TIDMPOW
RNS Number : 8450P
Power Metal Resources PLC
22 June 2022
22 June 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Business Update and Togo Agreement
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces a business update covering
the Company's global uranium interests.
Togo Agreement
-- Power Metal has signed an agreement with David Knopf, a
consulting geologist governing the evaluation, acquisition and
exploration of uranium prospects in Togo, West Africa (the
"Agreement").
-- Power Metal is to establish a wholly-owned operating
subsidiary in Togo, to act as a holding company for Togo uranium
interests ("Togo Subsidiary").
-- Upon successful transfer of newly acquired interests into the
Togo Subsidiary, Power Metal will pay agreed finder's fees to Mr
Knopf equating to EUR27,000 in total for the first acquisition and
EUR15,000 for any subsequent acquisitions (finders fees will be
payable in part cash and part Power Metal shares based on the
volume weighted average price of Power Metal shares in the ten
working days prior to each acquisition).
-- In addition, should Power Metal or the Togo Subsidiary
announce a Decision to Mine ("DTM") in respect of any project
acquired under the Agreement, further fees would be payable of
EUR100,000 in cash and EUR200,000 in Power Metal shares (Power
Metal Shares based on the volume weighted average price of Power
Metal shares in the ten working days prior to each DTM).
-- Power Metal will have access to the services of Mr Knopf as
well as his Togo based business partner who is an established
senior geologist with strong capabilitities in-country who will
assist with the organisation and management of local geological
operations.
-- Existing project targets have been established and the
Company is working with the team in Togo to plan next stages of
exploration as well as to secure new opportunities as soon as
possible.
Athabasca Basin, Saskatchewan, Canada
Power Metal, through its wholly-owned local subsidiary, holds a
large strategic footprint in the Athabasca Basin area with 7
properties covering a combined area of 450.01km(2) . The Company's
in-house uranium specialist has completed a data compilation
exercise across all 7 properties, the results of which have
previously been announced to the market. Shareholders wishing to
see an overview of the findings from each property are invited to
visit the Company's website where individual uranium project
factsheets have been uploaded:
https://www.powermetalresources.com/fact-sheets/
The Power Metal team are currently finalising next stage
exploration plans at our 7 Athabasca properties and a further
update will be provided covering this in due course.
The Company commissioned a National Instrument 43-101 technical
report ("Report") in respect of the Reitenbach Property as
announced in March 2022:
https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin-canada/15381520
Power Metal expects to release the findings from this report in
the near term.
Further information from the data compilation completed over the
Reitenbach Property was announced by the Company in February 2022
and may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/reitenbach-uranium-property-athabasca-basin/15319141
Selta Project, Northern Territory, Australia
The Selta Project ("Selta") was acquired in November 2021 by
Power Metal UK subsidiary First Development Resources Limited
through the acquisition of Australian private holding company URE
Metals Pty Limited.
In February 2022 an in-depth review ("Review") of the rare-earth
element and uranium potential at the Selta Project was
undertaken:
https://www.londonstockexchange.com/news-article/POW/selta-project-update/15328364
The Review confirmed multiple uranium targets at Selta, further
details of which were announced in March 2022 and may be viewed in
the link below:
https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-identified/15371081
Further work is underway to evaluate the findings of the review
and determine the next stages for uranium focused exploration.
Paul Johnson, Chief Executive Officer of Power Metal
commented:
"This Agreement announced today securing Power Metal a pathway
into Togolese uranium opportunities marks our first entry into
African uranium exploration. We are already working with the Togo
team in respect of sourcing new uranium opportunities and I expect
to report back soon on developments there.
The Togo opportunity complements the Company's existing uranium
interests including the large 7 property portfolio in the Athabasca
Basin area of Saskatchewan, Canada, and the Selta Project, forming
part of planned listing vehicle First Development Resources
Limited.
At Power Metal we see an opportunity to further build our
uranium profile. This will be accomplished by undergoing
exploration on our existing exploration portfolio, the acquisition
of additional interests, as well as through investment holdings in
new uranium focused entities that we can help to create."
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 programme.
pits and mapping
& sampling
---------- ---------- ----------------------- ----------------------------------
Athabasca Canada 100% Data compilation Interpretation results
Uranium across uranium from all Properties complete.
properties Next steps upcoming.
---------- ---------- ----------------------- ----------------------------------
Authier Canada Earn-in Soil & rock sampling Technical Review of exploration
North to 100% completed results & define next
Lithium exploration steps.
---------- ---------- ----------------------- ----------------------------------
Ditau Botswana 50% Drill programme Field updates and receipt
Project focused on key & review of laboratory
targets notably 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 targets
Belt the South Ghanzi for near term drilling.
Project 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 findings. steps and action plan.
---------- ---------- ----------------------- ----------------------------------
Victoria Australia 49.9% Diamond drill Field updates and receipt
Goldfields programme completed. & 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 preparations
work programme for planned deep diamond
completed. 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 programme.
desktop and field
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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