TIDMPOW
RNS Number : 9521M
Power Metal Resources PLC
24 September 2021
24 September 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Botswana Molopo Farms Complex - Further Assays
Additional Pyroxenite Band with Visible Sulphides Assayed
Returning up to 1.7% Nickel
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 further
assays received from hole KKME 1-6, the second of three holes
drilled at the Kalahari Key Mineral Exploration Pty Ltd ("Kalahari
Key" or "KKME") Molopo Farms Complex Project located ("MFC" or the
"Project") in southwest Botswana.
Power Metal currently has a 40% direct MFC interest as well as
an 18 % shareholding in Kalahari Key, for a combined effective
economic interest of 50.8%.
Based on visual inspections of core, four select intervals were
originally sent for assay at Scientific Services Geological
Laboratories ("SCISERV") in Cape Town, South Africa which included
the downhole intervals 292.7m - 297.5m, 308.5m - 313.2m, 501.8m -
529.1m, and 585.0m - 597.8m. A full list of results from this first
batch of assays, which included up to 4.1m @ 0.49% Ni from 309m
downhole, including 1.6m @ 0.72% nickel (Ni) from 309.6m downhole,
can be viewed at the link below.
https://www.londonstockexchange.com/news-article/POW/botswana-molopo-farms-exploration-update/15068224
In addition, selected intervals from KKME 1-6 were examined by
the University of Witwatersrand who recommended that additional
samples should be submitted to SCISERV for assay, specifically the
7m wide downhole interval between 445m - 452m. The laboratory assay
results for the 8 samples in this interval have now been received
and the full results are set out in Table 1 below.
HIGHLIGHTS:
- Nickel enrichment was encountered throughout the entire 7m
interval assayed as part of this batch, including a 0.6m sample
which returned 1.696% Ni (16,961ppm), 0.55g/t platinum (Pt), and
0.14g/t gold (Au).
- The results presented herein represent the single highest
nickel and platinum results, and the second highest gold result
from the 2020 drilling programme to date.
- These results further demonstrate the potential the Molopo
Farms Complex Project has of hosting significant nickel-platinum
group element ("PGE") enriched magmatic sulphide
mineralisation.
- The fine grained nature of sulphide mineralisation indicates
that several other intervals with KKME 1-6 have the potential to
host appreciable nickel-sulphide mineralisation. As a result,
additional samples will now be sent to the laboratory for assay
testing.
- The identification of these additional mineralised pyroxenite
horizons within KKME 1-6, is highly encouraging and will assist as
we plan for the next phase of drilling on the Project.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"We continue to see data emerging from Molopo Farms which points
to the potential for significant nickel-PGE rich magmatic sulphide
mineralisation. More assay tests are in process and the results are
keenly awaited.
We have been fortunate to identify the targeted mineralisation
so early in the exploration campaign, notably nickel sulphides in
the second hole of drilling. Now we continue to build on that with
some enthusiasm."
Table 1: Diamond Drill Hole KKME 1-6 Assay Data - New Data
Drill From To Interval Co (ppm) Cu (ppm) Ni (ppm) Zn (ppm) Au Pt Pd
Hole (m) (m) (m) (g/t) (g/t) (g/t)
ID
1-6 445.0 446.0 1.0 193 41 2663 35 <0.05 <0.05 <0.05
------ ------ --------- --------- --------- --------- --------- ------- ------- -------
1-6 446.0 446.7 0.7 441 32 3012 37 <0.05 <0.05 <0.05
------ ------ --------- --------- --------- --------- --------- ------- ------- -------
1-6 446.7 447.3 0.6 594 25 16961 37 0.14 0.55 0.15
------ ------ --------- --------- --------- --------- --------- ------- ------- -------
1-6 447.3 448.0 0.7 678 <5 6948 37 <0.05 0.11 <0.05
------ ------ --------- --------- --------- --------- --------- ------- ------- -------
1-6 448.0 449.0 1.0 414 <6 3056 41 <0.05 0.06 <0.05
------ ------ --------- --------- --------- --------- --------- ------- ------- -------
1-6 449.0 450.0 1.0 223 <7 3187 46 <0.05 <0.05 <0.05
------ ------ --------- --------- --------- --------- --------- ------- ------- -------
1-6 450.0 451.0 1.0 106 12 2504 34 <0.05 <0.05 <0.05
------ ------ --------- --------- --------- --------- --------- ------- ------- -------
1-6 451.0 452.0 1.0 101 <5 2474 35 <0.05 <0.05 <0.05
------ ------ --------- --------- --------- --------- --------- ------- ------- -------
* All depths and intervals are as measured downhole.
COMPETENT PERSON STATEMENT
The drilling and sampling programme has been overseen on site by
Mr. Ian McGeorge MSc CGeol FGS a qualified person and chartered
geologist working on behalf of the independent mining consultancy
The MSA Group ("MSA"). Information in this announcement relating to
the exploration drilling results is based on data reviewed by Mr
McGeorge. Mr McGeorge has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration,
and to the activity which he is undertaking to qualify as a
Competent Person under the AIM Rules - Note for Mining and Oil
& Gas Companies. Mr McGeorge consents to the inclusion of the
exploration results in the form and context in which they
appear.
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, base and strategic 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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