The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

20 October 2022

Technology Minerals Plc 

("Technology Minerals" or the "Company") 

High-grade lithium confirmed at Leinster Project in Ireland

First work programme confirms high-grade lithium (2.95% Li₂O) in spodumene pegmatite float on newly awarded exploration licence in Ireland

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the results of the first work programme on new Prospecting Licence Area (PLA 1597) in County Wexford, Republic of Ireland, has yielded high-grade spodumene pegmatite samples in float ranging up to 2.95% Li2O.

The licence, which was awarded to Technology Minerals' wholly owned subsidiary, LRH Resources Limited ("LRH") on 22 March 2022, will form part of the Company's Leinster Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd ("GBML"), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) with no project expenditure required by the Company.

Highlights

·    The Company has been issued a new licence PLA 1597 by the GeoScience Regulation Office of the Department for the Environment, Climate and Communications of Ireland to add to the 15 licences already held bringing the total area of tenure to 526km².

·    Preliminary ground truthing and prospecting on PLA 1597 at two localities Knockeen and Carriglead have yielded high-grade spodumene pegmatite samples in float ranging up to 2.95% Li₂O.

·    Work programme due to commence to include detailed mapping, prospecting and deep overburden sampling at the Knockeen and Carriglead targets.

·    Five previously identified target areas on the northern block are also to be targeted with follow up prospecting and sampling.

·    Field exploration programmes to commence in October 2022 with a view to identifying specific areas for follow up drilling.

New licence PLA 1597 and initial prospecting results

PLA 1597 was identified as prospective for lithium pegmatite potential by the Company's exploration consultants, Aurum Exploration Services ("Aurum"), following detailed desktop studies which outlined two proximal areas of spodumene-bearing pegmatite, reported by previous operators in the mid 1970s as part of their exploration programmes. The lithium pegmatite boulder trains at Knockeen and Carriglead are separated by a north-south valley and form an initial area of interest covering approximately 2km east-west and 1km north-south. An historical exploration map and report also described a trench excavated at Knockeen as having uncovered a 1.8m wide bedrock spodumene-bearing pegmatite vein. However, no detailed laboratory assays or geological maps of the trench were reported at that time.

LRH completed an initial one day reconnaissance site visit to the Knockeen - Carriglead prospects, with Aurum geologists visually confirming the presence of spodumene in float and collecting six samples which were submitted for analysis to ALS Laboratories, Loughrea, Co. Galway, Ireland and which returned values between 0.70% Li₂O to 2.95% Li₂O (Table 1).

Table 1: Results from prospecting at Knockeen and Carriglead Prospects PL 1597

*Li₂O % = Li ppm % (x 2.153)

Dry stone field walls in the immediate vicinity of the historical Knockeen trench revealed abundant, spodumene-rich pegmatite float, with three of the four samples collected returning values of between 2.37% Li₂O and 2.95% Li₂O (Figure 1 & Photo 1).

Photo 1: Map showing spodumene pegmatite samples from Knockeen and Carriglead

A & B Spodumene pegmatite field samples Knockeen, C  Spodumene pegmatite Knockeen Sample 210724CL05 (Li2O = 2.95% Li2O), D  Spodumene pegmatite Carriglead Sample AES61138 (Li2O = 1.61% Li2O)

Further detailed exploration work on PLA 1597 by LRH, funded by its partner, GBML, has been agreed and is expected to commence in late October 2022, in the form of prospecting, mapping and deep overburden sampling surveys, which are aimed at defining targets for drilling.

The Leinster Property

The Leinster Property, located in the counties of Wicklow, Dublin and Wexford is focused on the exploration for lithium mineralisation within spodumene-bearing pegmatites.  The Property consists of 15 prospecting licences, termed 'the North-west Leinster Block', which cover a total area of approximately 477km², and a new Prospecting Licence Area ("PLA"), PLA 1597 48.32km², in County Wexford which was awarded on 22 March 2022.  All of the Property prospecting licences were granted to LRH.

The Property lies along a 135km long regional structural trend of known lithium-bearing pegmatites, along the south-eastern margin of the Leinster Massif, centred on the Aclare and Moylisha occurrences, which were discovered during 1960s and 1970s and are currently being explored under the Ganfeng - International Lithium joint venture.

In addition to the work on PLA 1597, five target areas on the North Leinster Block (Figure 2) will be followed-up, with detailed prospecting work by Aurum during Q4 2022. Exploration on these areas     to-date has identified lithium-rich aplite and spodumene pegmatite float boulders within broader zones of Geological Survey of Ireland lithium anomalism in drainage stream sediment samples. This work has been previously reported by LRH and a summary of the prospecting is presented below:

1.    Aghavannagh (1.78% Li₂O equivalent in large angular blocks of spodumene-beating pegmatite float);

2.    Sorrel (1.6% Li₂O equivalent in spodumene-beating pegmatite float);

3.    Tonygarrow (1.0% Li₂O equivalent in spodumene-beating pegmatite float);

4.    Scurlocks (0.65% Li₂O equivalent in aplite float);

5.    Knocknaboley (anomalous lithium, 820 ppm Lithium in aplite float).

As part of an on-going workflow, the Company continues to identify, fully assess and apply for new prospective areas for spodumene-pegmatite exploration opportunities along the district-scale Irish lithium pegmatite belt.

Figure 1: Map showing location of prospecting samples at Knockeen and Carriglead

Figure 2: Target map showing location of Northern Block and PL 1597

Alex Stanbury, CEO of Technology Minerals, said: "We are very pleased by the results of our first work programme at the Leinster Property which has confirmed the presence of high-grade lithium in spodumene-pegmatites and further strengthens our confidence in the potential of our prospects in the Irish pegmatite belt.  Exploration programmes are expected to commence later this month to identify specific areas for follow up drilling and we are continuing to add to our portfolio of projects in Ireland with new applications focused on lithium exploration, a critical mineral needed to power the transition to a carbon neutral economy."

Competent Person

All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a "qualified person" within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.

Enquiries

Technology Minerals Plc 

Technology Minerals is developing the UK's first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk