TIDMPOW
RNS Number : 3769D
Power Metal Resources PLC
28 June 2021
28 June 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana - Ground Exploration Commences
Team Mobilises to Project Licences to Undertake Geochemical
Sampling, Mapping and Prospecting
Power Metal Resources PLC (LON:POW) the AIM listed metals
exploration and development company is pleased to announce that the
Phase I work programme has commenced on the gold-nickel properties
in the Tati Greenstone Belt (the "Tati Projects" or the "Projects")
located near Francistown, Botswana.
Power Metal has an option (the "Option") to acquire a 100%
interest in the Tati Projects through its local wholly owned
operating subsidiary Power Metal Resources Botswana Pty
Limited.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"We have been able to expedite the arrival of the ground team to
the Tati Projects to undertake this key initial exploration
programme with due dispatch.
The findings from our due diligence work to date have
demonstrated several kilometre-scale arsenic, gold and nickel
anomalies which highlight the potential of the Tati Projects and
which require validation and target escalation through this Phase I
work programme.
Further information will follow as we progress our work on these
exciting prospects."
BACKGROUND
Readers wishing to review the background should refer to the
Company's announcement dated 6 May 2021 detailing the full terms of
the Option and which may be viewed here:
https://www.londonstockexchange.com/news-article/POW/option-agreement-botswana-gold-nickel-properties/14966683
A historical data compilation completed on the recently acquired
Projects led to the identification of several kilometre-scale
nickel, arsenic and gold in-soil anomalies on PL127/2019 and
PL126/2019. The historic data collected and interpreted is of
widely spaced soil sampling surveys which were collected and
analysed by previous operators.
The results from the data compilation were announced in a due
diligence update by the Company on 23 June 2021 and which may be
viewed here:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-due-diligence-update/15029851
EXPLORATION PROGRAMME
Power Metal is now commencing a systematic, infill and
extensional, geochemical soil sampling programme which will include
over 1,000 planned sample points, together with outcrop rock
sampling prospecting, to follow-up on the orogenic gold and
magmatic nickel targets identified during the historic data
compilation.
The Phase I exploration campaign will include infill soil
sampling and prospecting over:
-- >2km long gold-in-soil anomaly located near the northwestern end of PL126/2019;
-- >1km long nickel-in-soil anomaly located near the
southeastern end of PL126/2019 which is coincident with a
government mapped mafic/ultramafic intrusive unit;
-- >2km long nickel-in-soil anomaly located near the
northwestern end of PL127/2019 which remains open towards the
Phoenix, Selkirk and Tekwane nickel-copper-PGE rich deposits
located less than 7km northwest of the Licence;
-- several kilometre-scale arsenic-in-soil anomalies located
near the eastern end of PL127/2019 which appear to be spatially
related to the nearby Jim's Luck and Signal Hill gold mines;
plus
-- hand trenching over a historic soil sample locality near the
northern end of PL127/2019 which returned a highly anomalous 3.6g/t
gold.
The goal of the Phase I work programme is to further develop
some of the high-priority exploration targets on the Tati Projects
which, subject to Option exercise, the Company plans to drill test
later in the year.
Results from this programme will be released to the market
following receipt, compilation and interpretation by Power
Metal.
GLOSSARY
Orogenic Gold (Deposits) - Gold deposits found within
metamorphic belts which form as a result of major crustal
deformation events.
Intrusive Magmatic Nickel (Deposits) - Nickel deposits found at
the base of large mafic and ultramafic intrusive bodies.
Arsenic/Gold/Nickel-in-soil anomaly - Geochemical anomaly
defined by increased arsenic/gold/nickel levels over
background.
PGE - Platinum group elements (ruthenium, rhodium, palladium,
osmium, iridium, and platinum)
M afic I ntrusive U nit - Igneous rock that is dominated by
magnesium and iron rich silicate minerals including pyroxene,
amphibole, olivine, and mica.
COMPETENT 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 Competent 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
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
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
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration and development company seeking a large scale metal
discovery.
The Company has a global portfolio of project interests
including precious and base 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.
The Board and its team of advisors have expertise in project
generation, exploration and development and have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors wishing to gain exposure to
proactive global metals exploration.
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