TIDMPOW
RNS Number : 4544F
Power Metal Resources PLC
07 November 2022
7 November 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana Final Drill Assay Results
Assays Received for Remaining Six Holes; Further Bonanza Grade
Intercepted including 1m @ 40.6g/t Au (from 2m of 23.2g/t Au)
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces final 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.
Assay results from the first three holes which included the
bonanza intercept 1m of 47.1g/t gold ("Au") from 6m downhole depth
in reverse circulation ("RC") drillhole CHRC0003, were previously
announced to the market on 3 November 2022 and can be found at the
link below:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-initial-drill-assay-results/15699862
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"Tati is becoming a significant Project for Power Metal - with
only 175m strike distance of an 8km long gold-in-soil anomaly drill
tested and extensive high-grade gold confirmed from the RC
drilling.
Naturally the 47.1g/t Au and 40.6g/t Au grades peak excitement,
which they should, however more important is the continuity of gold
mineralisation over the 175m strike drill tested thus far, which
bodes well for the significant amount of the anomaly yet to be
tested. That drill testing is now a priority for Power Metal.
Complementing the extremely exciting gold exploration results we
have to note the practical advantages of the Tati Project.
The gold mineralisation identified to date is near surface,
significantly de-risking any mining proposition. And the Project is
centred on the former working gold mine, Cherished Hope, with gold
fines dumps available for processing at a local processing site,
potentially generating revenue for further exploration and
development of the Project.
The processing site for the fines dumps is located within 20
minutes by road from the Project, and clearly also presents an
avenue for processing of gold from the newly discovered mineralised
areas, subject to undertaking commercial agreements and local
regulatory approvals.
All told the Tati Project is making major progress and the
Company intends to accelerate its activity to undertake RC drilling
to more fully test the very large Au-in-soil anomaly, prove up more
extensive gold mineralisation and in parallel develop avenues for
future gold production from the Project."
Highlights:
- A total of nine 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 remaining 6 holes and are presented herein.
- In addition to multiple high-grade gold intersections reported
from the first three RC drillholes, significant near-surface
dolerite and quartz reef hosted gold mineralisation was
successfully intersected in 5 of the 6 remaining holes. Key
down-hole intersections (>1g/t Au) include:
-- Hole CHRC0004
Ø 1m @ 1.36 g/t Au from surface
Ø 2m @ 1.81 g/t Au from 2m
Ø 1m @ 1.56 g/t Au from 5m
Ø 1m @ 2.53 g/t Au from 36m
-- Hole CHRC0005
Ø 1m @ 1.13 g/t Au from 22m
Ø 2m @ 1.78 g/t Au from 52m
-- Hole CHRC0006
Ø 2m @ 23.17 g/t Au from 25m, including
-- 1m @ 40.63 g/t Au from 26m
-- Hole CHRC0007
Ø 1m @ 4.80 g/t Au from 1m
Ø 2m @ 6.59 g/t from 5m, including
-- 1m @ 11.27g/t Au
Ø 1m @ 1.55 g/t from 13m
Ø 1m @ 11.16g/t from 54m
-- Hole CHRC0009
Ø 2m @ 2.11 g/t Au from 49m
- Drilling intersections have confirmed gold mineralisation over a strike length of 175m, with mineralisation remaining open towards the northwest, southeast and downdip.
- Significantly, the Q3 2022 drilling area is located along a
major northwest-southeast oriented regional shear that is thought
to be the control of gold mineralisation observed within the
area.
- Along this major regional shear is a coincident Au-in-soil
anomaly that extends for a strike distance of approximately 8km,
and which is located entirely within the 100%-owned Tati Project.
The majority of this geochemical anomaly remains underexplored,
with additional mineralisation identified by Power Metal circa
6.5km to the northwest including Q1 2022 RC drillhole TGRC00017
which returned 3m of 5.17g/t Au from 9m (1) , as well as the
undrilled GoldSource Zone where rock sampling of a
northwest-southeast oriented quartz reef returned up to 26.5g/t Au
(2) .
FURTHER INFORMATION
Figure 1 - Tati Project Overview Plan Map:
Figure 2 - Tati Project Q3 Drilling Area Zoomed Plan Map:
The maps presented above will also be uploaded to the Tati
Project page on the Company's website found at the link below:
https://www.powermetalresources.com/project/tati-greenstone-belt/
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: Full Assay Results for Downhole Intersections >1g/t
Au
Hole From To Interval
ID (m) (m) (m) Au (ppb) Au (g/t)* Note
CHRC0001 21 22 1 2,154
----- ----- --------- --------- ---------- ----------------
24 25 1 1,344
----- ----- --------- --------- ---------- ----------------
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
----- ----- --------- --------- ---------- ----------------
5 6 1 1,251
----- ----- --------- --------- ---------- ----------------
6 7 1 44,821 47.1
----- ----- --------- --------- ---------- ----------------
7 8 1 1,360
----- ----- --------- --------- ---------- ----------------
CHRC0004 0 1 1 1,362
----- ----- --------- --------- ---------- ----------------
2 3 1 1,911
----- ----- --------- --------- ---------- ----------------
3 4 1 1,716
----- ----- --------- --------- ---------- ----------------
5 6 1 1,560
----- ----- --------- --------- ---------- ----------------
36 37 1 2,377 2.526
----- ----- --------- --------- ---------- ----------------
Mined out, poor
37 39 2 return
----- ----- --------- --------- ---------- ----------------
CHRC0005 22 23 1 1,155 1.13
----- ----- --------- --------- ---------- ----------------
52 53 1 1,262
----- ----- --------- --------- ---------- ----------------
53 54 1 2,641 2.296
----- ----- --------- --------- ---------- ----------------
CHRC0006 25 26 1 8,761 5.721
----- ----- --------- --------- ---------- ----------------
26 27 1 41,037 40.625
----- ----- --------- --------- ---------- ----------------
CHRC0007 1 2 1 1,546 4.802
----- ----- --------- --------- ---------- ----------------
5 6 1 1,762 1.915
----- ----- --------- --------- ---------- ----------------
6 7 1 10,933 11.272
----- ----- --------- --------- ---------- ----------------
13 14 1 1,695 1.546
----- ----- --------- --------- ---------- ----------------
54 55 1 12,166 11.157
----- ----- --------- --------- ---------- ----------------
No Significant
CHRC0008 Values
----- ----- --------- --------- ---------- ----------------
CHRC0009 49 50 1 2,514
----- ----- --------- --------- ---------- ----------------
50 51 1 2,608 1.707
----- ----- --------- --------- ---------- ----------------
*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
Reference Notes
1. Company announcement, Tati Project Botswana - Drill Programme Results, 4 April 2022
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9klmer
)
2. Company announcement, Tati Project Botswana - Large Scale
Gold Anomaly Confirmed, 14 September 2021
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w6pve9x
)
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 87.71%(#) First 2 holes at Drill programme
Farms T1-6 conductor target updates and findings
drilling complete. from further MLEM
T1-14 first hole survey work.
commencing shortly.
Further MLEM surveys
planned over additional
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 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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