ABM African Battery Metals Plc

TIDMPOW

RNS Number : 9539G

Power Metal Resources PLC

18 November 2022

18 November 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Kalahari Key Acquisition Complete - Power Metal Now Holds 87.71% Interest

Molopo Farms Complex Drilling Update

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the completion of the transaction to increase the Company's interest in Kalahari Key Mineral Exploration Pty Limited ("KKME" or "Kalahari Key") further details of which were provided in the Company's announcement of 3 November 2022 (the "Transaction"):

https://www.londonstockexchange.com/news-article/POW/kalahari-key-acquisition-drilling-update/15701532

Kalahari Key holds a 100% interest in the Molopo Farms Complex Project (the "Project", "Molopo Farms"), where a large-scale nickel platinum-group metal ("PGM") discovery is being targeted in southwestern Botswana.

HIGHLIGHTS:

-- Following completion of the Transaction, Power Metal now holds 87.71% of Kalahari Key and therefore the Molopo Farms Project.

-- The 2,600m diamond drill programme at Molopo Farms is progressing well with two holes now completed at target area T1-6, and the third drill hole in progress at target area T1-14.

-- At T1-14 the Company is testing an electromagnetic superconductor identified by a recently completed moving loop electromagnetic (MLEM) survey. The last reported depth from the drillhole in progress, DDH1-14B, was 345 metres.

-- Downhole geophysics is now complete on drill hole DDH1-6B from Target area T1-6, with the geophysics interpretation results expected shortly.

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:

"Today's confirmation that Power Metal has now completed the transaction and increased its interest in Molopo Farms to 87.71% is great news for the Company. My thanks to all involved in enabling this Transaction to happen so efficiently.

We have completed the Transaction whilst in the midst of the Molopo Farms drill programme where we are progressing well with the third drill hole targeting the superconductor at target area T1-14.

A further exploration update is expected to follow in the near term as we continue, what for Power Metal, is a particularly exciting drill programme."

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 multiple internal exploration programmes completed or underway, with results awaited. The status for each of the Company's priority exploration projects is outlined in the table below.

 
  Project    Location   Current       Work Completed or            Results Awaited 
                         POW %             Underway 
 
 Athabasca    Canada     100%     Ground exploration           Assay results from 
  Uranium                          programme complete           samples collected 
                                   at 3 properties.             during fieldwork. 
                                   Preliminary planning 
                                   for work in Spring/Summer 
                                   2023 is ongoing. 
            ---------  --------  ---------------------------  ------------------------ 
 Molopo      Botswana   87.71%    First 2 holes at             Drill programme 
  Farms                            T1-6 conductor target        updates and findings 
                                   drilling complete.           from further MLEM 
                                   T1-14 first hole             survey work. 
                                   underway. Further 
                                   MLEM surveys planned 
                                   over additional AEM 
                                   targets identified. 
            ---------  --------  ---------------------------  ------------------------ 
 Tati        Botswana    100%     RC drilling and sampling     Mine dumps processing 
  Project                          of mine dumps complete.      and project commercial 
                                                                and exploration 
                                                                next steps. 
            ---------  --------  ---------------------------  ------------------------ 
 

Exploration work programmes may also be underway within Power Metal investee companies and 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. These interests are summarised in the table below:

 
       Company            Status/Operations                                    Link 
 First Class           Investment -                                 www.firstclassmetalsplc.com 
  Metals PLC            POW 27.91% 
                        Exploration 
                        in the Schreiber-Hemlo 
                        region of Ontario, 
                        Canada 
                      ------------------------  ------------------------------------------------------------------ 
 First Development     Planned IPO                               www.firstdevelopmentresources.com 
  Resources             - POW 62.12% 
  PLC                   Exploration 
                        in Western Australia 
                        and the Northern 
                        Territory of 
                        Australia 
                      ------------------------  ------------------------------------------------------------------ 
 Golden                Planned IPO                                 www.goldenmetalresources.com 
  Metal Resources       - POW 83.13% 
  PLC                   Exploration 
                        and development 
                        in Nevada, USA 
                      ------------------------  ------------------------------------------------------------------ 
 Kavango               Investment -                                  www.kavangoresources.com 
  Resources             POW 14.03% (subject 
  PLC                   to completion 
                        of Kanye Resources 
                        disposal announced 
                        8.7.22 and issue 
                        of Kavango shares 
                        e.g. financing 
                        announced 24.10.22) 
                        Exploration 
                        in Botswana 
                      ------------------------  ------------------------------------------------------------------ 
 New Ballarat          Planned IPO               A new website is currently in development 
  Gold PLC              - POW 49.9%               which will be found at www.newballaratgoldcorp.com 
                        Exploration               . 
                        in the Victoria           In the interim further information 
                        Goldfields of             in respect of NBGC can be found at: 
                        Australia                 https://www.powermetalresources.com/project/victoria-goldfields/ 
                                                  . 
                      ------------------------  ------------------------------------------------------------------ 
 Uranium               Planned IPO                               www.uraniumenergyexploration.com 
  Energy Exploration    - POW on listing 
  PLC                   estimated 50-55% 
                        Uranium exploration 
                        in the Athabasca 
                        region of Canada 
                      ------------------------  ------------------------------------------------------------------ 
 

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November 18, 2022 09:00 ET (14:00 GMT)