TIDMPOW
RNS Number : 1599T
Power Metal Resources PLC
22 November 2021
22 November 2021
Power Metal Resources plc
("Power Metal" or the "Company")
FDR - Paterson Region Update
Power Metal Completes Paterson Region Acquisitions and All
Exploration Licences Now Granted with Braeside West Licence Grant
Confirmed Today
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, provides an update to shareholders in
respect of its interests in the Paterson Region of Western
Australia (the "Paterson Interests").
The Paterson Interests are held by First Development Resources
Limited ("FDR") which now has a 100% interest in local Australian
operating company First Development Resources Pty Limited ("FDR
Australia"). FDR Australia's licence interests are outlined
below.
Power Metal has an effective interest of 83.33% in FDR, with a
16.67% effective interest held by the shareholders of URE Metals
Pty Limited ("URE") which was acquired outright by FDR in an all
share purchase announced on 19 November 2021. Further details of
the acquisition of URE and its uranium and rare earths interests
may be viewed in the Company's announcement:
https://www.londonstockexchange.com/news-article/POW/uranium-rare-earths-acquisition-australia/15219001
HIGHLIGHTS
- Completion of the 100% acquisition of FDR Australia, the
Australian operating company with the Paterson Region
interests.
- Braeside West Licence application (E45/5854), covering
137km(2) of strategic ground neighbouring Rumble Resources, now
granted.
- Heritage Agreements with Native Title Holders signed across Paterson Region properties.
- Planning for deep drill programmes progressing well at the
Wallal Project focused on magnetic bullseye targets.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"We now hold granted licences across all Paterson Region
properties and have fully completed the acquisition of the local
operating company. Combined, the five granted licences represent a
significant opportunity for a major discovery.
Our technical work continues in parallel to define drill targets
including those within the Wallal triple licence package where we
are investigating drill targets with interpreted geological and
geophysical similarities to the Paterson Havieron discovery.
The aim of our work is to expedite the route to drilling of key
targets, and further information with regard to our plans will be
released in the near term."
PATERSON REGION PROJECTS - BACKGROUND
FDR Australia holds the following exploration licence
interests:
Wallal Project (Wallal Main-E45/5816 - 390km(2) - granted),
(Wallal West 1-E45/5853 96km(2) - granted) and (Wallal West 2 -
E45/5880 86km(2) - granted).
A comprehensive desktop study completed by the Company over the
Wallal Project identified three prospective magnetic bullseye
targets. These include the Western, Eastern and Border anomalies
which, based on geophysical interpretation, have estimated
dimensions of 5km x 5km, 2.5km x 2.5km and 1km x 1km
respectively.
Further analysis has determined that the Eastern and Border
anomalies are located at depths similar to Greatland Gold's
Havieron discovery. Greatland Gold's Havieron was discovered by
blind drilling a magetic bullseye anomaly through circa. 420m of
post-mineral sedimentary cover.
The latest exploration update focused on the Wallal Project and
released by the Company on 13 September 2021 may be viewed through
the following link:
https://www.londonstockexchange.com/news-article/POW/fdr-australia-paterson-region-exploration-update/15132674
Braeside West Project (E45/5854 - 137km(2) - one granted
licence)
In-depth desktop analysis of historic exploration data is
currently underway on the Braeside West Project. A recent
base-metal discovery by neighbouring company Rumble Resources has
enhancesd the overall prospectively within the Braeside West
Project area as it is hosted within a similar geological
environment to that of Rumble Resources discovery.
Ripon Hills Project (E45/5088 - 42km(2) - one granted
licence).
The Ripon Hills Project is prospective for base-metal and gold
mineralisation associated with deep-seated north-south oriented
fault structures which run through the Ripon Hills Project area.
In-depth desktop analysis of historic expooration data is currently
underway over the Project.
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
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
---------- --------- -------------------------- -----------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDEADFAAFSFFFA
(END) Dow Jones Newswires
November 22, 2021 08:17 ET (13:17 GMT)
Power Metal Resources (LSE:POW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Power Metal Resources (LSE:POW)
Historical Stock Chart
From Apr 2023 to Apr 2024
