TIDMPOW
RNS Number : 6748X
Power Metal Resources PLC
05 May 2021
5 May 2021
Power Metal Resources plc ("POW" or the "Company")
Kisinka Project - Update & Grant of Production Licence
Prominent Magnetic Highs Identified, Drilling to be Undertaken
Following IP Survey Completion
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company announces an update in respect
of its 70% owned Kisinka Copper-Cobalt Project ("Kisinka" or the
"Project").
The Project is located roughly 30km east of the regional capital
of Lubumbashi in the southern part of the Katangan Copperbelt
within the Democratic Republic of the Congo ("DRC").
HIGHLIGHTS:
Licensing
-- The Company has today been notified of the successful
conversion of its Permis de Recherches (exploration licence) to a
Permis d'Exploitation (25 years Production Licence) over 61 carrés
(each of 84.95 ha).
Exploration Update
-- On 20 November 2020 the Company announced assay results
confirming high copper and cobalt values from pitting and mapping
exploration programme completed earlier in 2020 (and following on
from a termite mound sampling program conducted in 2019 which
successfully identified a roughly 6.8km long copper and cobalt
anomaly).
-- The Company recently completed a high-resolution 276
line-kilometre ground-based magnetic survey (125 metre spacing)
under the supervision of Minerals Exploration SARL ("Minex
Consulting SA"). The results from this survey have now been
compiled and interpreted by Ronacher Mackenzie Geoscience out of
Ontario, Canada.
-- The results from this survey highlight a prominent magnetic
high anomaly coincident with a regionally important northwest
trending diamictite unit. A northwest trending hematitic iron
formation unit was also defined within the survey results as a
linear magnetic feature, which is broadly coincident with elevated
copper and cobalt geochemical results. This geological model
possesses many similarities to other Sediment-Hosted Copper
Deposits found within the prolific Congolese Copperbelt
("CCB").
-- Two additional northwest trending magnetic high features were
also identified within the southern portion of the surveyed area
which hare also associated with a diamictite unit. The relationship
of these geological units with robust copper-in-soil anomalies
identified on the Property are possibly indicative of a redox
boundary common within Kupferschiefer copper deposit types (e.g.
Kamoa-Kakula Deposit, DRC).
-- A next phase of exploration including an induced polarization
("IP") survey is planned which will provide coverage over several
of the new magnetic anomalies recently identified with the
objective of identifying possible supergene and/or disseminated
copper-cobalt mineralisation.
-- Following completion of the IP survey, the Company intends to
follow up with an immediate drilling program. Quotations for the
next phase of work are currently being sought.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"The news of the grant of a Production Licence over Kisinka is
an important step forward and lends considerable support for the
continuation of our work on the Project.
Our exploration work at Kisinka since 2019 has been carried out
in a systematic and disciplined manner with increasingly promising
copper and cobalt results, and we look forward to the upcoming
drill programme.
The size of the mineralised area identified by the work to date
makes Kisinka an important potential copper-cobalt project in the
Company's base metal portfolio, in what we believe is one of the
world's best copper-cobalt districts."
Glossary:
Diamictite - A tyle of lithified sedimentary rock that consists
of unsorted to poorly sorted sediment with particle sizes ranging
from clay to boulders suspended in a matrix of mudstone or
sandstone.
Hematitic iron formation - A sedimentary rock formation (often
banded) that is dominated by the mineral hematite (Fe(2) O(3)
).
Copper-in-soil anomaly - Geochemical anomaly defined by
increased copper levels over background.
Kupferschiefer copper deposits - A type of sedimentary hosted
copper deposit that were originally discovered in central Europe.
They are a globally important source of copper and their
mineralization is dominated by chalcocite (Cu(2) S), chalcopyrite
(CuFeS(2) ) and bornite (Cu(5) FeS(4) ).
Supergene - Zone of secondary mineral enrichment (e.g. Copper)
that occurs near the earth's surface.
The technical and related information in this report relates to
exploration results based on information from third parties and
data compiled by Kazadi S-B. Barry (MSc), Pr.Sc.Nat., MGSSA., Mr
Steffen Kalbskopf, (BSc), Pr.Sci.Nat., who are members of the South
African Council for Natural Scientific Professions, and Ms Jenna
McKenzie, (BSc Hons), P.Geo. and Ms Elisabeth Ronacher, PhD, P.Geo.
MM. Messrs Kazadi and Kalbskopf have sufficient experience in the
style of mineralisation and type of deposit under consideration.
Mr. Kazadi and Kalbskopf consent to the inclusion in this
announcement of the matters based on his 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.
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:
Power 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 metal 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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