Evrima Plc Investee Update: Kalahari Key, Drill Programme Underway

 
TIDMEVA 
 
9 September 2022 
 
                                  Evrima plc 
 
                          ("Evrima" or the "Company") 
 
  Investee Update: Kalahari Key Project Operator, Power Metal Resources plc, 
                       provide Drill Programme Underway 
 
Evrima are pleased to provide an update on its investee company, Kalahari Key 
Minerals Exploration Pty Limited ("Kalahari Key") and its Molopo Farms Complex 
Project ("MFC"). 
 
On 18 May 2022, Power Metal Resources plc ("Power Metal") (AIM: POW) announced 
a conditional acquisition of certain of the Kalahari Key shareholdings which if 
approved would result in Power Metal becoming the single largest shareholder of 
Kalahari Key (87.71%) and the project operator. The acquisition was approved by 
the shareholders and Power Metal continues to make strong progress in 
completing the acquisition with the principal elements outstanding being that 
of regulatory and legal approvals, in-country. 
 
Evrima have elected to retain its equity investment and upon closing of the 
acquisition, will maintain an 8.93% project-level interest in Kalahari Key. The 
interest is to be governed by a shareholder agreement that provides the terms 
for retention of the Company's interest. 
 
On 8th September 2022, Power Metal announced the commencement of drill 
mobilisation, the source release can accessed here. 
 
Key Updates: 
 
  * Mindea Exploration and Drilling Services (Pty) ("Mindea"), an experienced 
    Botswana-based company with extensive experience in-country has officially 
    commenced mobilisation for the upcoming drilling programme. 
 
  * The planned drilling start date is now set for mid-September 2022. A 
    further RNS will be provided to the market once drilling has officially 
    commenced. 
 
  * The current planned programme is for circa 2,600m of drilling across an 
    expected 6 drillholes, with at least two drillholes planned into the newly 
    identified conductor within the T1-6 target area. 
 
  * Additional geophysics, including further Moving Loop Electromagnetic 
    ("MLEM") surveys as well as high-resolution ground-based magnetic surveys 
    are underway. A further update in regard to this work, as well as survey 
    results, are expected shortly. 
 
  * The programme is being designed to ensure expeditious core analysis to 
    include: geologists on site to conduct continuous core inspection and 
    logging, identification of visible sulphides, selection of core samples for 
    assay testing and the arrangement where appropriate of expedited laboratory 
    assays to minimise turnaround time. Hiring of the personnel required for 
    the above is in the process of being finalised with crews arriving to site 
    shortly. 
 
The Directors of Evrima accept responsibility for this announcement. 
 
This announcement contains information which, prior to its disclosure, was 
inside information as stipulated under Regulation 11 of the Market Abuse 
(Amendment) (EU Exit) Regulations 2019/310 (as amended). 
 
                                     Ends - 
 
Enquiries  : 
 
Company: 
Burns Singh Tennent-Bhohi (CEO & Director): burns@evrimaplc.com 
 
Simon Grant-Rennick (Executive Chairman): simon@evrimaplc.com 
 
Novum Securities Limited (AQSE Corporate Adviser): 
 
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400 
 
About Kalahari Key Mineral Exploration 
 
The KKME opportunity developed from a recognition that no historical 
exploration targeting "feeder" styles of Ni-Cu-PGM mineralisation had been 
completed within the MFC ultramafic complex. The founding group of four 
seasoned metals explorers identified a number of prospecting licences over a 
prospective geological feature often associated with feeder-style deposits. 
KKME is a privately owned company, which currently owns 100% of prospecting 
licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively making 
up KKME's interest in the MFP. KKME holds no other interests and is debt-free. 
 
 
 
END
(END) Dow Jones Newswires
September 09, 2022 02:00 ET (06:00 GMT)
Evrima (AQSE:EVA)
Historical Stock Chart
From Nov 2024 to Dec 2024