TIDMPOW
Power Metal Resources PLC
04 November 2021
4 November 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Investee Update - First Class Metals
First Class Metals provides a Business Update for Shareholders
and Investors
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio notes the Business Update released by
First Class Metals Limited ("First Class") in which Power Metal has
a 36.1% interest.
In September 2021 Power Metal sold its Schreiber-Hemlo interests
in Ontario, Canada to First Class for a total consideration of
GBP1million, satisfied through the issue of 333,334 First Class
shares at a price of GBP3 per share, further details of which may
be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/completion-of-sale-of-schreiber-hemlo-interests/15179552
Yesterday, First Class released a Business Update providing
further information in respect of developments within their
Schreiber-Hemlo project portfolio. The developments include the
findings from a Versatile Time Domain Electromagnetic Survey within
the Pickle Lake Project, the submission of an exploration permit
(in respect of planned drilling) and the completion of a sampling
programme.
The Business Update may be viewed on the First Class website
through the following link:
https://www.firstclassmetalsplc.com/mining-news
About First Class Metals Limited. is a minerals exploration
company focused on proving and developing the significant potential
of their flagship property North Hemlo which includes the Pickle
Lake Palladium One JV area as well as systematic exploration of the
Esa, Sugar Cube, McKellar, Magical, Enable and Coco East
properties, in total 176km(2) in the Hemlo - Harte gold mines
region in the Western portion of the Wawa-Abitibi Gold Belt of
Ontario, Canada.
Geologically the claim blocks are located within the
Schreiber-Hemlo Greenstone Belt with target minerals gold, silver,
base and battery metals in typical Archaean / Hemlo style
mineralised settings. First Class is seeking a London Listing prior
to year end 2021.
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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