TIDMPOW
RNS Number : 6964O
Power Metal Resources PLC
11 October 2021
11 October 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana - Drill Programme Commences
Company's Inaugural Reverse Circulation Drill Programme Underway
with Drill Pad Preparation in Progress and Drill Rig Mobilisation
to Site this Week
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces that the company's inaugural
drilling programme is now underway on the Tati Project located in
the Tati Greenstone Belt near Francistown, Botswana (the
"Project"). The Project is targeting large scale gold and nickel
discoveries.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The launch of this inaugural drill programme at the Tati
Project in Botswana is a great step forward for the Company. The
stunning pace of ground exploration at the Project has been matched
by the positive findings to date and notably several
multi-kilometre geochemical anomalies.
Drilling at such an early stage demonstrates our confidence in
the Project and our sense of urgency to better understand the
geology of several high-priority target areas. With successful
exploration, Tati Project could become one of the leading projects
in our portfolio."
Highlights:
Drill Programme Approximately 1,000m of reverse circulation
("RC") drilling is planned across multiple
target zones which is being undertaken
by Power Metal's drill partners Equity
Drilling Ltd and Mindea Exploration and
Drilling Services (Pty) Ltd.
All drill holes as part of this programme
are planned for depths between 50 - 100m.
RC drilling provides a inexpensive, and
rapid testing method which is well suited
for an early-stage drilling campaign.
The RC chip samples collected will be
sent to Intertek Group plc's laboratory
located in Perth, Australia, for Fire
Assay and multi-element analysis
Exploration to Date Exploration on the Project has advanced
at a rapid pace to its current stage since
Power metal exercised its option to acquire
a 100% interest in the Project on 28 July
2021.
To date, exciting multiple kilometre-scale
arsenic, gold and nickel, as well as magnetic
anomalies have been identified by geochemical
sampling and ground-based geophysical
surveys.
------------------------------------------------
Rationale for Early Kalahari sands which blanket the majority
Drilling of the Project have precluded widespread
geological mapping and prospecting, as
a result the Company has decided to launch
the drilling campaign in order to obtain
bedrock RC chip samples from the various
target areas below Kalahari sand cover.
The main goal of the drill programme is
to test for the presence of the geological
formations which host many of nearby historic
and currently operating gold and nickel
mines within the Tati Greenstone Belt.
The laboratory assay results, combined
with geological logging of the RC bedrock
samples will provide the company important
geological information which will help
guide future exploration and drilling
campaigns on the Project.
------------------------------------------------
PROJECT BACKGROUND
Power Metal exercised an option to acquire a 100% interest in
the Project on 28 July 2021, through its local wholly owned
operating subsidiary. Details of the option exercise can be found
below.
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-option-exercised/15075700
PHASE I EXPLORATION
A total of 1,107 soil samples and 49 rock samples were collected
across five select areas as part of the Phase I programme at the
Project which was orginally announced by the Company on 28 June
2021:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-commences/15036117
The first batch of results were analysed utilising a portable
field X-ray Fluorescence ("XRF") spectrometer, and from this work
multiple large scale nickel and arsenic soil anomalies were
announced by the Company on 19 August 2021:
https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-anomalies-confirmed/15104018
The second batch of results including 380 soil samples from Grid
1 (or the "Sikukwe Zone"), and 49 rock samples which were analysed
by fire assay for gold at Intertek Group plc's laboratory located
in Perth, Australia. The results of this programme were announced
by the Company on 14 September 2021:
https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-gold-anomaly-confirmed/15133545
PHASE II EXPLORATION
The phase II geophysics programme is nearing completion with
surveys now finished on Grids 3, 4 and 5. A final survey over the
Sikukwe Zone will be completed within the coming days. The
preliminary results and findings from this Phase II exploration
have been used for the planning of the ongoing RC drilling
programme. Further information in respect of the Phase II programme
is available in the Company's announcement dated 26 August
2021:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15112960
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, 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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END
DRLUAOORANURAAA
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