Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company

9 September 2024

Armadale Capital Plc

('Armadale' the 'Company' or the 'Group')

Canyon Silver Project Update

Armadale, the AIM quoted investment company focused on natural resource projects, provides an update on work at the Canyon Silver project and on the Mahenge Graphite Project.

Canyon Silver Project

The Company has made significant progress in opening up the historic workings at Canyon Silver project for further evaluation and sampling. However, overall progress has been slower than planned as the ground conditions have been more difficult than expected. Further sampling will be carried out after the reopening is complete, allowing the Company to access the potential of the project. As announced on 18 June 2024, initial assay results at the project produced high grade mineralisation of up to 1010 g/t silver and 18% lead.

The work carried out at the project since re-commencing work includes:  

Ø Widening of the first 100 feet of the Canyon Silver No 2 Tunnel from 4 x 5 feet to 8 x 8 feet to allow passage of essential equipment. This tunnel was driven by hand in 1892 to intersect the Formosa Vein that outcropped c. 100 feet above it. This widening included some timbering and a large amount of barring down and rock-bolting to make it safe and usable for all activities. A Slusher station, Geophysical station, Diamond Drilling pad and small trackless operation can now be safely and effectively performed here.

Ø Recommissioning of the 1905 winze in the number 2 tunnel. All new timbering and steel ladders have been installed. This winze bottom was cleaned by hand of 35 feet of accumulated rock and debris that had built up since 1930. The winze is now completely equipped, safe and fully useable. allowing safe passage down into the No 3 Level 'parallel portal tunnel'. As the winze was sunk on the Formosa vein, that vein is in full accessible view all the way down the 100 ft between No 2 and 3 Levels.

Ø Outside the No 3 Portal, the original Change Room building and Compressor and Generator Room have been completely rebuilt. However, electrical and plumbing will only be installed when continuous year-round operations are in progress.

Ø The Original CSM 'outside' main haulage and entry road has now been re-established, being fully rebuilt and graded from No 3 Portal down to the base of the property, when the required permit is approved a 30 ton bridge will be placed to allow for a complete circular '1 way always' route to and from the mine.

Ø The new 'No 1 Portal and above' "road" is proceeding rapidly.  This had to be cut into virgin, difficult, steep mountainside.

Mahenge Graphite Project

The Company is closely monitoring the progress of graphite companies in Tanzania and is encouraged by the increased recent progress towards achieving project development funding in the country. Funding for mine development has been difficult over the last several years across the junior mining sector and the company is actively looking for ways to maximise the value of the project.   

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.