TIDMPOW
RNS Number : 6659V
Power Metal Resources PLC
15 December 2021
15 December 2021
Power Metal Resources plc ("Power Metal" or the "Company")
New Ballarat - Licence Grant and Drilling Commences
New Ballarat Gold Corporation - Local Subsidiary in the Victoria
Goldfields has Additional Licence Granted and Gold Drill Programme
Commences
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 its joint
venture subsidiary New Ballarat Gold Corporation PLC ("NBGC") which
is undertaking gold exploration at its granted exploration licences
in the Victoria Goldfields in Australia.
Highlights
-- NBGC's first diamond drill programme begins at O'Loughlin's prospect south of Buninyong
-- Grant of new 489 km(2) exploration licence EL007282 (Blue
Sky) in Victoria, Australia, with 9 licences now granted covering
1,501 km(2)
Further information in respect of the granted licences and
licence applications is provided below and for additional
information regarding the above drill programme, now commenced,
please review the Company's announcement dated 7 December 2021
which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-australasia/15240196
Paul Johnson, Chief Executive Officer of Power metal Resources
commented: "Today marks an important point in the life of New
Ballarat Gold Corporation as inaugural gold exploration drilling
commences. We look forward to the results feeding out from the
project.
We also have the welcome news that a further large exploration
licence, EL007282 (Blue Sky), has been granted, taking the total
portfolio of granted licences to over 1,500km(2) for the first
time. To hold such a large land granted footprint in the Victoria
Goldfields is a tremendous positive."
Granted Licences
The granted licences cover high priority areas covering 1,501
km(2) where NBGC has early drill targets and in which exploration
has already started.
Licence Number Project Name Area (km(2)
)
Buninyong
EL007271 (renamed) 133
-------------- --------------------
EL007281 Blue Chip 74
-------------- --------------------
EL007285 Blue Ribbon 8
-------------- --------------------
EL007327 Dereel 60
-------------- --------------------
EL007385 Sardinia 4
-------------- --------------------
EL007329 Kilmore 484
-------------- --------------------
Pitfield/Mt
EL007301 Bute 85
-------------- --------------------
EL007328 Blue Yonder 164
-------------- --------------------
Blue Sky
(Announced
EL007282 today) 489
-------------- --------------------
Total c 1,501
--------------------
Licence Applications
RRAL has applications in process for seven other new gold
exploration licence areas covering approximately 805 km(2) in the
Victoria Goldfields of Australia including:
Licence Application Project Name Area (km(2)
Number )
EL007294 Red Queen 130
---------------- ------------
Daylesford
EL007330 (renamed) 202
---------------- ------------
EL007460 Kilmore West 325
---------------- ------------
State land
within EL007271
[EL007505
EL007506 [9
EL007507] 9
8]
---------------- ------------
EL007540*
(3 competing
applications) Outer Ballarat 148
---------------- ------------
Total c 805
------------
* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and
Loddon Gold Pty Ltd have put in competing applications the same day
as RRAL for the ground covered by EL007540. The application
considered to have greatest merit will eventually be given
priority.
New Ballarat Gold Corporation PLC
NBGC is a privately owned joint venture company owned 50.1% by
Red Rock Resources plc (LON:RRR) and 49.9% by Power Metal.
NBGC holds a 100% interest in local operating subsidiary Red
Rock Australasia Pty Limited a private Australian company which
holds a 100% interest in all operating granted licences and licence
applications ("RRAL").
NBGC holds a strong land position of 2,306km(2) (1,501km(2)
granted licences) in the rich gold fields of Victoria, Australia,
principally around the mining centre of Ballarat, as the result of
a focused exploration strategy targeting high grade quartz hosted
gold veins systems in a region where the exploration models and
targets are well understood.
NBGC has carefully assembled its portfolio of properties
comprising a broad range of robust exploration targets, all of
which remain largely undeveloped by modern explorers.
With the first tenements granted only in 2021 NBGC is already at
an advanced stage of exploration with three promising gold
prospects one of which is the subject of the diamond drilling now
underway.
Still able to actively operate in the current global pandemic,
NBGC has exploration geologists and field crews active in the
field. This is coupled with a technical team holding an in-depth
knowledge of Victorian geology including extensive underground
experience gained from working in currently operating mines in the
area.
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 has exploration programmes completed or underway,
with results awaited, as outlined below:
Project Location POW % Work Completed Results Awaited
or Underway
Alamo Gold USA Earn-in Excavation of multiple Field results from
Project to 75% test pits and mapping on-site work programme.
& sampling.
---------- ---------- -------------------------- -------------------------
Athabasca Canada 100% Phase I field exploration Laboratory assay
Uranium completed results of samples
collected for uranium
and REEs
---------- ---------- -------------------------- -------------------------
Authier North Canada Earn-in Soil & rock sampling Laboratory assay
Lithium to 100% completed results of samples
collected
---------- ---------- -------------------------- -------------------------
Ditau Project Botswana 50% Preparatory exploration Field programme
work underway on findings and defined
target I10 leading drill targets for
to planned accelerated near term drilling.
drilling targeting
rare-earth elements
and base metals
---------- ---------- -------------------------- -------------------------
Kalahari Copper Botswana 50% Exploration programme Field programme
Belt underway across findings and defined
the South Ghanzi drill targets for
Project and further near term drilling
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- ---------- -------------------------- -------------------------
Molopo Farms Botswana 53% Kavango Option Results from various
to acquire an interest work activities
in local project underway as part
holding company. of the Kavango
Option fee payable Option
through defined
work programme
---------- ---------- -------------------------- -------------------------
Tati Gold/Nickel Botswana 100% Reverse circulation Laboratory assay
drill programme results awaited
completed
---------- ---------- -------------------------- -------------------------
Victoria Goldfields Australia 49.9% Ongoing exploration Results from field
across 1,501km(2) programme including
of granted exploration drill programme
licences underway
---------- ---------- -------------------------- -------------------------
Wallal Gold/Copper Australia 83.33%(1) Passive seismic Results awaited
Project and 2D seismic
processing work
programme completed
---------- ---------- -------------------------- -------------------------
(1) assuming all licences held by URE Metals Pty Limited are
granted as outlined in the Company's announcement of 19.11.21
resulting in the issue of First Development Resources Limited
shares to vendors.
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