TIDMPOW
RNS Number : 8299I
Power Metal Resources PLC
07 December 2022
7 December 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex, Botswana - Drilling Update
Drillhole Into Target Area T1-3 Progressing Well - Nickel
Sulphides Identified in K1-3 Drill Core
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces a drilling update from the
Molopo Farms Complex Project ("Molopo Farms" or the "Project")
targeting a large-scale nickel and platinum group element ("PGE")
discovery in southwestern Botswana.
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC commented:
"The Molopo Farms Complex Project represents a substantial
discovery opportunity, both in terms of size and potential, and I
am thrilled to report the presence of the targeted nickel
sulphides* from the inaugural drillhole into target area T1-3,
which is an immense target, the scale of which is clearly
demonstrated within the figures below.
At T1-6, the targeted pyroxenite intervals originally
intersected by the 2020/2021 drillhole KKME1-6 have successfully
been intersected by the two new follow-up drillholes into this
target area. Drill core samples from DDH1-6B are currently at the
lab undergoing assay testing.
At target area T1-14 we await the detailed core logging results
and the downhole geophysics survey data which recently completed.
We will report these findings in due course.
We push on with increased confidence and look forward to
reporting further results as well as progress updates surrounding
the completion of the drillhole at Target T1-3, as well as the
commencement of inaugural drilling at target area T2-3."
*The presence of nickel sulphides was determined via visual
inspection of core and subsequent analysis of identified sulphides
utilising a portable X-Ray Fluorescence ("XRF") spectrometer.
DRILL OVERVIEW
Target T1-3
-- The inaugural drillhole (DDH1-3) into target area T1-3A is
progressing well with the last reported depth being down to
355.66m. This drillhole is still underway.
-- Initial core review identified visible nickel sulphides at
327m and also within the interval from 348-354m, where an increase
in intensity of visible disseminated sulphide mineralisation was
identified. XRF readings taken within this interval have confirmed
the sulphides to be nickeliferous.
-- It should be noted that the above findings are from the
initial core review, and the grade of any nickel or other mineral
intersections, can only be accurately determined from assay testing
of homogenised samples at an accredited laboratory.
-- Hole T1-3 is continuing to the current planned target depth
of approximately 450m. Additional technical details surrounding
priority target area T1-3 were released on 30 September 2022 and
can be found at the link below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15651506
Target T1-14
-- Drillhole DDH1-14B was successfully completed to a depth of 520m.
-- A downhole electromagnetic ("EM") geophysical survey is now
complete with results expected in the coming days.
-- Detailed technical core review is currently underway and the
results of this work in conjunction with the results from the
downhole geophysical survey, once received, will advise the Company
of next steps at this target area.
Target T1-6
-- Drillhole DDH1-6B was successfully completed to a depth of
650m with interbedded mafic units, predominantly comprised of
pyroxenites and serpentinites intersected throughout the majority
of the hole. Pyroxenites were the host rock for nickel sulphide
mineralisation found within original drillhole KKME1-6 drilled
during the 2020/2021 campaign.
-- Preliminary technical core review from DDH1-6B has been
completed and select samples were prepared and dispatched to the
accredited assay laboratory in South Africa for analysis.
-- Drillhole DDH1-6B(2) was completed to a depth of 300m which
was designed to test for the up-dip (shallower) extension of the
targeting pyroxenites identified by drill hole KKME1-6. Hole
DDH1-6B(2) successfully intersected (up-dip) pyroxenites units,
with detailed core review currently underway.
-- A downhole EM geophysics survey has been completed at target
area T1-6, the final results of which will be delivered to the
company alongside the geophysical results from target area T1-14 in
the near term.
Target T2-3
-- Following the completion of DDH1-3, the drilling rig will
then move to target area T2-3, where the first ever drillhole into
this target is planned. Additional details surrounding target area
T2-3 were released on 28 September 2022 and can be found at the
link below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15647138
FURTHER INFORMATION
A plan map of the Project area, including the location of
various targets mentioned in this announcement is outlined in
Figure 1 below.
Figure 2 (below) depicts a three dimensional ("3D") airborne
geophysics magnetic inversion model of Target Area T1-3 showing the
location of the planned drillhole DDH1-3A and the moving-loop
electromagnetic ("MLEM") geophysics cross-section with the new
'Jelly Bean' shaped conductor in blue. The 3D model shows how the
'Jelly Bean' conductor sits within an apparent magnetic trough.
Figure 1: Map of Molopo Farms Complex Project with Named
Airbourne Electromagnetic ("EM") Geophysics Target Locations and
Current Drill Programme Status (Projection: UTM Zone 35S WGS84)
Figure 2: Geophysical Interpretation Model of Priority Target
Area T1-3 and the Targeted Jelly Bean Conductor. Depicted at 500m
grid spacing (UTM Zone 35S WGS84 projection)
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.
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 holds a number of priority exploration projects with
active exploration underway currently. The status of each project
is outlined in the table below:
Project Operations POW Project Status
%
Athabasca 12 properties 100% Exploration programmes undertaken
Uranium covering an across three properties during summer
area of 842km(2) 2022 and preliminary planning for
in the Athabasca work in Spring/Summer 2023 is ongoing.
Basin region Desktop review work ongoing across
Canada. the existing portfolio and data rooms
established for all the projects,
to enable third party review of opportunities
for potential acquisition, joint
venture or earn-in.
Ongoing review of new opportunities
to further expand the Company's Athabasca
uranium property exposure.
------------------- ------- -----------------------------------------------
Molopo 3 prospecting 87.71% Currently a 2,600m diamond drill
Farms licences covering programme is underway with a planned
Nickel 1,723km(2) 5-6 holes targeting four previously
- PGMs in south-west identified magnetic conductors prospective
Botswana for Nickel - Platinum Group Metals.
2 drill holes at target conductor
T1-6 and one at T1-14 have been completed
and drilling at target T1-3 target
is underway currently.
Downhole geophysics completed at
DDH1-6A and underway at DDH1-14B.
Further Moving Loop Electro-Magnetic
surveys are planned over additional
Airborne Electro-Magnetic targets
identified, to develop further drill
targets.
------------------- ------- -----------------------------------------------
Tati Botswana 100% Reverse Circulation drilling and
Project soil sampling has confirmed high-grade
Gold - and bonanza grade gold mineralisation
Nickel across a gold-in-soil anomaly extending
for 8km across the Company's prospecting
licences.
Next stage exploration plans are
currently under development.
Sampling of fines dumps, representing
waste material from the Cherished
Hope gold mine on the project has
confirmed circa 1g/t gold and suitability
of the fines dumps for processing
to extract gold and generate income.
Preparations for the fines dumps
processing are advancing.
------------------- ------- -----------------------------------------------
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 Operations Status POW Further Information
% Link
First Exploration Listed 27.91% www.firstclassmetalsplc.com
Class in the Schreiber-Hemlo Investment
Metals region of Ontario,
PLC Canada
------------------------ ------------ ---------- ---------------------------------------------------
Kavango Exploration Listed 9.85% www.kavangoresources.com
Resources in Botswana Investment
PLC
------------------------ ------------ ---------- ---------------------------------------------------
First Exploration Planned 62.12%* www.firstdevelopmentresources.com
Development in Western Australia IPO
Resources and the Northern
PLC Territory of
Australia
------------------------ ------------ ---------- ---------------------------------------------------
Golden Exploration Planned 83.13% www.goldenmetalresources.com
Metal and development IPO
Resources in Nevada, USA
PLC
------------------------ ------------ ---------- ---------------------------------------------------
New Ballarat Exploration Planned 49.9% New website under development
Gold PLC in the Victoria IPO which can be found at
Goldfields of www.newballaratgoldcorp.com
Australia .
In the interim further
information in respect
of NBGC can be found
at:
https://www.powermetalresources.com/project/victor
ia-goldfields/
.
------------------------ ------------ ---------- ---------------------------------------------------
Uranium Uranium exploration Planned 50-55%() www.uraniumenergyexploration.com
Energy in the Athabasca IPO
Exploration region of Canada
PLC
------------------------ ------------ ---------- ---------------------------------------------------
(*) reducing to 58.59% on issue of equity for NSR buyout
announced 5.12.22.
() subject to completion of disposal of Reitenbach and E-12
properties, announced on 8.8.22 and 4.11.22, respectively.
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