Firering Strategic Minerals PLC on Wednesday announced a proposed fundraise as it expects to start a reverse circulation drilling campaign in the fourth quarter of the year.
The Abidjan, Ivory Coast-based exploration company said it completed part 1 of its phase 2 auger drilling campaign at the Atex lithium-tantalum project in Ivory Coast.
Firering Strategic said it collected 14,116 soil samples and tested them in Atlantic Lithium Ltd’s laboratory in Ghana via portable x-ray fluorescence spectrometry.
Chief Executive Officer Yuval Cohen said: ‘Six new pegmatite zones were identified because of this auger drilling and were geologically mapped in detail to direct our initial 3,000 metres of RC drilling, planned for Q4 2023. We are also expecting the remaining c. 45% of the laser induced breakdown spectrometry results that are still outstanding during Q4 2023. So far, the results of all our exploration work at Atex have been very encouraging, indicating the potential of Atex becoming the first lithium producing project in Cote d’Ivoire.’
Further, the company proposed a fundraise of about £680,000 via placing new shares to institutional and other investors at 6.5 pence each. The proceeds will be used to define identified pegmatite targets via a 5,000 metre auger drilling campaign at Atex, the start of the 3,000 metre RC drilling campaign, soil sampling and to fund working capital requirements, among others.
Firering Strategic shares closed 0.4% higher at 6.78 pence each on Wednesday in London.
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