TIDMPOW
RNS Number : 8403W
Power Metal Resources PLC
23 August 2022
23 August 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms- Drill Programme and Geophysics 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 in relation to the
Molopo Farms Complex Project ("Molopo Farms" or the "Project")
targeting a large scale nickel-copper-platinum group element
("PGE") discovery in southwestern Botswana.
On 16 August 2022 the Company announced an update highlighting
the identification of a large electromagnetic ("EM") conductor, the
edge of which, had been intersected by previous diamond core
drillhole KKME 1-6 ("K1-6"), at similar stratigraphic levels to a
broad nickel sulphide mineralised interval. As announced, drill
testing this conductor is to be the focus of the upcoming expedited
diamond drill programme. The link to this announcement is
below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-drill-target-k1-6/15586161
HIGHLIGHTS
-- Preparations for the first Power Metal managed and operated
diamond drill programme at Molopo Farms are advancing at pace and
the commencement date for drilling is expected to be announced
shortly.
-- The drilling will target the core of the new conductor,
immediately south of K1-6, with multiple drillholes planned of
varying positions in order to maximise the discovery potential of
the programme.
-- Precision drill hole targeting work at K1-6 is also underway,
given the size of the conductor the first two holes are expected to
be located approximately 500m and 1,000m to the south of original
hole K1-6.
-- The programme is being designed to ensure expeditious core
analysis to include: geologists on site to conduct continuous core
inspection and logging, identification of visible sulphides,
selection of core samples for assay testing and the arrangement
where appropriate of expedited laboratory assays to minimise
turnaround time.
-- Two additional high-priority targets located southwest of
K1-6 have been selected for moving loop electro-magnetic ("MLEM")
surveys, to provide further targets for planned diamond
drilling.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"It is encouraging to see the interest in Molopo Farms shown by
shareholders and investors. We share the excitement this Project
brings, and the K1-6 conductor is considered by our technical team
to be a very compelling drill target.
We are seeking commencement of drilling as soon as possible and
making expedited final preparations for this. There will be further
announcements to follow in this regard.
Expanding the geophysics programme to cover two new targets
demonstrates the size and scale of the Molopo Farms
opportunity.
As this work progresses, in parallel, we continue to engage with
third parties that have expressed an interest in Molopo Farms and
the high-impact exploration work we are undertaking.
The level of interest in the Project is notable, demonstrating
we believe not only the Project's geological potential, but also
its geographic location, Botswana, which is a secure, supportive
and positive operating environment for resource exploration and
development."
FURTHER INFORMATION
Drill Programme Planning
-- Following detailed review of the geophysical data and in
consultation with Power Metal's in-country technical team, the
Company is planning to drill multiple holes targeting the southerly
dipping conductor at K1-6, the core of which has never been
drilled. The conductor is highlighted in Figure 2 and 3 in the link
below:
https://www.powermetalresources.com/molopo-farms-complex-rns/
-- The first two drill holes are planned to be located
approximately 500m and 1,000m south of previous diamond drillhole
K1-6. The drill holes will be drilled towards the north at a 70
degree angle in order to best intersect the southerly dipping
conductor.
-- Spectral Geophysics are undertaking inversions of the MLEM
data collected to date as well as high-resolution ground-magnetic
surveys over drillholes K1-6 and KKME 1-14 ("K1-14"), to enable
further refinement of the target areas prior to selecting final
drillhole parameters (precise collar location, dip and
azimuth).
-- The Company is finalising all preparations for the upcoming
programme, including drill contract finalisation and the engagement
of drill rig geologists, field technicians, core cutting personnel
and general labourers. The senior project geologist from MSA
Consulting Inc. engaged to help manage the Project in-country on
behalf of Power, and who has extensive working knowledge of the
Project, will be responsible for day-to-day oversight while
drilling is ongoing.
Expansion of Geophysics over Additional Targets
-- The Company has also engaged Spectral Geophysics to undertake
additional MLEM surveys over two additional targets K1-3 and K2-3,
located approximately 30km and 60km southwest of target K1-6 and
within prospecting licence ("PL") 310/2016.
-- The additional targets are considered by the Power Metal
technical team to hold significant potential prospectivity for
nickel, copper and platinum group element mineralisation and the
MLEM surveys will assist in the development of additional drill
targets in those locations.
-- A location plan map of the Project highlighting the location
of all geophysical target areas can be found at the link below:
https://www.powermetalresources.com/molopo-farms-complex-airborne-em-target-map/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic
interest in Molopo, held through a direct project interest and a
shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd
("KKME"). On 18 May 2022 Power Metal announced a conditional
transaction that would see its interest in Molopo Farms increasing
to 87.71% (the "Transaction"). The announcement may be viewed
through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project
operator and in advance of completion the Company is working with
the team at KKME to maintain momentum with regard to Project
exploration.
Work streams are also in process to secure Botswana regulatory
approvals enabling the Transaction to complete.
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%(#) Final preparations Drilling contract signature
Farms for the launch and commencement of K1-6
of K1-6 conductor drill programme. Results
target drilling from MLEM surveys.
and MLEM surveys
over K1-3 and
K2-3.
--------- --------- --------------------- --------------------------------
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/
.
------------------------------------ ------------------------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLUUVWRUWUWUAR
(END) Dow Jones Newswires
August 23, 2022 02:00 ET (06:00 GMT)
Power Metal Resources (LSE:POW)
Historical Stock Chart
From May 2024 to Jun 2024
Power Metal Resources (LSE:POW)
Historical Stock Chart
From Jun 2023 to Jun 2024
