TIDMPOW
RNS Number : 0141O
Power Metal Resources PLC
26 January 2023
26 January 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Gold Project, Botswana - 2023 Exploration Underway
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces next stage exploration on
its 100% owned and operated Tati Gold Project ("Tati" or the
"Project") located within the Tati Greenstone Belt near
Francistown, Botswana, is underway.
EXPLORATION PROGRAMME KEY OBJECTIVES
- To confirm the presence of a large gold-bearing system and
delineate a deposit, through follow-on work over a larger portion
of the approximately 8km long gold-in-soil anomaly.
- Through Power Metal's largest and most comprehensive
exploration campaign across the Tati Project, to date.
o Programme will include mechanised trenching, geophysics
surveys, high-resolution geochemical surveys, reverse circulation
("RC") drilling and diamond core drilling.
o Both geophysical survey work and mechanised trenching are
currently underway, with further soil sampling scheduled and RC and
diamond drilling to follow on in order to test the emerging high
priority gold targets.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
" The exploration campaign now underway is a key step forward
for Power Metal with the various planned works tailored towards a
single objective, namely the discovery of a large gold deposit.
Our exploration programmes in 2021 and 2022 have built a robust
picture of the Project's potential and we are particularly excited
as we proceed with the next stage of exploration - the largest ever
completed on the Project by Power Metal.
So far, we have confirmed near surface high-grade gold from
reverse circulation drilling, conducted last year, which
intersected the quartz reef structure near the Cherished Hope mine
and delivered high-grade and bonanza-grade gold results. Figure 1
below provides an overview of those results.
Within the table immediately below is an overview of the work we
are planning to undertake, with explanatory notes on the various
steps to be implemented."
EXPLORATION PROGRAMME OVERVIEW
Exploration Work Rationale and Targeted Outcome
TRENCHING This work will look to extend
A circa 500 metre mechanised the already known strike length
trenching programme (underway). extension of the main quartz
Trenching will be focused along reef structure at the Cherished
various strike-length extensions Hope gold mine (the "Cherished
of the known outcropping gold Hope") within the Project licence
mineralised quartz reef structure. area. The quartz reef currently
Quartz reef as well as mineralised remains open towards the northwest
wall rock will be sampled when and southeast as well as down
intersected within the exposed dip.
trenches. If the main quartz reef is successfully
intercepted, the trenching would
highlight quartz reef continuity
between known historical workings
at Cherished Hope, as well as
to the northwest and southeast
of current (175m) strike length
extents as defined by the recently
completed RC drilling campaign.
By extending the surficial expression
of the mineralised quartz reef
structure beyond the currently
defined 175m strike length,
Power Metal will be able to
follow up drill test these areas
to prove the downdip continuity,
therefore increasing the size
of the mineralised system in
multiple dimensions.
-----------------------------------------
SOIL GEOCHEMISTRY Historical soil sampling completed
High-resolution soil geochemistry over the majority of the Tati
programme focussed on approximately Project was undertaken by previous
3km of strike-length (see red operators along 400m spaced
area highlighted on figure 1 lines at 40m sample spacing.
below). This programme looks to infill
Approximately 500-600 individual the line spacing so that the
soil samples are planned with definition and location of already
follow up assay testing of samples. proven Au-in-soil anomalies
Soil samples will be collected is vastly improved.
along a grid which will be focussed This work will then allow Power
northwest of the 2022 RC drilling Metal to follow up with more
area. The goal is to improve focussed next exploration steps
the resolution and definition which could include trenching
over several kilometres of the and RC drilling of these new
currently defined 8km long areas during subsequent work
gold-in-soil anomaly. programmes.
By completing this work, a much
larger percentage of the 8km
long Au-in-soil anomaly can
move to next exploration steps
therefore increasing the overall
attractiveness of the Project
as well as the size of the mineralised
footprint.
-----------------------------------------
GEOPHYSICS The goal of the magnetometer
A ground magnetometer geophysics survey is to provide high-resolution
survey focussed on the northwestern imaging of any structures or
strike length extension of the geology which may have had an
Cherished Hope Mine (underway). influence on the emplacement
of mineralised quartz reef structures.
Prospective structures and geology
identified by the magnetometer
survey can then be upgraded
to further work streams which
may include geochemical sampling,
trenching and RC & diamond drilling.
-----------------------------------------
REVERSE CIRCULATION ("RC") This RC programme is designed
DRILLING(1) to test for the along strike
15 RC drillholes are planned and down dip extension of the
to an average planned depth main mineralised quartz reef
of 100m for 1,500m in total. structure.
The mechanised trenching programme
will be completed prior to the
RC drilling and will look to
extend the known surficial expression
of the mineralised quartz reef
structure. Once the surface
expression is well defined by
trenching, RC drilling will
be employed in order to test
for the down dip or depth extension
of the quartz reefs within the
subsurface.
The goal is to prove continuity
in the widths as well as grades
of the quartz reef structure
from surface down to depths
targeted by the RC drilling.
-----------------------------------------
DIAMOND CORE DRILLING(2) The diamond drilling programme
is designed to drill test select
5 diamond drill holes are planned portions of the quartz reef
to an average expected depth structures which were previously
of 100m for 500m in total. successfully delineated by the
RC drilling conducted during
fall 2022.
Diamond drilling provides full
core rock samples, and therefore
valuable information about structure,
geology, and the nature of gold
mineralisation.
The information extracted from
diamond drilling will allow
the company to gain a better
understanding of the mineralised
quartz reefs and surrounding
wall rocks. This data will be
important as exploration continues
to develop across the broader
Tati Project.
-----------------------------------------
KEY:
(1) RC drilling involves a "hammer" piston which repeatedly
strikes the target rock. Simultaneously, a powerful drill-bit at
the end made of tungsten rotates at high speed. This creates small
chips of rock known as drill cuttings that are sucked up with a
vacuum and transported to a cyclone at the surface through
dedicated tubes. The chips are then sorted into a variety of
sampling bags, each of which represents a certain depth section of
the drill hole. These bags are then sent off directly to the assay
lab where their mineral content can be analysed. In turn, a picture
of the rock types the hole encountered throughout its length can be
established.
(2) Diamond core drilling involves rotating a hollow drill bit
embedded with diamonds into the ground to a certain depth before
extracting the solid, intact core recovered for analysis.
FURTHER INFORMATION
Figure 1 - Tati Project Overview Plan Map:
Figure 2 - Tati Project Q3 Drilling Area Zoomed Plan Map:
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.
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END
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