TIDMPOW
RNS Number : 1603Y
Power Metal Resources PLC
02 September 2022
2 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Gold Project Botswana - Exploration Update
Power Metal Completes Gold Focused Drilling Programme and
Initial Results from Fines Sampling Demonstrate Extensive Residual
Gold
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an exploration update from
its Tati Gold Project ("Tati" or the "Project") located within the
Tati Greenstone Belt near Francistown, Botswana.
The Company announced the commencement of reverse circulation
("RC") drilling on 22 August 2022 and a link to that announcement
is provided below:
https://www.londonstockexchange.com/news-article/POW/tati-gold-project-botswana-drilling-commences/15595699
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/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"My thanks to the team in Botswana for the completion of a safe
and effective drill programme. The samples have been prepared
efficiently and sent to Intertek for assay testing and we look
forward to receiving the results. Naturally having intersected the
targeted geological structures repeatedly and at shallow depth, we
are particularly enthused with progress thus far.
The sampling of the fines dumps has also delivered residual gold
from all samples taken across the dumps. The processing potential
of this waste mine material is interesting and we are looking at
this further based on the results of the sampling. In addition, the
fact that the dumps retain material residual gold after previous
processing is extremely positive, indicating that higher grade
material was originally extracted and processed from the Cherished
Hope former working mine.
In summary, we are moving forward at some pace with the Tati
Gold Project, and I look forward to reporting further as the assay
results are received."
HIGHLIGHTS:
RC Programme
-- RC drilling programme completed with a total 490m drilled
across 9 holes for an average drillhole depth of 55m.
-- Drilling was designed to test for potential along-strike and
down-dip extensions of the gold-bearing quartz vein structures, or
'quartz reef', worked at the former Cherished Hope mine located, in
close proximity to the drilling sites, on the Project.
-- Quartz reef was successfully intersected within all holes
drilled, with multiple holes intersecting multiple sub-parallel
quartz reef structures. The largest single intersection was from RC
hole CHRC00007 which intersected quartz reef from 11-19m (8m
intersection).
-- Sulphide mineralisation, including chalcopyrite and
arsenopyrite was logged within the quartz reef and in some
instances up to 5m into the vein footwall.
-- RC drill chip samples have been prepared and sent to Intertek
in Perth, Australia ("Intertek") for accredited laboratory assay
testing to determine gold content.
Fines Sampling Update
-- In total 37 samples were collected from across the former
mineral processing fines dumps found on the Project. These dumps
consist fine grained waste material resulting from historical
processing of ore material mined from the Cherished Hope gold
mine.
-- The sampling was to test for residual gold in the dumps,
which if confirmed, could offer the potential for reprocessing
using more efficient modern gold recovery methods and to generate
cashflow, subject to local approvals.
-- The 37 samples were sent to the nearby Mupane Gold Mine
laboratory for gold assay testing, with received results confirming
the presence of residual gold in every sample tested (ranging from
0.35g/t to 2.16 g/t Au with an average grade across all samples of
0.94g/t Au, see Table 1 below). Duplicate samples were also sent to
Intertek for independent check analysis, the Company is currently
awaiting these assay results.
-- The presence of the residual gold in the fines material,
could reflect the high grade nature of the ore originally mined at
Cherished Hope or the less efficient gold processing methods
previously employed there.
Table 1: Tati Gold Project Fines Dump - Assay Table
Sample ID Au (g/t)
CHD09 67046 0.74
---------
CHD09 67048 0.77
---------
CHD10 67050 0.77
---------
CHD10 67052 1.08
---------
CHD11 67054 0.88
---------
CHD11 67056 1.24
---------
CHD12 67058 1.16
---------
CHD12 67060 1.06
---------
CHD13 67062 1.37
---------
CHD13 67064 1.23
---------
CHD14 67066 0.8
---------
CHD14 67068 2.16
---------
CHD15 67070 0.75
---------
CHD15 67072 0.98
---------
CHD16 67074 0.35
---------
CHD16 67076 1.05
---------
CHD17 67078 1.19
---------
CHD17 67080 1.36
---------
CHD18 67082 0.82
---------
CHD18 67084 1.06
---------
CHD19 67086 1.58
---------
CHD01 67014 0.69
---------
CHD01 67016 0.53
---------
CHD02 67018 0.66
---------
CHD02 67020 0.91
---------
CHD03 67022 0.73
---------
CHD03 67024 0.66
---------
CHD04 67026 0.48
---------
CHD04 67028 0.66
---------
CHD05 67030 0.94
---------
CHD05 67032 0.89
---------
CHD06 67034 0.94
---------
CHD06 67036 1.04
---------
CHD07 67038 0.89
---------
CHD07 67040 0.72
---------
CHD08 67042 0.75
---------
CHD08 67044 0.92
---------
Average 0.94
---------
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.
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 or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Results from ground
Uranium programme underway exploration including
at 3 properties. Continuing spectrometer analysis,
data analysis across sampling and mapping.
the property portfolio.
--------- --------- ----------------------------- --------------------------
Authier Canada Earn-in Property Evaluation Update covering
North to 100% Report completed. exploration plans
Lithium for target areas
identified during
the Evaluation.
--------- --------- ----------------------------- --------------------------
Molopo Botswana 53%(#) Final preparations Commencement of
Farms for the launch of T1-6 drill programme,
K1-6 conductor target and findings therefrom
drilling and MLEM and results from
surveys over T1-6, MLEM surveys.
T1-14, T1-3 and T2-3
targets.
--------- --------- ----------------------------- --------------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and results
from 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 PLC Exploration in Western Australia
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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