TIDMPOW
RNS Number : 0066M
Power Metal Resources PLC
05 May 2020
The following amendment has been made to the 'Kisinka Project -
Completion of Field Programme' announcement released on 05 May 2020
at 13:26 under RNS No 9995L.
Figure 1 is now available to view by using the below link
provided in the RNS. All other details remain unchanged. The full
amended text is shown below.
Power Metal Resources plc ("POW" or the "Company")
Kisinka Project - Completion of Field Programme
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce an
update in respect of its 70% owned Kisinka Copper-Cobalt Project,
(the "Kisinka Project") located some 30km East of the regional
capital of Lubumbashi in the southern part of the Katangan
Copperbelt in the Democratic Republic of the Congo.
HIGHLIGHTS
-- Following the discovery of a large 6.8km copper anomaly in
the 2019 field programme, in February 2020 POW launched a follow-up
pitting and mapping exploration programme across the identified
target area;
-- The programme has been completed successfully and safely,
with 21 pits completed totalling 174.5 metres on 9 cross sections
of the copper anomaly target area;
-- 204 channel samples were collected, and 3 grab samples from
the bottom contacts of selected pits;
-- Preliminary mapping of lithological units has been carried
out and sample preparation is underway at the University of
Lubumbashi;
-- X-ray fluorescence ("XRF") testing of samples will be
undertaken shortly and then, subject to lockdown provisions easing
enabling the transport of samples and availability of laboratories,
assay testing will take place in South Africa targeting copper and
cobalt.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"I am pleased to report the safe completion of the pitting
programme and the collection of a large number of samples for
testing. With sample preparation underway in Lubumbashi, we look
forward to receipt of the XRF testing results, and thereafter assay
results, focused on copper-cobalt mineralisation.
The team in the field reported encouraging findings from the
lithological review and visual examination of extracted samples and
we look forward to the receipt of sample XRF and assay test results
in due course.
So far, the Kisinka Project continues to yield positive outcomes
and nothing to date has deterred us from pushing on with the
investigation of what is, at 6.8km, a particularly large copper and
potentially cobalt anomaly."
DETAILED PROGRAMME INFORMATION
Power Metal has completed the fieldwork element of the follow up
programme at the Kisinka Project, including pitting and mapping,
focussed on the target area containing the 6.8 km copper anomaly
("Target Area"), as shown in Figure 6 of the 11 July 2019 RNS
announcement. There were no injuries reported and all personnel
returned safely to base.
The programme was launched earlier this year as outlined in the
12 February 2020 RNS announcement. The hardness of the material
encountered during the pitting process, and late rains, caused some
delay to completion, although overall the field programme
accomplished its goals and we are pleased with progress at this
stage.
In total 21 pits totalling 174.5 metres were dug on 9
cross-sections across the Target Area for copper, with 16 reaching
target depth and 5 stopped in the lateritic overburden at around 6m
due to water table contact (see Figure 1 via the below link).
https://www.powermetalresources.com/p/203/kisinka
From the pits 204 channel samples including Quality Assurance /
Quality Control ("QA/QC") samples were collected, as well as 3 grab
samples from the bottom contacts of selected pits.
In addition to the 21 completed pits, 3 pits were left for
possible later completion when conditions are drier.
Progress was slowed by the hardness of the massive haematitic
ironstone intercepted in some pits, as well as by the water
return.
Pits intercepted massive haematitic ironstone alternating with
thinly laminated to bedded sandy siltstone, with brecciation in the
nose of the regional fold in the south-east of the license, and
areas of feldspathic sandstone and dolomitic siltstone.
Traces of malachite copper ore in replacement mode were observed
from 7m to 8m in pit KSK_P015.
Preliminary mapping of lithological units has been carried out,
and sample preparation is under way at the University of Lubumbashi
Preparation Laboratory, with XRF testing of the samples expected to
be carried out at the end of the week.
Samples will then be retained until the South African test
laboratories are confirmed to be out of lockdown, when they will be
sent for laboratory testing for copper and cobalt.
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 (Chief Executive Officer) +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
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed 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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