TIDMPOW
RNS Number : 3593K
Power Metal Resources PLC
20 December 2022
20 December 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex, Botswana - Drilling Update
Drillhole Into Target Area T1-3 complete and Drillhole into T2-3
Progressing Well
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.
A short presentation capturing developments at Molopo Farms and
Power Metal's 100% owned Tati gold Project is available on the
Company's website which is available through the following
link:
https://www.powermetalresources.com/investors/botswana-in-focus-december-22/
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC commented:
"There is a strong momentum with our operations at Molopo Farms
in Botswana where we have now commenced drilling at target area
T2-3, a 12-kilometre-long magnetic body which represents another
stand-out target we are eager to test.
From 5 drillholes across 4 target areas we have completed over
2,000m of diamond drilling, the drill core from which, is now the
focus of multiple ongoing technical work streams including detailed
core logging, downhole geophysics analysis and assay testing.
I look forward to reporting back to the market on developments
at Molopo Farms as soon as practicable."
HIGHLIGHTS:
-- Diamond drillhole DDH1-3A has been completed at target area
T1-3 to a depth of 450m.
-- The inaugural drillhole (DDH2-3A) into target area T2-3A has
progressed well to the current downhole depth of 129.4m (see Fig.
3). Drilling operations have now paused for the holiday season.
-- The electromagnetic ("EM") geophysics conductor at target
area T2-3A is located at approximately 400m downhole depth, so will
be drill tested following the resumption of drilling operations
expected early to mid-January 2023.
BACKGROUND INFORMATION
The following three figures outlining the Molopo Farms Complex
Project Area, EM geophysics conductor targets, and details of the
priority target area T2-3, may also be viewed on the Company's
website through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
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/
Figure 1: Map showing Molopo Farms Complex Project, Named
Electromagnetic Targets and Current Drill Programme Status
(Map Projection: UTM Zone 35S WGS84)
Figure 2: Map Showing Location of In-Progress Drillhole DDH2-3A
at Target T2-3 with Moving Loop EM Geophysics Section Line
(A-A' Figure 3), over 1st Derivative Magnetic Geophysics Response
(Map Projection: UTM Zone 35S WGS84)
Figure 3: Moving Loop EM Conductivity Cross-Section over
Target Area T2-3 with Downhole Trend of In-Progress Drillhole
DDH2-3A (targeted conductor in blue)
(vertical scale interpreted metres)
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.
Two drill holes at target conductor
T1-6, one at T1-14 and one at T1-3
have been completed and drilling
at target T2-3 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 confirmed high-grade
Gold - and bonanza grade gold mineralisation
Nickel within a gold-in-soil anomaly extending
for 8km across the Company's prospecting
licences.
Next stage exploration plans announced
15.12.22.
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/vict
oria-goldfields/
.
------------------------ -------------- ---------- -------------------------------------------------
NewCo Exploration Planned 20% NewCo website under development.
in Queensland's IPO/Disposal (^)
Mount Isa copper
belt and in
South Australia
------------------------ -------------- ---------- -------------------------------------------------
Uranium Uranium exploration Planned 50-55%() www.uraniumenergyexploration.com
Energy in the Athabasca IPO
Exploration region of Canada
PLC
------------------------ -------------- ---------- -------------------------------------------------
(^) subject to completion of Merger announced 15.12.22.
() subject to completion of disposal of Reitenbach and E-12
properties, announced on 8.8.22 and 4.11.22, respectively.
(*) reducing to 58.59% on issue of equity for NSR buyout
announced 5.12.22.
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