TIDMPOW
RNS Number : 2429F
Power Metal Resources PLC
11 July 2019
11 July 2019
Power Metal Resources plc ("POW" or the "Company")
Kisinka Project - Large Copper Anomaly Confirmed
Power Metal Resources plc (LON:POW) the AIM listed African
focused metal exploration and development company is pleased to
announce findings drawn from the final report on its exploration
programme at the Company's Kisinka Copper-Cobalt project ("Kisinka"
or the "Project") in the Democratic Republic of the Congo
("DRC").
Paul Johnson, Executive Director of Power Metal Resources plc
commented: "We have confirmed the presence and potential
significance of copper mineralisation along the Undifferentiated
Roan horizons within our license.
Undifferentiated Roan represents Roan rocks of the Roan 1, Roan
2 and Roan 3 Subgroups and the Neoproterozoic Roan Group of central
Africa which are host to some of the world's largest and
highest-grade sedimentary rock-hosted copper-cobalt deposits the
copper belts of Zambia and the DRC.
Given the substantial 6.8km length and size of the copper
anomalous area and the presence of rocks from the important
mineral-bearing R2 stratum in a license along strike, there are
sufficient indications that the tenement may be host to a
significant copper target to justify immediate further
exploration.
The Company is considering its exploration options for the next
stage and expects to begin a new exploration programme
shortly."
Exploration Report Summary:
Note: where referenced below the Figures may be viewed via the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/2429F_1-2019-7-11.pdf
Additionally, figures referenced below are also available on the
Company's website through the following link:
https://www.powermetalresources.com/gallery-drc/5/drc-termite-mound-sampling-2019
-- A total of 663 termite mound soil samples (excluding quality
control samples) were collected over the entire 62 mining square
tenement (approximately 50 square kilometres) using a grid of 400m
x 200m on 23 North-South oriented lines (Fig 1);
-- Each 2 kg sample was taken from each termite mound at 1m
height and after penetrating the mound to a depth of 50-70 cm;
-- The samples were taken to the Minerals Exploration Associated
Sarl ("Minex Consulting") office in Lubumbashi. Each sample was
then split into two pulp samples of 50g, with one tested by a Niton
XRF (x-ray fluorescence spectrometry) analyser and the other being
kept should the Company wish to send to a laboratory for ICP AES
(inductively coupled plasma atomic emission spectroscopy) analysis
if required;
-- XRF readings provide immediate feedback on metal content,
which is useful in the exploration process as a cost-effective
early identification tool. In respect of copper grades, XRF testing
conducted in line with best practice (including the use of field
duplicate samples correlating closely with original results to
demonstrate precision and high quality sample preparation) can
deliver grades that correlate closely with assay testing, however
as outlined below, cobalt is less definitive;
-- At an appropriate stage of exploration and where precision
data is required regarding metal grade, verification through assay
testing at independent laboratories is required and POW will
undertake this assay testing process where deemed necessary and
provide results to the market;
-- The XRF results have identified a 6.8 km by 600m
copper-in-soil anomaly oriented SE-NW with copper values up to 210
parts per million ("ppm") (Fig 2). Peak values occur in the
southern part of the tenement and correlate well with the
undifferentiated Roan horizon which is known as a host of copper
and cobalt mineralisation in the Central African Copperbelt;
-- Two main copper-manganese anomalous zones were identified
within the main copper trend, one (Zone A) extending 1200m by 400m
and striking SE-NW, lying along the undifferentiated Roan (Fig 3),
and one (Zone B) extending 1100m by 800m, striking W-E, and
occurring in the vicinity of the nose of a fold structure to the SE
(Fig 4);
-- Zone A and Zone B both partially coincide with natural
clearings containing metallophytic (copper tolerant) vegetation
typical of the Copper Flora; this can be seen particularly clearly
in Zone B where natural clearings are aligned in a curve parallel
to the nose of the regional fold with the metal anomalous zone
correlating well with the southern clearing (Fig 5);
-- Cobalt anomalism though present in the XRF readings,
including samples at significant levels, was not correlated with
copper and manganese anomalisms and without results from ICP AES
testing it is not considered that any conclusions should be drawn
as to cobalt anomalism at this stage;
-- As noted above copper anomalism was detected at up to 210 ppm
by XRF, and Zones A and B are considered highly prospective for
further exploration;
-- Recommendations for future work are: (a) ground magnetics
over the 6.8 km anomalous zone (Fig 6) and possible extensions to
detect low magnetic lithologies and understand structure and
carbonate rocks; (b) infill termite mound sampling in the anomalous
zone on a 50m by 50m grid to check continuity of the anomaly; and
(c) some pitting in the anomalous zone to check the lithological
units lying below the regolith.
Project Background:
The current phase of exploration activities at Kisinka was
announced by the Company on 12 April 2019 and can be viewed through
the following link:
https://www.powermetalresources.com/n/n99/kisinka-copper-cobalt-project-exploration-commences
Updates on the Kisinka field operations and progress in sample
testing were provided by the Company on 2 May 2019, 17 May 2019,
and 7 June 2019 and may be viewed through the following links:
https://www.powermetalresources.com/n/n100/kisinka-copper-cobalt-project-operational-update
https://www.powermetalresources.com/n/n106/kisinka-copper-cobalt-project-field-programme-completed
https://www.powermetalresources.com/n/n109/kisinka-project-7-km-copper-anomaly-identified
Competent Person Statement
The technical and related information in this report relates to
exploration results based on information from third parties and
data compiled by Steffen Kalbskopf Pr.Sci.Nat, FGSSA and Barry
Kazadi (MSc), Pr.Sc.Nat, MGSSA. who are members of the South
African Council for Natural Scientific Professions. Mr. Kalbskopf
and Mr Kazadi have sufficient experience in the style of
mineralisation and type of deposit under consideration. Mr.
Kalbskopf and Mr Kazadi consent to the inclusion in this
announcement of the matters based on their information in the form
and context in which it appears. Mr Kazadi is a managing Director
of Mineral Exploration Associates SARL, Consultants (Under the name
Minex Consulting) to the Company. Mr Kalbskopf is a self-employed
consultant and managing director of Hidden Treasure Consulting and
a senior associate of Minex Consulting, both independent of Power
Metal Resources plc].
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Executive Director) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed African
focused metals exploration and development company exploring for
the key metals used in power generation, transmission, storage and
utilisation. The Board and team of advisors, who have proven
expertise in exploration, mining and project generation, have
identified an opportunity to utilise the Company's position to
become a leader in the London market for investors to gain exposure
to the power metal commodity suite, particularly cobalt, lithium,
copper and nickel.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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