TIDMPOW
RNS Number : 4772H
Power Metal Resources PLC
04 August 2021
4 August 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana - Ground Exploration Update
Phase I Programme of Geochemical Sampling, Mapping and
Prospecting Complete; Results Pending
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces that it has successfully
completed the Phase I work programme on its two gold-nickel
licences in the Tati Greenstone Belt (the "Tati Project" or the
"Project") located near Francistown, Botswana.
Power Metal exercised an option to acquire a 100% interest in
the Project on 28 July 2021, through its local wholly owned
operating subsidiary Power Metal Resources Botswana (Pty). Details
of the option exercise can be found in the link below.
Tati Project Botswana - Option Exercised - 07:00:05 28 Jul 2021
- POW News article | London Stock Exchange
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The completion of this Phase I programme so quickly after
option exercise is a key step for Power Metal and we look forward
to receipt of test results from the 1,156 soil and rock samples
collected.
The due diligence work completed earlier this year by our
exploration teams demonstrated multiple multi-kilometre arsenic,
gold, and nickel anomalies, and we believe the results from our
Phase I ground exploration programme will continue to demonstrate
the size, scale and magnitude of the targets that exist within the
licences.
We expect the results generated will allow us to plan for our
Phase II Programme which will include geophysics, as well as Rotary
Airblast ("RAB") drilling, which is planned for late summer
2021.
I want to extend a special thanks to our ground team, whom
worked diligently and efficiently over the last two weeks in order
to ensure that the programme was completed on schedule and on
budget."
Highlights
-- A total of 1,107 soil samples and 49 rock samples were
collected across the five grid areas. This exceeds the 1,000 soil
samples that was originally planned for the Phase I programme.
-- Mapping completed throughout the programme identified several
old workings, including historical trenches, mine shafts and adits
across both prospecting licences. Samples were taken from these
features when possible.
-- Several areas were designated for immediate follow up based
on mapped structural and geological observations, a Phase II
programme including ground-based geophysics is being considered in
advance of a Rotary Air Blast drilling programme planned for late
summer 2021.
-- Soil samples from grids 2-5 (727 samples) will be analysed by
portable x-ray fluoresence spectrometer ("pXRF"). Sampes from grid
1 (380 samples), as well as all rock samples have been submitted
for labaratory assay
by Intertek Group in Perth, Australia.
Labaratory assay and pXRF results from this programme will be
released to the market following receipt, compilation and
interpretation by Power Metal.
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 company which finances and manages global resource
projects and is seeking large scale metal discoveries.
The Company has a principle focus on opportunities offering
district scale potential across a global portfolio including
precious and base 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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