TIDMPOW
RNS Number : 8786J
Power Metal Resources PLC
26 August 2021
26 August 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana - Exploration Update
Team Successfully Mobilised and Phase II Geophysical Programme
Commences
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces that exploration crews have
successfully mobilised and the Phase II work programme has
commenced on its gold-nickel properties in the Tati Greenstone Belt
(the "Tati Project" or the "Project") located near Francistown,
Botswana.
Power Metal exercised its option to acquire a 100% interest in
the Project on 28 July 2021 through its local wholly owned
operating subsidiary Power Metal Resources Botswana Pty Limited.
Details of the option exercise can be found below.
Tati Project Botswana - Option Exercised - 07:00:05 28 Jul 2021
- POW News article | London Stock Exchange
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"We are planning to launch our first drill programme at the Tati
Project next month, and this expedited geophysics programme will
provide valuable information to further target the drilling
activity.
Exploration at the Tati Project is moving very rapidly and we
believe there is potential for significant nickel and gold
discoveries within the Project footprint.
Further information will be provided on progress in the near
term."
Phase II Exploration Programme
Following the completion and interpretation of the recent Phase
I soil geochemical survey (announced 19 August 2021) Power Metal is
planning ground-based magnetometer and radiometric geophysical
surveys over selected soil anomalies, the planned survey will
consist over 125 line-km split across three survey grids.
The planned Phase II ground geophysics programme, all within
licence area PL127/2019, consists close spaced (100m line-spacing)
combined ground magnetic and radiometric geophysics surveys over
three priority survey grids (grid 3, 4 and 5) containing high
priority soil anomalies:
-- Grid 3: 37.5 line-km of combined geophysics over a circa 3,000m long high-tenor (>100 ppm As) arsenic-in-soil anomaly.
-- Grid 4: 37.5 line-km of combined geophysics centred over a
roughly 1,000m by 400m wide north-south trending arsenic-in-soil
anomaly which is coincident with a mapped contact between the Last
Hope Formation, and the Eastern successful Volcanics. This grid has
an analogous geological position to the Signal Hill gold mine which
is located less than 2.5km to the southeast on the same geological
structure.
-- Grid 5: 50 line-km of combined geophysics centred over a roughly 1,500m long by 300m wide northeast-southwest trending high-tenor (>250ppm Ni) nickel-in-soil anomaly.
The geophysics surveys will employ Gem Systems GSM-19TW proton
magnetometers and Radiation Solutions RS-125 spectrometers. These
surveys will assist with identifying important geological
structures and help discriminate between various lithological units
which may correlate with orogenic gold and/or magmatic nickel
mineralisation.
The goal of the above Phase II work programme is to further
refine high-priority targets identified by the Phase I programme
geochemical results which will then be targeted by Power Metal's
inaugural Rotary Air Blast ("RAB") drilling campaign on the Project
which is planned to start mid-September. Results from this
programme and updates on the planned drilling campaign will be
released to the market in the coming weeks.
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 company which finances and manages global resource
projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering
district scale potential across a global portfolio 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.
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
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends or in-specie distributions of
assets.
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