TIDMPOW
RNS Number : 6010Q
Power Metal Resources PLC
01 March 2021
1 March 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Business Operational Update
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to provide a
business operational update for shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"The team at Power Metal are intent on building a great company
for our shareholders. Through the past two years, as evidenced by
our market updates, we have built a global resource exploration and
development company, with precious, base, and strategic metal
interests in North America, Africa, and Australia.
We have multiple workstreams underway, seeking our dual
objectives of large scale metal discoveries and corporate
activities to build our "balance sheet" through vend outs of
certain interests into their own (mainly listed) vehicles in which
Power Metal holds a significant stake.
As you can imagine, across this diverse portfolio there is a
substantial amount of work to be done. This is a practical
challenge for a small team and to ensure that we manage the work
effectively the company has recently expanded its operational
capability with new team members in operational management, public
& investor relations, and new business development.
We seek scale and aggressive growth underpinned by financial
stability leading to a much larger business than we are today. As
we move along this targeted pathway we intend to efficiently inform
shareholders of progress and you will see in the table below the
latest position on each of our projects.
We are a fast moving business and all plans are subject to
change, depending on many factors including market conditions,
exploration success, and business financial strength.
Notwithstanding this our in-built diversification and underlying
strong financial position protects and shields us from volatility
external to the business and enables us to confidently push ahead
with our exploration and corporate activities."
The table below outlines the latest status of each project in
the current Power Metal active portfolio. For further project
information readers should review the latest Power Metal
presentation which may be accessed on the Company's website through
the following link:
https://www.powermetalresources.com/p/193/presentations
PROJECT LATEST POSITION
AUSTRALIA Initial Public Offer ("IPO") process has
Australian Gold JV formally commenced with the appointment
Gold of legal counsel in Canada. The intention
(POW 49.9%) is to list certain core assets of Red Rock
Australasia (Pty) Ltd (the JV holding company)
by IPO in the Canadian capital markets.
Shareholders should note that there can
be no certainty that the proposed IPO of
certain core assets of Red Rock Australasia
(Pty) Ltd will be successful, further updates
will be made to shareholders as appropriate.
Following the grant of first three licenses,
as announced on 2(nd) February 2021, a
further seven applications are at an advanced
stage of processing.
Application made for a new exploration
license covering 227 sq km (EL 45/5859)
in Western Australia, which will be subject
to a ballot between RRAL and Rumble Resources
Ltd (ASX:RTR).
-----------------------------------------------------
BOTSWANA Kanye Resources Plc now formed in the UK,
Kanye Resources and Kanye Resources Pty Ltd in Botswana.
Copper, Silver, Rare This is the holding company company structure
Earths for a planned listing of Kanye Resources
(POW 50%) on a recognised stock exchange.
Kanye Resources includes the Ditau Project
and the Ghanzi South (Kalahari Copper Belt)
Project, and the exploration status of
each project is outlined below.
Ditau Project
An exploration camp has been established
and the field team has continued taking
soil samples and conducting ground magnetic
surveys. A new senior geologist has been
recruited to oversee operations.
Data is currently being analysed on the
I10 target. Results from this are expected
to guide future exploration of the remaining
9 potential carbonatite targets.
Ghanzi South (Kalahari Copper Belt) Project
Intensified soil sampling, airborne electromagnetic
survey and magnetic geophysics survey,
all underway.
Sampling and surveys focused on key target
areas and seeking delineation of key drill
targets.
Environmental Management Plan being finalised,
which following approval will allow drilling
to be undertaken.
-----------------------------------------------------
BOTSWANA Following completion of two drill holes,
Molopo Farms Complex drill core has been cut and inspected.
Nickel, Copper, PGMs Drill core samples sent to South African
(POW with Economic accredited laboratory and assay results
Interest up to 50.96%) awaited. Samples also sent to Witswatersrand
University for mineralogical and thin section
analysis and results awaited.
Third drill hole to be commenced shortly
and ongoing technical review underway.
-----------------------------------------------------
CANADA Acquisition of seven projects now complete
Hemlo/Schreiber and comprising exploration Claim packages
Gold, Base Metals strategically located across the Hemlo/Schreiber
(POW 100%) greenstone belt.
Preliminary exploration work planned includes
remote sensing data interpretation and
ground based fieldwork with systematic
soil sampling and geophysics expected to
yield defined targets for future drill
testing.
-----------------------------------------------------
CANADA Recommencement of exploration work including
Silver Peak completion of the planned drill programme
Silver following the snow thaw in Spring 2021
(POW Earn-in to 30%) targeting high-grade silver and to establish
vein continuity.
Currently working with our partners to
review corporate options including a potential
listing of the Silver Peak project on a
recognised stock exchange.
-----------------------------------------------------
THE DRC Ground magnetics completed and induced
Kisinka Project polarisation to begin over 6.8 kilometre
Copper, Cobalt copper-cobalt anomaly nearing completion.
(POW 70%) Following the completion of fieldwork,
and interpretation of findings, likely
next step will be exploration drilling
of key targets.
Application to secure a 25 year Permis
d'Exploitation (production licence) is
progressing well and in the final stages
of processing.
-----------------------------------------------------
TANZANIA Following completion of 1,965 metres of
Haneti Project Rotary Air Blast drilling, 776 three metre
Nickel, PGMs, Copper, composite samples have been delivered to
Gold, Lithium SGS Tanzania, an accredited assay laboratory
(POW 35%) in Tanzania.
Samples being analysed using multi-element
Aqua Regia Digestion/ICP-OES* method with
13 select samples to also be tested using
Fire Assay for gold, platinum, and palladium.
Assay results expected shortly and the
findings will guide next stage exploration.
-----------------------------------------------------
USA Ground exploration programme (as announced
Alamo Gold Project 11 December 2020) now completed and detailed
Gold operational report received by Power Metal.
(POW Earn-in up to Full technical review underway to determine
75%) next exploration and commercial steps.
-----------------------------------------------------
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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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