TIDMPOW
RNS Number : 1555Q
Power Metal Resources PLC
16 February 2023
16 February 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Victoria Goldfields Australia - Berringa Gold Mine
Drilling/Corporate Update
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces a corporate and 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.
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC commented:
"Successful renewal of the exploration licence covering the
historic Berringa gold mine, where we are currently undertaking a
diamond drill programme, is a notable event for our Victoria
Goldfields JV.
The drilling is progressing well with three drill holes
completed to date and with visible gold encountered in all three
holes as detailed further below. This is very encouraging, and we
look forward to receipt of detailed assay data as soon as
possible.
Geologically, all drillholes completed thus far have
successfully intersected the down dip and along strike extensions
of the target mineralised zones.
We believe our JV in the Victoria Goldfields grows more
compelling and valuable as we progress with exploration work."
HIGHLIGHTS:
- The Company's inaugural drilling programme, designed to test
for the downdip and along strike extensions of the historical
Berringa Gold Mine, is progressing well with three holes now
completed totalling 655.9m of the originally planned 1000m.
Drilling of the programme's fourth hole, BED23004, is expected to
start shortly.
- All holes which have been drilled and logged to date have
successfully intersected target geological formations and
demonstrated visible gold within extensions of the Berringa
mineralised lode's including:
o Drillhole BED23001 (targeting South Birthday Zone):
Successfully intersected a 9m wide mineralised* quartz vein from
380.5 - 389.5m downhole as well as another 0.20m mineralised*
quartz vein from 421 - 421.2m downhole including minor visible gold
mineralisation.
o Drillhole BED23002 (targeting Berringa Syndicate Zone):
Successfully intersected a 9.6m wide mineralised* structure from
89.2 - 98.8m which included minor visible gold mineralisation.
Drillhole ED23002 also intersected abundant mineralised* quartz
veining from 89.2m - 94.1m and 96.5m - 98.8m downhole.
o Drillhole BED23033 (targeting Berringa Syndicate Zone):
Detailed core logging underway, preliminary observations have
identified visible gold within the core.
*sulphide mineralisation including sphalerite, galena,
arsenopyrite and pyrite.
- The JV's Berringa exploration licence ("EL") 5535 has
successfully been renewed for a five-year term expiring November
2027.
- Assay test results for the first two drillholes are pending
and will be released to the market once received, checked and
compiled by JV geologists. The assay testing method will use both
traditional fire assay, and bottle roll testing, to ensure the
results capture course fraction gold as demonstrated by the visible
gold on the drill core surface in all holes completed to date.
JOINT VENTURE STRUCTURE
The joint venture ("JV") is held through New Ballarat Gold
Corporation PLC ("NBGC"), which is focused on the prolific Victoria
Goldfields of Australia. 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 17 granted exploration licences and one purchased
licence for a total area of 1,867km(2) within the gold fields 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 undeveloped 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
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.
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END
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