REG - Armadale Capital PLC - Canyon Silver Results and Update on Subscription

Armadale CapitalAnnouncement

18/06/2024 10:30

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RNS Number : 8788S  Armadale Capital PLC  18 June 2024

Armadale Capital Plc

('Armadale' or 'the Company')

 

High Grade Results at Canyon Silver Confirmed

 

and

 

Update on Subscription

 

Canyon Silver assay results

 

Further to the announcement of 24 April 2024 and the 2 of May, Armadale
Capital Plc (TIDM:ACP), an AIM quoted investment company focused on natural
resource projects, is pleased to announce the first assay results of
mineralisation exposed by the reopening of historic shafts have confirmed
grades of silver and lead mineralisation of up to 1010 g/t silver and 18%
lead..

 

A sample of sulphide mineralisation was taken from both the number 2 and
number 3 shafts with both samples producing high grades. The sample from shaft
number 3 returned 1,010 g/t silver and 18.0% lead, while the sample from the
number 2 shaft returned 412 g/t silver and 18.3% lead. Samples were assayed
using XFR in accordance with the JORC code for mineralisation of this type.
 

 

The deposit has been inaccessible since 1987 due to a cave-in which has now
largely been cleared. The Canyon Silver are in the process of installing
critical mining infrastructure, including air and water lines, with a further
objective to reinstalling electrification up to the hoist room. Shareholders
will be kept updated with progress as it is made.

 

By continuing to open up both Number 2 and Number 3 portals further
mineralisation is expected to be exposed in the coming weeks giving the
company a good platform to fully explore the size and grade of the deposit.
 It is currently estimated that it will take 60 days to open up these portals
allowing access to more of the deposit, and further work will be considered to
open up ore passes and other access between the portal to expose further areas
of mineralisation.

 

 

 With two open tunnels and the employment of modern geological techniques,
Armadale believe significant value can be added to the historical information
of the mine in a short period of time.

 

Silver continues to test recent highs above $US29 per ounce which will have a
material impact on the potential of the project. According to live prices from
the precious metal website www.kitco.com (http://www.kitco.com) .

 

Update on Subscription

 

In addition the Company announces that following the announcement made on 24
April 2024 detailing the Company led Subscription to raise £650,000 in
connection with the option to acquire an interest in the Canyon Silver mine,
that as at the date of this announcement, the majority of Subscription funds
have now been received by the Company with the remaining funds expected to be
received shortly. The Company will provide a further update in due course.

 

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.

 

 

 Enquiries:
 Armadale Capital Plc                                     +44 (0) 20 7236 1177

 Matt Bull, Executive Director

 Greg Entwistle Non Executive Director

 Tim Jones, Company Secretary
 Nomad and Broker: Cavendish Capital Markets Ltd          +44 (0) 20 7220 0500

 Simon Hicks / Seamus Fricker

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.

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