TIDMPOW
RNS Number : 8148W
Power Metal Resources PLC
22 August 2022
22 August 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Gold Project Botswana - Drilling Commences
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the commencement of reverse
circulation ("RC") drilling at its 100% owned Tati Gold Project
("Tati" or the "Project") located within the Tati Greenstone Belt
near Francistown, Botswana.
A map highlighting the location of the RC drill programme can be
found at the link below:
https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/
HIGHLIGHTS
-- Drilling team and equipment have mobilised to site and RC
drilling has commenced targeting near surface high-grade gold
mineralisation.
-- 500 metres of RC drilling are planned within nine holes which
are designed to test for the along strike and down-dip extension of
the Cherished Hope mine mineralised quartz reef structures.
-- Due to efficiency of RC drilling and the Project's proximity
to Francistown, the drill programme is expected to take
approximately 1 week to complete and will be undertaken while
preparations for the upcoming Molopo Farms Complex drilling
campaign are ongoing.
-- Sampling for gold content in fines dumps at the Project
(holding waste material from the Cherished Hope gold mine) is
complete, with laboratory assay results awaited.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
" The Company remains focused on preparations for the upcoming
Molopo Farms Complex drilling campaign targeting a large-scale
nickel-copper-platinum group metal discovery.
The Tati Project, also in Botswana, has demonstrated potential
for high grade and near surface gold mineralisation, and we are
therefore moving ahead with an expedited next stage drill
programme.
The drilling will take place adjacent to the Cherished Hope
former working gold mine, situated within our recently secured
exploration licence PL049/022.
In parallel we await the laboratory assay results from sampling
of the fines dumps from the Cherished Hope mine, which we expect
will contain residual gold that potentially may be capable of
processing at an existing plant nearby, subject to any appropriate
local approvals."
FURTHER INFORMATION
A recent exploration update covering the Tati Project, and
specifically the newly pegged prospecting licence ("PL") 049/2022,
was released on 18 July 2022 and can be found at the link
below:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15543783
PL049/2022 was staked to cover the southeastern extension of the
large gold-in-soil anomaly discovered by the company on its licence
PL126/2019. Site visits following the pegging of PL049/2022 led to
the identification of the historical Cherished Hope Gold mine, as
well as multiple fines dumps in the vicinity of the workings.
Following that, the company completed a full in-depth review of
historical data covering the newly acquired PL. It was determined
that the Cherished Hope Gold Mine and associated fines dumps cover
only a small portion of the gold-in-soil anomaly which extends
across the majority of PL049/2022 (see map linked above).
The ongoing drilling is located approximately 6km to the
southeast along the same regional mineralising structure where the
Company drilled earlier in 2022 - where up to 5.17g/t gold ("Au")
was intersected over 3m from only 9m downhole.
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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Project Location Current Work Completed Results Awaited
POW or Underway
%
Athabasca Canada 100% Ground exploration Results from ground exploration
Uranium programme underway including spectrometer
at 3 properties. analysis, sampling and
Continuing data mapping.
analysis across
the property
portfolio.
--------- --------- --------------------- --------------------------------
Authier Canada Earn-in Property Evaluation Update covering exploration
North to 100% Report completed. plans for target areas
Lithium identified during the
Evaluation.
--------- --------- --------------------- --------------------------------
Molopo Botswana 53%(#) Geophysics programme Final preparations for
Farms complete. launch of accelerated
drill programme targeting
very large scale magnetic
conductor.
--------- --------- --------------------- --------------------------------
Tati Botswana 100% RC drilling underway Review of mine dumps
Project and previously sampling, and processing
sampling of mine potential. Results from
dumps complete. RC drill programme.
--------- --------- --------------------- --------------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
Exploration work programmes may also be underway within Power
Metal investee companies and planned IPO vehicles where Power Metal
has a material interest, the findings from which will be released
on their respective websites, with simultaneous updates through
Power Metal regulatory announcements where required. These
interests are summarised in the table below:
Company Status/Operations Link
First Class Investment - POW 28.19% www.firstclassmetalsplc.com
Metals PLC Exploration in the Schreiber-Hemlo
region of Ontario, Canada
------------------------------------ ------------------------------------------------------------
First Development Planned IPO - POW 62.12% www.firstdevelopmentresources.com
Resources P Exploration in Western Australia
LC and the Northern Territory
of Australia
------------------------------------ ------------------------------------------------------------
Golden Metal Planned IPO - POW 83.13% www.goldenmetalresources.com
Resources PLC Exploration and development
in Nevada, USA
------------------------------------ ------------------------------------------------------------
Kavango Resources Investment - POW 14.03% www.kavangoresources.com
PLC (subject to completion of
Kanye Resources disposal
announced 8.7.22)
Exploration in Botswana
------------------------------------ ------------------------------------------------------------
New Ballarat Planned IPO - POW 49.9% A new website is currently
Gold PLC Exploration in the Victoria in development which
Goldfields of Australia will be found at www.newballaratgoldcorp.com
.
In the interim further
information in respect
of NBGC can be found
at:
https://www.powermetalresources.com/project/victoria-goldfi
elds/
.
------------------------------------ ------------------------------------------------------------
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