TIDMPOW
RNS Number : 6199Z
Power Metal Resources PLC
26 January 2022
26 January 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Haneti Project - Diamond Drilling Commences
Haneti Project Diamond Drilling Programme - Drill Rig has
Successfully Mobilised to Site and Drilling has now Commenced
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update from the Company's
inaugural diamond drilling programme on the
nickel-copper-cobalt-platinum group element Haneti Project
("Haneti" or the "Project") located in central Tanzania.
The Company confirms that the mobilisation of the diamond drill
rig and operational team has been successfully completed and
diamond drilling has now commenced.
Drill Programme
Details in respect of the planned drill programme can be
reviewed in the Company's announcement on 11 January 2022 which may
be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/haneti-project-drill-programme-commencement/15281933
A map highlighting the planned locations for the 2022 diamond
drilling programme can be found at the following link:
https://www.powermetalresources.com/haneti-project-drill-programme/
Joint Venture Ownership Structure
The Haneti Project is currently held under a Joint Venture
("JV") with Katoro Gold Plc (LON:KAT "Katoro") who hold a 65%
interest, with the remaining 35% interest held by Power Metal.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"This is a great day, one that has been years in the making, as
we commence inaugural diamond drilling at the Haneti Project
targeting magmatic sulphide hosted nickel, copper, cobalt and
platinum group metals.
Haneti represents a district scale opportunity and we hope that
drilling will unlock further value from the Project enabling our
technical team to better understand the various geological
environments. Ultimately, a discovery of the metals targeted could
be transformational for Power Metal and our partners Katoro.
Our thanks go to the operational team for battling the
challenging weather conditions locally to mobilise the rig and crew
safely to site, establish an operational camp, and commence
drilling. "
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, 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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway,
with results awaited, as outlined below:
Project Location POW % Work Completed Results Awaited
or Underway
Alamo Gold USA Earn-in Excavation of multiple Field and assay
Project to 75% test pits and mapping results from on-site
& sampling. work programme.
---------- ---------- ------------------------ ----------------------
Authier North Canada Earn-in Soil & rock sampling Interpretation
Lithium to 100% completed of laboratory assay
results of samples
collected.
---------- ---------- ------------------------ ----------------------
Ditau Project Botswana 50% Preparatory exploration Field programme
work underway on findings and defined
target I10 leading drill targets for
to planned accelerated near term drilling.
drilling targeting
rare-earth elements
and base metals
---------- ---------- ------------------------ ----------------------
Kalahari Copper Botswana 50% Exploration programme Field programme
Belt underway across findings and defined
the South Ghanzi drill targets for
Project and further near term drilling
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- ---------- ------------------------ ----------------------
Molopo Farms Botswana 53%(A) Kavango Option Results from various
to acquire an interest work activities
in local project underway as part
holding company. of the Kavango
Option fee payable Option
through defined
work programme
---------- ---------- ------------------------ ----------------------
Tati Gold/Nickel Botswana 100% Reverse circulation Laboratory assay
drill programme results awaited
completed
---------- ---------- ------------------------ ----------------------
H aneti Project Tanzania 35% Diamon drill programme Results from field
underway programme including
drill programme
underway
---------- ---------- ------------------------ ----------------------
Victoria Goldfields Australia 49.9% Ongoing exploration Results from field
across 848km(2) programme including
of granted exploration drill programme
licences underway
---------- ---------- ------------------------ ----------------------
Wallal Gold/Copper Australia 83.33%(B) Passive seismic Results awaited
Project and 2D seismic
processing work
programme completed.
Ground reconnaissance
work underway.
---------- ---------- ------------------------ ----------------------
(A) should Kavango exercise their option to acquire Kalahari
Key, Power Metal interest would reduce to 40% of the Molopo Farms
Complex project
(B) assuming all licences held by URE Metals Pty Limited are
granted as outlined in the Company's announcement of 19.11.21
resulting in the issue of First Development Resources Ltd shares to
URE vendors
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