TIDMPOW
RNS Number : 5712L
Power Metal Resources PLC
13 September 2021
13 September 2021
Power Metal Resources plc
("Power Metal" or the "Company")
FDR Australia - Paterson Region Exploration Update
Important Phase I Work Programme Underway at Wallal Project
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces an exploration update from
the Wallal Project (the "Project") located in the prolific Paterson
Region of Western Australia.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"It is important to articulate clearly the work completed in the
Paterson Region to date and below we provide a summation of our
overall exploration rationale, current findings, and future
exploration plans. I would encourage shareholders to review this
information which demonstrates the reasons for our building
excitement.
We have identified geological and geophysical features within
our Wallal licence that bear similarities to two major and recently
discovered deposits within the Paterson Region at Winu and
Havieron, both of which are under development.
Whilst awaiting licence grants at the Wallal Project we have
continued to advance our review of all available existing data. We
are now moving to the next stage with our own work programmes to
generate new data and refine target information purposed
specifically for a planned deep drilling programme.
In our view there is increasing potential for a major metal
discovery at the Wallal Project, and as one would expect we are
pushing ahead with some enthusiasm."
Exploration Rationale
The Paterson Region is host to major gold-copper deposits
including Winu (Rio Tinto) and Havieron (Newcrest Mining -
Greatland Gold JV).
To date, Power Metal has undertaken in-depth desktop analyses
with the aim of comparing the geological and geophysical features
of both Winu and Havieron to those found within the Wallal
Project.
Our hypothesis was that if we were able to identify geological
and geophysical similarities of areas within the Wallal Project to
established large-scale deposits elsewhere in the Paterson Region,
it would increase the chance of a discovery and justify more
detailed exploration.
Exploration Findings to Date
Important geological similarities to both Winu and Havieron have
been found within Wallal Project.
Notably, as detailed in the Company's announcement on 1
September 2021 three major buried magnetic anomalies have been
confirmed within Wallal Project (Western, Eastern and Border
anomalies or "Anomalies"). The announcement may be viewed here:
https://www.londonstockexchange.com/news-article/POW/fdr-australia-new-geophysics-bullseye-target/15118704
In particular, the Eastern anomaly posseses a similar magnetic
amplitude to that found at Havieron, which is approximately 100
nanoTesla (nT) for Wallal Eastern anomaly compared to 80 nT for the
magnetic anomaly which led to the discovery of the Havieron
deposit.
Importance of Exploration Findings
Greatland Gold's Havieron deposit discovery is located in
basement rocks hidden below roughly 420m of post-mineral
sedimentary cover which resulted from the drilling of a distinct
magnetic geophysics bullseye target
Review of unprocessed 2D-seismic and ground gravity datasets
have provided very rough estimations of the target depth to
basement rocks of the three anomalies at Wallal Project. The depths
indicated by this analysis indicate that the Eastern and Border
anomalies are possibly located at depths more comparable to the
Havieron deposit.
Next Steps
The Company's progress to date has centred around the review and
analysis of all publicly available historic exploration and related
data at Wallal. We are now moving forward with our own Phase I work
programme with the aim of generating new and more targeted
information.
The geopohysical anomalies identified at Wallal represent deep
targets located under post-mineral cover, therefore our Phase I
work programme is focused on the development and refining of these
targets prior to a potential deep drilling programme.
Phase I Work Programme
The Phase I programme includes reprocessing of three historic
northeast-southwest oriented 2D-seismic lines which broadly cover
the Western and Eastern magnetic "bullseye" anomalies.
The Western and Eastern anomalies measure 5km x 5km and 2.5km x
2.5km, respectively.
The reprocessing will be carried out by Velsis Inegrated Seismic
Technologies Pty Ltd based out of Darra, Queensland. This desktop
component of the work programme is underway.
Following the completion of the seismic reprocessing and subject
to appropriate local access arrangements and work approvals, a
passive seismic survey will be undertaken centered over the Eastern
and newly discovered Border anomalies. The passive seismic survey
will be carried out by Atlas Geophysics Pty Ltd out of Morley,
Western Australia.
Phase I Expectations
The combined dataset generated by the Phase I work programme
will provide critical information, including more precise depth to
bedrock measurements over the Eastern and Border "bullseye"
anomalies, which will be used for the planning of future work
programmes, including a potential deep-diamond drilling campaign
aimed at testing the two prospective anomalies.
The passive seismic survey represents the Company's first ground
exploration on the Project and will play an important step in
determining various logistical aspects (e.g. access, project
infrastructure, location of water sources) which will be critical
for future work programmes on the Project.
BACKGROUND
The Paterson projects are held by First Development Resources
Pty Ltd (FDR Australia) and include Wallal Project (three licence
applications being Wallal-E45/5816, Wallal West 1-E45/5853 and
Wallal West 2 - E45/5853), Braeside West Project (one licence
application) and the Ripon Hills Project (one granted licence).
On 28 April 2021 Power Metal announced a conditional acquisition
of FDR Australia and this may be viewed through the following
link:
https://www.londonstockexchange.com/news-article/POW/conditional-australia-copper-gold-acquisition/14955517
An updated information presentation covering FDR Australia and
the Company's plans may be viewed through the following link:
https://www.powermetalresources.com/presentation/first-development-resources-pdf/
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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