Firering kicks off second part of drilling campaign

(Sharecast News) - Firering Strategic Minerals announced the start of the second part of its 5,000-metre auger drilling campaign on Wednesday at the Atex Lithium-Tantalum Project in Côte d'Ivoire. The AIM-traded firm said the move followed the successful identification of three new pegmatite zones during the recent soil sampling campaign, as announced on 22 June.

It said the campaign would comprise 840 boreholes, spanning a cumulative length of around 5,000 metres.

The primary objective was to investigate further and delineate the newly discovered pegmatite zones, reinforcing Firering's commitment to uncovering valuable critical minerals.

Additionally, Firering said it had reached an advanced stage in planning for a reverse circulation (RC) drilling campaign scheduled for the fourth quarter.

The RC drilling initiative would build on the significant assay results derived from its previous 3,000-metre diamond drill campaign, enhancing the prospect of valuable mineral discoveries.

"I am pleased to announce the commencement of a further 5,000 metres of auger drilling following the recent successful campaign which confirmed some of the six new pegmatite zones identified during our soil sampling campaign," said chief executive officer Yuval Cohen.

"In addition, final hole locations for an initial 3,000 metres of reverse circulation drilling have been decided on.

"We expect to announce the reverse circulation drilling contract shortly, and commence drilling in the fourth quarter."

Cohen quipped that the success of any exploration campaign is measured by the start of a new campaign.

"We have been encouraged by the results of our campaigns to date and are optimistic that the results of the next phase of our auger drilling and the start of the RC drilling will further strengthen the potential of the Atex project, taking us one step closer to becoming the first lithium producing project in Côte d'Ivoire.

"We will continue to update the market with our achievements at Atex."

At 1217 BST, shares in Firering Strategic Minerals were up 2.48% at 5.18p.

Reporting by Josh White for Sharecast.com.