TIDMPOW
RNS Number : 1015J
Power Metal Resources PLC
19 August 2021
19 August 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana - Large Scale Anomalies Confirmed from
Soil Sampling Results
Results Highlight Several Kilometre Scale Nickel and Arsenic
In-Soil Anomalies
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the results from the first
batch of samples analysed as part of its recently completed Phase I
work programme on its gold-nickel properties in the Tati Greenstone
Belt (the "Tati Project" or the "Project") located near
Francistown, Botswana.
Power Metal exercised its option to acquire a 100% interest in
the Project on 28 July 2021 through its local wholly owned
operating subsidiary Power Metal Resources Botswana Pty Limited.
Details of the option exercise can be found below.
Tati Project Botswana - Option Exercised - 07:00:05 28 Jul 2021
- POW News article | London Stock Exchange
Programme Highlights
-- A total of 1,107 soil samples and 49 rock samples were
collected across five grid areas as part of the Phase I
programme.
-- The results presented herein represent 727 soil samples from
grids 2 to 5, which were analysed utilising portable field X-Ray
Fluorescence equipment ("XRF").
-- The soil samples from grid 1 and the 49 rock samples are
currently undergoing fire assay analysis testing for gold in Perth,
Australia, at Intertek Group plc's laboratory. These results will
be released in coming weeks once received, analysed and interpreted
by Power Metal.
-- XRF testing of soil samples across grids 2 to 5 confirm
multiple large scale nickel and arsenic anomalies, with arsenic
being a pathfinder element for gold deposits in the Tati Greenstone
belt.
Figures 1-4, which highlight the results from the Phase I
programme across grids 2 to 5 can be viewed on the Company's
website through the following link:
https://www.powermetalresources.com/tati-phase-i-programme-results/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The Tati Project is potentially a game changing opportunity for
Power Metal. The Tati Greenstone Belt was the site of southern
Africa's first gold rush, but since then its nickel and gold
potential has been underexplored.
Results from the XRF analysis of the geochemical samples
collected as part of the Phase I work programme have delivered
multiple large scale anomalies with notably strong nickel and
arsenic-in-soil anomalies. It is now confirmed that we have
substantial nickel and gold exploration targets emerging and we are
following the pathway needed to make major discoveries.
We are awaiting gold-in-soil assay results from grid 1, as XRF
is not a reliable tool for measuring gold values in the context of
this project. We expect those results in the near future.
As a result of the positive outcomes of our work completed to
date, we expect to move to a Phase II programme shortly, and this
is being planned accordingly.
This follow up programme may include ground based geophysics,
including possible magnetic surveys over the newly defined nickel
targets, as well as Rotary Air Blast ("RAB") drilling over the gold
targets (grids 1, 3 and 4). Additional details about the upcoming
Phase II work programme will be announced within the coming
weeks."
Result Highlights
-- Grid 2 geochemical results highlight a roughly 1000m x 200m
high-tenor nickel-in-soil anomaly which is coincident with a
government mapped mafic intrusive body. Of the 80 total samples
taken from grid 2, 23 returned greater than 500ppm Ni (up to
1489ppm), and an impressive 50 samples returned greater than 100ppm
Ni.
-- Minimal work has been completed on grid 2 historically and
the strong geochemical anomaly outlined by the Phase I programme
represents a compelling target for the discovery of magmatic nickel
sulphide mineralisation. The Tekwane nickel mine is located roughly
15km southeast of the newly defined nickel anomaly and is hosted
within same aged (pre-cambrian) mafic intrusive units mapped on
grid 2.
-- Grid 3 geochemical results highlight a roughly 3000m long
northwest-southeast trending high-tenor arsenic-in-soil anomaly
which ranges in width from 500m to 200m along its extent. It is
crosscut by a east-west trending structure which truncates the
mineralisation over a distance of less than 150m. Of the 354
samples collected from grid 3, 79 returned greater than 100ppm As
(up to 1097ppm As). The anomaly remains open towards the northwest
and southeast. Arsenic is known as a strong pathfinder element for
gold in the Tati Greenstone belt, and the anomaly represents a
compelling target for the company going forward.
-- Grid 4 geochemical results highlight a roughly 1000m long by 400m wide north-south trending arsenic-in-soil anomaly. Of particular intereset, the anomaly occurs along a geological contact zone between the Last Hope Formation, and the Eastern Succession Volcanics, a analogous geological position the to Signal Hill gold mine located only 2.5km to the southeast along the same geological structure. Arsenic is known as a strong pathfinder for gold in the Tati Greenstone belt, and the anomalies proximity to the Signal Hill mine and analogous geological position make it a priority exploration target for the Company going forward.
-- Grid 5 geochemical results highlight a roughly 1500m long by
300m wide northeast-southwest trending nickel-in-soil anomaly. The
Nickel mines of the Tati Greenstone belt, including the Tekwane,
Selkirk and Phoenix mines are located less than 5km from the newly
defined anomaly. Previous operators within the belt have suggested
that the mafic intrusive units which host the nearby nickel mines
extends further southeast than previously mapped, and the newly
defined robust nickel anomaly identified provides further evidence
to this postulation. Due to the proximity to operating nickel
mines, the newly defined anomaly at grid 5 will be a priority
exploration target for the Company going forward.
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 company which finances and manages global resource
projects and is seeking large scale metal discoveries.
The Company has a principal 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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