Corcel shares jump on progress at Mt Weld

20th Feb 2023 13:47

(Sharecast News) - Corcel announced on Monday that its farm-in partner Riversgold had completed 3D inversion magnetics work on existing drill targets at Mt Weld.

The AIM-traded firm said the results of the ground magnetic geophysical survey conducted on the tenement confirmed the validity of multiple magnetic targets, refining planning for drilling.

It said the magnetic features refined by ground magnetics offered clear drill targets, located 1.4 kilometres from Lynas Rare Earths' Mt Weld rare earth oxide mine near Laverton in Western Australia.

That, the board said, made the site an attractive location for the exploration and development of natural resources including nickel, cobalt, and rare earth elements.

Riversgold's maiden eight-hole, 2,000 metre reverse circulation drill programme had been designed to test multiple targets to depths of 250 metres.

Approvals for drilling were currently being processed, with the aim to start drilling in the current quarter.

"The first operational activity following our farm-out of the Mt Weld project has now been completed, confirming the immediate prospectivity of the project that we first observed last year," said chief executive officer Scott Kaintz.

"We look forward to the initial drill campaign beginning and to developing more projects of this nature, offering investors exposure to exploration upside at minimal cost to Corcel."

At 1326 GMT, shares in Corcel were up 11.54% at 0.29p.

Reporting by Josh White for Sharecast.com.