Power Metal Resources PLC MFC Project - Prospecting Licence Renewals (3926Y)
January 13 2022 - 7:38AM
UK Regulatory
TIDMPOW
RNS Number : 3926Y
Power Metal Resources PLC
13 January 2022
13 January 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Project Botswana - Prospecting Licence Renewals
Key Prospecting Licences Successfully Renewed at the Molopo
Farms Complex Project where 2021 Drill Programme Results Confirmed
up to 1.7% Nickel
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces the renewal of key
Prospecting Licences ("PLs") at the Molopo Farms Complex Project
("MFC Project" or the "Project") located in southwestern
Botswana.
Power Metal holds a 40% direct project interest in the MFC
Project and a 20.65% shareholding in Kalahari Key Mineral
Exploration Pty Limited ("KKME"), which holds the remaining 60%
interest.
Kavango Resources currently has an option (the "Option") to
acquire up to 85.2% of KKME including Power Metal's shareholding.
Further details regarding the Option were published in the
Company's announcement released on 26 November 2021 which may be
viewed at the following link:
https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717
Renewal documentation has been received in respect of PL310/2016
and PL311/2016, with the latter covering the area where drilling
was completed in 2021 from which significant nickel intersections
were confirmed. Further details in respect of the licence renewals
is provided below.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"The renewal of PL310/2016 and PL311/2016 represents an
important milestone for the Project, providing a further 2 years
for ongoing exploration following the initial successful drilling
campaign completed early in 2021. That campaign confirmed
significant nickel intersections from the second hole drilled (KKME
1-6) including individual assay results up to 1.7% Ni and 0.55g/t
Pt, representing the highest nickel grade achieved from the Molopo
Farms Complex to date.
Kavango Resources are continuing their Option due diligence work
programme, and we are looking forward to the receipt of their
findings in the coming weeks."
Prospecting Licence Information
Licence Number Size Licence Type Licence Term Licence Period
End
PL310/2016 221.4km(2) Second Renewal 2 years 31.12.2023
------------- --------------- ------------- ---------------
PL311/2016 486.2km(2) Second Renewal 2 Years 31.12.2023
------------- --------------- ------------- ---------------
PL202/2018 771.0km(2) First Renewal 2 years 30.09.2023
------------- --------------- ------------- ---------------
Total 1,478.6km(2)
------------- --------------- ------------- ---------------
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 (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 and assay
Project to 75% test pits and mapping results from on-site
& sampling. work programme.
---------- ---------- ------------------------ ----------------------
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%(1) 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
---------- ---------- ------------------------ ----------------------
H aneti Project Tanzania 35% Diamon drill programme Results from field
underway programme including
drill programme
underway
---------- ---------- ------------------------ ----------------------
Victoria Goldfields Australia 49.9% Ongoing exploration Results from field
across 848km(2) programme including
of granted exploration drill programme
licences underway
---------- ---------- ------------------------ ----------------------
Wallal Gold/Copper Australia 83.33%(2) Passive seismic Results awaited
Project and 2D seismic
processing work
programme completed.
Ground reconnaissance
work underway.
---------- ---------- ------------------------ ----------------------
(1) should Kavango exercise their option to acquire Kalahari
Key, Power Metal interest would reduce to 40% of the Molopo Farms
Complex project
(2) 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 Ltd shares to
URE vendors
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