the Company has appointed a
full-time health & safety coordinator who is based on site to
ensure that these high standards are always kept too.
Russell Fryer, CEO of Critical Metals Commented: "I am delighted
to be able to provide this operational update on the ongoing
activities at Molulu. Since we announced that Molulu would be
commencing production in January 2023, the team on the ground has
been working tirelessly to ensure the Company achieves our
operational goals in a timely manner. I am encouraged by the latest
grade samples above 8.3%, confirming the potential high
profitability of the project.
"I am particularly proud of our ESG efforts at Molulu, where we
are committed to the local community. I have seen first-hand the
role we are playing in supporting the local area and the economy.
We have seen in recent months disappointing news about the mining
industry in the DRC, this is a trend that the whole Critical Metals
team is committed to challenge.
"Overall, in recent months, I have been encouraged by the
results and progress that is coming out of Molulu, and I am looking
forward to being able to provide the market with further positive
developments in coming weeks and months."
**ENDS**
For further information on the Company please visit
www.criticalmetals.co.uk or contact:
Critical Metals plc
Russell Fryer, CEO Tel: +44 (0)20 7236 1177
Peterhouse Capital Limited
Corporate Broker
Lucy William / Duncan Vasey Tel: +44 (0)20 7469 0936 / +44 (0)20
7220 9797
--------------------------------------
St Brides Partners Ltd
Financial PR
Catherine Leftley /Ana Ribeiro/Isabelle Tel: +44 (0)20 7236 1177
Morris
--------------------------------------
About Critical Metals
Critical Metals PLC has acquired a controlling 100% stake in
Madini Occidental Limited, which holds an indirect 70% interest in
the Molulu copper/cobalt project, an ex-producing medium-scale
asset in the Katangan Copperbelt in the Democratic Republic of
Congo. In line with its investment strategy of focusing primarily
on known deposits, targeting projects with low entry costs and the
potential to generate short-term cash flow; the Company intends to
produce 120,000t/per annum of Copper Oxide Ore.
The Company will continue to identify future assets that are in
line with its stated acquisition objective of low CAPEX and OPEX
projects with near-term production, concentrating on minerals that
are perceived to have strategic importance to future economic
growth and generate significant value for shareholders.
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END
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