TIDMPOW
RNS Number : 4229X
Power Metal Resources PLC
26 August 2022
26 August 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Golden Metal Resources - Operational Update
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 Golden Metal
Resources PLC ("Golden Metal"), the Company's 83.13% owned
subsidiary, which is planning to list on the London capital
markets.
Golden Metal holds a 100% interest in three projects (Pilot
Mountain, Garfield and Stonewall) and a right to earn-in to a 100%
interest in one further project (Golconda). All projects are
situated in Nevada USA, ranked number 3 in the Fraser Institute
Survey of Mining Companies 2021 - Investment Attractiveness
Index.(1)
The most recent update from Golden Metal was released on 19 July
2022 and can be found at the link below:
https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-company-update/15547371
Subsequent to the above release, follow up operational updates
are highlighted below.
HIGHLIGHTS:
- The field-based component of the 3D induced polarisation
("IP") geophysics survey over Golden Metal's 100% owned flagship
Pilot Mountain project is now complete, representing a significant
milestone. The IP survey enables the sub-surface geological
structures to be correlated with known deposits on the property,
and for potential new areas of mineralisation to be more clearly
identified. As a result, the results, once available, will enable a
more detailed assessment of high priority targets, with follow up
drilling planned to commence following the planned listing in 2022
where additional tungsten (W), copper (Cu), silver (Ag) and zinc
(Zn) resources are being targeted.
- High-resolution soil geochemical survey over the Garfield
project is now complete during which a total of 453 soil samples
were collected. All samples have been delivered to ALS Ltd's assay
laboratory located in Reno, Nevada, where they are currently
undergoing multi-element analysis. Once available, the soil survey
assay results will help Golden Metal in targeting additional
copper-gold-silver mineralisation building on the significant
evidence of skarn-type mineralisation established to date.
- A long form technical video was completed covering the work
completed at Garfield and has been published on Golden Metal's
website accessible through (see 'Investor Technical Guide: Garfield
Project'):
https://www.goldenmetalresources.com/investors/media/
- Both the Pilot Mountain and Garfield work programmes were
completed on time and on budget, highlighting Golden Metal's
ability to successfully operate in country.
Oliver Friesen, Chief Executive Officer of Golden Metal
Resources PLC, commented:
"I am very pleased to have completed the 3D IP survey over our
100% owned flagship Pilot Mountain Project - which hosts one of the
largest undeveloped tungsten resources in the United States of
America.
As soon as I was introduced to Pilot Mountain, I was convinced
that this important survey could be the key to unlocking additional
W-Cu-Ag and Zn prospective targets. Between the four main deposit
areas on the Property, despite several historical reports
highlighting the areas prospectivity, very little historical work
has been carried out. This is mainly because of the thin
post-mineral sedimentary sand cover that blankets this area.
With the geophysics work now completed, we will be the first
company to image under this sand cover, looking for additional
targets to explore during our planned 2022 drilling programme.
I encourage investors to keep an eye on Golden Metal Resources
over the coming weeks and months as we announce further corporate
and technical updates."
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"The strategic importance of Pilot Mountain is clear, offering
an advanced asset for expeditious development.
So far, we have articulated the potential, through diligent
exploration, of expanding our knowledge of the Pilot Mountain
geology and seeking an increase in scale of the deposit there.
Of particular importance given the demand for homeland security
of critical minerals at this time, is effective marketing and
communications in-country with parties interested and able to
engage with the project, something which is very much at the
forefront of our thinking as we move forward."
Reference
(1)
https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2021.pdf
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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Results from ground
Uranium programme underway exploration including
at 3 properties. Continuing spectrometer analysis,
data analysis across sampling and mapping.
the property portfolio.
--------- --------- ----------------------------- --------------------------
Authier Canada Earn-in Property Evaluation Update covering
North to 100% Report completed. exploration plans
Lithium for target areas
identified during
the Evaluation.
--------- --------- ----------------------------- --------------------------
Molopo Botswana 53%(#) Final preparations Commencement of
Farms for the launch of T1-6 drill programme
K1-6 conductor target and findings therefrom
drilling and MLEM plus results from
surveys over T1-6, MLEM surveys.
T1-14, T1-3 and T2-3
targets.
--------- --------- ----------------------------- --------------------------
Tati Botswana 100% RC drilling underway Review of mine dumps
Project and previously sampling sampling, and processing
of mine dumps complete. potential. Results
from RC drill programme.
--------- --------- ----------------------------- --------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
Exploration work programmes may also be underway within Power
Metal investee companies and planned IPO vehicles where Power Metal
has a material interest, the findings from which will be released
on their respective websites, with simultaneous updates through
Power Metal regulatory announcements where required. These
interests are summarised in the table below:
Company Status/Operations Link
First Class Investment - POW 28.19% www.firstclassmetalsplc.com
Metals PLC Exploration in the
Schreiber-Hemlo region
of Ontario, Canada
----------------------------- ------------------------------------------------------------------
First Development Planned IPO - POW www.firstdevelopmentresources.com
Resources 62.12%
P LC Exploration in Western
Australia and the
Northern Territory
of Australia
----------------------------- ------------------------------------------------------------------
Golden Metal Planned IPO - POW www.goldenmetalresources.com
Resources 83.13%
PLC Exploration and development
in Nevada, USA
----------------------------- ------------------------------------------------------------------
Kavango Investment - POW 14.03% www.kavangoresources.com
Resources (subject to completion
PLC of Kanye Resources
disposal announced
8.7.22)
Exploration in Botswana
----------------------------- ------------------------------------------------------------------
New Ballarat Planned IPO - POW A new website is currently in
Gold PLC 49.9% development which will be found
Exploration in the at www.newballaratgoldcorp.com
Victoria Goldfields .
of Australia In the interim further information
in respect of NBGC can be found
at:
https://www.powermetalresources.com/project/victoria-goldfields/
.
----------------------------- ------------------------------------------------------------------
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