TIDMPOW
RNS Number : 1455F
Power Metal Resources PLC
03 November 2022
3 November 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana Initial Drill Assay Results
Assays for First Three Drillholes Received; High-Grade Gold
Intersections in All Three Holes Including a Bonanza intersection
of 1m @ 47.17g/t Au
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces initial results from the
Company's recently completed drilling programme on the 100% owned
and operated Tati Project ("Tati" or the "Project") located within
the Tati Greenstone Belt near Francistown, Botswana.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The Tati Project now covers the formerly producing Cherished
Hope gold mine and is within the underexplored Tati Greenstone
Belt, where the Company is exploring for near surface, high-grade
extensions of the Cherished Hope mine.
The successful intersection of high-grade gold in the three
holes for which assay results have been received is very exciting,
and the bonanza grade gold assay result already identified
naturally inspires us to push ahead with further accelerated
exploration work.
Further assay results from the remaining six holes, several of
which intersected significant quartz reef intersections (up to 8m
thick), are awaited with great interest. "
Highlights:
- A total of nine reverse circulation ("RC") holes totalling
490m were completed at Tati as part of the August 2022 exploration
programme - representing the first ever known drilling programme
carried out on prospecting licence ("PL") 049/2022. Complete assay
results have now been received for the first three holes, with
results from the six remaining holes expected in the coming
weeks.
- Significant near-surface, dolerite and quartz reef hosted gold
mineralisation was intersected in all three holes. Key down-hole
intersections (>1g/t Au) include:
o Hole CHRC0001
Ø 1m @ 2.15 g/t Au from 21m
Ø 1m @ 1.34 g/t Au from 24m
Ø 1m @ 10.20g/t Au from 33m
o Hole CHRC0002
Ø 1m @ 5.57 g/t Au from 15m
o Hole CHRC0003
Ø 2m @ 1.54 g/t Au from surface
Ø 3m @ 16.77 g/t Au from 5m, including
-- 1m @ 47.17 g/t Au from 6m
- RC hole CHRC0002 was designed to target one of the thicker
portions of the quartz reef structure, and due to a shallow dip
chosen for the hole it ended up intersecting a mined-out void from
10-15m. The 1m @ 5.6g/t Au from 15m downhole intersection
represents the footwall of the main quartz reef structure. The
Company is considering steepening the dip and redrilling the
section in order to test the entire section of this quartz
reef.
- Results for the remaining six holes are pending, including
CHRC0007 which returned the single largest quartz reef intersection
from 11-19m (8m intersection) of the 2022 drilling programme.
A map highlighting the location of the Tati Project can be found
at the link below:
https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/
One metre RC chip samples were riffle split and sent for
analysis by Intertek Genalysis in Perth Western Australia, by 50g
fire assay with inductively coupled plasma mass spectrometry
(ICP-MS) analysis (method FA50/MS). High grade samples were
additionally analysed by 50g fire assay with inductively coupled
plasma optical emission spectroscopy (ICP-OES) (method FA50/OE).
Significant assay results are presented in Table 1, drill collar
locations are set out in Table 2.
Table 1: Assay Results for Significant Downhole
Intersections
Hole From To Interval Au (ppb) Au (g/t)* Note
ID (m) (m) (m)
CHRC0001 0 1 1 688
----- ----- --------- --------- ---------- ---------------
1 2 1 411
----- ----- --------- --------- ---------- ---------------
21 22 1 2,154
----- ----- --------- --------- ---------- ---------------
22 23 1 226
----- ----- --------- --------- ---------- ---------------
23 24 1 209
----- ----- --------- --------- ---------- ---------------
24 25 1 1,344
----- ----- --------- --------- ---------- ---------------
29 30 1 987
----- ----- --------- --------- ---------- ---------------
33 34 1 12,490 10.2
----- ----- --------- --------- ---------- ---------------
CHRC0002 10 15 5 N/A Mined out void
----- ----- --------- --------- ---------- ---------------
15 16 1 5,572
----- ----- --------- --------- ---------- ---------------
CHRC0003 0 1 1 1,816
----- ----- --------- --------- ---------- ---------------
1 2 1 1,261
----- ----- --------- --------- ---------- ---------------
2 3 1 105
----- ----- --------- --------- ---------- ---------------
3 4 1 84
----- ----- --------- --------- ---------- ---------------
4 5 1 105
----- ----- --------- --------- ---------- ---------------
5 6 1 1,251
----- ----- --------- --------- ---------- ---------------
6 7 1 44,821 47.1
----- ----- --------- --------- ---------- ---------------
7 8 1 1,360
----- ----- --------- --------- ---------- ---------------
*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g
Fire-Assay)
Table 2: Tati 2022 Drill Programme Collar Table
Drill Hole Dip Azimuth Depth Northing* Easting*
ID (m)
CHRC0001 45deg 28deg 40 564875 7650896
------- --------- ------ ---------- ---------
CHRC0002 45deg 35deg 30 564856 7650925
------- --------- ------ ---------- ---------
CHRC0003 45deg 31deg 30 564842 7650942
------- --------- ------ ---------- ---------
CHRC0004 45deg 35deg 60 564818 7650929
------- --------- ------ ---------- ---------
CHRC0005 45deg 52deg 80 564797 7650937
------- --------- ------ ---------- ---------
CHRC0006 45deg 44deg 50 564798 7650936
------- --------- ------ ---------- ---------
CHRC0007 45deg 44deg 70 564772 7650950
------- --------- ------ ---------- ---------
CHRC0008 45deg 35deg 30 564748 7650986
------- --------- ------ ---------- ---------
CHRC0009 45deg 48deg 100 564744 7650958
------- --------- ------ ---------- ---------
* Projection: UTM Zone 35S WGS84
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 87.71%(#) 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 dumps
Project of mine dumps complete. sampling and assay
results from RC
drill programme.
--------- ---------- ------------------------------ ----------------------
(#) subject to completion of acquisition announced 18.5.22 for
which regulatory approval confirmed 28.10.22
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 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 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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