TIDMPOW
RNS Number : 2527E
Power Metal Resources PLC
27 October 2022
27 October 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
FDR Australia - Wallal Drill Clearance & Update
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, provides an update to shareholders in
respect of its interests in the Paterson Province of Western
Australia (the "Paterson Interests") held through its 62.12%
subsidiary First Development Resources PLC ("FDR") which is seeking
a planned listing on the London capital markets.
This update relates specifically to the Wallal Project ("Wallal"
or the "Project"), one of three Paterson Province projects held by
FDR and includes the Wallal Tenements (E45/5816, E45/5853 and
E45/5880) (the "Tenements").
Highlights
-- The Heritage Clearance Survey at Wallal, completed under the
supervision of the Yamatji Marlpa Aboriginal Corporation and the
Nyangumarta people in September 2022 has confirmed site
establishment works for drilling may now proceed.
-- FDR have immediately mobilised an operational team to site to
the eastern magnetic bullseye anomaly identified during the
in-depth desktop review (the "Eastern Anomaly) to establish access
and to prepare the drilling pad, enabling the commencement of
diamond drilling which is expected to follow immediately after the
listing of FDR in the London capital markets.
-- The Phase I diamond core drilling programme has been designed
to initially test the Eastern Anomaly, which is interpreted to
consist of two lobes which result in a distinct target area of
approximately 2.5km x 2.5km, targeting a large-scale gold-copper
discovery.
Tristan Pottas Chief Executive Officer of First Development
Resources plc commented:
"The completion of the Heritage Clearance Survey provides FDR
with the final approval required to proceed with the Phase I
diamond core drilling programme at FDR's flagship Wallal Project in
the Paterson province.
I would personally like to thank all the key stakeholders and
consultants who have helped us get to this decisive point in the
evolution of FDR, particularly the Nyangumarta people and Yamatji
Marlpa Aboriginal Corporation.
On receipt of the final report, we have immediately engaged the
services of an earthworks contractor to prepare the site to enable
our drilling partner DDH1 to commence drilling at the earliest
convenience following our planned UK listing."
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"Without question this is an exciting time for the Power Metal
and FDR teams as we close in on listing, an event which will be
followed with drilling at Wallal targeting a large-scale
gold-copper discovery.
From day one to date, FDR have demonstrated their intention to
deploy capital immediately into the ground to improve the
understanding of the various targets across their project
portfolio. This is a mindset that I expect to continue after the
planned UK listing."
FURTHER INFORMATION
FIGURE 1: Paterson Province Tenement Map
FIGURE 2: Wallal Geophysical Anomaly Map
FIGURE 3: 3D View to the North of the Eastern Anomaly
The diagrams and images presented above may be viewed on FDR's
website and may be reached through the following link:
https://firstdevelopmentresources.com/project/wallal-project/
Further photographs and videos are and will be available on
FDR's website gallery section, through the following link:
https://firstdevelopmentresources.com/investor-centre/gallery/
WALLAL HERITAGE CLEARANCE SURVEY
The Heritage Clearance Survey (the "Survey") was completed at
Wallal between 12-15 September 2022. The original Survey request
which included a detailed description of the Phase I diamond core
drilling programme and site-specific maps was submitted to Yamatji
Marlpa Aboriginal Corporation ("YMAC") by the Company's appointed
Exploration Manager on 31 January 2022. The Survey is a required
precursor to the planned Phase I diamond core drilling programme at
the company's Wallal project located in the Paterson Province of
Western Australia.
The Survey was completed in accordance with Section 18 of the
Aboriginal Heritage Act 1972 and in accordance with the terms of
the Heritage Agreement in place with YMAC as agent for the
Nyangumarta Warrarn Aboriginal Corporation. The Survey was
undertaken with the full involvement of Nyangumarta
representatives. As native title holders the Nyangumarta possess
rights and interests according to traditional law and custom
including the right to be fully informed about activities on their
country and to speak about their country.
The Survey team, appointed by YMAC, included representatives
from Nyangumarta, a YMAC archaeologist, a consulting
anthropologist, and members of FDR senior management team. Two 400m
x 400m areas were surveyed covering the two planned drill locations
designed to initially test the Eastern anomaly ("Area A") and the
secondary target, the Border anomaly ("Area B"). In addition to the
drill sites, the Survey also covered the route of new tracks
necessary to access the drill locations. At both drill locations
additional east-west orientated survey grids (measuring 2.73km x
4km at Area A and 1.27km x 4km at Area B) were delineated to
facilitate potential future on-ground geophysical surveys.
Following the Survey, the Nyangumarta representatives asserted
that the work programme proposed at Area A and Area B, was clear of
ethnographic and archaeological sites or concerns and that the
proposed works programme could proceed.
SITE ESTABLISHMENT AND ACCESS
Following receipt of the Heritage Clearance Survey Report a team
led by the FDR's Exploration Manager has been mobilised to Wallal
to prepare the site in preparation for drilling which is scheduled
to commence immediately following FDR's proposed UK listing.
To enable site works to proceed efficiently, the existing access
track which links the drilling sites to the well-maintained
Nyangumarta Highway, will require minor earthwork improvements and
the drill pads and camp accommodation areas will be levelled and
prepared ahead of drill contractor mobilisation
Both the access and the drill pad location were surveyed during
the recent Heritage Clearance Survey. Site clearance is expected to
take approximately three days to complete.
WALLAL PHASE I DIAMOND CORE DRILLING PROGRAMME
FDR's Phase I diamond core drilling programme has been designed
in conjunction with Perth based consultancy Resource Potentials Pty
Ltd ("Resource Potentials"). The programme is targeting the
Proterozoic basement rocks below the Permian Grant Group which are
believed to host the sources of the magnetic bullseye anomalies
identified during the completion of an in-depth review of all
geological and geophysical data associated with the Wallal project
area.
Three magnetic bullseye anomalies were identified in the review,
the Western, Eastern and Border anomalies. The magnetic bullseye
anomalies are of particular interest due to their possible
geological similarities to the regionally significant Havieron
discovery (Greatland Gold - Newcrest Joint venture).
The Havieron deposit is coincident with a magnetic bullseye
anomaly detected by an airborne magnetic survey and has a similar
amplitude to Wallal, approximately 100nanoTesla ("nT") for the
Eastern Anomaly and 80nT for Havieron.
The Phase I diamond core drilling programme has been designed to
initially test the Eastern Anomaly. The Eastern Anomaly is
interpreted to consist of two lobes which result in a distinct
target area of approximately 2.5km x 2.5km. An estimate of depth of
the cover sequence has been used to constrain the modelled depth of
approximately 800 metres to the top of the Eastern magnetic source
body.
The Phase I diamond core drilling programme will consist of a
minimum of two sub-vertical boreholes totalling approximately 2,720
metres, which will be drilled using rotary open hole to about 150
metres downhole depth and then full core drilling techniques there
onwards.
Depending on ground conditions encountered, it is expected that
the holes will be commenced using reverse circulation drilling
techniques, followed by 83mm (PQ3) or 61.1mm (HQ3) diameter core
with a 50.5mm (NQ2) tail to total depth. The parameters for the
planned boreholes are set out in Table 1:
Table 1: Planned Wallal Phase I diamond core drillhole
parameters
Drillhole Easting Northing Azimuth Dip Nominal depth
ID (deg) (deg) ( m)
DH1 260325 7780690 90 80 1,220
DH2 259850 7780772 270 80 1,500
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. during fieldwork.
Preliminary 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
Further MLEM surveys from further MLEM
planned over additional survey work.
AEM targets identified.
--------- --------- --------------------------- --------------------------
Tati Botswana 100% RC drilling and sampling Review of mine
Project of mine dumps complete. dumps 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 Investment www.firstclassmetalsplc.com
Class Metals - POW 27.91%
PLC Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Planned IPO www.firstdevelopmentresources.com
Development - POW 62.12%
Resources Exploration
PLC 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%
PLC (subject to
completion
of Kanye Resources
disposal announced
8.7.22 and
issue of Kavango
shares e.g.
financing announced
24.10.22)
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 in respect of NBGC can be found at:
of Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy - POW on listing
Exploration estimated 40-55%
PLC Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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