TIDMPOW
RNS Number : 5517O
Power Metal Resources PLC
13 June 2022
13 June 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
First Development Resources - Selta Lithium Update
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces a lithium focused
exploration update for the Selta Project ("Selta" or the "Project")
located in the Northern Territory, Australia, and held by the Power
Metal's 82.78%-owned subsidiary First Development Resources Ltd
("FDR").
HIGHLIGHTS:
-- Following on from a recent in-depth data review covering
Selta, FDR have undertaken a lithium specific review based
initially on further desktop analysis.
-- The review specifically focussed on the potential for
pegmatite geology across the Selta Project and its capacity to host
lithium mineralisation.
-- The desktop work included a review of lithium specific
publicly available data, along with a review of satellite imagery
and hyperspectral analysis to identify high-priority targets for
further field investigation.
-- The multi-layered approach to the target definition process
has identified several hundred coincident anomalies potentially
indicative of pegmatite geology and 65 initial primary and
secondary targets have been selected for further investigation
-- FDR have mobilised a field investigation team which will
arrive on site in the coming days to conduct mapping and surface
sampling of the prospective targets identified.
Tristan Pottas, Chief Executive Officer of First Development
Resources Ltd, commented:
"During our recent site visit to the Northern Territory,
pegmatite style outcrop was observed within the Selta Project area,
further adding weight to the findings from the original in-depth
review of the Project.
Given the potential for lithium mineralisation, we commissioned
a remote sensing study to look at the pegmatite specific potential
and following the identification of 65 prospective targets we have
expedited a field-based work programme to test whether the
identified targets host lithium bearing mineralisation . "
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"The recent GBP1,125,000 Pre-IPO financing undertaken by FDR
demonstrated the level of investor interest in the business
proposition. This capital is being deployed into the planning and
listing process, as well as enabling expedited exploration within
the FDR project portfolio.
Our confidence in the prospectivity of Selta has grown
considerably in recent months, from uranium, rare earth and now
lithium potential. Therefore, as the largest shareholder in FDR,
Power Metal is eager to see the results from the field exploration
programme which is now commencing."
BACKGROUND:
A recently completed in-depth review of all publicly available
geological, geophysical and geochemical data for the Selta Project
identified multiple uranium and rare-earth element ("REE") targets
within the Selta Project area and also highlighted the potential
for lithium, gold and base-metal mineralisation.
The announcement in respect of this in-depth review may be
viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-identified/15371081
The above review identified the possibility of
tin-tantalum-tungsten rich pegmatites within the Selta Project. It
is noteworthy that pegmatite fields elsewhere in Australia
represent important sources of lithium.
Following consideration of the findings, the Company initiated a
follow up lithium specific desktop and remote sensing review over
the Selta Project.
SELTA PROJECT - LITHIUM REVIEW
The potential for lithium presents an additional opportunity for
a mineral discovery within the Selta Project area, an opportunity
which had previously been unknown.
To gain a better understanding of the potential for
lithium-caesium-tantalum ("LCT") type pegmatites, the Company has
undertaken a review of all publicly available data to help refine
target areas for further investigation. The datasets included in
the review have included satellite imagery, known mineral
occurrence data recorded on the Northern Territory Government
STRIKE database, hyperspectral analysis using Sentinal-2 visible /
near infrared and shortwave infrared imagery and historic stream
sediment sampling data acquired by Crossland Uranium between
2014-16. The announcement dated 20 May 2022 in respect of the
Crossland Uranium stream sediment data may be viewed through the
following link:
https://www.londonstockexchange.com/news-article/POW/first-development-resources-selta-project-update/15462581
By applying a multi-layered approach to the target definition
process, several coincident anomalies have been identified and a
number of primary and secondary targets have been selected for
further investigation.
The priority lithium targets selected are primarily associated
with surface anomalies which have been identified on satellite
imagery and are coincident with a spectral response relating to the
spectral fingerprint of identified spectral endmembers. The
interpretation of the spectral endmembers has been determined by
comparing them to a library of 481 mineral spectra compiled by the
United States Geological Survey. The endmembers of interest at
Selta include neodymium (Nd) and lepidolite. Neodymium is a
rare-earth element which based on our hyperspectral review, is
prevalent across Selta and the adjacent licence areas. Lepidolite
can be associated with lithium-bearing minerals like spodumene
(LiAl(SiO(3) )(2) ), in pegmatite bodies.
A field team will be deployed immediately to Selta to conduct
site-specific reconnaissance and to collect samples for analysis
from multiple high-priority lithium and REE targets. The initial
target area will focus on 65 primary and secondary targets
identified across two areas. One group of targets covers an area of
approximately 3km x 2km and a second area covering approximately
4km x 3km. These two groupings are part of a larger area covering
approximately 100km(2) within which, several hundred similar
surface anomalies have been identified
SELTA PROJECT OWNERSHIP
Selta is held within URE Metals Pty Limited ("URE"), an
Australian private company and wholly owned subsidiary of FDR .
Power Metal has an 82.78% interest in FDR (62.12% on completion
of the recently announced Pre-IPO financing).
The announcement dated 01 June 2022 in respect of the Pre-IPO
Financing may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/first-development-resources-pre-ipo-financing/15477133
FDR is planning to list on the London capital markets in Q3 2022
(the "IPO") and is focussed on district scale exploration
opportunities in Australia.
URE was acquired by FDR in the transaction managed and funded by
Power Metal and the announcement dated 19 November 2021 in respect
to this transaction may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/uranium-rare-earths-acquisition-australia/15219001
FDR EXPLORATION INTERESTS
FDR Australia holds the following exploration licence
interests:
Wallal Project (Wallal Main-E45/5816 - 390km (2) - granted),
(Wallal West 1-E45/5853 96km (2) - granted ) and (Wallal West 2 -
E45/5880 - 86km (2) - granted).
A comprehensive geophysical review has identified three magnetic
bullseye anomalies located under Phanerozoic sedimentary cover
which are interpreted to have possible geological similarities
major Au-Cu deposits within the Paterson Province including Winu
(Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold joint
venture).
Braeside West Project (E45/5854 - 137km (2) - one granted
licence)
In-depth desktop analysis of historic exploration data is
currently underway on the Braeside West Project. A recent
base-metal discovery by neighbouring company Rumble Resources Ltd
(ASX:RTR) has enhanced the overall prospectively within the
Braeside West Project area as it is hosted within a similar
geological environment to that of Rumble Resources discovery.
Ripon Hills Project (E45/5088 - 42km (2) - one granted
licence).
The Ripon Hills Project is prospective for base-metal and gold
mineralisation associated with deep-seated north-south oriented
fault structures which run through the Ripon Hills Project area.
In-depth desktop analysis of historic exploration data is currently
underway over the project.
Selta Project (EL 32737, EL 32738, EL 32755 - 1,575km (2) - three granted licences)
The Selta Project is located in an area considered to be
highly-prospective for uranium and rare earth element
mineralisation. FDR recently completed an in-depth review of all
geological, geophysical and geochemical data which also identified
the potential for lithium, gold and base-metal mineralisation as
well as the possibility of tin-tantalum-tungsten rich
pegmatites.
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
Gold Project to 75% multiple test results from on-site
pits and mapping work 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 Technical Review
North to 100% sampling completed of exploration results
Lithium & define next exploration
steps.
---------- --------- ------------------------ ----------------------------
Ditau Botswana 50% Drill programme Field updates and
Project focused on key receipt & review
targets notably of laboratory assay
drilling of results.
potential carbonatites
and targeting
rare-earth elements.
---------- --------- ------------------------ ----------------------------
Kalahari Botswana 50% Exploration Field programme
Copper programme underway findings and defined
Belt across the South drill targets for
Ghanzi Project near term drilling.
and further
exploration
at the more
recently acquired
South Ghanzi
Extension and
Mamuno licence
areas
---------- --------- ------------------------ ----------------------------
Molopo Botswana 53%# Review of recent Determine next exploration
Farms exploration steps and action
findings. 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 work programmes
2D seismic processing including final
work programme approvals and preparations
completed. for planned deep
Review of historical diamond drilling.
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 programme.
field mapping
and sampling.
---------- --------- ------------------------ ----------------------------
* Reducing to 62.12% after issue of FDR shares 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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END
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