TIDMPOW
RNS Number : 6031Z
Power Metal Resources PLC
15 September 2022
15 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex, Botswana - Geophysics and Drilling
Update
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 8 September 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/mfc-project-update-drill-programme-mobilisation/15621071
HIGHLIGHTS
-- High-resolution ground magnetic geophysics ("Ground-Mag")
survey completed over high priority Target 1-6 ("T1-6").
-- Three dimensional ("3D") inversion modelling of Ground-Mag
data and all other available geophysical datasets covering the T1-6
electromagnetic ("EM") conductor, also completed.
-- Interpretation of historical airborne electromagnetic ("AEM")
survey data with recently collected moving-loop EM ("MLEM")
geophysics results, estimates the T1-6 conductor has an approximate
strike length of 2,600m and an estimated down dip extent of
1,000m.
-- Diamond core drillhole parameters for the first two planned
holes at T1-6 have now been established, with the two drill collar
sites under preparation and drilling expected to commence
shortly.
-- MLEM surveys are ongoing at additional target areas T1-3 and
T2-3, and MLEM and Ground-Mag surveys are ongoing at target area
T1-14, with further updates to follow shortly.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"Our work at Molopo Farms is gathering pace with the parameters
for the first two diamond core drillholes into Target 1-6 now
confirmed. With the drill rig now on-site we expect to start
drilling the first priority target hole shortly.
Significantly, based on recently completed 3D geophysical
modelling the strike-length of the priority conductor at T1-6 is
interpreted to be 2,600m, a considerable target.
We are working closely with the team in Botswana who have done
an incredible job thus far. It is less than a month since the
initial geophysical survey findings at T1-6 that inspired this
acceleration to drilling and I look forward to providing further
progress updates."
FURTHER INFORMATION
-- A high-resolution Ground-Mag survey covering an area of
approximately 2,700m by 1,600m has now been completed over priority
target area T1-6. A strong east-west trending magnetic anomaly was
identified near the southern edge of the survey area.
-- Magnetic inversions of this newly identified anomaly show
that the magnetic body intersects the down dip extent of the
southerly dipping EM conductor identified by the previously
completed ground-based MLEM survey over T1-6.
-- As a result of the recently completed geophysics work at
T1-6, as well as the extensive 3D analysis and inversion modelling
now completed, two priority drillholes have now been planned for
T1-6. The two drill collar sites are now being prepared and cleared
in preparation for the programme start. The two sites selected are
summarised below:
o Diamond core drillhole DDH1-6B : Located 530m directly south
of drillhole KKME 1-6 (completed December 2020 (1) ). Planned 600m
hole depth, inclined at 80deg dip and 0deg azimuth (to the north).
Based on the 3D modelling completed, DDH1-6B has been planned to
intersect the southerly dipping conductor at a relatively shallow
depth of 300m.
o Diamond core drillhole DDH1-6C : Located 830m directly south
drillhole KKME 1-6 (1) . Planned 650m hole depth, inclined at 80deg
dip and 0deg azimuth (to the north). Based on the 3D modelling
completed, DDH1-6C is planned to test the intersection zone between
the southerly dipping conductor and the newly identified strongly
magnetic E-W trending body, which is estimated to be at a depth of
approximately 350m.
-- Based on 3D modelling of all available geophysical data
including the previous AEM survey, the targeted T1-6 EM conductor
been estimated to have an approximate strike-length of 2,600m in a
broadly E-W direction and is estimated to extend for around 1,000m
down dip (towards the south).
-- Power is currently preparing a short video which highlights
the above information and will include a demonstration of the 3D
geophysical modelling with the plots of previous drillhole KKME 1-6
and the planned drillholes DDH1-6B and DDH1-6C.
-- Camp setup and preparation for the upcoming programme
continues at pace. The Company will announce to the market once
drilling has commenced, which is expected shortly.
-- MLEM surveys are ongoing at target areas T1-3 and T2-3, and
MLEM and Ground-Mag surveys are ongoing at target area T1-14. A
further update in regard to this work, as well as survey results,
are also expected shortly.
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.
COMPETENT 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 Competent 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.
REFERENCES
1: Power Metal PLC announcement, 14 December 2020
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq269w
)
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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