TIDMPOW
RNS Number : 9430M
Power Metal Resources PLC
26 January 2021
26 January 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Haneti Nickel PGM Project - Drilling Update
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce an
update regarding the maiden drill programme targeting the discovery
of nickel and platinum group metals ("PGM") at the Haneti Nickel
PGM Project ("Haneti" or the "Project") in Tanzania.
Power Metal holds a 35% ownership interest in Haneti with 65%
held by Katoro Gold plc (LON:KAT)("Katoro").
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"The successful completion of the maiden drill programme at
Haneti is another positive step forward and with samples now
dispatched to the laboratory, we eagerly await the assay
results.
I am grateful to the operating team who worked hard over the
traditional Christmas season to implement this programme
successfully, particularly given the challenging weather conditions
towards the latter half of the programme."
HIGHLIGHTS:
-- Maiden drill programme now complete with 1,965 metres of
Rotary Air Blast ("RAB") drilling completed over 50 holes at
Mihanza Hill and Mwaka Hill with 1,965 samples collected.
-- 776 three metre composite samples prepared from the RAB drill
programme with a Quality Assurance/Quality Control sample inserted
every 10 samples.
-- All RAB samples have now been sent to SGS Tanzania ("SGS"),
an accredited assay laboratory, all samples will be analysed by
their multi-element Aqua Regia Digestion/ICP-OES* method with 13
select samples to also be tested using Fire Assay for gold,
platinum and palladium.
-- In addition, 4 rock samples collected from mapping have been sent to SGS for assay.
-- Images from Haneti may be viewed on a Gallery section of the
Company's website through the following link:
https://www.powermetalresources.com/p/230/haneti-project-gallery
HANETI PROJECT - NICKEL SULPHIDE AND PGM TARGETS - FURTHER
INFORMATION
PROJECT OVERVIEW
The Haneti Nickel Project covers an area of approximately 5,000
km(2) in central Tanzania approximately 88 km north of the capital
city Dodoma. It comprises tenements (prospecting licences, offers
and applications) prospective for nickel, PGMs and gold.
One of the key exploration objectives for the JV partners at
Haneti is to delineate the potential for economic nickel
mineralisation on the linear dyke-like, Haneti-Itiso Ultramafic
Complex ("HIUC") which sporadically crops out over a strike length
of 80 km through the centre of the tenement holding. The HIUC
mainly comprises serpentinites (metamorphosed ultrabasic rocks such
as dunite and peridotite), with metabasic rocks such as metagabbro
and metadolerite and is being targeted for a Chonolith-Type Nickel
exploration model.
RAB DRILL PROGRAMME
The RAB drilling programme focussed on the Mihanza Hill and
Mwaka Hill targets which were selected based on the recommendations
of the 2012 airborne electromagnetic ("AEM") geophysics survey, the
detailed field programme undertaken in 2013 and further
supplementary exploration findings. Drilling was focused on Mihanzi
Hill and Mwaka Hill for this campaign, as they were considered to
be the priority targets at this stage.
The 1,965m RAB drilling programme consisted of 50 holes drilled
on linear fences across the targets. The programme is seeking to
verify the existence of near surface nickel sulphide mineralisation
at each target whilst increasing the geological understanding such
that the orientation and the meterage of a planned follow-up
diamond drill programme can be optimised to confirm the scale of
any nickel sulphide mineralisation.
The drilling was conducted by an experienced Tanzanian company
in line with international best practice and in accordance with
health and safety and COVID-19 precautions.
HISTORIC NICKEL EXPLORATION
The Haneti area was first explored in 1931 by a private
prospector who collected a nickel--rich magnetite sample at Mihanza
Hill. Later trenching uncovered a few discontinuous green stained
veins rich in nickel--silicates and containing several percent
nickel.
In the early 1960s the Geological Survey of Tanzania carried out
mapping, pitting, soil sampling, trenching and rock chip sampling
of ultramafic outcrops on the Zoani, Mindii and Mihanza hills,
within the HIUC belt.
Further geological mapping and sampling was undertaken in 2006,
2007 and in 2013.
Additionally, an AEM geophysics survey was completed over the
Mihanza and Mwaka Hill anomalies in 2012 with further geophysics
flown in 2015.
A study commissioned with a consultant expert in ultramafic rock
geochemistry in 2015 identified the nickel, copper, platinum,
palladium anomaly at Mihanza Hill as a drill ready target. This
report suggested that the Itiso--Haneti Ultramafic body may fit the
Chonolith-Type Nickel exploration model which would imply that the
main ultramafic belt may have small discrete sulphide bodies
associated with it.
In 2019 a number of soil samples collected during the 2013
exploration programme were sent for analysis and the results
confirmed the existing knowledge base and also identified a new
ultramafic sub-crop (as announced by Katoro on 30 January
2019.)
Reference:
* ICP-OES: inductively coupled plasma optical emission
spectrometry
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.
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/Charlie Bouverat +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:
P ower Metal Resources plc (LON:POW) is an AIM listed metals
exploration and development company seeking a large scale metal
discovery.
The Company has a global portfolio of project interests
including precious metals exploration in North America and
Australia together with base and strategic metal exploration in
Africa. Project interests range from early stage greenfield
exploration to later stage prospects currently subject to drill
programmes.
The Board and its team of advisors have expertise in project
generation, exploration and development and have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors wishing to gain exposure to
proactive global metals exploration.
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