TIDMPOW
RNS Number : 6400L
Power Metal Resources PLC
14 September 2021
14 September 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana - Large Scale Gold Anomaly Confirmed
Rock and Soil Samples from Sikukwe Zone Return High-Grade Gold
Results including up to 26.5g/t Gold from Rock Sample
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the confirmation of a large
scale gold-in-soil anomaly at the Tati project located in the Tati
Greenstone Belt near Francistown, Botswana (the "Project").
The gold anomaly was confirmed following receipt of laboratory
assay testing results of soil and rock samples collected during the
Company's Phase I exploration programme at the Project, further
information in respect of which is provided below.
HIGHLIGHTS
-- The second batch of samples, including 49 rock and 380 soil
samples, were collected and sent for laboratory fire assay testing
for gold in Perth, Australia.
-- Results have confirmed a large scale gold-in-soil anomaly
with coincident high-grade rock assay results up to 26.5g/t
gold.
-- Soil sample assay results returned up to 1,614 parts per
billion ("ppb") gold ("Au"), including 10 soil samples that
returned >75ppb gold, representing an extremely high-tenor
result.
-- Overall, the results encountered confirm a large scale
gold-in-soil anomaly further providing support for the company's
accelerated exploration on the Project.
-- Phase II exploration, which was launched on August 26 2021,
continues at pace and is focused on delineation of targets for
drill testing, which is expected to commence by the end of
September 2021.
Figure 1, which highlights the soil and rock results analysed by
fire assay for gold from the Phase I programme can be viewed on the
Company's website through the following link:
https://www.powermetalresources.com/sikukwe-zone-soil-rock-results/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The Tati Project in Botswana continues to deliver, with the
multiple large scale nickel and arsenic-in-soil anomalies announced
on 19 August 2021, and now followed up with the confirmation of a
large scale gold-in-soil anomaly confirmed at the Sikukwe Zone from
gold fire assay testing.
The new results, including up to 26.5g/t gold in rock samples,
are very encouraging and the team are increasingly thrilled with
the findings to date and the exploration potential offered by the
Tati Project.
Since Power Metal exercised its option to acquire the Tati
Project in July, we have conducted extensive accelerated
exploration on the ground and that work continues today, as we
vector in on targets for drill testing expected to commence later
this month.
Our thanks go to the ground operational teams and those withwhom
we are working in Botswana for moving the Project to the cusp of
potentially high-impact drilling in just two months from option
exercise, which is quite a remarkable acheivement."
PROJECT BACKGROUND
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 Ltd.
Details of the option exercise can be found below.
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-option-exercised/15075700
PHASE I EXPLORATION - RESULTS
A total of 1,107 soil samples and 49 rock samples were collected
across five select areas as part of the Phase I programme at the
Project which was orginally announced by the Company on 28 June
2021:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-commences/15036117
The first batch of results were analysed utilising a portable
field X-ray Fluorescence ("XRF") spectrometer, and from this work
multiple large scale nickel and arsenic soil anomalies were
announced by the Company on 19 August 2021:
https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-anomalies-confirmed/15104018
The second batch of results presented herein represent the 380
soil samples from Grid 1 (or the "Sikukwe Zone"), and 49 rock
samples which were analysed by fire assay for gold at Intertek
Group plc's laboratory located in Perth, Australia.
-- The Sikukwe Zone geochemical results highlight a roughly
2100m long northwest-southeast trending high-tenor gold-in-soil
anomaly which ranges in width from 1400m to 800m along its extent.
The anomaly remains open in all directions. Of the 380 samples
collected from the Sikukwe Zone, 10 returned greater than 75ppb Au.
Of particular interest is an individual soil sample which returned
1614ppb Au (1.6g/t). Historic widely spaced soil sampling over the
Sikukwe Zone returned a maximum result of 34ppb Au; the results
presented herein returned 14 samples (34.8ppb - 1614ppb Au) which
were above the previous highest result of 34ppb Au.
-- The Sikukwe Zone is mostly overlain by Kalahari sand cover,
which made prospecting and rock sampling difficult. One area with
limited rock exposure located near the southern portion of the
gold-in-soil anomaly was prospected and rock sampled as part of the
Phase I programme. Very encouraging results were obtained from the
newly discovered Goldsource Zone, where two samples returned
high-grade gold including 23.6g/t Au, and 26.5g/t Au. All rock
samples were taken from an exposed variable quartz-stockwork veined
outcrop over a 35m strike-length.
-- Due to extensive Kalahari sand cover, soil sampling within
the Tati Greenstone Belt has proven to be an extremely valuable
exploration tool historically, as it has led to the discovery of
several gold mines within the district. Further analysis of the
Sikukwe Zone soil and rock sample results were undertaken by the
Company. It was determined that the highest soil result obtained
proximal to the newly discovered Goldsource Zone was 78.2ppb Au. As
the intensity of gold anomalism generally coorelates with
underlying bedrock gold mineralisation, Power Metal is extremely
encouraged by the several other areas within the Sikukwe Zone which
returned significantly higher Au-in-soil results (including
1614ppb, 265ppb, 235ppb, 164ppb, 131ppb, 120ppb, and 110ppb Au),
that are associated with no known rock exposures.
-- Prior to Power Metal acquiring PL126/2019, the Sikukwe Zone
was subject to minimal historic exploration, despite its proximity
to several nearby gold mines within the Tati Greenstone belt,
including Map Nora and Golden Eagle, which are located less than
5km away. The Company is extremely pleased with the Phase I results
obtained and presented herein. The Sikukwe Zone is proving to be a
extremely exciting target for the discovery of greenstone hosted
gold mineralisation for the Company. As a result, a Phase III
programme that will include at least 1000m of reverse circulation
("RC") drilling is being planned at pace. The planned drill
programme represents the first ever known drilling campaign
undertaken within the Sikukwe Zone.
PHASE II EXPLORATION
The phase II geophysics programme is underway and progressing at
pace. The results of this programme as well as an update on planned
drilling activities across the Tati Project will be released to the
market within the coming weeks.
Further information in respect of the Phase II programme is
available in the Company's announcement dated 26 August 2021:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15112960
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 principal 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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