TIDMPOW
RNS Number : 1851A
Power Metal Resources PLC
21 September 2022
21 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex, Botswana - Drilling Underway
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update in relation to the
Molopo Farms Complex Project ("Molopo Farms" or the "Project")
targeting a large-scale nickel-copper-platinum group element
("PGE") discovery in southwestern Botswana.
On 15 September 2022 the Company announced an update regarding
progress being made towards the first Power Metal managed and
operated diamond drilling programme at Molopo Farms. The link to
this announcement is below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-geophysics-drill-update/15631016
HIGHLIGHTS
Drill Programme
-- Power Metal's inaugural drilling campaign at Molopo Farms has
now commenced.
-- Diamond core drilling at drillhole DDH1-6B is now underway
and is targeting a large southerly dipping conductor that was
identified by the Company's recently completed moving loop
electromagnetic ("MLEM") geophysics survey over the priority Target
area 1-6 ("T1-6").
-- DDH1-6B is located 530m to the south of December 2020 drill
hole KKME 1-6 which intersected significant nickel mineralisation
(1, 2) subsequently interpreted to be on the edge of a large
electromagnetic ("EM") conductor.
-- The second diamond core drillhole DDH 1-6C planned for the
ongoing drilling campaign will be located 830m to the south of
KKME1-6. Site preparations are underway and will be completed
shortly.
Geophysics
-- Additional ground magnetic and MLEM geophysics surveys over
target areas 1-3, 2-3 and 1-14 have now been completed.
-- Preliminary geophysical data has now been received, and the
Company is now compiling and interpreting these results.
-- Power Metal will release a further update to the market in
due course with the findings of this geophysical work and the
additional drill targets derived from the analysis undertaken.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"The world needs security of metal supply, which is enhanced if
from a stable and supportive operating environment, such as
Botswana.
Molopo Farms presents the possibility for a district scale
nickel exploration opportunity, with priority drill target T1-6
expected to be the first in a series of prospective drill targets
based on current geophysical work and exploration planning.
We are targeting a large-scale nickel-copper-PGE discovery or
discoveries, which would be transformational for the Company and,
importantly, may lead to Molopo Farms being a focal point for
investment and lead to significant job creation and
opportunity.
We are therefore enthused with the opportunity the Molopo Farms
Complex Project offers and are particularly pleased to announce the
commencement of drilling.
I appreciate all our shareholders, and other current and
potential stakeholders in the Project, will be watching
developments with interest."
FURTHER INFORMATION
Figure 1 - Molopo Farms Complex Project Plan Map: A plan map of
the Project area, including the location of various elements
mentioned above is outlined in Figure 1 below.
Figure 2 - Priority Target Area T1-6 Cross-Section: A cross
section showing the location of the first two planned holes,
DDH1-6b and DDH1-6c, can be found in Figure 2 below.
Image - Diamond Drill Rig in Position at K1-6: In addition, an
image of the drill rig at hole DDH1-6b is provided below, after
positioning with the azimuth and dip set for drilling.
The diagrams and image presented above may also be viewed on the
Company's website through the following link:
https://www.powermetalresources.com/molopo-farms-complex-drill-commencement/
Further photographs and videos from the drill programme are and
will be available on the Company's website gallery section, through
the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic
interest in Molopo, held through a direct project interest and a
shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd
("KKME"). On 18 May 2022 Power Metal announced a conditional
transaction that would see its interest in Molopo Farms increasing
to 87.71% (the "Transaction"). The announcement may be viewed
through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project
operator and in advance of completion the Company is working with
the team at KKME to maintain momentum with regard to Project
exploration.
Work streams are also in process to secure Botswana regulatory
approvals enabling the Transaction to complete.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM,
FGS), who is a qualified geologist and acts as the Qualified Person
under the AIM Rules - Note for Mining and Oil & Gas Companies.
Mr O'Reilly is a Principal consultant working for Mining Analyst
Consulting Ltd which has been retained by Power Metal Resources PLC
to provide technical support.
REFERENCES
1: Power Metal PLC announcement, Botswana Molopo Farms Complex -
Drilling Progress Update, 14 December 2020
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq269w
)
2: Power Metal PLC announcement, Significant Nickel
Intersections Confirmed by Drill Sample Assay Results, 8 April
2021
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq7mnw
)
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 and results from
surveys over T1-6, MLEM surveys.
T1-14, T1-3 and T2-3
targets.
--------- --------- ----------------------------- --------------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and 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 - www.firstclassmetalsplc.com
Metals PLC POW 28.19%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
in Western Australia
and the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada, USA
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 14.03% (subject
PLC to completion
of Kanye Resources
disposal announced
8.7.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 40-55%
------------------------ ------------------------------------------------------------------
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END
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