TIDMPOW
RNS Number : 6868F
Power Metal Resources PLC
19 July 2021
19 July 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Kalahari Copper Belt - Morula 18km Long Geochemical Anomaly
Latest KCB Soil Sampling Extends Morula Target Geochemical
Anomaly to Over 18km - Remains Open Along Strike
Power Metal Resources PLC (LON:POW) a AIM listed metals
exploration and development company is pleased to announce results
from further geochemical soil sampling and geological mapping on
the Morula Target in Prospecting Licence ("PL") 036/2020 at the
South Ghanzi Project ("South Ghanzi" or the "Project") located in
the Kalahari Copper Belt ("KCB"), Botswana.
South Ghanzi is held under a 50/50 Joint Venture ("JV") with
Kavango Resources plc (LSE:KAV) ("Kavango"). Kavango is the
operator of the Project.
A total of 150km of soil sampling lines have now been completed
over South Ghanzi's Acacia and Morula targets. The Morula Target
geochemical anomaly is now over 18km long (up from 12km previously
announced on 21 June 2021) and varies between 800m and 2.4km in
width. The geochemical anomaly remains open along strike in both
directions towards the northeast and southwest.
In addition to this, a third sub-parallel geochemical anomaly
has been identified immediately to the south of the Morula Target.
This target (designated name "Happy") is approximately 5km long and
approximately 700m wide.
A map displaying South Ghanzi copper geochemical results is
available to view on the Company's website through the following
link:
https://www.powermetalresources.com/south-ghanzi-copper-map/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"The current 18km length of the Morula Target is dramatic,
particularly as the target remains open in both directions.
Alongside this the discovery of a further geochemical anomaly named
"Happy", is another surprising and positive development at South
Ghanzi.
What is also encouraging is that we are seeing strong
coincidence between the copper-zinc geochemical anomalism with
previously defined airborne electromagnetic ("AEM") conductors.
Work continues on the Project and a key focus will be ground
geophysics which will help us define drill targets which we plan to
drill test subject to approval of the Environmental Management
Plan.
Kavango's in-country operations team have done a fantastic job
executing on the various exploration plans and South Ghanzi has
quickly become a key focus for Power Metal Resources.
Whilst the drill programme is the critical step to determine the
tenor of mineralisation below the surface at South Ghanzi, the
strength of exploration data that has been acquired thus far
demonstrates that the Project holds major discovery potential for
sedimentary hosted copper-silver mineralisation."
PROGRAMME HIGHLIGHTS:
-- Extension of infill soil sampling
- Additional infill soil sampling lines extended from 5.5km to 11km.
- Longer lines led to the identification of the Happy Target.
- Total of 150km of soil sampling lines now complete over the Acacia, Morula and Happy targets.
- A total of 2,105 soil samples have now been taken over all targets.
- 1,199 samples returned Cu-in-soil readings >30ppm Copper ("Cu").
- 1,050 samples returned Zinc ("Zn") in-soil readings >29ppm
Zn (zinc is deemed to be a "pathfinder" element for sedimentary
hosted Copper-Silver deposits).
-- Eleven additional sample lines over the Morula Target have confirmed:
- The geochemical anomaly is greater than 18km in length.
- Varies between 800m to 2.4km in width along its extent.
- Open along strike in both directions towards northeast and southwest.
- 63 highly anomalous copper readings of >45ppm Cu, with 5 results >62ppm Cu.
- Zn-in-soil results correlate closely with copper readings
including 95 highly anomalous zinc readings of >71ppm Zn,
including 9 results >91ppm Zn.
- The clearly defined geochemical base metal anomaly appears to
follow a large northeast-southwest regional fault/shear zone.
-- New copper/zinc in soils anomaly identified as the Happy Target:
- Approximately 5km long and 700m wide.
- Soil sampling returned readings with significant
concentrations of copper including 33 samples between 35ppm to
57ppm Cu, and 28 samples assaying between 71ppm to 86ppm Zn.
-- Next steps
- Geophysics: Induced Polarization (IP) and Audio-frequency
Magnetotellurics (AMT) surveys planned to define drill targets.
- Further soil sampling on Acacia, Morula, Happy and other targets in the South Ghanzi Project.
BACKGROUND TO THE MORULA, ACACIA and HAPPY TARGETS
-- The Acacia Target is defined by a 4km x 4km conductor on the northern boundary of PL 036/2020
- Located within a fold "nose", which is plunging southwest .
- Lies just above the D'Kar - Ngwako Pan formation geological contact zone.
- Made up of at least 4 individual pods, which emit strong
electro-magnetic (EM) geophysics readings.
- Soil geochemistry directly over the AEM anomaly demonstrates
elevated levels of copper (>42ppm) and zinc (>75ppm).
- Along with the newly defined Morula Target, Acacia is one of
the highest priority drill targets at South Ghanzi.
-- The Morula Target is estimated to be between 800m and 2.4km
wide with at least 18km of strike length on a south-westerly trend
along the PL 036/2020 licence boundary.
- Discovered by extending soil sampling lines south of the
Acacia Target and supported by a well-defined slightly offset AEM
geophysics linear conductor.
- Geological mapping, AEM conductivity results as well as the
latest soil sampling data suggest this target represents the
mineralised sheared (and possibly thrust faulted) southern limb of
the "Acacia" fold.
- Initially, seven 4km long soil sample lines (500m apart with
100m spaced samples) were completed, with four intersecting the
southwest and three intersecting the northeast parts of Morula. The
two groups of soil sample lines were initially 7km apart.
- Follow up soil sampling included four 4km long infill soil
sample lines (1km apart with 100m sample intervals).
- All soil sample lines returned readings with significant
copper and zinc anomalisms confirming the continuity of the
geochemical anomaly over a strike length of 18km.
- AEM profiles suggest that the depth of mineralisation is
relatively shallow at an estimated depth of roughly 200m.
-- The Happy Target is estimated to be between 700m and 2.4km
wide and 5km along strike which is sub-parallel to the Morula
Target.
- Discovered by extending soil sampling lines south of the Morula Target.
- All soil sample lines returned readings with significant
concentrations of copper and zinc anomalism.
THE POWER METAL/KAVANGO JOINT VENTURE
The South Ghanzi PLs are held in the name of Kavango and are
subject to a JV Agreement in which each company holds a 50%
interest via Kanye Resources plc, an England and Wales public
company.
Exploration costs are equally shared. Kavango is the operator of
the Project.
Application has been made to transfer the PLs into a recently
established Botswana JV company, Kanye Resources (Pty) Ltd which is
wholly owned by Kanye Resources plc.
There are plans to list Kanye Resources plc on a recognised
stock exchange.
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.
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 and base metal exploration in North America,
Africa and Australia. 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.
, 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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLDKCBQKBKDQOD
(END) Dow Jones Newswires
July 19, 2021 07:30 ET (11:30 GMT)
African Battery Metals (LSE:ABM)
Historical Stock Chart
From Feb 2024 to Mar 2024
African Battery Metals (LSE:ABM)
Historical Stock Chart
From Mar 2023 to Mar 2024