Firering Strategic Minerals PLC, a mining company with a focus on Zambia and the Ivory Coast, has announced a significant achievement in its Limeco quicklime project in Zambia. The company revealed its maiden JORC-compliant mineral resource estimate, which totals 145.2 million metric tonnes. This resource estimate is a crucial development, projecting over 50 years of potential quicklime production for the project.
The new resource estimate was compiled by Earthlab Exploration & Mining Consulting Pty Ltd and represents a substantial increase of 97% compared to a previous, non-compliant estimate from 2017. This growth highlights the progress made in both the size and accuracy of the resource evaluation.
In addition to the large resource, the Limeco project is now divided into three distinct domains—A, B, and C—each offering the potential for further development and value generation. This opens up possibilities for applications across various industries, ensuring the project’s continued growth and long-term sustainability.
CEO Yuval Cohen expressed his enthusiasm, noting that while domain A has been the primary focus, domains B and C present promising opportunities for future expansion. The company also received a new exploration licence in September, further strengthening the project’s prospects.
The announcement has been well-received by the market, with Firering’s stock price rising by 4.1% to 5.62 pence. The company also released its unaudited interim financial results for the six months ending 30 September 2024. This milestone firmly establishes Firering’s role in the mining sector, reinforcing its commitment to long-term, sustainable resource development.
This major development marks an exciting chapter for Firering, positioning the company for continued success and growth in the mining industry.
Firering Strategic Minerals plc (LON:FRG) is an AIM-quoted mining company focused on becoming a near-term cash generating producer of Quicklime, through their Limeco Project in Zambia, whilst at the same time progressing with the exploration and development of their Atex Lithium Project, Côte d’Ivoire.
