TIDMPOW
RNS Number : 5898D
Power Metal Resources PLC
20 October 2022
20 October 2022
Power Metal Resources plc
("Power Metal" or the "Company")
Molopo Farms Complex - 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 a drilling update from the
Molopo Farms Complex Project ("Molopo Farms" or the "Project")
targeting a large-scale nickel-copper-platinum group element
("PGE") discovery in southwestern Botswana.
In September 2022 Power Metal commenced a planned 2,600m diamond
drill programme at Molopo Farms focused on the drilling of three
Company designated priority (A+) electromagnetic ("EM") geophysics
conductors, located at target areas T1-6, T2-3 and T1-3. The first
diamond core drillhole, DDH1-6B is within priority target area T1-6
and is located 530m south of previous drillhole KKME1-6 drilled in
2020, which returned multiple nickel sulphide intervals which are
detailed in the Company's announcement of 24 September 2021
accessible via the link below:
https://www.londonstockexchange.com/news-article/POW/botswana-molopo-farms-complex-further-assays/15148836
HIGHLIGHTS:
-- The first diamond hole, DDH1-6B, has now achieved a depth of
576m.
-- Ultramafic rocks have been intersected immediately beneath
relatively shallow (24m) Kalahari Group sediments and have
continued to the current hole depth.
-- Preliminary inspection of DDH1-6B shows interbedded mafic
units, predominantly comprised of pyroxenites and serpentinites.
Pyroxenites were the host rock for nickel sulphide mineralisation
found within drillhole KKME1-6.
-- Visible sulphide mineralisation has been logged within
pyroxenites toward the end of the current drillhole DDH1-6B. As a
result, the Company has decided to extend the hole from the
original 600m target depth, with the goal of intersecting
additional pyroxenite layering. Drillhole DDH1-6B now has a planned
target depth of at least 650m.
-- Drill core recovery has been excellent, with core now being
transported to the processing area. Core logging and the
preparation of samples for assay testing will be expedited where
possible.
-- Following the completion of DDH1-6B, a down hole EM survey
will be undertaken in order to gather further geophysical data
which will assist in the vectoring of subsequent drillholes planned
to test the priority T1-6 target area.
-- In the interim on completion of DDH1-6B, the Company will
undertake a further new shallow drill hole into target area T1-6,
DDH1-6B(2), from a drill location proximal to that for the original
hole KKME1-6. The new drill hole is planned to a target depth of
250m. This hole will test for the potential up dip extension
(shallower) of the nickel mineralised pyroxenites identified in
drillhole KKME1-6, and should help the Company to demonstrate the
full extent of the mineralised system at this priority target
area.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"The initial findings from hole DDH1-6B are exciting, confirming
the extension of pyroxenite layering to the south of original hole
KKME1-6 and providing significant core intervals for expedited
processing and subsequent assay testing.
The presence of visible sulphide mineralisation toward the end
of the current hole has led us to make the decision to extend the
planned target depth of DDH1-6B to at least 650m.
The preliminary logging of the ongoing drillhole has confirmed
the angle of dip of geological units from original hole KKME1-6 to
the current hole DDH1-6B to be approximately 30deg, it is also
clear that we should test the northerly extension of the pyroxenite
layering up-dip, to the north of KKME1-6, where we are targeting
nickel sulphide mineralisation nearer to surface.
The opportunity at Molopo Farms is considerable, so I am
particularly pleased to report the findings above so early in this
ongoing programme and look forward to releasing further information
as soon as possible.
My thanks to the drill team and our technical advisers in the
field for a great job on the programme thus far."
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.
QUALIFIED 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 Qualified 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 multiple internal exploration programmes
completed or underway, with results awaited. The status for each of
the Company's priority exploration projects is outlined in the
table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Assay results from
Uranium programme complete samples collected
at 3 properties. Preliminary during fieldwork.
planning for work
in Spring/Summer 2023
is ongoing.
--------- --------- ------------------------------ ----------------------
Molopo Botswana c.53%(#) T1-6 conductor target Drill programme
Farms drilling underway updates and findings
and MLEM surveys over from further MLEM
T1-6, T1-14, T1-3 survey work.
and T2-3 completed.
Further MLEM surveys
planned over additional
AEM targets identified.
--------- --------- ------------------------------ ----------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and assay
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 - www.firstclassmetalsplc.com
Metals PLC POW 27.91%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
in Western Australia
and the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada, USA
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 14.03% (subject
PLC to completion
of Kanye Resources
disposal announced
8.7.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 40-55%
Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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