TIDMPOW
RNS Number : 6646H
Power Metal Resources PLC
25 November 2022
25 November 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
New Lithium Project - Ontario, Canada
Power Metal Acquires by Staking 100% Owned North Wind Lithium
Project, Ontario, Canada
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the acquisition by staking
of the 100% owned, North Wind Lithium Project ("North Wind" or the
"Project") located in Ontario, Canada.
The staking was completed through Power Metal's wholly-owned
Canadian subsidiary, Power Metal Resources Canada Inc ("Power
Canada").
HIGHLIGHTS:
-- Following a detailed review of several publicly available
provincial government geological databases and reports, Power Metal
have staked a total of 5,788.5-hectares over a 16km long trend of
highly anomalous lithium-in-lake sediment results.
-- The North Wind Lithium Project is considered by the Company
to be prospective for lithium (Li), caesium (Cs), and tantalum (Ta)
("LCT") bearing pegmatite occurrences.
-- The Project is ideally located less than 25km northwest of
the town of Beardmore, Ontario, and is criss-crossed by multiple
access roads which connect up to the Trans-Canada Highway located
less than 40km away.
-- This Project acquisition provides Power Metal Resources with
a significant land holding which is prospective for LCT pegmatite
occurrences within the stable and supportive mining jurisdiction of
Ontario, Canada.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"The addition of the North Wind Lithium Project is a significant
boost for Power Metal Resources as it provides the Company with a
new and potentially high-impact lithium focused opportunity.
We consider that lithium as a commodity has a particularly
bright future with high demand and constrained supply. In fact, the
significant move higher in the lithium price has sparked
considerable interest in available exploration properties around
the world, and particularly those in safe jurisdictions.
It was a great achievement that through painstaking work, the
Power Metal technical team have been able to identify this new
opportunity and secure it through staking, one of the most
cost-effective ways to secure new interests.
Further updates will follow as we advance our knowledge and set
out exploration plans for the North Wind Lithium Project."
ADDITIONAL INFORMATION:
The Project is located within the Onaman-Tashota greenstone
belt, where historical exploration has traditionally focused on
precious and base-metals - however the geology, in a provincial
Open File Report (the "Report"), determined that the belt was
prospective for LCT pegmatite occurrences - the main source of
'hard rock' lithium worldwide. (1)
Other lithium explorers and operators within the region include
Imagine Lithium Inc. (TSX.V: ILI) with their Jackpot Lithium
Project (with a reported historical non-compliant resource of
2,000,000 tonnes at 1.09% Li(2) O), located 50km to the south of
North Wind and Green Technology Metals (ASX: GT1) with their
flagship Seymour Project (which hosts a JORC compliant total
Mineral Resource of 9.9Mt at 1.04% Li(2) O) located approximately
65km to the northwest.
The Project is centred on a granitic intrusion, cut by numerous
mapped dykes. Highly anomalous lake sediment results (detailed
further below) suggest that a zoned LCT pegmatite system may be
present but has never been investigated. North Wind was identified
through detailed research and analysis by the Power Metal Resources
technical team, utilising over 600,000 individual lake sediment
sample points collected by the Ontario Geological Survey (OGS), who
also prepared selected recommendations for exploration which were
presented in the Report (1) . Based on this data as well as
information contained within the Report; the area encompassing the
North Wind Project was selected for the strategic acquisition by
staking.
The highly prospective and anomalous lake sediment data
contained within the Project includes:
-- Seven instances of >99(th) percentile (with respect to
regional data) Li-in-lake sediment results (ranging from 18.63 to
34.95 ppm Li) with 34.95 ppm representing the 99.95(th) percentile
result.
-- Of those seven samples, six are >95(th) percentile for
caesium (1.26 to 2.21 ppm Cs), with three >99(th) percentile
(1.94 to 2.21 ppm Cs).
-- The seven samples are also noted to be highly elevated in
tantalum with results ranging between 0.6 and 0.9 ppm Ta.
The presence of anomalous, or highly elevated concentrations of
lithium, caesium and tantalum from samples collected within the
same water body suggest a nearby mineralised source, and therefore
the Project represents a highly prospective target for LCT
pegmatite occurrences. Further desktop analysis is currently
underway, with a comprehensive Phase I Field Sampling Programme
planned in Q1-Q2, 2023.
STAKING PROCESS:
A total of 278 Mining Claim cells were registered by electronic
staking through the Ontario Mining Lands Administration System,
covering a total area of 5,788.5-hectares for a total cost to the
Company of CAD $13,900 (circa GBP8,500). The mining cells are 100%
owned by Power Canada, a wholly owned subsidiary of Power Metal
Resources plc. Each Mining Claim cell covers 20.82-hectares and has
an annual exploration spend commitment of CAD$400 from year two
onwards. The Project therefore has a total exploration spend
commitment of circa GBP68,000 by the end of year 2 and then
annually onwards, in order to keep all 278 Mining Claim cells in
good standing.
A map showing the outline of the property, basic geological
information and lake sediment results is below:
Fig. 1: Plan Map of the North Wind Lithium Project and
Surrounding Area.
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
REFERENCE NOTES;
(1:) Cundari, R.M., Paju, G.F., Hinz, S.L.K., Tuomi, R.D.,
Fudge, S.P., Pettigrew, T.K., 2019, Ontario Geological Survey Open
File Report 6352, Report of Activities, 2018 Resident Geologist
Program.
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.
underway. Further
MLEM surveys planned
over additional AEM
targets identified.
--------- -------- --------------------------- ------------------------
Tati Botswana 100% RC drilling and sampling Mine dumps processing
Project of mine dumps complete. and project commercial
and exploration
next steps.
--------- -------- --------------------------- ------------------------
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
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 9.85% (on
PLC expected Admission
25.11.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
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
------------------------ ------------------------------------------------------------------
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 50-55%
Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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END
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