EVA Evrima Plc

 
TIDMEVA 
 
OWING TO ITS EARLIER RELEASE INTO THE PUBLIC DOMAIN VIA ANOTHER REGULATORY 
INFORMATION SERVICE ("RIS"), THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT 
IS NOT DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED 
UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMED ("MAR"). 
 
                                  Evrima plc 
 
                                   AQSE: EVA 
 
                          ("Evrima" or the "Company") 
 
                        Kalahari Key Operational Update 
 
Evrima plc is an investment vehicle traded on the AQSE Growth Market in London. 
The Company is focused on investment opportunities in the natural resources 
sector. This announcement is in relation to an operational update on Kalahari 
Key Mineral Exploration (Pty) Limited ("Kalahari Key" or "KKME"), an unlisted 
investee company in which Evrima holds a 19.6% equity interest. 
 
A drilling progress update was published earlier today by the metals 
exploration and development company Power Metal Resources PLC ("Power Metal 
Resources"; POW on the AIM of The London Stock Exchange), a fellow shareholder 
of KKME and the financier, through a project earn-in arrangement with KKME, of 
the drilling programme discussed here. The salient content of Power Metal 
Resources' announcement are reproduced immedaiately below: 
 
Botswana; Molopo Farms Complex - Drilling Progress Update 
 
"Power Metal Resources is pleased to provide a drilling update confirming 
completion of the first hole (KKME 1-14) at the KKME Molopo Farms Complex 
Project (the "Project" or "MFC Project"), which is targeting prospective 
massive nickel sulphide and platinum-group metal ("PGM") mineralisation in 
Botswana. 
 
HIGHLIGHTS 
 
  * The first hole (KKME 1-14) of a planned 2,505 metre four-hole programme has 
    been completed successfully and achieved target depth of 520 metres with 
    near 100% core recovery. 
 
  * The suite of rocks encountered in KKME 1-14 has successfully confirmed the 
    proposition that the geology at the MFC Project is that of a feeder zone. 
 
  * About 167 metres of ultramafic rock, a potential host for PGMs and nickel, 
    has been encountered below an altered contact around 41 metres down hole. 
    Samples to be prepared and assay tested. 
 
  * Downhole geophysics to be undertaken at the end of hole to identify and 
    clarify the conductive structures around and below the 520 metre hole 
    depth. 
 
CHIEF EXECUTIVE OFFICER UPDATE 
 
Paul Johnson, Chief Executive Officer of Power Metal Resources, commented: "I 
am extremely pleased to report the programme has got off to a great start with 
successful completion of the first exploration hole KKME 1-14 down to the 
planned depth of 520m. 
 
For the MFC Project we have successfully and significantly validated the 
geological proposition that the geology at the Project is that of a feeder 
zone. 
 
We have some important work to undertake utilising the core from KKME 1-14 
which includes field-based core review and sample preparation for assay 
testing. We are also to undertake downhole geophysics shortly to confirm the 
conductive structures at depth. 
 
Whilst the analysis of the core and down hole geophysics is being carried out 
at KKME 1-14, and to keep the programme running efficiently, we will now move 
the drill rig to the second hole location where drilling is expected to 
commence imminently. Further details on this to follow shortly. 
 
In summary, we are now full thrust into the MFC Project programme, and are 
already many steps forward from just a few weeks ago.  We have validated the 
geological model, successfully completed our first drill hole and have core 
from the 520m hole which we are now examining and will be testing." 
 
DRILL PROGRAMME FURTHER INFORMATION 
 
  * The first drill hole KKME 1-14 at the MFC Project has now attained a target 
    depth of 520m.  The hole was completed safely and securely and has achieved 
    near 100% core recovery. 
 
  * KKME 1-14 was sited in the Jwaneng-Makopong Shear/Feeder zone to the east 
    of the main Molopo Farms Complex intrusion. (The next two holes are planned 
    to intersect the same zone within the main part of the intrusion.) 
 
  * KKME 1-14 has successfully confirmed the geological proposition that the 
    geology at Molopo Farm is that of a feeder zone.  In addition, the hole 
    appears to confirm the geophysical modelling, with some precision in the 
    identification of conductors at depth. 
 
  * The drill core is now the subject of field-based analysis and after cutting 
    and visual inspection, samples will be prepared for assay testing at an 
    accredited laboratory in South Africa.  In addition, thin sections of rock 
    will be taken for petrographic analysis. 
 
  * The assay testing will confirm the composition of the drill core and metal 
    content.  The petrographic analysis is an in-depth investigation of the 
    chemical and physical features of the rock which will add considerably to 
    our geological understanding of the area. 
 
  * The drilling has confirmed the presence of ultramafic rocks of the Molopo 
    Farms Complex along the Jwaneng-Makopong Shear/Feeder zone. 
 
  * The outcome of the drilling includes the discovery of a serpentinite 
    intrusion into the Transvaal strata.  This intrusion comprises 167 metres 
    of ultramafic serpentinite in the drill core (the planned petrographic and 
    chemical analysis of the core will allow a more exact lithological 
    description). 
 
  * The ultramafic serpentinite extended from 41m to 208m (with the top 20m 
    highly weathered) within the drill hole.  Serpentinite is a potential host 
    rock for PGMs and nickel and therefore the rock will be subject to assay 
    testing. 
 
  * The hole finished after passing through 25m of pyritic and graphitic 
    mudstones from around 480m to 505m which could be the conductor identified 
    from geophysical work or could overlie it. 
 
  * The graphitic and iron sulphide mudstones ("Mudstones") encountered towards 
    the bottom of the hole died out with depth, while the geophysics carried 
    out before drilling indicated an anomaly stronger with depth. 
 
  * Moreover, the Mudstones should be a continuous unit (at the base of the 
    Segwagwa Group) and yet the geophysical conductor target appears to be more 
    confined. 
 
  * As a result further investigation is required to confirm or eliminate the 
    presence of other conductive structures around or below the end of hole. 
 
  * A down-hole geophysical probe is now being deployed into the first hole to 
    gather additional deep-seated data to supplement the surface derived Time 
    Domain Electromagnetic ("EM") and Natural Field Audio Magneto Telluric 
    ("NF-AMT") geophysical modelling. 
 
  * The down-hole geophysics work will detect any other conductive structures 
    for 300m around and below the drill hole. This will provide detailed and 
    more precise data to help identify the location of any other conductive 
    structures that should be targeted with further drilling. 
 
  * Should the geophysical probe results and modelling show the presence of a 
    significant conductor below the current end of hole, we have the option of 
    reinstating the rig to extend or deviate the hole. 
 
  * Whilst analysis work is undertaken at KKME 1-14 and to ensure programme 
    continuity we are making preparations to move the drill rig to the second 
    drill hole location out of a planned four-hole programme at the MFC Project 
    and further information in respect of this drill target will be provided 
    shortly. 
 
OWNERSHIP STRUCTURE - MOLOPO FARMS COMPLEX PROJECT 
 
Power Metal Resources currently has an 18.26% shareholding in Kalahari Key and 
has elected to earn in ("Earn-In") to a 40% direct interest in the MFC Project 
by funding US$500,000 of exploration expenditure in 2020, notably the diamond 
drilling of selected targets (the "Drill Programme"). On completion of the 
Earn-In, and on the basis of the current 18.26% shareholding in Kalahari Key, 
Power Metal Resources will have an effective economic interest of 50.96% in the 
MFC Project. 
 
THE DRILL PROGRAMME 
 
The Drill Programme is for an initial planned 2,505m across four diamond core 
drill holes with planned target hole depths varying from 525m to 710m. 
 
The Drill Programme is designed to intersect four high priority targets 
prospective for massive nickel sulphide mineralisation, delineated by both Time 
Domain Electromagnetic ("EM") and Natural Field Audio Magneto Telluric 
("NF-AMT") geophysics surveys. 
 
FINANCING OF THE EARN-IN 
 
In respect of the US$500,000 Earn-in spend Power Metal has to date sent cash 
payments for initial expenses of US$133,641 to Kalahari Key, leaving a balance 
of US$366,359 (approximately GBP278,000) remaining. 
 
This balancing amount is fully funded and covered by Power Metal existing 
working capital comprising cash and listed investments which as at 13 November 
2020 was approximately GBP1,734,000. 
 
COMPETENT 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 Competent 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." 
 
Evrima plc, 
 
London, 16th November 2020 
 
The Directors of the Company, who have issued this RIS announcement after due 
and careful enquiry, accept responsibility for its content. 
 
Enquiries 
 
Company: 
 
Burns Singh Tennent-Bhohi (CEO & Director) 
 
burnsstb@evrimaplc.com 
 
Simon Grant-Rennick (Executive Chairman) 
 
simongr@evrimaplc.com 
 
Direct Office Line: +44 (0) 20 3778 0755 
 
Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser): 
 
Graham Atthill-Beck: +44 (0) 20 7464 4091; +44 (0) 7506 43 41 07; +971 (0) 50 

856 9408; Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com 
 
Peterhouse Capital Limited (Corporate Stockbroker): 
 
Lucy Williams: +44 (0) 20 7469 0930 
Duncan Vasey: +44 (0) 20 7220 9797 (Direct) 
 
 
 
END 
 

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