TIDMPOW
RNS Number : 0885T
Power Metal Resources PLC
15 March 2023
15 March 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Victoria Goldfields Australia - Drilling Update
Drilling Programme Complete; Visible Gold Intersected in 4 of 6
Holes and Significant Quartz Vein Intercept in the Final Hole
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an exploration update from
the Company's Berringa Gold Mine Project ("Berringa" or the
"Project"), which forms part of the Victorian Goldfields
joint-venture ("JV") located in Victoria, Australia.
A progress update RNS was announced on 16 February 2023 which
announced the completion of three diamond drill holes, with all
holes completed thus far encountering visible gold:
https://www.londonstockexchange.com/news-article/POW/victoria-goldfields-australia-update/15840466
BACKGROUND:
- The diamond drill programme was designed to test three
priority targets at Berringa which is a former high-grade producing
gold mine in the Victoria Goldfields. The programme began in
December 2022 and is now complete.
- The programme aimed to test for the down dip and along strike
extensions of previously mined gold mineralised zones and to
improve the structural understanding of the deposit area.
HIGHLIGHTS:
- The drilling has now completed, with a total of six diamond drillholes totalling 988 metres.
- The majority of drill core samples are currently undergoing
assay testing at an accredited laboratory in Ballarat. The
remaining samples will be delivered to the laboratory within the
week with final results expected later this month.
- Four of the six drill holes completed as part of this
programme encountered visible gold. (BED23001, BED23002, BED23003,
BED23006). Mineralised intercepts in drillholes BED23001, BED23002
and BED23003 are summarised in the 16 February 2023 release.
- In the final hole drilled, BED23006, visible gold was
encountered at 133.55m within a broader circa 30-metre-wide quartz
vein (130.5m - 158m) which is located approximately 100 metres east
of the main Berringa line of workings. This represents a
significantly large quartz vein intercept, and it indicates the
likely existence of the eastern and parallel trend of gold
mineralisation.
- Within the final drill hole, due to ground conditions,
drilling was terminated at 158m whilst still in the quartz veining
meaning the 30-metre-wide intersection remains open downhole.
Sean Wade, Chief Executive Officer of Power Metal Resources Plc
commented:
"I am delighted to confirm that drilling is now complete at
Berringa. Importantly, 4 of 6 drill holes encountered visible gold
including a significant 30-metre-wide mineralised quartz vein in
the final hole completed - which remains open downhole.
It is also worth noting that at both Berringa as well as our
100%-owned Tati gold Project located in Botswana, exploration is
centred on extensions of previously producing gold mines. These
therefore are brownfield and not greenfield targets, representing
more advanced exploration opportunities than currently being
recognised.
I want to personally thank our in-country exploration and
drilling teams for their hard work in completing this drilling
programme, and we now eagerly await final assay results."
JOINT VENTURE STRUCTURE
The JV is held between Power Metal (49.9%) and its partner,
London-listed Red Rock Resources PLC (50.1%) (together the "JV
Partners").
NBGC has a wholly owned Australian operating subsidiary Red Rock
Australasia Pty Ltd ("RRAL") which holds a strong land position
comprising seventeen granted exploration licences and one purchased
licence for a total area of 1,867km(2) within the prolific
Victorian Goldfields of Victoria, Australia, principally
surrounding the mining centre of Ballarat, Australia.
In addition, 2 licences covering 467km(2) await grant. The JV
has carefully assembled its portfolio of properties comprising a
broad range from robust exploration targets to near term resource
potential, all of which remain largely underexplored by modern
explorers.
The JV Partners have the intention of listing the JV company
NBGC and will make further announcements as appropriate.
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David
Holden, BSc, MBA, MEM, who is a member of the Australian Institute
of Geoscientists and the Executive Officer and Exploration Manager
of RRAL. He is a member of a recognised professional organisation
and has sufficient relevant experience to qualify as a qualified
person as defined in the Guidance Note for Mining, Oil and Gas
Companies, published by AIM.
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
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
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.
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END
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