TIDMPOW
Power Metal Resources PLC
23 April 2021
23 April 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Australia Gold Joint Venture - Exploration Update
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce an
exploration update in respect of Red Rock Australasia Pty Ltd
("RRAL") a joint venture company with gold exploration interests
near the historic mining centre of Ballarat in the Victoria
Goldfields.
Power Metal has a 49.9% interest in RRAL, with Red Rock
Resources plc ("Red Rock")(LON:RRR) holding a 50.1% interest.
Highlights:
-- Further to the Company's announcement of 3 February 2021
announcing the commencement of exploration on recently granted
exploration licences a sampling and mapping programme has been
undertaken.
-- The programme objectives were to identify potential southern
extensions to the main lode systems of Ballarat East through
looking for low level gold anomalism and pathfinder elements and to
evaluate the relative effectiveness of X-ray Fluorescence ("XRF")
and Mobile Metal Irons ("MMI") testing in the region, as part of a
programme of work to constrain the areas to be drill tested later
in the year.
-- A total of 1,024 soil and rock chip samples were collected in EL007271 and EL007281 in the old Monmouth/Enfield and O'Laughlin/Scotsburn mining areas for XRF and MMI testing as follows:
- 142 soil samples have been collected to date in EL007281 with
rock chip sampling, mapping and sampling of road cuttings
continuing at present.
- 882 soil samples have been collected in EL007271 of which 84
have been sent for MMI analysis.
-- Sample analysis results are expected to be received in the coming weeks.
-- Preparation of work plan and stakeholder engagement for trenching around Monmouth.
RRAL Director Dave Holden comments : "Increasing evidence from
previously unknown workings of east-west lines of mineralization at
Monmouth, in an area where the main geological trend runs
north-south, has been an interesting outcome of our work to date,
and is being actively followed up.
As early as 1903 it was recognised that this mineralisation may
be different to the main Ballarat system, with reference to a
pyrite lode and "gold shale". The numerous reefs along both the
Happy Thought line and at the Monmouth Mine were considered at the
time to be strongly reminiscent of the Jubilee Mine project (mined
1887 - 1913). That mine produced approximately 130,000 ounces of
gold at a recovered grade of around 12 g/t*, showing the potential
importance of east-west structures in this environment.
The programme is going well and besides working on our technical
presentations we continue to intensify our community engagement and
to prepare our environmental programme including flora and fauna
surveys. The pace of activity is intensifying as more of our
licence applications start to be granted."
*ref: Navarre Minerals Ltd website
Background Information on Current Programme
Prospects
The O'Laughlin prospect is coincident with a broad potassic
anomaly and weakly anomalous geochemical signature. It covers minor
hard rock historical workings that remain largely undocumented
whilst areas of alluvial workings exist in the valleys on the side
of the main ridge confirm the likelihood of gold shedding from
within the prospect area.** Nearby, Scotsburn displays a similar
geochemical and radiometric signature and sits north along strike
from O'Laughlin.
** One map reference to the Glasgow and Enfield reefs 1859 and a
single newspaper article refer to mining on the Glasgow reef in
1865. These reefs lie central to this project area.
The Scotsburn prospect comprises a more consolidated line of
workings for over a kilometre to the well-known Locomotive Extended
mine and shafts north of Buninyong (southeast of Ballarat). The
Devonshire reef system just east of Buninyong township and
extending down through the Scotsburn target area was actively mined
in numerous shafts during the late 1890s.
The Enfield prospect (or Monmouth prospect) covers the
historical area of the Monmouth and Happy Thought mines which are
also largely undocumented however the prospect area is considered
potentially to cover the southern extension of the Ballarat West
lode system.
Programme
RRAL has initiated a comprehensive soil sampling program over
the areas in conjunction with detailed field mapping.
The sampling is using both traditional MMI low level analytical
methods as well as evaluating the efficacy of portable XRF analyser
as a cost-effective alternative allowing a significantly higher
number of samples to be collected with a shorter turnaround for
results.
In conjunction with the extensive soil sampling, field mapping
and discrete sampling of quartz veins both within workings and
newly identified at surface will be undertaken. It is anticipated
that the outcomes of the first phase of exploration could lead to
confirmation that significant mineralisation is present and will
allow planning to start for a drill programme later in the
year.
FURTHER INFORMATION
Joint Venture Company - RRAL
RRAL is a joint venture company 50.1% owned by Red Rock and
49.9% owned by Power Metal Resources plc. Paul Johnson, CEO of
Power Metal and Andrew Bell, Chairman of Power Metal and Red Rock,
are directors of RRAL.
Granted Licences
RRAL has five granted licences over the three appplications
nearest to the regional centre of Ballarat, namely EL007271 ("Blue
Whale"), EL007281 ("Blue Chip"), and EL007285 ("Blue Ribbon"), a
licence further south EL007327 ("Blue Stocking"), and one north of
Daylesford EL007385 ("Sardinia").
These licences cover 279 sq km and cover high priority areas
where RRAL has early drill targets that it is developing.
License Application Project Name Area (km(2)
Number )
EL007271 Blue Whale 133
--------------- --------------------
EL007281 Blue Chip 74
--------------- --------------------
EL007285 Blue Ribbon 8
--------------- --------------------
EL007327 Blue Stocking 60
--------------- --------------------
EL007385 Sardinia 4
--------------- --------------------
Total 279
--------------------
Applications
RRAL has licence applications in process for eleven other new
gold exploration licence areas covering approximately 2,057 km(2)
in the Victoria Goldfields of Australia as follows:
Licence Application Project Name Area (km(2)
Number )
EL007282 Blue Sky 489
---------------- ------------
EL007294 Red Queen 130
---------------- ------------
EL007301 Mt Bute 85
---------------- ------------
EL007328 Blue Yonder 168
---------------- ------------
EL007329 Evergreen 486
---------------- ------------
EL007330 Blue Angel 202
---------------- ------------
EL007460 Kilmore West 349
---------------- ------------
State land
within EL007271
[EL007505
EL007506 [9
EL007507] 9
8]
---------------- ------------
EL007540*
(3 competing
applications) Outer Ballarat 148
---------------- ------------
Total c 2,057
------------
* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and
Loddon Gold Pty Ltd have put in competing applications the same day
as RRAL for the ground covered by EL007540. The application
considered to have greatest merit will eventually be given
priority.
The technical information relating to exploration in this report
is compiled by David Holden, BSc, MBA, MEM, who is a member of the
Australian Institute of Geoscientists. Mr Holden has experience in
the style of mineralisation and type of deposit under
consideration. Mr Holden is the Exploration Manager of RRAL.
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:
P ower Metal Resources plc (LON:POW) is an AIM listed metals
exploration and development company seeking a large scale metal
discovery.
The Company has a global portfolio of project interests
including precious metals exploration in North America and
Australia together with base and strategic metal metal exploration
in Africa. Project interests range from early stage greenfield
exploration to later stage prospects currently subject to drill
programmes.
The Board and its team of advisors have expertise in project
generation, exploration and development and have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors wishing to gain exposure to
proactive global metals exploration.
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