Power Metal Resources PLC Katoro Gold Update - Haneti Nickel PGM Project
August 06 2021 - 6:00AM
RNS Non-Regulatory
TIDMPOW
Power Metal Resources PLC
06 August 2021
6 August 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Katoro Gold Update - Haneti Nickel PGM Project
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, draws investors' attention to the
announcement issued today by Katoro Gold plc (LON: KAT)("Katoro
Gold")("Katoro").
The Katoro announcement may be viewed through the following
link:
https://polaris.brighterir.com/public/katoro_gold/news/rns/story/rg784zr
An extract from the Katoro announcement, relating to the Haneti
Project and planned drilling is provided below
"Further to our announcement of 7 April 2021 in which a planned
d iamond drilling project was announced with the objective to
intersect the TDEM and magnetic geophysics anomalies, i.e. the
primary sulphide mineralisation and fresh unaltered rock samples
for mineralogical analysis, the Company can now confirm that
planning for the campaign has been completed. The planning process
involved amongst others the careful consideration of exploration
results to date to ensure accurate hole positioning and required
extensive technical consultation.
The drill programme and associated budget for Haneti will now be
submitted for approval and subsequent implementation."
POWER METAL - HOLDING IN KATORO
Power Metal Resources currently holds 10,000,000 Katoro shares
and 10,000,000 warrants in Katoro Gold exercisable at 1.25p
(2,500,000 warrants expiring on 15 March 2022 and 7,500,000
warrants expiring on 15 May 2022).
POW also has a direct 35% interest in the Haneti project in
Tanzania.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"The Haneti PGM Project offers Katoro Gold and Power Metal
shareholders exposure to a district scale exploration
opportunity.
As shareholders will note the project is moving forward into the
next phase of drilling and Power Metal is looking forward to
getting this underway.
Haneti is one of a number of drill programmes planned within our
African portfolio including projects in Botswana, the DRC and
Tanzania. We are targeting major metal discoveries across each
project drill programme."
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 Power Metal Resources plc (LON:POW) is
an AIM listed metals exploration company which finances and manages
global resource projects and is seeking large scale metal
discoveries.
The Company has a principle focus on opportunities offering
district scale potential across a global portfolio 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.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends or in-specie distributions of
assets.
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