Drilling Results Update - Significant Tin Hits

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

21 November 2024

Rome Resources Plc

("Rome" or the "Company")

Drilling Results Update - Significant Tin Hits

Rome Resources PLC (AIM: RMR), the DRC-focused tin explorer, is pleased to announce that results from the first two of twelve diamond drill holes at its Kalayi tin prospect ("Kalayi") in the North Kivu province in the Democratic Republic of Congo ("DRC") have reported significant tin mineralisation in drill holes KBDD005 and KBDD006.

Furthermore, two drill holes completed to the south of previous drilling on its highly prospective, polymetallic Mont Agoma prospect ("Mont Agoma") have intersected significant visible tin, copper and zinc in drill holes MADD016A and MADD017 confirming an increase in potential grade and width in tin mineralisation towards the source granites to the southeast. The Kalayi, Mont Agoma and Mont Agoma Northwest prospects all lie within the Company's Bisie North Project.

Highlights

Kalayi:

·     KBDD005: 0.6m at 4.05% Sn from 87m and 0.6m at 3.05% Sn from 111.9m intersected downdip of KBDD003 (12m at 1.06% Sn from 40.5m and 2.3m at 1.92% Sn from 70.7m)

·      KBDD006: 6.5m at 1.03% Sn from 31.5m including 0.5m at 4.25% Sn from 35.5m and 0.5m at 3.01% Sn from 37.5m; second zone of 3.5m at 0.25% Sn from 48.5m 

·   Visible Tin mineralisation intersected holes KBDD009 - KBDD016: Significant tin mineralisation identified from surface to depths exceeding 150m (significant 10m wide tin zone intercepted in KBDD016)

·      Strong pinch and swell geometry on strike and down dip along the mineralised structure at Kalayi

Mont Agoma:

·      MADD016A & MADD017: Best visual tin in conjunction with copper and zinc mineralisation intersected in the two southernmost holes at Mont Agoma

·     Visible Tin mineralisation combined with Niton handheld XRF readings identified multiple zones of mineralisation within a broader 50m wide envelope

·     Host mafic volcanic unit at Mont Agoma significantly broader than that at neighbouring Mpama North and South deposits, operated by Alphamin

·    Clear indications from the southernmost drill holes to date that tin mineralisation increases towards the granite source in the southeast and at depth

·     Planned drilling to test the mineralisation model down to 250m vertical depth and 400m of additional strike to the southeast   

Operations Update

Drilling operations are continuing on Kalayi and Mont Agoma, with a combined total of 2,327m drilled as of 17^th November 2024. Currently, three rigs are operational on the Mont Agoma prospect, with one active on Kalayi. A total of 1,581 m of diamond drilled core from 11 holes has been recovered at Kalayi; three planned drill holes remain during the current programme.

A total five drill holes (two abandoned) were drilled for 746 m at Mont Agoma; eight planned drill holes remain during the current programme.

Potential Strategic Investment

The Company is currently engaged in discussions with several parties under Non-Disclosure Agreements regarding a potential strategic investment. While discussions are ongoing, there can be no guarantee that this will result in a transaction.

Paul Barrett, Chief Executive Officer of Rome Resources Plc, commented:

''These first assays from Kalayi build on the success of our last drilling campaign and it is becoming increasingly clear that we are unlocking a simple, open pit, high-grade tin resource. The pinch and swell geometry suggests potential for even greater widths of high grade mineralisation both at depth and along strike.

''At Mont Agoma, holes MADD016A and MADD017 look to be potential game changers for the Company with 50m of visible tin across three main zones, with grade increasing at depth. This is in addition to further high-grade copper and zinc intercepts. While we await assay results, the team's experience in the region is driving the bulk of our remaining drilling towards the granite source at depth and to the southeast.

''We believe that Mont Agoma has the potential to be another San Rafael-type mineral zonation type discovery. The results from these last two holes, significantly increases our confidence in finding high grade tin mineralisation as drilling moves closer to the granite source.'' 

Discussion:

Kalayi

Results of KBDD005 and KBDD006 are shown in Figure 1 and summarised in Table 1. To date drilling at Kalayi has covered 600m of potential geological strike and has clearly shown that tin mineralisation is confined to one and sometimes two parallel quartz, chlorite altered shear zones. These zones show a strong pinch and swell geometry both along strike and downdip. This mineralisation is generally present from surface and open-ended at depth with some of the most significant visible cassiterite (tin mineral) observed in the deeper holes. Visible cassiterite and results from the handheld Niton XRF analyser identified the most significant zone of tin mineralisation at Kalayi in hole KBDD016 in which a 10m intersection was identified from 126m.

Visual and reported results to date over a limited 700m strike length have confirmed that the Kalayi prospect has significant potential to host tin mineralisation from surface to depths exceeding 150m. Soil Sampling on topographic ridges suggests mineralisation may extend to a total length of over 2.5km of strike.

Samples from drill holes KBDD009 and KBDD010 are currently in the laboratory in Johannesburg and holes KBDD011 - KBDD014 are in process of being sent to Lubumbashi for sample preparation prior to onward transportation to Johannesburg. Results for the bulk of the Kalayi drilling programme can be expected in the coming weeks.

Figure 1. Completed and Planned Holes on Kalayi.

Table 1: Significant Tin Intercepts at the Kalayi Prospect (0.1% cut-off grade for Sn)

Mont Agoma

Five diamond drill for 718m holes have been completed at Mont Agoma during the current drilling campaign. Two further holes were abandoned at shallow depths due to difficulties experienced in drilling through the thick gossanous cap which is highly fractured.

MADD016A and MADD017 were drilled on the same section and intersected multiple zones of tin mineralisation within a broader 50m wide envelope. The tin veins and laminae are within a strongly chloritized mafic schist unit associated with quartz veining and strong copper (chalcopyrite and chalcocite) and zinc (sphalerite) mineralisation. Tin mineralisation at the adjacent Mpama North deposit is hosted in a similar mafic schist unit which is substantially thinner than that intersected at Mont Agoma. Furthermore, significantly more visible tin was identified in hole MADD017 which was approximately 50m below that in MADD016A, suggesting a potential increase in grade at depth. The focus of the current planned drilling will be to the southeast of previous drilling and at depth as shown in Figure 2.  

MADD018 drilled on the northernmost fence line failed to intersect any significant tin but intersected a broad zone of visible copper (chalcopyrite) and zinc (sphalerite) which has defined the northwestern limit of significant tin mineralisation supported by the soil geochemistry. The tin anomaly continues for more than 1km to the southeast and tin mineralisation likely plunges to the southeast towards the granite contact where grade and widths of tn mineralisation are anticipated to increase.

Figure 2. Mont Agoma Map View, showing Drilled and Planned Diamond Drill Holes on the Tin Geochemical Soil Anomaly

Eight drill holes, two of which are ongoing, have been planned to confirm management's geological model which is similar to that at St Rafael in Peru in which Tin mineralisation increases in grade and width towards the granitic source a further kilometre to the southeast. 

Samples from MADD016A are currently in the laboratory in Johannesburg and those from MADD017 are in process of being sent to Lubumbashi for sample preparation, prior to onward transportation to Johannesburg. Results for both drill holes can be expected in the coming weeks.

For further information please contact:

Rome Resources Plc

Mark Gasson, Chief Operating Officer

Paul Barrett, Chief Executive Officer

Tel. +44 (0)20 3143 6748

Allenby Capital Limited (Nominated Adviser and Joint Broker)

John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance)

Stefano Aquilino / Joscelin Pinnington (Sales & Corporate Broking)

Tel. +44 (0)20 3328 5656

OAK Securities (Joint Broker)

Jerry Keen, Head of Corporate Broking (jerry.keen@oak-securities.com)

Henry Clarke, Head of Sales (henry.clarke@oak-securities.com)

Tel. +44 (0)20 3973 3678

Camarco (Financial PR)

Gordon Poole / Emily Hall / Sam Morris

Tel. +44 (0) 20 3757 4980

OAK Securities is a trading name of Merlin Partners LLP. Merlin Partners LLP is authorised and regulated by the Financial Conduct Authority (Reference Number: 449191). Merlin Partners LLP is registered in England and Wales (Registered Partnership Number: OC317265).

Qualified Person Statement

Dr Deon Vermaakt is a consultant of Rome Resources plc, a qualified geologist and a registered Professional Natural Scientist (Geological Science) with the South African Council for Natural Scientific Professions (SACNASP Reg. No. 400074/03). Dr Vermaakt is a qualified person (QP) under NI 43-101 and as defined by the AIM Note for Mining, Oil and Gas Companies and has reviewed and approved the scientific and technical information contained in this news release.

Dr Vermaakt is satisfied that the results returned for the QAQC samples in holes KBDD005 and KBDD006 which were inserted at regular intervals throughout the samples and reported grades which were well within acceptable ranges as per industry standard.

No duplicates or blanks were inserted, 7 CRM samples were inserted and returned acceptable results.

Furthermore, Dr Vermaakt reviews all the sampling procedures on an on-going basis. The handheld Niton XRF is frequently checked and calibrated to ensure accurate analysis and measurements.

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