TIDMPOW
RNS Number : 9409J
Power Metal Resources PLC
29 April 2022
29 April 2022
Power Metal Resources plc ("Power Metal" or the "Company")
Ditau Camp Project Botswana - Drilling Update
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 Ditau
Camp project (the "Project") in Botswana.
The Project is held by Botswana based Kanye Resources Pty
Limited ("Kanye"), which is a 50/50 joint-venture partnership with
Kavango Resources plc (LSE:KAV) ("Kavango") - who are the
operators.
Kavango confirm the completion of the first diamond drill hole
at the Ditau Camp Project, Botswana, hole DITDD003 (the
"Borehole").
The hole was completed to a total depth of 300.14m, which the
Company's technical team believes has tested the geophysical target
at this specific location.
The Borehole intersected units including a breccia of 20.44m
from 83.9m, and a dolomitic carbonate rock from 154.89m. This
latter may contain stromatolitic features.
Kavango's technical team is now assessing the provenance of the
breccia unit, which it believes may represent either a weathered
carbonatitic ash flow or a weathered Dwyka tillite.
In addition, a 7.16m intrusive, considered to be a dolerite, was
intersected from 247.73m.
While the provenance of the breccia unit is uncertain Kavango
has performed some initial portable X-Ray Fluorescence ("pXRF")
readings on the matrix and larger clasts, with a view to comparing
these with both carbonatitic ash flow and also unweathered Dwyka
tillite. The latter has been drilled in recent Kavango diamond
drillholes in the region and will be used for these pXRF
checks.
Subsequent to this the cores from DITDD003 will be cut and sent
to an accredited laboratory for whole rock analysis with
petrological work also carried out on selected samples.
Hole DITDD003 is one of six planned boreholes in the current
programme. The drill rig is currently being moved to the pad for
the next hole in the campaign, DITDD004.
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 - 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.
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.
---------- --------- ------------------------ ----------------------------
Athabasca Canada 100% Data compilation Interpretation
Uranium across uranium results from all
properties Properties complete.
Next steps upcoming.
---------- --------- ------------------------ ----------------------------
Authier North Canada Earn-in Soil & rock sampling Technical Review
Lithium to 100% completed of exploration
results & define
next exploration
steps.
---------- --------- ------------------------ ----------------------------
Ditau Project Botswana 50% Drill programme Field updates and
focused on key receipt & review
targets notably of laboratory assay
drilling of potential results.
carbonatites and
targeting rare-earth
elements.
---------- --------- ------------------------ ----------------------------
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% Review of recent Determine next
exploration findings. exploration steps
and action plan.
---------- --------- ------------------------ ----------------------------
Haneti Project Tanzania 35% Diamond drill programme Receipt & review
completed of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Victoria Goldfields Australia 49.9% Diamond drill programme Field updates and
underway receipt & review
of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Paterson Projects Australia 83.33% Wallal passive Findings from multiple
seismic and 2D work programmes
seismic processing including final
work programme approvals and preparations
completed. for planned deep
Review of historical diamond drilling.
data and target
generation for
Ripon Hills & Braeside
West projects.
---------- --------- ------------------------ ----------------------------
Selta Project Australia 83.33% Field reconnaissance Finalising data
work complete, review from field
including mapping programmes.
and sampling.
---------- --------- ------------------------ ----------------------------
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