TIDMPOW
RNS Number : 8924J
Power Metal Resources PLC
15 December 2022
15 December 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Gold Project, Botswana - Exploration Plans
Company in Final Stages of Planning Next Exploration Steps which
will Include Soil Sampling, Geophysics, Trenching and Reverse
Circulation & Diamond Drilling
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an exploration update from
its 100% owned and operated Tati Gold Project ("Tati" or the
"Project") located within the Tati Greenstone Belt near
Francistown, Botswana.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
" At the Tati Gold Project we are focused on discovering a large
gold deposit. So far, in our view, the evidence gathered is
increasingly compelling.
We have therefore accelerated next stage Project exploration
plans, through which we believe we can move the Project forward
quite considerably.
Those plans are outlined in further detail below and will test a
much larger portion of the 8km gold-in-soil anomaly. The plans also
include the first testing of gold at depth to add to the near
surface mineralisation already identified.
Further announcements will follow in due course as we execute on
the plans outlined below."
KEY PROJECT FEATURES
Gold-in-soil anomaly identified Anomaly coincident with a major
(the "Anomaly"). regional shear structure extending
over a strike distance of approximately
8 kilometres through the centre
of Project (Figure 1 below).
Soil sampling and reverse circulation To date, shallow high-grade
("RC") drilling undertaken within and bonanza grade gold (up to
the Anomaly. 47.1g/t Au) intersected within
northwest and southeast segments
of the Anomaly.
-----------------------------------------
Extensive near-surface gold Identified from the 175m strike
mineralisation. length tested with the prospect
of further mineralisation across
the remainder of the 8km Anomaly.
-----------------------------------------
Potential for further gold mineralisation Maximum RC drillhole depth to
at depth. date of 55m, additional drill
testing expected to test for
further gold mineralisation
at depth.
-----------------------------------------
Cherished Hope, a former working Extensive evidence of gold production
gold mine, situated within the from Cherished Hope, providing
Project footprint. a focal point for initial and
follow-on exploration.
-----------------------------------------
Local processing plant. Within 20km from the Project,
capable of processing fines
dumps and any other material
mined from the Project (subject
to relevant local approvals).
-----------------------------------------
DRILL RESULTS TO DATE LEAD TO EXPEDITED NEXT STAGE
EXPLORATION
Assays results from the August 2022 reverse circulation ("RC")
drilling programme returned multiple near-surface bonanza grade
intercepts including 1m of 47.1g/t gold ("Au") from 6m downhole in
drillhole CHRC0003 as well as 1m of 40.6g/t Au (from 2m of 23.2g/t
Au) from 26m downhole in drillhole CHRC0006.
Due to the high-grade nature of the results achieved, the
Company has fast tracked planning for the next stage of
exploration, the details of which are highlighted below.
Full drill programme assays were released on 3 & 7 November
2022 and can be found at the links below:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-initial-drill-assay-results/15699862
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-final-drill-assay-results/15703794
NEXT STAGE EXPLORATION HIGHLIGHTS
The next stage planned exploration programme will include
various elements which are highlighted below:
-- High-resolution soil geochemistry programme focused on
approximately 3km of strike-length extension from the Cherished
Hope mine where a historical widely spaced soil sampling programme
highlighted multiple gold-in-soil anomalies with individual results
up to 2,150ppb (2.15g/t) Au-in-soil. Approximately 500-600
individual soil samples are planned with follow up assay testing of
samples.
-- A ground magnetometer geophysics survey focusing on the
northwestern strike length extension of the Cherished Hope Mine.
The goal of the magnetometer survey is to provide high-resolution
imaging of any structures or geology which may have had an
influence on the emplacement of mineralised quartz reef
structures.
-- A mechanised trenching programme focused on extending the
known strike-length extension of the main quartz reef structure at
Cherished Hope which has currently been intersected by drilling
over a 175m strike-length (see Figure 2 below). The quartz reef
currently remains open towards the northwest and southeast as well
as down dip.
Approximately 12-15 RC drillholes are planned which will be
designed to test for the along strike, and down dip extension of
the main mineralised quartz reef structure. Multiple holes from the
2022 programme intersected mined-out voids, including drillhole
CHRC0002 which was designed to test one of the thicker portions of
the quartz reef, but due to the shallow dip chosen, it intersected
a mining void from 10-15m downhole. Interestingly, 1m of 5.6g/t Au
was intersected from 15-16m representing the footwall of the main
quartz reef structure. At least one planned hole will have a
steepened dip here in order to drill test the entire section of
this quartz reef.
-- Following the completion of the RC drilling component,
approximately 3-5 diamond drillholes are planned which will be
designed to drill test select portions of the quartz reef
structures which were successfully delineated by the RC drilling.
Diamond drilling provides full core rock samples, and therefore
valuable information about structure, geology, and the nature of
gold mineralisation.
-- Preparations for the above programme are currently underway
and the Company will provide further information in due course as
programme elements are launched, commencing in early 2023.
Components of the planned exploration programme could be changed
dependent on results from the various elements planned.
FURTHER INFORMATION
Figure 1 - Tati Project Overview Plan Map:
Figure 2 - Tati Project Q3 Drilling Area Zoomed Plan Map:
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 holds a number of priority exploration projects with
active exploration underway currently. The status of each project
is outlined in the table below:
Project Operations POW Project Status
%
Athabasca 12 properties 100% Exploration programmes undertaken
Uranium covering an across three properties during summer
area of 842km(2) 2022 and preliminary planning for
in the Athabasca work in Spring/Summer 2023 is ongoing.
Basin region Desktop review work ongoing across
Canada. the existing portfolio and data rooms
established for all the projects,
to enable third party review of opportunities
for potential acquisition, joint
venture or earn-in.
Ongoing review of new opportunities
to further expand the Company's Athabasca
uranium property exposure.
------------------- ------- -------------------------------------------------
Molopo 3 prospecting 87.71% Currently a 2,600m diamond drill
Farms licences covering programme is underway with a planned
Nickel 1,723km(2) 5-6 holes targeting four previously
- PGMs in south-west identified magnetic conductors prospective
Botswana for Nickel - Platinum Group Metals.
2 drill holes at target conductor
T1-6 and one at T1-14 have been completed
and drilling at target T1-3 target
is underway currently.
Downhole geophysics completed at
DDH1-6A and underway at DDH1-14B.
Further Moving Loop Electro-Magnetic
surveys are planned over additional
Airborne Electro-Magnetic targets
identified, to develop further drill
targets.
------------------- ------- -------------------------------------------------
Tati Botswana 100% Reverse Circulation drilling and
Project soil sampling confirmed high-grade
Gold - and bonanza grade gold mineralisation
Nickel within a gold-in-soil anomaly extending
for 8km across the Company's prospecting
licences.
Next stage exploration plans announced
15.12.22.
Sampling of fines dumps, representing
waste material from the Cherished
Hope gold mine on the project has
confirmed circa 1g/t gold and suitability
of the fines dumps for processing
to extract gold and generate income.
Preparations for the fines dumps
processing are advancing.
------------------- ------- -------------------------------------------------
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 Operations Status POW Further Information
% Link
First Exploration Listed 27.91% www.firstclassmetalsplc.com
Class in the Schreiber-Hemlo Investment
Metals region of Ontario,
PLC Canada
------------------------ -------------- ---------- -------------------------------------------------
Kavango Exploration Listed 9.85% www.kavangoresources.com
Resources in Botswana Investment
PLC
------------------------ -------------- ---------- -------------------------------------------------
First Exploration Planned 62.12%* www.firstdevelopmentresources.com
Development in Western Australia IPO
Resources and the Northern
PLC Territory of
Australia
------------------------ -------------- ---------- -------------------------------------------------
Golden Exploration Planned 83.13% www.goldenmetalresources.com
Metal and development IPO
Resources in Nevada, USA
PLC
------------------------ -------------- ---------- -------------------------------------------------
New Ballarat Exploration Planned 49.9% New website under development
Gold PLC in the Victoria IPO which can be found at
Goldfields of www.newballaratgoldcorp.com
Australia .
In the interim further
information in respect
of NBGC can be found
at:
https://www.powermetalresources.com/project/vict
oria-goldfields/
.
------------------------ -------------- ---------- -------------------------------------------------
NewCo Exploration Planned 20% NewCo website under development.
in Queensland's IPO/Disposal (^)
Mount Isa copper
belt and in
South Australia
------------------------ -------------- ---------- -------------------------------------------------
Uranium Uranium exploration Planned 50-55%() www.uraniumenergyexploration.com
Energy in the Athabasca IPO
Exploration region of Canada
PLC
------------------------ -------------- ---------- -------------------------------------------------
(*) reducing to 58.59% on issue of equity for NSR buyout
announced 5.12.22.
(^) subject to completion of Merger announced 15.12.22.
() subject to completion of disposal of Reitenbach and E-12
properties, announced on 8.8.22 and 4.11.22, respectively.
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December 15, 2022 10:33 ET (15:33 GMT)
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