TIDMPOW
RNS Number : 1956T
Power Metal Resources PLC
23 November 2021
23 November 2021
Power Metal Resources plc ("Power Metal" or the "Company")
Alamo Gold Project - USA - Exploration Update
Test Pitting Programme Commences at the Alamo Gold Project in
Arizona USA, Targeting Coarse Gold Mineralisation
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to provide an
exploration update for the Alamo Gold Project (the "Project"),
located in west-central Arizona, USA.
Power Metal has the right to earn-in up to a 75% interest in the
Project and full earn-in details were published in the Company's
announcement on 22 July 2020.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"The Alamo Gold Project has a history of gold nugget
discoveries, and coarse gold palaeoplacer mineralisation is what we
are targeting in this next phase of work.
With the necessary exploration permits now in place the
much-anticipated test pitting programme at Alamo is finally
commencing. This work is fully-funded, having been paid for by
Power Metal in advance as part of the year 1 earn-in requirements
ending July 2021.
We are pleased to have our project partners carrying out the
work, and we will look forward to updates from the field and the
receipt of results as the programme progresses."
PROGRAMME HIGHLIGHTS:
- The 2021 test pitting programme on the Alamo Project has now
commenced with the geological team, excavator, metal detectorist,
and various geological support staff on site as of Monday, 22
November 2021.
- Permits allowing for the excavation of up to 6 test pits (3 at
Breccia Hill and 3 at Big Boulder Wash), as well as 5 percussion
drill holes have been received from the United States Bureau of
Land Management ("BLM"). The bond for the proposed work programme
has been lodged with the BLM allowing the outlined work to be
undertaken on the Project.
- The US$40,000 deposit for this phase of work was prepaid by
Power Metal in June 2021, bringing the total spend for the year to
July 2021 over the US$100,000 minimum as outlined in the earn-in
agreement signed with Frisco Gold Corp ("Frisco Gold").
- The focus of this work programme will be the Big Boulder Wash
and Breccia Hill Zones, and will include:
o Up to 3 test pits will be excavated at Big Boulder Wash where
previous work has identified basal conglomerates that are highly
prospective for hosting palaeoplacer coarse gold deposits within
the district.(1,2) The excavated test pits will be investigated by
the on-site metal detectorist and geologists, with the aim of
identifying coarse nuggety gold at the exposed geological contact
zone.
o Up to 3 test pits will be excavated at Breccia Hill - a domed
shape hill which was originally identified by a bulk leach
extractable gold ("BLEG") geochemical survey. Previous work at
Breccia Hill identified extensive hydrothermal alteration, as well
as quartz stockwork veining and sulphide mineralisation, within
multiple breccia units mapped within the property. Following
excavation, each pit will be mapped and sampled in detail by the
geologist and metal detectorist.
Contingent on results from this test pitting programme, which
will include visual inspection of test pits for coarse gold
mineralisation as well as laboratory assay of any rock samples of
interest, a decision will be made on whether to follow up with a
proposed second phase of work, which will include percussion
drilling.
THE PROJECT
The Alamo gold project is a package of mining claims covering an
area of approximately 946 acres situated in west-central Arizona,
USA. The Project was originally identified as prospective for gold
following the discovery of native gold nuggets near surface in
numerous locations within the Project boundaries.
The geological environment supports further exploration to
investigate the source of the nugget gold and the potential for a
large, mineralised gold system. In addition, the region in which
the Project is situated is prospective for precious and
base-metals, with nearby active and historic mines that have
produced silver, lead, gold, zinc and copper.
Notes:
(1) Basal conglomerates: a conglomerate is a clastic sedimentary
rock that is composed of a substantial fraction of rounded to
subangular gravel-size clasts. A basal conglomerate forms the
bottom stratigraphic unit of a sedimentary series and that rests on
a surface of erosion (the basal contact), thereby marking an
unconformity. In rare cases the basal conglomerate can also host a
palaeoplacer deposit (see below).
(2) Palaeoplacer deposits: consist of accumulations of valuable
minerals, in this case gold, formed by gravity separation due to
differing particle densities in a sedimentary environment (with the
resultant deposits referred to as 'placers'). The 'palaeo' prefix
denotes that those placer deposits have become cemented or
lithified post deposition.
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 - Background
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, 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
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends or in-specie distributions of
assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway,
with results awaited, as outlined below:
Project Location POW % Work Completed Results Awaited
or Underway
Alamo Gold USA Earn-in Excavation of multiple Field results from
Project to 75% test pits and mapping on-site work programme.
& sampling.
---------- --------- -------------------------- -------------------------
Athabasca Canada 100% Phase I field exploration Laboratory assay
Uranium completed results of samples
collected for uranium
and REEs
---------- --------- -------------------------- -------------------------
Authier North Canada Earn-in Soil & rock sampling Laboratory assay
Lithium to 100% completed results of samples
collected
---------- --------- -------------------------- -------------------------
Silver Peak Canada 30% Following drill Overlimit analysis
programme demonstrating results
bonanza grade silver,
overlimit testing
being undertaken
where sample grade
exceeded previous
assay method detection
limits
---------- --------- -------------------------- -------------------------
Ditau Project Botswana 50% Preparatory exploration Field programme
work underway on findings and defined
target I10 leading drill targets for
to planned accelerated near term drilling.
drilling targeting
rare-earth elements
and base metals
---------- --------- -------------------------- -------------------------
Kalahari Copper Botswana 50% Exploration programme Field programme
Belt underway across findings and defined
the South Ghanzi drill targets for
Project and further near term drilling
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- --------- -------------------------- -------------------------
Tati Gold/Nickel Botswana 100% Reverse circulation Laboratory assay
drill programme results awaited
completed
---------- --------- -------------------------- -------------------------
Victoria Goldfields Australia 49.9% Ongoing exploration Results from field
across 848km(2) programme including
of granted exploration drill targets for
licences near term drilling
---------- --------- -------------------------- -------------------------
Wallal Gold/Copper Australia 83.33% Passive seismic Results awaited
Project and 2D seismic
processing work
programme completed
---------- --------- -------------------------- -------------------------
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