TIDMPOW
RNS Number : 0159T
Power Metal Resources PLC
19 July 2022
19 July 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Golden Metal Resources - Company Update
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update from Golden Metal
Resources PLC ("Golden Metal" or "Golden Metal Resources"), the
Company's 83.13% owned subsidiary, which is planning to list in the
London capital markets.
Golden Metal holds a 100% interest in three projects (Pilot
Mountain, Garfield and Stonewall) and a right to earn-in to a 100%
interest in one further project (Golconda). All projects are
situated in Nevada USA, ranked number 3 in the Fraser Institute
Survey of Mining Companies 2021 - Investment Attractiveness
Index.(1)
HIGHLIGHTS:
Operational
- 3D induced polarisation ("IP") survey over Pilot Mountain
project is now underway, a significant milestone, enabling a more
detailed assessment of high priority targets, with follow up
drilling planned to commence later this year to target additional
tungsten, copper, silver and zinc resources.
- Detailed planning has been undertaken for initial exploration
programmes at the Golconda project, including utilising historical
datasets which would expedite exploration plans and targeting a
gold discovery in the known Carlin-type geological environment
surrounding Golconda.
- High resolution soil geochemical survey currently underway
across the Garfield project targeting additional copper-gold-silver
mineralisation and building on the significant evidence of
skarn-type mineralisation established to date which led to the
staking of additional claims expanding the project.
- Detailed desktop study undertaken for the Stonewall project
has identified multiple targets for follow up exploration
programmes.
Corporate
-- The most complex area of the pre-IPO process has been
undertaken, namely the removal of the various Australian
subsidiaries from the holding company structure of the Pilot
Mountain Project. Golden Metal Resources plc now has 100% ownership
of the two US private companies holding the Pilot Mountain
project.
-- The re-registration of Golden Metal to a PLC was completed
earlier this year, the pre-IPO funds were received in full, and the
key technical work streams (Competent Person's technical reporting,
legal due diligence, financial accounting due diligence and
multiple related work streams) have now been progressed
successfully.
-- Golden Metal is in the final stages of finalising its
inaugural Environment Social and Governance ("ESG") report,
demonstrating to the market that it plans on being an ESG leader in
the resource exploration and development space.
-- Following the United States Geological Survey ("USGS")
including tungsten in its 2022 list of critical minerals (released
February 2022), Golden Metal is making progress building
connections with various governmental groups in the USA, in order
to increase the awareness of its projects, notably Pilot Mountain,
and exposing the company to various governmental initiatives to
stimulate the production of homeland based critical metal
projects.
-- The preparations for Golden Metal's listing on the London
capital markets are now nearing completion and Golden Metal expects
to be in a position shortly where it can move towards the launch of
its Initial Public Offer ("IPO") financing and subject to
regulatory approvals, complete its listing process.
Following the reorganisation of the Pilot Mountain holding
company structure the new Golden Metal organisation structure may
be viewed on the Golden Metal website through the following
link:
https://www.powermetalresources.com/golden-metal-resources-company-structure/
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"Since our last report earlier this year Golden Metal has made
extensive progress and is now in the final stages of preparation
for its planned listing. This has been a complex process where we
have removed the Australian holding companies for the flagship
project, Pilot Mountain, and structured its ownership more
appropriately, particularly when it comes to seeking project
engagement with the USA authorities and the private sector, as a
wholly owned subsidiary of a UK company.
We look forward to Golden Metal taking the final steps towards
its planned listing in the London capital markets, where we believe
it will attract considerable investment interest."
Oliver Friesen, Chief Executive Officer of Golden Metal
Resources PLC, commented:
"The team at Golden Metal Resources has done a fantastic job
over the past several months preparing the company for our listing
on the London capital markets. Not only have we achieved several
important corporate milestones, but we have been able to launch
exploration on the ground allowing us to push forward some of the
exciting 100% owned projects in the Golden Metal portfolio.
We are starting to see a very important shift happening
globally, and specifically in the United States of America where
governments are not only realising the importance of securing
domestic sources of critical metals such as tungsten - but actively
making policy changes in order to support companies who are
exploring and developing these strategic projects.
Our 100% owned Pilot Mountain project is now held within a
simplified corporate structure, we have officially launched a very
exciting IP geophysics programme and have begun preparations for a
robust diamond drilling campaign planned for later in the year. All
of these factors combined have our team very excited about what is
in store for Golden Metal Resources during the second half of 2022
and beyond."
Reference
(1)
https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2021.pdf
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
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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Exploration work programmes may also be underway within planned
IPO vehicles where Power Metal has a material interest the findings
from which will be released on their respective websites, with
simultaneous updates through Power Metal regulatory announcements
where required:
www.firstclassmetalsplc.com
www.goldenmetalresources.com
www.firstdevelopmentresources.com
Power Metal also holds a material investment in Kavango
Resources plc with exploration updates available through their
regulatory announcements and on their website:
www.kavangoresources.com
Project Location Current Work Completed Results Awaited
POW or Underway
%
Alamo USA Earn-in Technical reports Analysis of technical
Gold Project to 75% received following reports and potential
excavation of follow-on work programme
multiple test under review.
pits and mapping
& sampling completed.
---------- --------- ----------------------- --------------------------------
Athabasca Canada 100% Hyperspectral Finalise review of data
Uranium data analysis from 3 properties. Prepare
conducted across for summer exploration
all 7 properties. programme across 4 properties.
Updating to 7
data rooms for
third party review.
---------- --------- ----------------------- --------------------------------
Authier Canada Earn-in Property Evaluation Update covering exploration
North to 100% Report completed. plans for target areas
Lithium identified during the
Evaluation.
---------- --------- ----------------------- --------------------------------
Molopo Botswana 53%(#) Comprehensive Finalise next exploration
Farms data review complete steps and action plan.
and establishment
of data room
for third party
review.
---------- --------- ----------------------- --------------------------------
Tati Botswana 100% Site visit with Exploration planning
Project mapping of gold underway including further
workings and mapping, sampling and
mine dumps. launch of an RC drill
programme.
---------- --------- ----------------------- --------------------------------
Victoria Australia 49.9% Diamond drill Final drill programme
Goldfields programme completed. results analysis and
Review of Ajax resource potential analysis
& Berringa mine from former high-grade
remaining resource producing mines in granted
potential. licences.
---------- --------- ----------------------- --------------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
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