Power Metal Resources PLC Ditau Project Botswana - Exploration Update (0023Q)
October 22 2021 - 9:45AM
UK Regulatory
TIDMPOW
RNS Number : 0023Q
Power Metal Resources PLC
22 October 2021
22 October 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Ditau Project Botswana - Exploration Update
Geophysics Work Underway Shortly on Ditau Project in Advance of
Planned Q4 2021 Drilling
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 in
regards to the Ditau Project located in southwestern Botswana
targeting Rare Earth Elements ("REEs") and base metals.
The Ditau Project is held in a 50/50 Joint Venture with Kavango
Resources plc ("Kavango"). Kavango is the Operator.
HIGHLIGHTS:
-- Further to the exploration programme announced on 02 July
2021, Kavango has increased the exploration scope of Ditau to
include base metals as well as REEs
-- Accelerated drilling on I10 Target
o Previous exploration by Kavango has identified a 2.5km by
2.8km target area at I10 with high AMT resistivity, coincidental
with a gravity high anomaly.
o Spectral Geophysics is to conduct a Time Domain
Electromagnetic ("TDEM") survey over I10 imminently.
o Drilling of I10 planned in Q4 2021, together with a downhole
electromagnetic survey ("EM").
o Environmental Management Plan currently in place.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"We believe the Ditau Project holds much potential and it is
very good to see the next phase of work underway culminating in
drilling of a key target planned for this year.
The interest in REEs is growing worldwide and to be actively
progressing Ditau could not be more timely.
The Power Metal Botswana portfolio of projects continues to
advance with exploration work underway across all interests. Within
Botswana, we expect the reverse circulation drill programme
currently underway at the Tati Project targeting gold and nickel
near Francistown, to be completed in the coming days."
Power Metal/Kavango Resources Joint Venture Structure
The Ditau Project is held by Kanye Resources Pty Ltd, a Botswana
joint venture company in which Power Metal and Kavango each company
hold a 50% interest. Exploration costs are equally shared. Kavango
is the operator.
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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