TIDMPOW
RNS Number : 8141Y
Power Metal Resources PLC
08 September 2022
8 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex Botswana - Drill Programme Mobilisation
Underway
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update in relation to the
Molopo Farms Complex Project ("Molopo Farms" or the "Project")
targeting a large scale nickel-copper-platinum group element
("PGE") discovery in southwestern Botswana.
On 30 August 2022 the Company announced an update regarding
progress being made towards the first Power Metal managed and
operated diamond drilling programme at Molopo Farms. The link to
this announcement is below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-drill-contract-signed/15604332
Key Updates:
-- Mindea Exploration and Drilling Services (Pty) ("Mindea"), an
experienced Botswana-based company with extensive experience
in-country has officially commenced mobilisation for the upcoming
drilling programme.
-- The planned drilling start date is now set for mid-September
2022. A further RNS will be provided to the market once drilling
has officially commenced.
-- The current planned programme is for circa 2,600m of drilling
across an expected 6 drillholes, with at least two drillholes
planned into the newly identified conductor within the T1-6 target
area.
-- As announced on 5 September 2022 the Company raised
additional funds totalling GBP1,080,000, before expenses allowing
for the potential expansion of the ongoing geophysics and upcoming
drilling programme.
-- Additional geophysics, including further Moving Loop
Electromagnetic ("MLEM") surveys as well as high-resolution
ground-based magnetic surveys are underway. A further update in
regard to this work, as well as survey results, are expected
shortly.
-- The programme is being designed to ensure expeditious core
analysis to include: geologists on site to conduct continuous core
inspection and logging, identification of visible sulphides,
selection of core samples for assay testing and the arrangement
where appropriate of expedited laboratory assays to minimise
turnaround time. Hiring of the personnel required for the above is
in the process of being finalised with crews arriving to site
shortly.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"The preparations for this important diamond drill programme
continue at pace, with mobilisation of equipment to site and a
target date for drill commencement next week.
This is a big moment for Power Metal and we are eager to
commence drilling as soon as possible. Investors will appreciate
that, with the financing we announced on Monday, we mean business
and have the financial means to commit fully to this work in
Botswana."
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic
interest in Molopo, held through a direct project interest and a
shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd
("KKME"). On 18 May 2022 Power Metal announced a conditional
transaction that would see its interest in Molopo Farms increasing
to 87.71% (the "Transaction"). The announcement may be viewed
through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project
operator and in advance of completion the Company is working with
the team at KKME to maintain momentum with regard to Project
exploration.
Work streams are also in process to secure Botswana regulatory
approvals enabling the Transaction to complete.
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 has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Results from ground
Uranium programme underway exploration including
at 3 properties. Continuing spectrometer analysis,
data analysis across sampling and mapping.
the property portfolio.
--------- --------- ----------------------------- --------------------------
Authier Canada Earn-in Property Evaluation Update covering
North to 100% Report completed. exploration plans
Lithium for target areas
identified during
the Evaluation.
--------- --------- ----------------------------- --------------------------
Molopo Botswana 53%(#) Final preparations Commencement of
Farms for the launch of T1-6 drill programme,
K1-6 conductor target and findings therefrom
drilling and MLEM and results from
surveys over T1-6, MLEM surveys.
T1-14, T1-3 and T2-3
targets.
--------- --------- ----------------------------- --------------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and results
from RC drill programme.
--------- --------- ----------------------------- --------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
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 Status/Operations Link
First Class Investment - www.firstclassmetalsplc.com
Metals PLC POW 28.19%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
in Western Australia
and the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada, USA
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 14.03% (subject
PLC to completion
of Kanye Resources
disposal announced
8.7.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 40-55%
------------------------ ------------------------------------------------------------------
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END
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