TIDMPOW
RNS Number : 8900O
Power Metal Resources PLC
15 June 2022
15 June 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Ditau Project - Drilling and Geophysics Update
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 in respect
of the Ditau Camp Project ("Ditau"), located in southwestern
Botswana. Ditau is considered prospective for carbonatite hosted
rare-earth element ("REE"), base metal and possible precious metal
mineralisation.
Ditau is held within a 50/50 Joint Venture ("Kanye Resources")
with London-listed Kavango Resources plc (LSE:KAV) ("Kavango").
Kavango is the operator.
Project Background
The third diamond core drill hole of the programme, drill hole
DITDD005 on the i1 Target is now complete, and the drill rig has
relocated to the i8 target, where drilling has now commenced on
hole DITDD006. The final siting of DITDD006 followed the completion
of a Controlled Source Audio-Magnetotelluric (CSAMT) ground
geophysical survey and survey data inversion modelling.
The CSAMT survey imagery has provided enhanced interpretative
model of the geology and structural setting of the i8 Target
beneath the Kalahari sands and sediments. Images highlighting the
i8 Target with a CSAMT section overlay can be found at the link
below:
Ditau drilling and AMT update - Power Metal Resources plc (LON:
POW)
Additionally, Kanye has shipped the first batch of drill core
samples from hole DITDD004 for testing at a certified laboratory in
South Africa, with fast-track analyses requested.
Highlights:
- Diamond core drillhole DITDD006 has commenced on the i8 Target:
- CSAMT survey completed over i8 has provided an enhanced
targeting model enabling drill collar location, hole dip and
azimuth optimisation.
- The i8 Target is highlighted by a circa 4km diameter ring
structure which was interpreted from airborne magnetic survey
data.
- This target was the subject of 5.5-line km of CSAMT surveying,
using both high and low frequency configurations.
- Inversion processing of the CSAMT data over the i8 Target,
which was completed by an external geophysical consultant, has
shown bedrock signatures below the i8 Target magnetic anomaly that
are significantly different from the surrounding flat lying
signatures which are interpreted to be sedimentary country
rock.
- These geophysical signatures appear disturbed in dip and
vertical position and are interpreted to relate to an intrusive
body. These signatures are significantly different to those seen in
the CSAMT survey for the i10 and i1 Targets.
- Drillhole DITDD006 is targeting the ring of the magnetic
geophysics high, where it is coincident with resistivity geophysics
high features, near the edge of the i8 Target.
- Drillhole DITDD005, targeting the i1 Target, is now complete
with a final down-hole depth of 343.9m.
- DITDD005 intersected extensive conglomerate with a measurable magnetic mineral content.
- The interpretation of these findings is to be aided by an
expanded CSAMT survey programme - which includes additional line-km
over the i1 target.
- Update in respect of Drillhole DITDD004, targeting the i10 Target:
- DITDD004 intersected thick successions of highly magnetic
brecciated rock units, confirmed by magnetic susceptibility
readings on drill core, with the magnetism interpreted as being
related to hydrothermal alteration processes.
- First batch of drill core samples have been cut and shipped
for multi-element analyses (including select fire-assays), at a
certified laboratory located in South Africa, with fast-turnaround
'rush analysis' requested.
- Further sample batches from hole DITDD004 will be dispatched during the coming weeks.
- A separate batch of samples for petrographic analysis are currently in preparation.
- High frequency CSAMT geophysics survey underway on the i10
Target, with the purpose of augmenting the existing AMT survey
dataset, to assist further modelling and interpretation of the
range of lithologies intersected in the DITDD004 drill hole.
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"The Ditau drilling is moving at significant pace through the
key targets and today we announce the commencement of hole
DITDD006, which is located on the i8 Target, the third main area
being tested as part of this ongoing programme. As you will see
from the AMT images linked above, the i8 target is particularly
interesting.
Photographs of the drill core from hole DITDD004 are now
available to view in the Gallery section of the Company's website,
the core samples have been submitted to the assay laboratory in
South Africa and the results are eagerly anticipated with the
faster-turnaround 'rush' analytical service requested.
There is an intensely active period underway in the Kanye JV and
I look to providing further updates to the market in the near
future."
Target I8
The inversion modelling of the CSAMT and aeromagnetic survey
data has led Kanye to conclude that the i8 Target anomaly could be
caused by a buried intrusive body, approximately 4km in diameter.
The inversions modelling, undertaken by an external geophysical
consultant, shows 'intrusive' signatures below a magnetic ring
anomaly, that are significantly different to the surrounding flat
lying 'sedimentary' signatures.
The CSAMT survey has detected signatures that appear disturbed
in their dip and vertical position. There is also possible thrust
faulting that has been identified by the inversions.
The area of disturbance is radially symmetric with the
aeromagnetic ring structure and is interpreted to be a possible
intrusion. Further, there are CSAMT signatures that are coincident
with the outer magnetic ring that are protruding high into the
resistivity section, further suggesting the possibility of an
intrusive body. This signature is significantly different from that
interpreted from preliminary CSAMT data collected on the i10 and i1
Targets.
The target conforms to an idealised model for a carbonatite. The
composition of this is now being tested by drillhole DITDD006,
planned to a depth of 400m.
Background to Targeting
Kanye has identified 12 geophysical structures/targets at Ditau
(i1 through i12 Targets), which could be possible carbonatites
and/or intrusive complexes that may host carbonatites. Nine of
these targets are particularly well defined.
There are two target types at Ditau:
1) Discrete kilometre-scale carbonatite pipe targets; and
2) Larger multi-kilometre scale intrusive complex targets that
may also be host to carbonatite intrusives.
The 12 Ditau geophysical targets are not known to have been
tested for REEs historically. Kanye identified these targets, which
range in size from circa 2km to 18km in diameter, using modern
geophysical interpretative techniques. Kanye has used combined and
integrated Airborne Magnetics, Ground Magnetics and CSAMT surveys
in the exploration of the Project and for drill targeting.
Recently completed and inverted CSAMT surveying of the i8
Target, using both high and low frequency configurations, has
resulted in high resolution of the basement below the Kalahari sand
and sediment cover, providing enhanced target definition. As a
result, Kanye is now running both high and low frequency CSAMT
surveys over the i1 and i10 Targets to further enhance the
interpretation of these, post drilling.
Completed Holes
A total of three drillholes for a combined core length of
1,037.3m have now been completed as part of the 2022 drilling
programme. Mindea Exploration and Drilling Services (Pty)
("Mindea") is conducting the drilling. Analytical results will be
provided once assays are received, compiled, and interpreted.
2022 Drill Programme Summary Table (WGS 84 UTM Z34S):
Target Drillhole UTM E UTM N Azimuth Inclination Final
( deg) ( deg) depth
i10 DITDD003 640350 7231120 000 -80 300.1m
----------- ------- -------- -------- ------------ ------------
i10 DITDD004 640350 7230500 000 -80 393.3m
----------- ------- -------- -------- ------------ ------------
i1 DITDD005 650000 7246515 000 -80 343.9m
----------- ------- -------- -------- ------------ ------------
i8 DITDD006 654100 7233400 180 -80 In progress
----------- ------- -------- -------- ------------ ------------
POW/KAV Joint Venture at Ditau
Ditau is held in a 50/50 Joint Venture ("Kanye Resources") with
London-listed Kavango Resources plc (LSE:KAV) ("Kavango"). Kavango
is the operator.
Competent 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 Competent 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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway,
with results awaited, as outlined below:
Project Location Current Work Completed Results Awaited
POW or Underway
%
Alamo USA Earn-in Excavation of Field and assay results
Gold Project to 75% multiple test from on-site work
pits and mapping programme.
& sampling.
---------- --------- ----------------------- ---------------------------
Athabasca Canada 100% Data compilation Interpretation results
Uranium across uranium from all Properties
properties complete. Next steps
upcoming.
---------- --------- ----------------------- ---------------------------
Authier Canada Earn-in Soil & rock sampling Technical Review of
North Lithium to 100% completed exploration results
& define next exploration
steps.
---------- --------- ----------------------- ---------------------------
Ditau Botswana 50% Drill programme Field updates and
Project focused on key receipt & review of
targets notably laboratory assay results.
drilling of potential
carbonatites
and targeting
rare-earth elements.
---------- --------- ----------------------- ---------------------------
Kalahari Botswana 50% Exploration programme Field programme findings
Copper underway across and defined drill
Belt the South Ghanzi targets for near term
Project and further drilling.
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- --------- ----------------------- ---------------------------
Molopo Botswana 53%# Review of recent Determine next exploration
Farms exploration findings. steps and action plan.
---------- --------- ----------------------- ---------------------------
Victoria Australia 49.9% Diamond drill Field updates and
Goldfields programme completed. receipt & review of
laboratory assay results.
---------- --------- ----------------------- ---------------------------
Paterson Australia 82.78%* Wallal passive Findings from multiple
Projects seismic and 2D work programmes including
seismic processing final approvals and
work programme preparations for planned
completed. deep diamond drilling.
Review of historical
data and target
generation for
Ripon Hills &
Braeside West
projects.
---------- --------- ----------------------- ---------------------------
Selta Australia 82.78%* Lithium review Findings from lithium
Project underway including review exploration
desktop and field programme.
mapping and sampling.
---------- --------- ----------------------- ---------------------------
* Reducing to 62.12% after Completion of the Pre-IPO Financing
# subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
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