Power Metal Resources PLC Haneti Project - Lithium Prospectivity (9734E)
09 July 2019 - 11:00PM
UK Regulatory
TIDMPOW
RNS Number : 9734E
Power Metal Resources PLC
09 July 2019
9 July 2019
Power Metal Resources plc ("POW" or the "Company")
Haneti Project - Lithium Prospectivity and New Licence
applications
Power Metal Resources plc (LON:POW) the AIM listed African
focused metal exploration and development company is pleased to
announce an update in respect of the Haneti Project in Tanzania
("Haneti" or the "Project").
POW has established a joint venture ("JV") with Katoro Gold Plc
("Katoro" LON:KAT) in respect of Haneti, (the "Haneti JV"). POW has
a 25% interest in the Haneti JV with a right to increase to a 35%
interest through a cash payment of GBP25,000 to Katoro, until 15
May 2020. Katoro has a 75% interest in the Haneti JV. POW will
contribute 25% to the cost of Haneti Project maintenance and
exploration or will dilute in accordance with standard industry
provisions.
POW also holds 10,000,000 shares in Katoro representing 5.95% of
Katoro's issued share capital.
Paul Johnson, Executive Director of Power Metal Resources plc
commented: "Our original interest in Haneti was principally with
regard to the large scale nickel sulphide targets and the upcoming
drill programme that will be undertaken to test those targets.
Having lithium, and potentially rare earth element,
prospectivity at Haneti is also very interesting and adds to the
excitement and potential of the Haneti Project for the project
partners; and shareholders of both POW and Katoro alike.
I look forward to reporting further in respect of these
additional exploration activities being undertaken at Haneti."
Highlights:
-- As part of regional exploration reconnaissance, the Haneti
exploration team have identified several pegmatite outcrops
included within two abandoned artisanal pits;
-- The pegmatites appear to intrude along the sheared contact
between granite gneisses and serpentinised ultramafic rocks and
consist of coarse quartz, lepidolite, and red and black
tourmaline;
-- Lepidolite contains significant lithium and its presence may
be indicative of the presence of lithium minerals such as spodumene
and petalite. These pegmatites can also prove prospective for rare
earth elements as well as other exotic minerals such as
tantalite-columbite;
-- There is a clear indication for further exploration work in
this area and Eagle Exploration Ltd, the Tanzanian subsidiary of
Katoro which holds 100% of Haneti and in which POW has a 25%
interest in, has applied for five additional exploration licences
in the area covering the zones of interest currently identified;
and
-- A further work programme is being developed which may include
a regional desktop study, detailed field mapping and geochemical
analysis, principally to identify any lithium bearing minerals
including spodumene and petalite and to assess the extent of any
mineralisation identified.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please visit https://www.abmplc.com/ or
contact:
Power Metal Resources plc
Paul Johnson (Executive Director) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed African
focused metals exploration and development company exploring for
the key metals used in power generation, transmission, storage and
utilisation. The Board and team of advisors, who have proven
expertise in exploration, mining and project generation, have
identified an opportunity to utilise the Company's position to
become a leader in the London market for investors to gain exposure
to the power metal commodity suite, particularly cobalt, lithium,
copper and nickel.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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