TIDMPOW
RNS Number : 8532U
Power Metal Resources PLC
04 August 2022
4 August 2022
Power Metal Resources plc
("Power Metal" or the "Company")
Molopo Farms Complex Project - Exploration 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 in relation to the
Molopo Farms Complex Project ("Molopo" or the "Project") targeting
a large scale nickel-platinum group element ("PGE") discovery in
southwestern Botswana.
MOLOPO FARMS EXPLORATION HISTORY
- The Project is targeting nickel (Ni), copper (Cu) and
platinum-group-element (PGE) mineralisation within the Molopo Farms
Complex ("MFC") of the Bushveld Large Igneous Province.
- Airborne geophysics previously completed confirmed an
exploration model focusing on magmatic feeder zones within the
MFC.
- Significantly, the previous drill programme which concluded in
2021 intersected nickel-sulphides downhole with individual grades
up to 1.69% Ni including 0.55g/t platinum (Pt) over 0.6m from
446.7m downhole (1) .
- Follow-up petrographical work undertaken identified primary
nickel and copper sulphides (incl. pentlandite, bornite and
chalcocite).
NEXT EXPLORATION PHASE COMMENCES
- Spectral Geophysics have mobilised to the Project to conduct
two electromagnetic geophysics surveys to facilitate the precision
targeting of planned diamond drill holes for a drill programme
expected to commence in the autumn.
- Power Metal technical team have compiled all project data into
a dataroom to underpin forward project development and which is
available for third parties who have expressed an interest in
potential engagement on the Project.
- Final negotiations proceeding with Botswana drill contractors
for the upcoming planned diamond drill programme at the
Project.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"We are making very important progress as we look to
reinvigorate the Molopo Farms Project, arguably one of the
Company's major exploration success stories from 2020/2021.
The main next step is planned diamond drilling focused on the
discovery of economic nickel sulphides and following up on the
highly positive results from the drill programme completed in early
2021.
To ensure we are optimising drill hole targetting, Spectral
Geophysics have been engaged to conduct a geophysics programme, and
whilst that continues we are making arrangements for the engagement
of drill contractors.
Molopo is a priority exploration Project for Power Metal and I
look forward to providing further updates to the market on our
operational progress and drill plans."
FURTHER INFORMATION
Power Metal has amalgamated and compiled all data received from
previous operators and organised it into a singular dataroom.
Third-parties that have previously expressed interest in the
Project have been re-engaged by Power and have been supplied with
the updated database.
The Company is in final stages of negotiation with two
Botswana-based drill contractors and is looking to finalise and
sign a contract within the next few weeks in advance of a diamond
drilling programme currently expected to commence in the
autumn.
Weekly technical meetings are being conducted between Power
Metal and representatives from the project partner Kalahari Key
Mineral Exploration (Pty) Ltd ("Kalahari Key" or "KKME"), in order
to finalise the planned drilling campaign and deliniate future
exploration works.
Spectral Geophysics has mobilised to the Project and has
commenced a geophysical work programme which will include moving
loop electromagnetic ("MLEM") surveys over targets 1-14 and 1-6
located within prospecting licence area PL311/2016. The rationale
for these surveys is as follows:
o Target 1-6 : previous 2020/2021 drill programme results
returned nickel values up to 1.69% Ni with 0.55g/t Pt and 0.14g/t
Au over 0.6m from 446.7m downhole, within layered ultramafic rocks
of the Molopo Farms Complex (1,2) . The ongoing MLEM survey will
aid in the further refinement of the original electromagnetic
("EM") geophysics anomaly that was targeted by drilling in 2021.
The results from this survey will allow for optimum drillhole
siting prior to the 2022 drilling programme.
o Target 1-14 : is defined by a broad strong EM anomaly which
was targeted by a single hole 2020/2021 drill programme (2) . That
drilling intersected carbonaceous mudstones at depth (3) which,
although highly conductive, were determined to be flat lying and
therefore did not explain the anomaly which was indicative of a
shallower, steeply dipping body. The MLEM survey will provide
higher resolution and further refinement of the original EM
response, aiding the effective siting of future drill holes.
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic
interest in Molopo, held through a direct project interest and a
shareholding in partner Kalahari Key. On 18 May 2022 Power Metal
announced a conditional transaction that would see its interest in
Molopo increasing to 87.71% (the "Transaction"). The announcement
may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project
operator and in advance of completion the Company is working with
the team at KKME to maintain momentum with regard to Project
exploration.
Work streams are also in process to secure Botswana regulatory
approvals enabling the Transaction to complete.
References:
1 Source: Company announcement: 24 September 2021
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x4919kw
)
2 Source: Company announcement: 21 July 2021
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rng8onx
)
3 Source: Company announcement: 16 November 2020
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w11ge3w )
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.
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
For planned IPO vehicle New Ballarat Gold Corporation PLC (NBCG)
a new website is currently in development which will be found at
www.newballaratgoldcorp.com . In the interim further information in
respect of NBGC can be found at
https://www.powermetalresources.com/project/victoria-goldfields/
.
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
%
Athabasca Canada 100% Hyperspectral Finalise review of data
Uranium data analysis from 3 properties. Prepare
conducted across for summer exploration
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 drill programme
Farms data review complete targets, select drill
and establishment contractor and launch
of data room drill programme.
for third party
review. Geophysics
programme underway.
--------- --------- ---------------------- --------------------------------
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.
--------- --------- ---------------------- --------------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
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