Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

15 December 2022

Firering Strategic Minerals plc

("Firering" or "the Company")

Further Near Surface High-Grade Assays from Atex Lithium- Tantalum Project

Final Set of Assay Results Include Significant Intercept of 25m @ 1.39% Li₂O

Firering Strategic Minerals plc ("FSM"), an exploration company focusing on critical minerals, is pleased to announce the final set of assay results from its maiden scout diamond drill programme at its flagship Atex Lithium-Tantalum Project ("Atex"), in Côte d'Ivoire.

Highlights:

·    Positive results received from the final assays from scout drilling include:

o 25m at 1.39% Li₂O from 77m in hole TVDD0018, including:

§ 18m at 1.85% Li₂O from 80m.

o 7m at 1.33% Li₂O from 60m in hole TVDD0019.

o 21m at 0.73% Li₂O from 72m in hole TVDD0019, including:

§ 7m at 1.65% Li₂O from 73m.

·    Second phase of exploration is expected to start in Q1 2023 with the technical support from Ricca Resources Limited ("Ricca") following its US$18.6 million investment to advance Atex to Definitive Feasibility Study ("DFS"). Plans include:

o Immediate commencement in January of a large-scale soil sampling programme covering a 10km by 5km area west of the large pegmatite zones already identified in the Atex licence.

o The enlarged geochemical footprint will assist in determining new targets for the next phase of auger, Reverse Circulation ("RC") and diamond drilling planned for H2 2023.

Yuval Cohen, Chief Executive of Firering, said:

"Our maiden scout drilling campaign has been successful, confirming the continuity of the visible surface lithium bearing pegmatites below surface, with visible spodumene interceptions confirmed through the laboratory assays in several drill holes across our licence area. There have been several significant intercepts throughout our phase one scout drilling campaign, including one exceptional intercept of 64m Intercept @ 1.24% Li2O in hole TVDD0004 announced last month, which ranked among the world's top five drill hits in October. 

"Our final assay results from our drilling campaign have not disappointed, with additional significant intercepts, including 25m, grading 1.39% Li2O identified.  These intercepts again confirm the presence of lithium in our pegmatite system.

"We are excited to start the next phase of our exploration activities at Atex, in conjunction with our joint venture partner, Ricca Resources. Together, and following a site visit last month, we have agreed on a soil sampling programme, which will kick start work on site in early Q1 2023, which will drive the intended second auger and diamond drilling campaigns.  We look forward to updating the market throughout this second campaign."

Assay Results

Assay results were received for all remaining holes from the scout drilling programme (see map below).

Map showing the remaining diamond drill holes (blue) or which assay results are reported.

Significant intercepts are reported for holes TVDD0012, TVDD0013, TVDD0018 and TVDD0019.  No significant mineralisation is reported for the remaining holes from these final assay results (see table below).

Note: Significant intercepts are reported for pegmatites >1m and with at least one sample interval of >0.5%Li₂O.  Intercepts represent apparent widths and not true width.  Apparent width will be greater than true width and the relationship between apparent and true width has not yet been established.

Sections showing significant intercepts in holes TVDD0018 and TVDD0019 are shown below.  Assay results for TVDD0018 included a large intercept of 24.94m at 1.39% Li₂O.  Assay results for TVDD0019 included an intercept of 6.70m at 1.33% Li₂O and a large intercept of 20.93m at 0.73% Li₂O.  Assay results support geological logging undertaken on the drill holes.

Note: Section A - A' shows significant intercepts in hole TVDD0018 in relation to the current geological interpretation Intercepts show apparent thickness, not true thickness.  No significant mineralisation is reported for hole TVDD0010

Note: Section B - B' shows significant intercepts in hole TVDD0003 in relation to the current geological interpretation.  Intercepts show apparent thickness.

Drilling, Logging and Sampling

The drill holes are initially sited using a hand-held GPS (Global Positioning System device) within the tenement areas.  Accurate coordinates and elevations of drill holes collars are subsequently derived from a DGPS (Differential Global Position devices) survey.

Diamond drilling, producing drill core has been utilised to sample the pegmatite below ground surface.  Drilling was done using diamond core rigs with PQ sized drill rods used from surface to sample through to fresh rock.  HQ sized drill rods were used after the top-of-fresh-rock had been intersected.

Drill cores are geologically logged and all pegmatite intersections are selected and marked-up with a unique sample ID assigned before splitting and sampling.  Cores are cut in half using a core cutter, and individual samples bagged and sent for analysis.

Currently, drill core samples are crushed to -2mm and pulverised at the Intertek Preparation Laboratory, Cote d'Ivoire to 85% passing -75 microns.  Sample pulps are exported to Perth, via Ghana, where pulps are fused with sodium peroxide and analysed by ICP-OES and ICP-MS to report 21-elements. (Intertek code FP6/MS and FP6/OES).

QA/QC

Alternating Certified Refence Materials (CRM) and blanks are inserted every 7^th sample into the samples stream and pulp duplicates are inserted every 16^th sample into the sample stream sent to the laboratory to ensure QA/QC compliance.  These QA/QC results are assessed upon receipt of analyses, checked and, if acceptable, accepted into the analytical database.  Follow-up with the laboratory is instigated in cases were any QA/QC sample fails the QA/QC parameters.

Geology

The area is located in the western limit of the Bagoé Basin within a southwest to north-south orientated arcuate belt of metavolcanic and metasedimentary rocks of the Birimian Supergroup that are surrounded by Eburnean-aged granitoids, including undeformed K-feldspar porphyritic monzogranites, which are temporally associated with the pegmatites in the region.  The pegmatites within the Atex Project are hosted in mafic schists, although some minor mica schist is also present, and comprise a series of steeply dipping north-northeast striking bodies.  Less common are smaller east-west orientated pegmatites.

Work to date by Firering has identified several pegmatite bodies around Spodumene Hill that have been the focus of the current drilling campaign.  Several of these pegmatites have been identified to be potentially lithium bearing, with the lithium hosted in spodumene and lepidolite.

Competent Person

In accordance with the AIM Note for Mining and Oil and Gas Companies, Firering discloses that Michael Cronwright of CSA Global is the Competent Person that has reviewed the technical information contained in this document. Michael Cronwright has a Pr.Sci.Nat with the South African Council for Natural Scientific Professions ("SACNASP") and is a member in good standing with SACNASP. Mr Cronwright has the appropriate relevant qualifications, experience, competence and independence to act as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Michael Cronwright consents to the inclusion of the information in this announcement in the form and context in which it appears.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

*** ENDS ***

For further information and updates on Firering's exploration programme, visit www.fireringplc.com  or contact the following:

Notes to Editors:

Firering Strategic Minerals

Firering Strategic Minerals plc is an AIM-quoted mining company focused on exploring and developing a portfolio of mines producing critical minerals in the Côte d'Ivoire including lithium and Tantalum to support the global transition to net zero emissions. It operates the Atex Lithium-Tantalum Project in northern Côte d'Ivoire, which is prospective for both lithium and tantalum. Firering intends to advance development at Atex with a view to establishing a maiden lithium resource and a pilot scale production of ethically sourced tantalum and niobium within 18 months to generate early revenues and support further exploration work. A large-scale Tantalum production facility will be developed following pilot results, which will be supported by a debt facility of FCFA 5,057,000,000 (approximately €7,500,000) currently under negotiation to fund the entire scale-up plan to develop a portfolio of ethically sourced mineral projects in the Côte d'Ivoire, supplying EV batteries, high tech electronics and other fast-growing end markets.

Glossary of Technical Terms