TIDMPOW

RNS Number : 3593K

Power Metal Resources PLC

20 December 2022

20 December 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Drilling Update

Drillhole Into Target Area T1-3 complete and Drillhole into T2-3 Progressing Well

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a drilling update from the Molopo Farms Complex Project ("Molopo Farms" or the "Project") targeting a large-scale nickel and platinum group element ("PGE") discovery in southwestern Botswana.

A short presentation capturing developments at Molopo Farms and Power Metal's 100% owned Tati gold Project is available on the Company's website which is available through the following link:

https://www.powermetalresources.com/investors/botswana-in-focus-december-22/

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

"There is a strong momentum with our operations at Molopo Farms in Botswana where we have now commenced drilling at target area T2-3, a 12-kilometre-long magnetic body which represents another stand-out target we are eager to test.

From 5 drillholes across 4 target areas we have completed over 2,000m of diamond drilling, the drill core from which, is now the focus of multiple ongoing technical work streams including detailed core logging, downhole geophysics analysis and assay testing.

I look forward to reporting back to the market on developments at Molopo Farms as soon as practicable."

HIGHLIGHTS:

-- Diamond drillhole DDH1-3A has been completed at target area T1-3 to a depth of 450m.

-- The inaugural drillhole (DDH2-3A) into target area T2-3A has progressed well to the current downhole depth of 129.4m (see Fig. 3). Drilling operations have now paused for the holiday season.

-- The electromagnetic ("EM") geophysics conductor at target area T2-3A is located at approximately 400m downhole depth, so will be drill tested following the resumption of drilling operations expected early to mid-January 2023.

BACKGROUND INFORMATION

The following three figures outlining the Molopo Farms Complex Project Area, EM geophysics conductor targets, and details of the priority target area T2-3, may also be viewed on the Company's website through the following link:

https://www.powermetalresources.com/project/molopo-farms-complex/

Further photographs and videos from the drill programme are and will be available on the Company's website gallery section, through the following link:

https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/

 
  Figure 1: Map showing Molopo Farms Complex Project, Named 
  Electromagnetic Targets and Current Drill Programme Status 
 
             (Map Projection: UTM Zone 35S WGS84) 
 
 
 Figure 2: Map Showing Location of In-Progress Drillhole DDH2-3A 
  at Target T2-3 with Moving Loop EM Geophysics Section Line 
  (A-A' Figure 3), over 1st Derivative Magnetic Geophysics Response 
 
  (Map Projection: UTM Zone 35S WGS84) 
 
 
 Figure 3: Moving Loop EM Conductivity Cross-Section over 
  Target Area T2-3 with Downhole Trend of In-Progress Drillhole 
  DDH2-3A (targeted conductor in blue) 
 
               (vertical scale interpreted metres) 
 

QUALIFIED 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 Qualified 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 holds a number of priority exploration projects with active exploration underway currently. The status of each project is outlined in the table below:

 
  Project        Operations        POW                      Project Status 
                                     % 
 
 Athabasca     12 properties       100%    Exploration programmes undertaken 
  Uranium        covering an               across three properties during summer 
              area of 842km(2)             2022 and preliminary planning for 
              in the Athabasca             work in Spring/Summer 2023 is ongoing. 
                Basin region               Desktop review work ongoing across 
                   Canada.                 the existing portfolio and data rooms 
                                           established for all the projects, 
                                           to enable third party review of opportunities 
                                           for potential acquisition, joint 
                                           venture or earn-in. 
                                           Ongoing review of new opportunities 
                                           to further expand the Company's Athabasca 
                                           uranium property exposure. 
            -------------------  -------  ------------------------------------------------- 
 Molopo        3 prospecting      87.71%   Currently a 2,600m diamond drill 
  Farms       licences covering             programme is underway with a planned 
  Nickel         1,723km(2)                 5-6 holes targeting four previously 
  - PGMs        in south-west               identified magnetic conductors prospective 
                  Botswana                  for Nickel - Platinum Group Metals. 
                                            Two drill holes at target conductor 
                                            T1-6, one at T1-14 and one at T1-3 
                                            have been completed and drilling 
                                            at target T2-3 target is underway 
                                            currently. 
                                            Downhole geophysics completed at 
                                            DDH1-6A and underway at DDH1-14B. 
                                            Further Moving Loop Electro-Magnetic 
                                            surveys are planned over additional 
                                            Airborne Electro-Magnetic targets 
                                            identified, to develop further drill 
                                            targets. 
            -------------------  -------  ------------------------------------------------- 
 Tati             Botswana         100%    Reverse Circulation drilling and 
  Project                                   soil sampling confirmed high-grade 
  Gold -                                    and bonanza grade gold mineralisation 
  Nickel                                    within a gold-in-soil anomaly extending 
                                            for 8km across the Company's prospecting 
                                            licences. 
                                            Next stage exploration plans announced 
                                            15.12.22. 
                                            Sampling of fines dumps, representing 
                                            waste material from the Cherished 
                                            Hope gold mine on the project has 
                                            confirmed circa 1g/t gold and suitability 
                                            of the fines dumps for processing 
                                            to extract gold and generate income. 
                                            Preparations for the fines dumps 
                                            processing are advancing. 
            -------------------  -------  ------------------------------------------------- 
 

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            Operations             Status          POW                    Further Information 
                                                              %                             Link 
 First          Exploration                  Listed        27.91%               www.firstclassmetalsplc.com 
  Class          in the Schreiber-Hemlo     Investment 
  Metals         region of Ontario, 
  PLC            Canada 
               ------------------------  --------------  ----------  ------------------------------------------------- 
 Kavango        Exploration                  Listed         9.85%                 www.kavangoresources.com 
  Resources      in Botswana                Investment 
  PLC 
               ------------------------  --------------  ----------  ------------------------------------------------- 
 First          Exploration                  Planned       62.12%*           www.firstdevelopmentresources.com 
  Development    in Western Australia          IPO 
  Resources      and the Northern 
  PLC            Territory of 
                 Australia 
               ------------------------  --------------  ----------  ------------------------------------------------- 
 Golden         Exploration                  Planned       83.13%               www.goldenmetalresources.com 
  Metal          and development               IPO 
  Resources      in Nevada, USA 
  PLC 
               ------------------------  --------------  ----------  ------------------------------------------------- 
 New Ballarat   Exploration                  Planned        49.9%     New website under development 
  Gold PLC       in the Victoria               IPO                    which can be found at 
                 Goldfields of                                        www.newballaratgoldcorp.com 
                 Australia                                            . 
                                                                      In the interim further 
                                                                      information in respect 
                                                                      of NBGC can be found 
                                                                      at: 
                                                                      https://www.powermetalresources.com/project/vict 
                                                                      oria-goldfields/ 
                                                                      . 
               ------------------------  --------------  ----------  ------------------------------------------------- 
 NewCo          Exploration                  Planned         20%              NewCo website under development. 
                 in Queensland's           IPO/Disposal      (^) 
                 Mount Isa copper 
                 belt and in 
                 South Australia 
               ------------------------  --------------  ----------  ------------------------------------------------- 
 Uranium        Uranium exploration          Planned      50-55%()           www.uraniumenergyexploration.com 
  Energy         in the Athabasca              IPO 
  Exploration    region of Canada 
  PLC 
               ------------------------  --------------  ----------  ------------------------------------------------- 
 

(^) subject to completion of Merger announced 15.12.22.

() subject to completion of disposal of Reitenbach and E-12 properties, announced on 8.8.22 and 4.11.22, respectively.

(*) reducing to 58.59% on issue of equity for NSR buyout announced 5.12.22.

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