TIDMPOW
RNS Number : 5219M
Power Metal Resources PLC
15 September 2023
15 September 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Gold Project, Botswana - Two Significant Anomalies
Identified
Power Metal Resources PLC (AIM:POW), the AIM listed metals
exploration and development company, announces the results of
geochemical soil sampling confirming two significant gold anomalies
at its 100% owned Tati Gold Project ("Tati" or the "Project")
located on the Tati Greenstone Belt ("TGB") near Francistown,
Botswana.
Updates from the ongoing exploration programme were provided on
31 August 2023 which can be found at the link below:
https://www.londonstockexchange.com/news-article/POW/exploration-project-development-update/16104218
Highlights
-- Infill geochemical soil sampling assay results, over areas of
historical soil sampling, has confirmed two significant
gold-in-soil geochemical anomalies and continuity within the 8km
gold trend at Tati (1) .
-- A total of 280 infill soil samples at a sample spacing of
40m, collected within two grids (northwest and southern grids) in
the southeastern quadrant of the POW licence, have confirmed and
supplemented the wider spaced historical soil data (400m & 800m
line spacing).
-- The additional sampling, which included independent analysis
for 33 elements including gold, has provided further resolution to
areas of anomalous gold helping to determine the apparent anomaly
strike directions which remain open in both grids. The anomalies
are highlighted in Figure 1 below, with Figure 2 demonstrating the
positioning within the wider Tati Project licence area.
-- Significantly, the Southern anomaly demonstrates a clear
circa 400m southward trending extension (remaining open to the
south and southwest) of the soil anomaly associated with the
Cherished Hope historical mine workings which were the subject of
the Power Metals successful diamond drilling programme in Q3 2022
(1) .
-- Immediate ground follow up of select soil samples along this
southwestern extension from Cherished Hope has identified an area
which has evidence of disturbance (possibly ancient pitting) and
this area will be subject to follow up during a subsequent work
programme.
-- The current drilling footprint at Cherished Hope is around
150m in strike length, therefore the confirmation of the Southern
soil anomaly could represent a significant drill target
extension.
-- The Company's technical team are finalising an expedited
follow up exploration programme with a further announcement to
follow once finalised.
-- Power Metal continues to manage inbound interest regarding
the potential for small-scale mining at its Cherished Hope Gold
Mine area where near-surface drilling results in 2022 returned
bonanza gold up to 47.1g/t Au over 1m (2) .
Sean Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"The Tati Project continues to make excellent progress with the
previously postulated 8km gold anomaly being further supported by
the results of infill geochemical soil sampling announced
today.
Based on the soil sampling data and the 8km long gold trend the
Project appears to offer the potential to host a very large gold
deposit, which we know has been, in part, the subject of historical
mining activity, further underpinning its development
potential.
We are seeking to advance exploration at the Project
expeditiously, whilst also managing inbound interest in the project
and its potential for near-term small scale mining.
Further updates to follow."
Further Information
- The prospecting licences constituting the Tati Gold Project
are held by Tati Greenstone Resources Pty Ltd, which is a 100%
owned, Botswana-based, subsidiary of Power Metal.
- Exploration work to date has focussed on the historic
Cherished Hope gold mine, where extensions of high-grade near
surface gold mineralisation were confirmed by Power Metal drilling
campaigns in 2021 and 2022.
- A total of 280 individual soil samples were collected as part
of this ongoing campaign which include:
o Northwest Grid (145 samples): High-resolution grid focussed on
an area approximately 2km northwest of the historical Cherished
Hope Gold Mine. Samples were collected at 40m sample spacing along
north-south oriented lines which were spaced 200m apart.
o Southern Grid (135 samples): The second grid covers the
immediate southwestern extension of Cherished Hope historical gold
mine. Samples were collected at 40m sample spacing along
north-south oriented lines which were spaced 200m apart.
- The soil samples were analysed for 33 elements at Intertek
Genalysis in Perth, Western Australia.
Figure 1: Tati Project Overview Map
Figure 2: Tati Project 2023 Geochemical Results Map
REFERENCES
1: Power Metal RNS announcement, dated 7 November 2022: Tati
Project Botswana Final Drill Assay Results, Assays Received for
Remaining Six Holes; Further Bonanza Grade Intercepted including 1m
@ 40.6g/t Au (from 2m of 23.2g/t Au)
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wko9odx
)
2: Power Metal RNS announcement, dated 3 November 2022: Tati
Project Botswana Initial Drill Assay Results, Assays for First
Three Drillholes Received; High-Grade Gold Intersections in All
Three Holes Including a Bonanza intersection of 1m @ 47.17g/t
Au.
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9e761r
)
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM,
FGS), who is a qualified geologist and acts as the Qualified Person
under the AIM Rules - Note for Mining and Oil & Gas Companies.
Mr O'Reilly is a Principal consultant working for Mining Analyst
Consulting Ltd which has been retained by Power Metal Resources PLC
to provide technical support.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
BlytheRay (PR Advisors) +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects.
The Company has a principal focus on opportunities offering
district scale potential across a global portfolio including
precious, base and strategic metal exploration in North America,
Africa and Australia.
Project interests range from early-stage greenfield exploration
to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange, thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
grow the Company, or may be returned to shareholders through share
buy backs, dividends or in-specie distributions of assets.
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