TIDMPOW
Power Metal Resources PLC
11 April 2022
11 April 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
First Development Resources - Australia site visit
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, provides an update to shareholders in
respect of its 83.33% owned First Development Resources Limited
("FDR").
FDR is planning to list on the London capital markets in Q3 2022
(the "IPO") and is focussed on district scale exploration
opportunities in Australia.
This update summarises the findings from the recent FDR
management site visit to projects in Australia which included
reconnaissance at the Wallal and Braeside West Projects in the
Paterson Province of Western Australia ("WA") and the Selta Project
in the Northern Territory ("NT").
Highlights
-- FDR management visited and conducted reconnaissance at the
FDR's Wallal and Braeside West projects in the Paterson Province of
Western Australia and the Selta project located in the Northern
Territory. The reconnaissance team was able to access all granted
licences using established, well-maintained tracks with direct
links to sealed highways.
-- Whilst on site the team was able to make high-level
observations and document, where possible, the underlying geology
and the structural setting at each project. Plans are now being
made to determine the most effective way to develop the target
areas identified in the recently completed desktop studies.
-- The comprehensive geophysical desktop study for the flagship
Wallal Project is now complete. The geometry and depth to the main
Eastern Magnetic Bullseye anomaly has been constrained and work is
progressing to facilitate the commencement of a planned Phase I
diamond drilling programme.
-- The in-depth data review for the Selta project has identified
multiple separate uranium and rare-earth element targets along with
the potential for lithium, gold and base-metal mineralisation as
well as the possibility of tin-tantalum-tungsten rich pegmatites.
Significant outcrop is accessible across the project area and the
next phase of exploration to delineate prospective targets is
progressing.
-- The in-depth review of all historical geological, geophysical
and geochemical data associated with the Ripon Hills and Braeside
West Projects is nearing completion. The objective of the review is
to identify potentially prospective targets associated with the
deep-seated north to northwest trending fault structures prevalent
throughout the area. The surface expression of these structures
were easily observed during the recent site visit to Braeside
West.
-- As part of the visit the FDR management team had a number of
positive meetings with various parties, including;
o Several prospective investors based in Perth, WA. It was
encouraging to note the level of interest in the FDR business
proposition;
o FDR's Australia based non-executive directors and key advisors
including local legal and accounting teams along with the vendor
group; and
o The Government of Western Australian Department of Mines,
Industry Regulation and Safety ("DMIRS") and the Northern Territory
Geological Survey ("NTGS"). DMIRS and the NTGS are the custodians
of knowledge and data of their respective geology and resources.
Both government departments are supportive of FDR and will be a
valuable source of data as FDR's exploration progresses.
Tristan Pottas Chief Executive Officer of First Development
Resources Ltd commented:
"The recent management visit to FDR's projects in Western
Australia and the Northern Territory was a great success. The main
objective of the visit was to gain a better understanding of the
nature of our interests in Australia from a geological and
logistical perspective and crucially, to meet and spend time with
the in-country teams working to realise our aim of making major
mineral discoveries.
What was particularly positive was the level of engagement and
commitment clearly evident across the advisor and consultancy teams
along with a high-level of interest from prospective
investors."
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"The rate at which work is progressing across the FDR portfolio
is encouraging. What started out as number of promising conceptual
targets now includes a drill-ready target at Wallal and several
defined areas for further investigation at the Selta Project.
The broader understanding of the projects gained by spending
time on the ground with the teams working with FDR, was important
as we enter a key stage in FDR's development."
PROJECT UPDATE - WALLAL
The geophysical desktop study for FDR's flagship Wallal project
is now complete. Three magnetic bullseye anomalies including the
Western , Eastern and Border anomalies, representing Havieron and
Winu style Au-Cu base metal targets have been identified within the
Wallal project area. The sources of these magnetic highs are
expected to occur within the Proterozoic basement rocks underlying
thick Phanerozoic cover sediment sequences. A cover-constrained
magnetic three dimensional model of the Eastern magnetic bullseye
anomaly has been refined and suggests that the anomaly is comprised
of two lobes located at approximately 800 metres below surface.
This is supported within higher-order derivative filtered images of
the airborne magnetic data, and it results in a well-defined drill
target which will be tested during the planned Phase I diamond core
drilling programme.
A Programme of Works application for ground disturbance in
preparation for the planned Phase I diamond core drilling
programme, initially targeting the Eastern anomaly, has been
approved by the DMIRS. Additionally, in accordance with Section 18
of the Aboriginal Heritage Act 1972 and in accordance with the
terms of the Heritage Agreement in place with the Yamatji Marlpa
Aboriginal Corporation ("YAMC") as agent for the Nyangumarta
Warrarn Aboriginal Corporation RNTBS, a Heritage Clearance Survey
Request which covers the Eastern and Border anomalies and all
associated access tracks has been submitted to YMAC. FDR expect to
receive confirmation of the commencement date of the Heritage
Survey in the coming weeks.
The Wallal project area was recently visited by the FDR
management team as part of a broader visit which incorporated all
of FDR's project locations in Australia. The relative ease of
access to the Wallal licence area from the Great Northern highway
was noted along with the absence of significant dune corridors
which are characteristic within other areas of the Paterson region.
Both points are particularly encouraging when considering the
logistical challenges typically associated with operating in remote
areas.
PROJECT UPDATE - BRAESIDE WEST AND RIPON HILLS
FDR's Braeside West and Ripon Hill licence areas are located
approximately 260 kilometres southeast of Port Hedland on the
western edge of the Paterson Province in Western Australia. The
projects are located on the western and eastern limbs of the
Oakover Syncline. The area is believed by FDR to be primarily
prospective for manganese similar to the nearby Woodie Woodie
manganese mine, as well as base-metal and gold mineralisation
associated with deep-seated north to north-westerly trending fault
structures. FDR believe these fault structures have the potential
to be conduits for various styles of hydrothermal mineralisation as
evidenced by recent exploration conducted by ASX listed Rumble
Resources Limited ("Rumble") on land adjacent to the Braeside West
tenement.
Recent exploration by Rumble along the eastern limb of the
Oakover Syncline has defined a regional scale porphyry, epithermal
and volcanogenic massive sulphide ("VMS") mineralised system that
extends over 60 kilometres in strike length and 8 kilometres in
width within which they have identified over 40 priority
Cu-Au-Zn-Pb-Ag targets. Similar prospective rock types occur within
the Ripon Hills project which has had very limited past base-metal
and gold exploration.
An in-depth desktop study has been initiated to better
understand the prospectivity of the Ripon Hills and Braeside West
projects. The objective of the study is to capture and assess all
relevant geological, geophysical and geochemical data over the
Ripon Hills and Braeside West project areas. Upon completion of
this exercise, FDR will be able to plan the next phase of
exploration over defined target areas.
The FDR management team visited Braeside West in March 2021.
Encouragingly, the team was able to travel the entire length of the
western margin of the tenement along existing access tracks. Whilst
on site the team was able to observe outcropping geology and
evidence of structural deformation potentially associated with the
aforementioned north-westerly trending fault structures. FDR expect
to receive the results of the in-depth desktop study which will
include defined targets in the coming weeks.
PROJECT UPDATE - SELTA
The in-depth review of all publicly available geological,
geophysical and geochemical data for the Selta Project is now
complete. Based on a review of historical datasets, four
high-priority areas have been identified with the potential for
uranium mineralisation as well as three areas with the potential
for rare-earth element mineralisation. In addition to uranium and
rare-earth element mineralisation, the review has identified the
potential for lithium, gold, and base-metal mineralisation as well
as the possibility of tin-tantalum-tungsten-rich pegmatites within
the Selta Project. It is noteworthy that hard rock pegmatite fields
elsewhere in Australia represent important sources of lithium.
Historical exploration on the Selta Project has in general been
limited. Based on the positive findings within the recently
completed Review, FDR is equipped to be the first company to carry
out systematic, project-wide exploration focusing on the discovery
of several strategically important metals.
During the site visit the FDR management team was accompanied by
Matt Stephens, the author of the in-depth review over the Selta
Project. The key takeaway from the site visit was the accessibility
of the project area along existing, exceptionally maintained access
tracks. The Selta project covers an area of almost 1,600km(2) , the
ability to access all three granted licences easily is of
particular significance, especially when planning the next phase of
exploration. Additionally, the amount of accessible outcrop was
encouraging. Prior to the site visit it was hoped the Selta licence
area would be underpinned by granites similar to those prevalent
across the nearby Arafura Nolan's Bore deposit. Felsic granitic
intrusions were observed across the project area and, although
further work is required to determine the minerology of the local
geology, the presence of potentially comparable outcrop presents an
intriguing target for the next phase of investigation.
IPO AND LISTING PROCESS
FDR is seeking a listing on the London capital markets and is
working with advisors in this regard and is targeting a listing on
the London capital markets in Q3 2022.
FDR EXPLORATION INTERESTS
FDR Australia holds the following exploration licence
interests:
Wallal Project (Wallal Main-E45/5816 - 390km (2) - granted),
(Wallal West 1-E45/5853 96km (2) - granted) and (Wallal West 2 -
E45/5880 86km (2) - granted).
A comprehensive geophysical review has identified three magnetic
bullseye anomalies located under Phanerozoic sedimentary cover
which are interpreted to have possible geological similarities
major Au-Cu deposits within the Paterson Province including Winu
(Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold JV)
Braeside West Project (E45/5854 - 137km (2) - one granted
licence)
In-depth desktop analysis of historic exploration data is
currently underway on the Braeside West Project. A recent
base-metal discovery by neighbouring company Rumble Resources has
enhanced the overall prospectively within the Braeside West Project
area as it is hosted within a similar geological environment to
that of Rumble Resources discovery.
Ripon Hills Project (E45/5088 - 42km (2) - one granted
licence).
The Ripon Hills Project is prospective for base-metal and gold
mineralisation associated with deep-seated north-south oriented
fault structures which run through the Ripon Hills Project area.
In-depth desktop analysis of historic exploration data is currently
underway over the project.
Selta Project (EL 32737, EL 32738, EL 32755-1,575km(2) -three
granted licences)
The Selta Project is located in an area considered to be
highly-prospective for uranium and rare earth element
mineralisation. FDR recently completed an in-depth review of all
geological, geophysical and geochemical data which also identified
the potential for lithium, gold and base-metal mineralisation as
well as the possibility of tin-tantalum-tungsten rich
pegmatites.
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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway,
with results awaited, as outlined below:
Project Location POW Work Completed Results Awaited
% or Underway
Alamo Gold USA Earn-in Excavation of Field and assay results
Project to 75% multiple test from on-site work programme.
pits and mapping
& sampling.
---------- --------- ----------------------- ------------------------------
Athabasca Canada 100% Data compilation Define next steps of
Uranium across uranium exploration.
properties
---------- --------- ----------------------- ------------------------------
Authier Canada Earn-in Soil & rock sampling Technical Review of
North Lithium to 100% completed exploration results
& define next exploration
steps.
---------- --------- ----------------------- ------------------------------
Ditau Project Botswana 50% Drill programme Field updates and receipt
focused on key & review of laboratory
targets notably assay results.
drilling of potential
carbonatites and
targeting rare-earth
elements.
---------- --------- ----------------------- ------------------------------
Kalahari Botswana 50% Exploration programme Field programme findings
Copper Belt underway across and defined drill targets
the South Ghanzi for near term drilling.
Project and further
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- --------- ----------------------- ------------------------------
Molopo Farms Botswana 53% Review of recent Determine next exploration
exploration findings. steps and action plan.
---------- --------- ----------------------- ------------------------------
Haneti Project Tanzania 35% Diamond drill Receipt & review of
programme completed laboratory assay results.
---------- --------- ----------------------- ------------------------------
Victoria Australia 49.9% Diamond drill Field updates and receipt
Goldfields programme underway & review of laboratory
assay results.
---------- --------- ----------------------- ------------------------------
Paterson Australia 83.33% Wallal passive Findings from multiple
Projects seismic and 2D work programmes including
seismic processing final approvals and
work programme preparations for planned
completed. deep diamond drilling.
Review of historical
data and target
generation for
Ripon Hills &
Braeside West
projects.
---------- --------- ----------------------- ------------------------------
Selta Project Australia 83.33% Field reconnaissance Field updates.
work now underway,
including mapping
and sampling.
---------- --------- ----------------------- ------------------------------
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