TIDMPOW
RNS Number : 4501Q
Power Metal Resources PLC
27 October 2021
27 October 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
New Australia Copper-Gold Opportunity
Power Metal Resources Australia Pty Limited Lodges Applications
Covering 1,994Km(2) and Targeting Olympic Dam Style Mineralisation
in the Gawler Craton, South Australia
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces details of a new Australia
Copper-Gold project in South Australia (the "Project").
The Project is centered on two large licence applications in
South Australia and a map highlighting this can be found through
the link below:
https://www.powermetalresources.com/south-australia-licences/
HIGHLIGHTS:
- Power Metal has established a new wholly-owned Australian
subsidiary, Power Metal Resources Australia Pty Limited ("Power
Australia").
- Power Australia will be the host vehicle for new Australian
exploration interests of Power Metal, which are being acquired to
replace current interests in Australia which are the subject of
planned spin-out/disposals (1) .
- Power Australia has submitted two licence applications (ELA
2021-00162 & EL 2021-00163) in the Gawler Craton of South
Australia. The applications have been received and validated by the
Department of Energy and Mining.
- The licence applications cover an area of 1,994Km(2) and are
situated due south and west of Copper Search Limited's Ruby Hill
project (https://coppersearch.com.au/projects/). Copper Search
Limited recently listed on the Australian Securities Exchange
(ASX:CUS) and currently has a market capitalisation of circa A$29m
(https://coppersearch.com.au/asx/).
- The applications are targeting Olympic Dam(2) style
mineralisation and Power Australia are currently undertaking a
review exercise to further refine geological understanding and
prepare detailed exploration plans in readiness for ground
operations when licences are granted.
(1) Including First Development Resources with interests in the
Paterson Region and New Ballarat Gold Corporation with interests in
the Victoria Goldfields.
(2)
https://www.bhp.com/what-we-do/global-locations/australia/south-australia-olympic-dam
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"With the preparations underway for the spin-out/disposals of
Power Metal's two existing interests in Australia, we are now
looking to rebuild our Australia portfolio.
Through our in-house team we have identified this new
opportunity in South Australia, targeting large-scale discoveries
in a geological environment that is prospective for Olympic Dam
style mineralisation.
I look forward to providing further information in respect of
our corporate and exploration plans in respect of this new
opportunity."
GEOLOGICAL OVERVIEW
Tom O'Driscoll, on behalf of Western Mining Corporation in the
1980's undertook a detailed lineament analysis across South
Australia. His goal was to highlight 1(st) (major) and 2(nd)
(minor) order structures across the State, and specifically to map
the intersection of these various structures in order to assist
with mineral exploration targeting. The intersection of these
lineaments proved to be a valuable exploration tool as major
mineral deposits, including Olympic Dam, were determined to fall
near the mapped lineament intersections.
In South Australia, there is a major northwest-southeast
oriented lineament (red corridor on attached map) which broadly
connects up several mineral deposits and development projects
including Olympic Dam, Carrapateena and Elizabeth Creek. This major
lineament extends northwest through the new licence applications
lodged by Power Australia where it is intersected by second order
(white dashed lines on attached map), northeast-southwest trending
lineaments which are broadly coincident with mineral deposits and
development projects including Peculiar Knob, Snaefell, and Cairn
Hill.
The licences therefore cover an intriguing area which is
highlighted by various regionally important structural
intersections - and covers an extended claim border with Copper
Search Limited's Ruby Hills project, where they will be launching
various exploration initiatives in the coming months.
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
Background
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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal now has the following exploration completed with
results awaited or exploration underway:
- Silver Peak Project (Canada) - diamond drill programme
completed targeting high-grade silver (laboratory assay results
awaited)
- Authier North Lithium Project (Canada) - soil & rock
sampling completed (laboratory assay results awaited)
- Athabasca Uranium (Canada) - Phase I exploration commenced and
field results, together with laboratory assay testing of samples
collected, awaited.
- Tati Gold/Nickel Project (Botswana) - reverse circulation
drilling completed (field results, together with laboratory assay
results, awaited)
- Molopo Farms Complex (Botswana) - further samples being tested
for nickel sulphide and platinum group elements ("PGEs") from
diamond drill programme completed (laboratory assay results
awaited)
- Ditau Project (Botswana) - preparatory exploration work
underway on target I10 leading to planned accelerated drilling
targeting rare earth elements and base metals
- Kalahari Copper Belt (Botswana) - results from ongoing
exploration across the South Ghanzi Project and further exploration
at the more recently acquired South Ghanzi Extension and Mamuno
licence areas
- Wallal Gold/Copper Project (Australia) - geophysics results
from 2D seismic processing and passive seismic awaited
- Victoria Goldfields (Australia) - results from ongoing
exploration across 848km(2) of granted exploration licences
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