TIDMPOW
RNS Number : 4994Q
Power Metal Resources PLC
28 October 2021
28 October 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Kalahari Copper Belt - Operational Update
Environmental Management Plan Approved for the Kalahari Copper
Belt Licences in Northwestern Botswana; Field Exploration Continues
to Confirm Key Targets in Preparation for Drilling
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces an operational update from
the Company's interests in the Kalahari Copper Belt (the "KCB")
held through the Kanye Resources joint venture ("JV") with partner
Kavango Resources (LON:KAV)("Kavango").
Power Metal holds a 50% ownership interest in the JV which
includes ten prospecting licences in the KCB covering an area
totalling 4,257km(2) . Kavango is operator.
HIGHLIGHTS:
-- Environmental Management Plan ("EMP") approved covering the
Kanye Resources KCB Prospecting Licences ("PLs") for a two year
period.
-- Exploration vectoring underway, towards initial target selection, including:
- Re-logging of physical core data from historic drill holes
- Ground magnetic geophysics survey underway on the southern
limb of the Acacia target, in the JV's South Ghanzi Project
- Work underway to optimise future soil-sampling programmes, to
account for changing ground conditions across the JV's PLs
- Initial drill strategy being finalised
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"Environmental Management Plan approval is a vital step forward
for the JV and something we have been keen to secure, opening up
the ability to move forward with planned drill programmes.
The size and scale of the JV prospecting licences means we must
take all necessary measures to refine exploration data, notably
with regard to drill hole targeting, and so this work is being done
expeditiously.
Power Metal has a portfolio of four Botswana exploration
interests. Drilling has already been undertaken in 2021 at the
Molopo Farms Complex and Tati projects, and we aim to see drilling
commence at the Ditau Camp and South Ghanzi KCB projects in the
near term."
OPERATIONAL UPDATE
Kavango has commenced a ground magnetic geophysics survey of the
southern limb of the Acacia target (the "Ground Survey"), in the
South Ghanzi Project. This survey will help tighten the
interpretation of the electromagnetic ("EM") data it acquired from
airborne geophysics surveys flown in the spring.
The Ground Survey will be conducted over a 14km by 4.5km block
and will cover 676.5 line kilometres, including 634.5km of traverse
lines and 42km of tie lines. Line spacing will be 100m and readings
will be taken continuously.
In parallel to this, Kavango has also commenced a detailed
sampling exercise to confirm the geochemical anomalies identified
across the JV PLs in the KCB.
Acacia (in PL036/2020) is now the JV's highest priority target
for possible drilling in the KCB. Kavango anticipates the Ground
Survey and further soil sampling will enable Kavango to confirm
initial drill collar locations.
Kavango expects to commence "fence" drilling of lines of shallow
boreholes. This will likely involve a combination of reverse
circulation and diamond drilling. This drilling will act as an
orientation exercise and should act as a precursor to a much more
comprehensive, subsequent drill campaign. The "fence" drilling will
also enable Kavango to assess structural trends and any associated
geochemical and/or EM anomalies.
In parallel to this, Kavango has also started work on re-logging
regional historic drill hole data. At this stage, Kavango is keen
to deepen its understanding of the local stratigraphy, lithology
and geology in its main areas of interest.
Further updates will be provided in due course.
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 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 the above
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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