TIDMPOW
RNS Number : 6883E
Power Metal Resources PLC
09 July 2021
9 July 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Golden Metal Resources Nevada - Update
Presentation Released Highlighting Exploration Potential of the
Recently acquired Projects Located in Mining Friendly Nevada
Power Metal Resources plc (LON:POW), the AIM listed metals
exploration and development company has prepared an information
presentation covering the recently acquired Golconda Summit,
Garfield, and Stonewall Projects (collectively the "Projects") all
located in mining friendly Nevada, USA.
This information presentation may be viewed through the
following link:
https://www.powermetalresources.com/presentation/golden-metal-resources-presentation/
The Nevada Projects are held by Golden Metal Resources Ltd
("Golden Metal") a wholly owned subsidiary of Power Metal and
include the Golconda Summit carlin-type gold Project, Stonewall
epithermal-type Au-Ag Project, and the Garfield skarn-type Cu-Au
Project.
The details underlying the acquisition of the Nevada Projects
are provided in previous Power Metal announcements which can be
viewed through the following links:
Golconda (1 June 2021)
https://www.londonstockexchange.com/news-article/POW/agreement-golconda-gold-property-nevada-usa/14998042
Garfield/Stonewall (17 June 2021)
https://www.londonstockexchange.com/news-article/POW/acquisition-of-gold-copper-projects-nevada-usa/15020989
PRESENTATION HIGHLIGHTS:
Regional Background
-- The Company views Nevada as one of the most prospective
jurisidctions in the world for the discovery of world class
precious metal deposits.
-- Nevada was ranked #1 in the Investment Attractiveness Index
in the Fraser Institute Annual Survey of Mining Companies, 2020 (1)
.
-- The Projects are located within some of the prolific mining
trends within the state including the Battle Mountain - Eureka
Trend (Golconda Summit), and the Walker Lane Mineral Trend
(Stonewall and Garfield).
Golconda Summit Project
-- The Golconda Summit Project ("Golconda") is located entirely
on the Bureau of Land Management ("BLM") ground less than 15km east
of the town of Winnemucca, Nevada.
-- Golconda is located within the same host rocks (Havallah
Sequence upper plate rocks as well as lower plate Edna Mountain
Formation and Antler Peak Limestones) as the nearby multi-million
ounce Turquoise Ridge, Lone Tree Complex, and Marigold gold
mines.
-- Previous exploration on the Project by the Nerco Mineral
Company is 1989 encountered significant gold mineralisation located
within upper plate Havallah Sequence rocks including surface
mechanised trenching assay results of 7.6m of 24.0g/t Au and 15.2m
of 8.6g/t Au, as well as shallow reverse circualtion driling
results of 10.7m @ 3.9g/t Au (2) .
-- Golconda is considered by the Company to be prospective for
the identification of additional near-surface gold mineralisation
within Havallah Sequence upper plate rocks as well as for
Carlin-type replacement style gold mineralisation within lower
plate Edna Mountain Formation and Antler Peak limestones located
below the Golconda thrust fault.
-- Permits for trenching and drilling are currently being
prepared and will be submitted shortly, with receipt of full
permits expected within 4-6 weeks.
Garfield Project
-- The Garfield skarn-type Cu-Au Project ("Garfield") is located
approximately 10km east of the town of Hawthorne in Mineral County,
Nevada.
-- Garfield is 100% owned by Golden Metal and is located
entirely on BLM ground.
-- The Garfield Project was originally centered around a small
gossan exposed within extensive Quarternary alluvial sediments
which cover most of the Project. Work undertaken in 2016 by
previous owner Sunrise Resources plc included a single trench
excavated within the gossan which returned 22m of 0.33% copper,
including a 2m sub-interval which graded 2.18% copper (16-18m) and
a separate 2m sub-interval grading 1.2g/t Au. The trench ended in
copper and gold mineralisation and remains open along strike.
-- Follow up regional prospecting returned several >1% (up to
5.53%) copper grab samples kilometres from the main gossan showing.
No additional follow up work has been completed to date.
-- Golden Metal will carry out extensive grid-based soil
sampling as well as prospecting which aims to prove up the
continuity of skarn and porphyry-style mineralisation between the
various copper rich historic sampling sites.
Stonewall Project
-- The Stonewall epithermal-type Au-Ag Project ("Stonewall") is
located approximately 15m south of the historic mining town of
Goldfield in Nye County, Nevada.
-- Stonewall is 100% owned by Golden Metal and is located
entirely on BLM ground.
-- The Stonewall Project is centered on a approximately 1.2km
long (open along strike) milky-white quartz vein with prevalent
low-sulphidation epithermal boiling textures, which varies in
thickness between 15-20m along its outcropping extent.
-- Minimum shallow historic drilling tested a limited strike
length along the vein (away from the surface samples displaying the
strongest epithermal-type boiling textures) and returned downhole
epithermal vein intersections of up to 12m in width with stockwork
zones up to 70m wide with anomalous gold, silver and mercury
results.
-- Following a Phase I Programme which will include prospecting,
geological mapping and rock sampling, Golden Metal plans on
executing a diamond drilling programme on the Property which will
not only test the eastern extent, where boiling textures at surface
are best developed, but also the broader system at depth where it
is postulated the Au-Ag boiling zone of the system could be
found.
BACKGROUND TO GOLDEN METAL AND PLANNED CORPORATE ACTIVITY
Golden Metal is a private United Kingdom domiciled company which
is a wholly owned subsidiary of Power Metal.
The intention is to arrange an initial public offering of Golden
Metal in the London capital markets targeting admission to trading
in Autumn 2021 and the Company is taking preparatory steps to
enable that proposed listing.
Glossary
Carlin deposit: Sediment-hosted disseminated gold deposits which
are typically found in Nevada. They are characterised by invisible
(typically microscopic) gold which is found within the crystal
lattice of pyrite and arsenopyrite grains.
Epithermal deposit: Gold deposits which are formed from gold
rich hydropthermal fluids within shallow crustal levels.
Gossan: Often red, orange or brown Intensely oxidized, weathered
or decomposed rocks found at surface which result from the
weathering of mineralised country rocks (typically sulphide-rich,
including pyrite).
Low sulphidation epithermal boiling textures: Sub-classification
of epithermal deposits which form at shallower crustal depths than
high sulphidation deposits. The main control for gold deposition
within these systems is fluid boiling (which leads to the formation
of boiling textures) caused by a decrease in confining pressure as
gold-rich hydrothermal fluids migrate to the surface.
Quaternary alluvial sediments: Young sedimentary cover which
typically post-dates most gold mineralisation in Nevada. These
sediments typically erode from nearby mountains and are transported
to adjacent basins by fluvial action. They then form a blanket of
loose sediment which covers bedrock within the valley bottoms,
obscuring any precious or base metal mineralisation within these
areas.
Skarn deposit: Deposits which form within carbonate rich host
rocks adjacent to porphyry deposits.
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.
References:
1: Fraser Institute Annual Survey of Mining Companies, 2020, published 23 February 2021 see: https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2020
2: Summary Report for the Golconda Summit Property Iron Point
Mining District, Humboldt County, Nevada; unpublished report
prepared for Carlin Gold Corporation and Toquima Minerals US Inc.
by K. Brook, dated 4 April 2006.
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 large scale metal
discoveries
The Company has a global portfolio of project interests
including precious, base and strategic metal exploration in North
America, Africa and Australia. Project interests range from early
stage greenfield exploration to later stage exploration prospects
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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