TIDMPOW
RNS Number : 9280P
Power Metal Resources PLC
22 February 2021
22 February 2021
Power Metal Resources PLC
("POW" or the "Company")
Botswana Molopo Farms Complex - Drilling Update
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to provide a further
update from the Kalahari Key Mineral Exploration Pty Ltd ("Kalahari
Key") Molopo Farms Complex Project (the "Project" or "MFC
Project"), which is targeting prospective massive nickel sulphide
and platinum-group metal ("PGM") mineralisation in Botswana.
Paul Johnson Chief Executive Officer of Power Metal Resources
commented:
"Identification of additional visible sulphides deeper in hole
KKME 1-6 gives further encouraging signals to the prospect of
discovering significant mineralisation within the Molopo Farms
Complex.
So far we are encouraged by the indications from core logging,
and await assay results and mineralogical studies to confirm the
sulphide minerals present. To be absolutely clear we make no
assumption as to which sulphide minerals are present and await the
assay results, and those results will likely guide the next
exploration steps.
The identification of up to 14 new targets for ground
exploration in the feeder zone from the Aster Mapping also adds to
the evidence of district scale prospectivity.
Substantial new data continues to be generated on a relatively
untested environment, advancing a journey of discovery in a
geological setting where there is the clear potential for large
scale metal deposits."
Highlights:
-- The second diamond drill hole at the MFC Project, KKME 1-6,
has been continued from 547m to a final depth of 598 metres in
ultramafic rocks. The extra hole depth will provide further core
from the geophysical target depth and will assist in further
geophysical interpretation.
-- Core from KKME 1-6 and from the first drill hole at KKME 1-14
has been transported to Lobatse where it is being cut by the
Botswana Geoscience Institute. Selected half core samples will be
sent to a South African assay laboratory for base and precious
metal analysis, this week.
-- Logging KKME 1-6 cut core has identified disseminated
sulphide mineralisation below 500m drill hole depth, notably in the
section marked as a target by the geophysics. This is further to
disseminated sulphide mineralisation identified around 308-313m
drill hole depth from the initial KKME 1-6 core inspection
(announced 11 January 2021).
-- An agreement has been signed with the University of
Witwatersrand in Johannesburg and selected quarter core samples
will be sent to the University's Geology Department this week for
mineralogical and thin section analysis.
-- A report received from Aster Funds Ltd ("Aster") based in
Toronto entitled 'Satellite-Based Long Wave Infrared (LWIR), Short
Wave Infrared (SWIR) and Synthetic Aperture Radar (SAR) Mapping,
Molopo Farms Exploration Licences has identified about 14 new
targets in the feeder zone, with priority targets recommended to be
ranked for follow-up ground exploration.
-- Down-hole geophysics data is expected to be acquired in the
next phase of the current programme, this should help identify any
massive sulphide mineralisation proximal to the disseminated
sulphides encountered at around 308-313m drill hole depth and below
500m drill hole depth, in angled hole KKME 1-6.
OWNERSHIP STRUCTURE - MOLOPO FARMS COMPLEX PROJECT
Power Metal currently has an 18.26% shareholding in Kalahari Key
and has elected to earn in ("Earn-In") to a 40% direct interest in
the MFC Project by funding US$500,000 of exploration expenditure by
30 April 2021, notably the diamond drilling of selected targets
(the "Drill Programme"). To date Power Metal have paid US$392,641
leaving a balance remaining of US$107,359 (approximately GBP76,801)
which is fully covered by Power Metal cash resources.
THE DRILL PROGRAMME
The Drill Programme was for an initial planned 2,505m across
four diamond core drill holes with planned target hole depths
varying from 525m to 710m. Ultimate meterage to be drilled will be
determined in due course.
The Drill Programme is designed to intersect four high priority
targets prospective for massive nickel sulphide mineralisation,
delineated by both Time Domain Electromagnetic ("EM") and Natural
Field Audio Magneto Telluric ("NF-AMT") geophysics surveys.
DRILL HOLE KKME 1-14
The first drill hole KKME 1-14 at the MFC Project attained a
target depth of 515.8m. The hole was completed safely and securely
and achieved near 100% core recovery.
KKME 1-14 was sited in the Jwaneng-Makopong Shear/Feeder zone to
the east of the main Molopo Farms Complex intrusion.
KKME 1-14 supports the geological proposition that the geology
at Molopo Farm is that of a feeder zone.
DRILL HOLE KKME 1-6
Hole KKME 1-6, the second hole, attained a target depth of
597.8m. The hole was designed to intercept the upper side of a
conductive body modelled from geophysical survey data to commence
around 500m down-hole depth.
KKME 1-6 is located in the project's Tshepo (Hope) Central
Target Area, approximately 20km west-southwest of the programme's
first drill hole KKME 1-14 and along strike on the shear zone
interpreted as the Molopo Farms Complex Feeder Zone.
The Tshepo (Hope) Central Target Area lies within the centre of
the interpreted feeder zone inside the near-surface sub-crop of the
Molopo Farms Complex in Licence PL311/2016.
FURTHER INFORMATION
Kalahari Key have signed agreements with Aster Funds Ltd ("AFL")
and Bell Geospace Ltd ("Bell") to integrate innovative exploration
survey and processing techniques with the existing Kalahari Key
airborne, AMT ground and downhole geophysical datasets with a view
to accelerating and refining the exploration targeting process for
future drill testing.
AFL employ satellite-based Aster Thermal Imagery to provide
target mapping through longwave infra-red ("LWIR") and shortwave
infra-red ("SWIR") Spectral Analysis and electromagnetic ("EM")
conductivity analysis based on Synthetic Aperture Radar. These
systems complement Kalahari Key's geophysical datasets and will
help in the rapid determination of both the near-surface geology
and alteration minerals which could be linked to underlying
mineralised systems.
The collaboration with Bell will facilitate the integration and
analysis of the KKME airborne and ground geophysical data with
Bell's high-resolution Zeppelin airship-supported gravity data
collected over the three Kalahari Key Molopo Farms Complex licence
areas (PL202/2018, PL310/2016, PL 311/2016).
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 (LON:POW) is an AIM listed metals
exploration and development company seeking a large scale metal
discovery.
The Company has a global portfolio of project interests
including precious metal exploration in North America and Australia
together with base and strategic metal exploration in Africa.
Project interests range from early stage greenfield exploration to
later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project
generation, exploration and development and have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors wishing to gain exposure to
proactive global metals exploration.
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
DRLPPUMAPUPGGWP
(END) Dow Jones Newswires
February 22, 2021 09:30 ET (14:30 GMT)
African Battery Metals (LSE:ABM)
Historical Stock Chart
From Apr 2024 to May 2024
African Battery Metals (LSE:ABM)
Historical Stock Chart
From May 2023 to May 2024