TIDMPOW
RNS Number : 6491Q
Power Metal Resources PLC
29 October 2021
29 October 2021
Power Metal Resources plc
("Power Metal" or the "Company")
FDR Australia - Wallal Project Final Licence Granted
Final Wallal Exploration Licence Granted in the Paterson Region
of Western Australia - Entire Wallal Project now Granted
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces an update from the Wallal
Project (the "Project") located in the prolific Paterson region of
Western Australia where the Company is targeting major gold-copper
discoveries.
HIGHLIGHTS:
- Power Metal now confirms that the final licence application at
the Wallal project E45/5853 (Wallal West 1) has now been granted.
The granted licences are:
E45/5853 - Wallal West 1
E45/5816 - Wallal Main
E45/5880 - Wallal West 2
- The Wallal West 1 licence fully encompasses the Western
magnetic anomaly, which measures 5km by 5km, and is cross-cut by a
northwest-southeast trending inversely magnetised dyke.
- The granting of Wallal West 1 means that the entire Wallal
Project land package has successfully been granted, which covers
the Western, Eastern and Border anomalies.
- The Company now turns its focus to advancing exploration on
the fully granted Project, progressing it to a drill-ready stage -
which includes the Phase I passive seismic and 2D seismic
reprocessing work programme currently underway with results
expected shortly.
- In addition, with the successful award of AU$165,000 in
co-funding monies from the Western Australia government for a
drilling programme targetting the Eastern and Border anomalies, the
initial administrative preparations have begun for the planned 2022
Q1 drilling campaign.
- Power Metal is progressing with the acquisition of the holding
vehicle of the Wallal Project as outlined in the "Background"
section below. A further announcement will be made in this regard
shortly.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"With the grant of the final licence announced today, this
exciting project takes another great leap forward. This news means
Power Metal shareholders now have exposure to the complete Wallal
Project as a granted package.
In our view the Wallal Project is a major strategic gold-copper
exploration opportunity with the potential to host the large scale
discoveries Power Metal is seeking within its portfolio.
Our Exploration Update on 13.09.21 outlined the important
geological and geophysical similarities of the Wallal Project to
Greatland Gold's Havieron project, within the Paterson region.
Therefore we are to now turning our full attention towards
advancing exploration and specifically towards the initial
preparations for a deep-drilling campaign which is planned for
early 2022. This will represent the first drill programme ever
completed targeting these substantial geophysical anomalies."
BACKGROUND
The Paterson projects are held by First Development Resources
Pty Ltd (FDR Australia) and include Wallal Project (Wallal
Main-E45/5816, Wallal West 1-E45/5853 and Wallal West 2 - E45/5880,
all granted), Braeside West Project (one licence application) and
the Ripon Hills Project (one granted licence).
On 28 April 2021 Power Metal announced a conditional acquisition
of FDR Australia and this may be viewed through the following
link:
https://www.londonstockexchange.com/news-article/POW/conditional-australia-copper-gold-acquisition/14955517
On 30 September 2021 Power Metal announced the granting of the
Wallal Main and Wallal West 2 licences and this may be viewed
through the following link:
https://www.londonstockexchange.com/news-article/POW/fdr-australia-grant-of-wallal-licences/15156169
The latest exploration update released by the Company on 13
September 2021 may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/fdr-australia-paterson-region-exploration-update/15132674
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 - 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 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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