Evrima Plc Update re Investee Drilling
April 09 2021 - 1:00AM
UK Regulatory
TIDMEVA
BY VIRUE OF THE PRIOR PUBLICATION ELSEWHERE OF THE SUBSTANTIVE INTELLIGENCE IN
THIS ANNOUNCEMENT, THE DIRECTORS OF EVRIMA PLC DO NOT CONSIDER IT TO CONTAIN
INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/
2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET
ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018.
Evrima plc
AQSE: EVA
("Evrima" or the "Company")
Kalahari Key Minera lExploration Pty Ltd. Operational Update: Significant
Nickel Interesections Confirmed by Drill Sample Assay Results
Evrima plc is an investment issuer quoted on the AQSE Growth Market. The
Company is focused on the idenitfication of investment opportunities in the
natural resource sector. The announcement reproduced in part below and denoted
by quotation marks (" ") is an operational update on Kalahari Key Mineral
Exploration Pty Ltd., an investee company in which Evrima has a 19.6% stake,
and was originally issued on 8th April 2021 by Power Metal Resources PLC:
"Power Metal Resources PLC
("Power Metal" or the "Company")
Botswana Molopo Farms Complex - Assay Results
Significant Nickel Intersections Confirmed by Drill Sample Assay Results
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and
development company is pleased to announce an exploration update at the
Kalahari Key Mineral Exploration Pty Ltd ("Kalahari Key" or "KKME") Molopo
Farms Complex Project (the "Project" or "MFC Project"), which is targeting
prospective magmatic intrusion-hosted massive nickel sulphide and
platinum-group element ("PGE") mineralisation in Botswana.
BACKGROUND:
The MFC Project is a district scale exploration opportunity in south-west
Botswana.
After extensive preparatory exploration work over a number of years the Project
was suitably advanced to commence exploration drilling in 2020.
Diamond drilling commenced at the MFC Project in October 2020 and to date three
holes have been completed. Examination of the drill core to date has
demonstrated the geological model for the presence of a magmatic feeder zone
prospective for the accumulation of Ni/PGE sulphides in the intrusive system.
More recently, core samples were sent to the Geology Department of the
University of Witwatersrand in Johannesburg for thin section mineralogical
analysis. This analysis confirmed the presence of nickel sulphides in the
drill core adding more weight to the geological proposition.
Results have now been received from Scientific Services Geological Laboratories
where drill core samples from hole KKME 1-6 were sent for assay testing.
CHIEF EXECUTIVE OFFICER UPDATE:
Paul Johnson, Chief Executive Officer of Power Metal Resources, commented:
"We are delighted to report that significant nickel intersections have been
confirmed by the first batch of assay results received for the diamond drilling
at the MFC Project. Recognising these drill results come from early stage
reconnaissance drilling it is extremely positive to identify nickel
mineralisation as confirmed today.
As only select intervals of drill core were sent for laboratory assay all five
of the significant drill intersections can be considered open until the
intervening samples are analysed.
These results corroborate the earlier identification of Pentlandite, the
primary nickel sulphide mineral, in the mineralogical samples previously
submitted to Witwatersrand University.
The nickel mineralisation encountered in this drill hole includes sections at
grades that have been found to be economic in similar geologies and given the
scale of the inferred feeder zone being investigated there is a good prospect
of further positive results as exploration continues."
HIGHLIGHTS:
The first batch of assay results for nickel (Ni), copper (Cu) and zinc (Zn)
have been received for the diamond drilling programme at the Molopo Farms
Complex Project.
. Angled diamond drill hole KKME 1-6, downhole, significant Ni
intersections 1 include:
o 4.8m @ 0.2% Ni from 292.7m
o 4.1m @ 0.49% Ni from 309m, including
§ 1.6m @ 0.72% Ni from 309.6m
o 16.7m @ 0.16% Ni from 501.8m
o 10.9m @ 0.13% Ni from 518.2m
o 3.4m @ 0.28% Ni from 594.4m
. As drill core was selectively sent for sample analysis the reported
mineralised intervals are considered to be open.
. Assay results confirm Ni grades for pentlandite-bearing mineralogical
samples analysed by the University of Witwatersrand in Johannesburg (announced
30 March 2021):
o IMK-05139 (0.44m pyroxenite sample from 310m down-hole depth) assayed at
6,999ppm Ni (0.70% Ni) from a primary magmatic, pentlandite-bearing,
assemblage.
o IMK-05149 (0.58m pyroxenite sample from 295m down-hole depth) assayed at
6,606ppm Ni (0.66% Ni).
o IMK-05153 (0.54m pyroxenite sample from 297m down-hole depth) assayed at
2,244ppm Ni (0.22% Ni).
o Both IMK-05149 and IMK-05153 contained primary pentlandite within
predominant secondary nickel sulphides, arsenides and alloys.
. Further assay data for gold and PGE content for the reported intervals is
currently awaited.
Assay Testing
Scientific Services Geological Laboratories ("SCISERV") in Cape Town analysed
half core samples for nickel, copper, zinc, gold and platinum with the results
for Ni, Cu and Zn received in the current assay batch, with the Ni and Cu
results summarised in Table 1 below.
SCISERV employed a two acid (HNO3 + HF) digest with analysis by inductively
coupled plasma optical emission spectrometry ("ICP-OES").
A full assessment of hole KKME 1-6 will be made once all of the mineralogical
and chemical analyses have been received.
Table 1: Diamond Drill Hole KKME 1-6 Ni & Cu Assay Data (Batch 1)
Drill Hole From To (m) Downhole Ni Cu University of
ID (m) Interval (ppm) (ppm) Witwatersrand
(m) Mineralogical
Sample ID
KKME 1-6 292.68 293.40 0.72 1,417 <5
KKME 1-6 293.40 294.18 0.78 1,213 <5
KKME 1-6 294.18 294.70 0.52 1,177 6
KKME 1-6 294.70 295.28 0.58 6,606 163 IMK-05149
KKME 1-6 295.28 295.96 0.68 1,182 60
KKME 1-6 295.96 296.47 0.51 1,235 <5
KKME 1-6 296.47 297.48 1.01 1,621 15
KKME 1-6 296.94 297.48 0.54 2,244 <5 IMK-05153
KKME 1-6 308.49 309.04 0.55 1,779 17
KKME 1-6 309.04 309.61 0.57 3,280 159
KKME 1-6 309.61 310.05 0.44 6,999 664 IMK-05139
KKME 1-6 310.05 310.67 0.62 7,018 530
KKME 1-6 310.67 311.22 0.55 7,459 448
KKME 1-6 311.22 311.58 0.36 4,867 343
KKME 1-6 311.58 312.00 0.42 4,065 185
KKME 1-6 312.00 312.41 0.41 3,714 35
KKME 1-6 312.41 313.19 0.78 2,558 21
KKME 1-6 501.80 502.98 1.18 1,212 <5
KKME 1-6 502.98 503.55 0.57 1,076 <5
KKME 1-6 503.55 504.50 0.95 1,237 <5
KKME 1-6 504.50 505.40 0.90 1,501 <5
KKME 1-6 505.40 506.23 0.83 1,088 <5
KKME 1-6 506.23 507.15 0.92 1,140 <5
KKME 1-6 507.15 508.00 0.85 1,411 <5
KKME 1-6 508.00 509.00 1.00 1,883 7
KKME 1-6 509.00 510.00 1.00 1,974 8
KKME 1-6 510.00 511.00 1.00 1,953 6
KKME 1-6 511.00 512.00 1.00 1,888 8
KKME 1-6 512.00 513.00 1.00 2,081 7
KKME 1-6 513.00 514.00 1.00 1,862 9
KKME 1-6 514.00 514.50 0.50 2,131 7
KKME 1-6 514.50 516.00 1.50 1,934 8
KKME 1-6 516.00 517.00 1.00 1,269 7
KKME 1-6 517.00 518.52 1.52 1,414 <5
KKME 1-6 518.15 518.52 0.37 1,489 <5
KKME 1-6 518.52 519.47 0.95 1,047 <5
KKME 1-6 519.47 520.28 0.81 1,740 <5
KKME 1-6 520.28 521.22 0.94 1,692 <5
KKME 1-6 521.22 521.78 0.56 1,629 <5
KKME 1-6 521.78 522.62 0.84 1,606 <5
KKME 1-6 522.62 523.13 0.51 1,504 <5
KKME 1-6 523.13 524.00 0.87 1,467 <5
KKME 1-6 524.00 524.48 0.48 1,642 <5
KKME 1-6 524.48 525.28 0.80 1,239 <5
KKME 1-6 525.28 526.20 0.92 924 <5
KKME 1-6 526.20 527.46 1.26 698 <5
KKME 1-6 527.46 528.17 0.71 911 <5
KKME 1-6 528.17 529.05 0.88 918 <5
KKME 1-6 585.00 586.00 1.00 2,536 <5
KKME 1-6 594.40 595.17 0.77 2,469 <5
KKME 1-6 595.17 596.00 0.83 2,755 <5
KKME 1-6 596.00 597.00 1.00 3,038 5
KKME 1-6 597.00 597.80 0.80 2,852 6
Hole KKME 1-6, the second hole to be drilled at the MFC Project, attained a
target depth of 597.8m. The hole was designed to intercept the upper side of a
conductive body modelled from geophysical survey data to commence around 500m
down-hole depth.
KKME 1-6 is located in the project's Tshepo (Hope) Central Target Area,
approximately 20km west-southwest of the programme's first drill hole KKME 1-14
and along strike on the shear zone interpreted as the Molopo Farms Complex
Feeder Zone. The Tshepo (Hope) Central Target Area lies within the centre of
the interpreted feeder zone inside the near-surface sub-crop of the Molopo
Farms Complex in Licence PL311/2016.
Third Drill Hole Progress
The third drill hole at the MFC Project, KKME 1-11a (into Target 1-11a), has
been completed to a downhole depth of 502.4m. The 60-degree inclined hole was
drilled to intersect a conductive body, associated with a prominent magnetic
response, modelled from geophysical survey data. KKME 1-11a is located in the
Project's Chipo (Gift) Northern Target Area, and 1,250m west of the programme's
first drill hole KKME 1-14 and still within the shear zone interpreted as the
Molopo Farms Complex Feeder Zone.
Preliminary examination of the uncut core indicates a fine-grained black
ultramafic rock that is magnetic, and relatively unfractured. There are minor
serpentine/talc veins. The core will now undergo detailed geological logging
and selected sample intervals will be submitted for assay.
References:
1: Significant Ni intersections derived
from weighted averages of samples
intervals above a nominal 0.13%Ni.
Figures are rounded. 10,000ppm = 1%.
Feeder zone: The plumbing system from which magma
is supplied into the intrusive from
the lower crust. These can often
form as elongated dykes at the base
of an ultramafic layered intrusion.
Sulphide mineral accumulations can
often form in the vicinity of the
feeder zone.
PGE: Platinum group elements (ruthenium,
rhodium, palladium, osmium, iridium,
and platinum)
Pentlandite (Fe,Ni)9S8: A primary nickel sulphide mineral
Pyroxenite: Pyroxenite is an ultramafic plutonic
igneous rock. In pyroxenite the
dominant mafic mineral is a pyroxene.
Pyroxenite may contain up to 40%
olivine. Pyroxenite mostly forms by
accumulation of pyroxene crystals in
the mafic-ultramafic igneous
intrusions. It forms variously shaped
igneous bodies like sills, layers,
dikes Pyroxenite may host
economically important metals like
chromium, nickel and platinum.
Serpentinisation: A low temperature anaerobic oxidation
process of ultramafic rocks in the
course of which density is reduced
and volume increased by the addition
of water, in the course of which
nickel and other elements undergo
remobilisation as a result of
hydrothermal activity
Ultramafic rock: An igneous rock in which has a very
low silica content and in which more
than 90% of the rock is composed of
magnesium and iron-rich minerals like
pyroxenes, amphiboles, and olivine.
OWNERSHIP STRUCTURE - MOLOPO FARMS COMPLEX PROJECT
Power Metal 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 by 30 April 2021, including 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 will have an effective economic
interest of 50.96% in the MFC Project.
To date Power Metal has funded US$498,500 of the US$500,000 earn-in
requirement, with US$1,500 (c. £1,085) remaining to complete the earn-in
funding requirement. This amount will be paid by Power Metal from existing
funds in the Company's US dollar account.
THE DRILL PROGRAMME
The Drill Programme is for an initial planned 2,505m and is designed to
intersect 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.
COMPETENT PERSON STATEMENT
The drilling and sampling programme has been overseen on site by Mr. Ian
McGeorge MSc CGeol FGS a qualified person and chartered geologist working on
behalf of the independent mining consultancy The MSA Group ("MSA"). Information
in this announcement relating to the exploration drilling results is based on
data reviewed by Mr McGeorge. Mr McGeorge has sufficient experience relevant
to the style of mineralisation and type of deposit under consideration, and to
the activity which he is undertaking to qualify as a Competent Person under the
AIM Rules - Note for Mining and Oil & Gas Companies. Mr McGeorge consents to
the inclusion of the exploration results in the form and context in which they
appear.
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, 8th April 2021
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) 7506 43 41 07; 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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