6 February 2024
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Tati Gold Project, Botswana - Sampling
Confirms Extensive Gold
Power Metal Resources PLC (AIM:POW),
the London-listed exploration company with a
global project portfolio, announces an update from its 100%-owned
Tati Gold Project ("Tati" or the "Project"), located on the Tati
Greenstone Belt ("TGB") near Francistown, Botswana.
The exploration results herein cover extensive
soil sampling undertaken at Tati in 2023, a fundamental step in the
exploration process to identify areas with potential gold
mineralisation and the discovery of new gold deposits. Specifically
at Tati, the work was critical to further demonstrate gold
mineralisation continuity within the previously identified 8km-long
gold trend within the project boundaries.
HIGHLIGHTS
·
2024 geochemical soil
sampling assay results confirm the presence of three significant
gold-in-soil geochemical anomalies, proving further continuity
within the 8km-long gold trend at Tati.1 The anomalies,
including 1) Northwest ("NW") Anomaly, 2) Southwest ("SW") Anomaly
and 3) Cherished Hope ("CH") Anomaly, are highlighted in Figure 1
below, with further detail over the CH Anomaly found in the Figure
1 'Inset Map'.
·
A total of 446 individual
soil samples were taken from four separate grid areas. The main
programme goal was to test for additional gold mineralised zones
within the 8km-long gold mineralised trend which extends in a
northwest-southeast direction through Tati (see black dashed line
in Figure 1).
·
Of the 446 samples taken, 3
returned greater than 500 parts per billion ("ppb") gold ("Au"),
including individual soil sample gold assay results of 568ppb,
831ppb and 1,076ppb Au (equivalent to 1.076 grammes per tonne
("g/t") Au).
·
An impressive 29 samples
returned 100ppb Au or above, the vast majority of which form part
of the CH Anomaly, a now greater than 600m-wide zone which remains
open in multiple directions.
·
The CH Anomaly represents a
significant extension zone trending southwest from the original
Cherished Hope historical mine workings where Power Metal in 2022
drilled 3m at 16.77g/t Au from 5m (including 1m at 47.17g/t) in
hole CHRC0003 as well as 2m at 23.17g/t from 25m (incl. 1m at
40.63g/t Au) in hole CHRC0006.1,2
·
The SW and NW anomalies are
located approximately 1,500m and 3,000m from the CH Anomaly
respectively. The position of these anomalies shows the potential
for a significantly larger anomalous gold-in-soil footprint at Tati
subject to further infill sampling work.
·
Power Metal continues to
push forward commercial discussions regarding the potential for
small-scale mining at its Cherished Hope Gold Mine, in
parallel with continuing exploration work, further details of which
are expected to be announced in the near term.
Sean Wade,
Chief Executive Officer of Power Metal Resources plc,
commented:
"This gold
soil sampling programme has delivered quite remarkable results in
terms of a confirmation of the significant area mineralised and
also the consistency of positive results across the areas
tested.
"Each stage
of work at Tati has delivered extremely positive findings and we
are more confident than ever that the Project holds very
significant value for the Company.
"As a result,
we are positively moving forward to next stage exploration whilst
in parallel continuing discussions with potential partners
interested in the early-stage mining possibility that exists at
Tati.
"Further
updates will be provided in due course."
Figure 1:
Tati Gold Project 2024 Soil Results Map (Gold -
ppb)
REFERENCES
1:
Power Metal RNS announcement, dated 7 November
2022: Tati Project Botswana Final
Drill Assay Results, Assays Received for Remaining Six Holes;
Further Bonanza Grade Intercepted including 1m at 40.6g/t Au (from
2m of 23.2g/t Au)
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wko9odx
)
2:
Power Metal RNS announcement, dated 3 November
2022: 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 at 47.17g/t Au.
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9e761r
)
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)
|
|
|
|
SP Angel Corporate Finance (Nomad
and Joint Broker)
|
|
Ewan Leggat/Caroline Rowe/Harry
Davies-Ball
|
+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
|
BlytheRay (PR Advisors)
|
+44 (0) 20 7138 3204
|
Tim Blythe
|
|
Megan Ray
|
|
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.
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 grow the Company, or may be returned
to shareholders through share buy backs, dividends or in-specie
distributions of assets.