TIDMPOW
RNS Number : 0356B
Power Metal Resources PLC
30 May 2023
30 May 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Gold Project, Botswana - Exploration Update
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an exploration update from
its 100% owned Tati Gold Project ("Tati" or the "Project") located
on the Tati Greenstone Belt ("TGB") near Francistown, Botswana. The
2023 exploration programme including geophysics, trenching, soil
sampling as well as reverse circulation ("RC") and/or diamond
drilling was launched on 26 January 2023 and the announcement
providing further information may be viewed through the following
link:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-2023-exploration-underway/15812595
Highlights
- Ground geophysics and trenching have been completed with
available results presented herein. A longer than usual rainy
season led to the delay in the commencement of the planned infill
soil geochemical sampling programme. However drier conditions have
now persisted long enough for the Company to launch this next phase
of work, which is expected to commence shortly.
- Detailed geological mapping of the recently completed trenches
has confirmed the geological setting in the Cherished Hope Mine
area which is highlighted by gold mineralisation which is
concentrated within quartz reefs (massive veins, veinlets and
silicified zones) hosted within predominantly diorite units.
- Analysis of ground magnetic geophysics results have highlighted the location of multiple post-mineralisation dolerite dykes which are known to persist throughout much of the TGB. Understanding the precise location of these dykes is paramount as exploration continues to progress at Tati.
- Following completion of the upcoming infill soil sampling
programme - as well as the receipt of the soil assay results - next
exploration steps, including planned reverse circulation and/or
diamond drilling, will be finalised and communicated to the
market.
Sean Wade, Chief Executive Officer of Power Metal Resources plc
commented:
"I know shareholders have been keen to hear an update on Tati,
and we are very pleased to be able to deliver that. We have made
significant progress on this important project and we have further
built our technical knowledge of the gold potential across the 8km
gold-in-soil-anomaly. After the rainy season we now move into the
next stage including the high-resolution infill soil sampling and,
subject to review and interpretation of all results, exploration
drilling. Economic processing of the tailings also remains a
priority and we are actively exploring our options in that
regard.
This work is being conducted in parallel with extensive other
corporate and exploration activities across the Power Metal group
and we anticipate regular news flow in the weeks and months ahead.
Activity levels across the Company are able to accelerate, with the
recently announced GBP2.7m financing providing considerable working
capital to pursue our ambitious corporate growth objectives."
FURTHER INFORMATION
Figure 1 - Tati Project Overview Plan Map:
Figure 2 - Tati Project Zoomed Trenching Plan Map:
EXPLORATION PROGRAMME OVERVIEW
Exploration Work Latest Update
TRENCHING - COMPLETE Further breakdown of trenching
A total of 431 metres of mechanised results are found in 'Notable
trenching has been successfully Trenching Results Section'.
completed. Northwest Extension (Trench
Trenching was focussed along 3, 4, 7):
both the northwest and southeast Overburden was determined to
strike-length extensions of be between 0-1.5 meters in thickness
the known outcropping gold mineralised and composed predominantly of
quartz reef structures at Cherished a brown clay-rich unit overlaying
Hope Mine. a poorly sorted quartz pebble
A total of 8 trenches were completed unit. The bedrock is dominated
of which 3 targeted the northwestern by a quartz rich diorite. Only
strike-length extension and one post-mineralisation dolerite
5 targeted the southeastern dyke was identified within the
strike-length extension. northwestern trenches.
Trench samples, comprising 1m Multiple silicified and quartz
long composites taken along rich zones were successfully
the side of the trench, were identified in the northwestern
then sampled for gold (30g Fire trenches. Several of these quartz-rich
Assay) at the ALS Laboratory intervals returned elevated
in Johannesburg, South Africa. gold results including: seven
Detailed geological and structural 1m intervals in Trench 3 which
mapping of the trenches was returned >0.2g/t Au (up to 1.9g/t
also completed. Au).
Southeastern Extension (Trench
1, 2, 5, 6, 8): Overburden was
determined to be between 0-3
meters in thickness and composed
predominantly of a brown clay-rich
unit overlaying a poorly sorted
quartz pebble unit. The bedrock
is dominated by a quartz rich
diorite. Four post-mineralisation
dolerite dykes were identified
which crosscut the diorites
at various locales.
Multiple silicified and quartz
rich zones were successfully
identified including in Trench
8 where they were determined
to be the most abundant (furthest
southwest trench). Several of
these quartz-rich intervals
returned elevated gold results
including: Two 1m intervals
in Trench 1 returning >0.2g/t
Au and two 1m intervals in Trench
5 returning >0.2g/t Au.
In general, the southeastern
strike-length extension of Cherished
Hope is highly affected by the
presence of post-mineralisation
dolerite dykes.
Ground magnetic geophysics results
highlight that beyond the southeastern
extent of the furthest southwest
trench (8), there appears to
be no further dolerite dykes
present for some considerable
distance.
Notably, the quartz rubble horizon
was sampled in Trench 1 which
returned much stronger gold
results than in any of the trench
bedrock samples (17 2m samples
were sent for analysis with
7 returning >0.2g/t Au as well
as 3 returning >1g/t Au (up
to 2.32g/t Au)).
----------------------------------------
GEOPHYSICS - COMPLETE Post-mineralisation dolerite
A ground magnetometer geophysical dyke swarms are found throughout
survey was completed over the much of the TGB. As a result,
northwestern and southeastern within many of the historical
strike length extensions of and currently operating gold
the Cherished Hope Mine. mines in the TGB, mapping the
precise location of these dykes
(magnetic highs) is important
as they often can cross-cut
gold mineralisation. The 2023
ground magnetic results have
successfully mapped the location
and orientation of approximately
six of these dolerite dykes
within the survey area, including
four which are proximal and/or
within the Cherished Hope ("CH")
Mine area.
The successful mapping of these
dykes will allow for more precise
and accurate drill hole siting
should drilling be undertaken
going forward within CH and
the surrounding areas.
----------------------------------------
SOIL GEOCHEMISTRY - STARTING Historical soil sampling completed
SHORTLY over the majority of the Tati
The planned high-resolution Project was undertaken by previous
infill soil geochemical sampling operators along generally 400m
programme is focussed on approximately spaced lines at 40m sample spacing.
2km of strike-length along the This programme intends to infill
approximately 8km long broad the line spacing to between
Au-in-soil anomaly identified 100-200m by 40m so that the
at Tati. definition and location of already
Soil samples will be collected proven Au-in-soil anomalies
along a grid which will be focussed is vastly improved.
to the northwest and southeast This work will then allow Power
of the 2022 RC drilling area. Metal to follow up with more
focussed next exploration steps
The high-resolution in-fill which could include further
grids will focus on areas where trenching and drilling of these
at least two historical anomalies new areas.
were identified within widely By completing this work, a much
spaced soil sampling lines (on larger percentage of the 8km
average 400m spaced lines and long Au-in-soil anomaly can
up to 700m line spacing). These move to next exploration steps
two-point anomalies returned therefore increasing the overall
an impressive 2.15g/t Au and attractiveness of the Project
0.84g/t Au. To date these anomalies as well as the overall size
have never been further investigated of the mineralised footprint.
to determine the provenance
of this gold mineralisation.
----------------------------------------
REVERSE CIRCULATION ("RC") RC drilling may be undertaken
DRILLING(1) to test for the along strike
The RC drilling will be driven and down dip extension of gold
by the results of prior work mineralisation intersected by
streams including the soil sampling. trenching of the soil anomalies.
Further updates in regard to In the Cherished Hope Mine area
this will be announced in due the goal is to demonstrate continuity
course. in the major quartz reef structure
width and gold grade as well
as testing the currently open
down-dip extension potential
at depth.
----------------------------------------
DIAMOND CORE DRILLING(2) Diamond core drilling may be
Diamond core drilling specifics completed in order to drill
will be dependent on results test select portions of the
from prior work streams including Cherished Hope quartz reef structures.
soil sampling, trenching and Diamond drilling provides full
RC drilling. Further updates core rock samples, and therefore
in regard to this will be announced valuable information about structure,
in due course. geology, and the nature of gold
mineralisation.
The information extracted from
diamond drilling would allow
the Company to gain a better
understanding of the mineralised
quartz reefs and surrounding
wall rocks.
----------------------------------------
Notable Trenching Results
Trench Trench Length From To (m)* Interval Grade
ID (m) (m)* (m)* (g/t)
Trench 1 31 23 25 2 0.32
-------------- ------ -------- --------- -------
Trench 1
(rubble) 32 0 2 2 0.33
----------- --------------
6 12 6 1.35
----------- -------------- ------ -------- --------- -------
18 20 2 0.45
------ -------- --------- -------
22 26 4 0.85
----------- -------------- ------ -------- --------- -------
Trench 3 52 31 32 1 0.43
37 38 1 0.25
------ -------- --------- -------
44 49 5 0.74
------ -------- --------- -------
Trench 5 54 6 8 2 0.38
*Refers to lengthwise along trench (as opposed to depth).
KEY:
(1) RC drilling involves a "hammer" piston which repeatedly
strikes the target rock. Simultaneously, a powerful drill-bit at
the end made of tungsten rotates at high speed. This creates small
chips of rock known as drill cuttings that are sucked up with a
vacuum and transported to a cyclone at the surface through
dedicated tubes. The drilling chips derived from each depth
interval are collected in separate sample bags, and a
representative sub-sample of each interval is submitted to the
assay lab where the geochemical constituents and gold grade is
analysed. In turn, the drill chips provide a representation of the
rock types the hole encountered throughout its length, this data
allows a geological log to be established.
(2) Diamond core drilling involves rotating a hollow drill bit
embedded with diamonds into the ground to a certain depth before
extracting the solid, intact core recovered for analysis.
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
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
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.
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