TIDMPOW
RNS Number : 9468D
Power Metal Resources PLC
25 October 2022
25 October 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex, Botswana - Geophysics Update T1-14
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 where drilling is
currently underway.
On 20 October 2022 the Company announced an update regarding the
ongoing drilling programme and the link to this announcement is
below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-drilling-update/15681045
Further detailed work in regard to the moving loop
electromagnetic ("MLEM") survey results over the target area T1-14
has been ongoing, with an update relating to those results
presented herein.
HIGHLIGHTS
-- A geophysical electromagnetic ("EM") 'superconductor' has now
been identified at target area T1-14, with a conductance reading
akin to that of massive sulphides. (1)
-- As a result, the superconductor at target area T1-14 has been
upgraded to priority status and will be subject to diamond drilling
in the coming weeks, being now the strongest MLEM conductor
identified on the Project to date.
-- Diamond drilling at target area T1-14 will commence after the
completion of diamond drillholes DDH1-6B and DDH1-6B(2), both
targeting the conductor identified within target area T1-6.
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC commented:
"The momentum at our Molopo Farms Complex Project continues to
build and we now have four Company designated priority (A+) targets
that we plan to test during the ongoing drilling campaign.
The results from the extra MLEM work over target area T1-14 are
quite definitive and have resulted in the upgrade of this target
area following the identification of a superconductor.
I appreciate that the mineral discoveries under cover that we
seek at Molopo Farms, and at other Company interests, often require
a long lead time with complex preparatory work often needed to
define drill targets. However, we have the rig drilling now at
Molopo Farms and the drill testing of the T1-14 superconductor,
targeting a massive nickel sulphide discovery, is expected to
commence in the coming weeks."
FURTHER INFORMATION
Target Area T1-14
-- During the 2020/2021 drilling campaign, a 515.8m long diamond
drillhole (KKME1-14) was drilled within target area T1-14 which was
targeting a priority airborne EM conductor.
-- Drillhole KKME1-14 intersected three main geological units
including serpentinites (40.4m - 208.5m) quartzites (208.5 -
479.6m) and graphitic mudstones (479.6 - 515.8m). It was originally
assumed that the graphitic mudstone was the cause of the airborne
conductive anomaly identified at this target zone - and as a result
the hole was shut down at 515.8m.
-- The conductor at target area T1-14 was originally given a
lower priority B ranking due to it being slightly deeper than
priority conductors found at T1-6, T2-3 and T1-3. However,
following further analysis of available datasets, the following
conclusions have been reached:
o The MLEM conductor modelled at target area T1-14 has been
classified as a superconductor, ranking it as the strongest
conductor identified at the Project to date. The conductance
reading at T1-14 is akin to that of massive sulphides.
o KKME1-14 was drilled mostly within a magnetic low, which is
consistent with the drillhole intersecting mostly sedimentary rock
units instead of targeted mafic/ultramafic rocks (which are
typically strongly magnetic and can host primary magmatic nickel
sulphides).
o The MLEM superconductor now modelled at target area T1-14 has
a discrete shape. If the graphitic mudstones were the cause of the
conductor identified at this target area, it would be expected that
this conductor would be flat-lying, consistent with the typically
very flat-lying and continuous nature of Transvaal sedimentary
units within the Molopo Farms Complex.
o Three dimensional ("3D") modelling of KKME1-14 shows that it
intersected only the edge of the newly identified
superconductor.
-- The combination of the ground MLEM and airborne EM geophysics
datasets into a single 3D model has enabled a geological model to
be developed. This is interpreted to show a geological contact zone
between mafic/ultramafic magmatic intrusive rocks and potentially
sulphur rich sedimentary rocks (as signified by overlapping highly
magnetic and conductive bodies). Melting of the sedimentary rocks
at this intrusive contact zone could have led to magma mixing,
differentiation, and contamination that triggered sulphide
saturation and the segregation of an immiscible sulphide melt which
could have resulted in the accumulation of massive sulphide
mineralisation. It appears that this prospective, highly
conductive, contact zone was not intersected by the previous
drillhole KKME1-14.
-- As a result of further integration and analysis of available
datasets, target area T1-14 has been upgraded by the Company to
Priority A+ status and a 700m drillhole (DDH1-14A) is now planned
following the completion of DDH1-6B(2). It is estimated that the
superconductor could be reached at a downhole depth between
450-500m.
FURTHER INFORMATION
Figure 1 - Molopo Farms Complex Project Plan Map: A plan map of
the Project area, including the location of various elements
mentioned above is outlined in Figure 1 below.
Figure 2 - T1-14 3D View (Magnetics; Pink = Magnetic High): A 3D
view showing the location of the planned drillhole DDH1-14A and
historical drillhole KKME1-14 with the ground magnetic inversion.
KKME1-14 was drilled mostly within a magnetic low, which is
consistent with the quartzites and carbonaceous mudstones.
Figure 3 - T1-14 3D View (MLEM: Blue = Conductivity High): A 3D
view showing the location of the planned drillhole DDH1-14A and
historical drillhole KKME1-14 with the MLEM superconductor
identified.
The diagrams and images presented above will be uploaded shortly
to the Company's website which may be reached 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/
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.
Reference Notes
1 The term 'superconductor' is utilised here, to describe a
region of very high geophysical conductivity as depicted by a very
slow decay of the electromagnetic signal. In the case of T1-14, the
electromagnetic signal has not decayed to system noise levels after
2,000 milliseconds (msecs). The calculated decay constant is
between 400 and 550 msecs which is common for massive nickel
sulphides.
Glossary
Serpentinite: Mafic rock composed of one or more serpentine
group minerals. Serpentinization is a form of low-temperature
metamorphism of ultramafic rocks. They often are strongly
magnetic.
Quartzite: Hard, non-foliated metamorphic rock which was
originally very quartz rich. It has a low magnetic and conductance
response.
Graphitic Mudstone: Graphite rich, fine-grained clastic
sedimentary rock. It has a low magnetic and can have a high
conductance response.
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 has multiple internal exploration programmes
completed or underway, with results awaited. The status for each of
the Company's priority exploration projects is outlined in the
table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Assay results from
Uranium programme complete samples collected
at 3 properties. Preliminary during fieldwork.
planning for work
in Spring/Summer 2023
is ongoing.
--------- --------- ------------------------------ ----------------------
Molopo Botswana c.53%(#) T1-6 conductor target Drill programme
Farms drilling underway. updates and findings
Further MLEM surveys from further MLEM
planned over additional survey work.
AEM targets identified.
--------- --------- ------------------------------ ----------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and assay
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 27.91%
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 and issue
of Kavango shares
e.g. financing
announced 24.10.22)
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%
Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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