TIDMPOW
RNS Number : 0969M
Power Metal Resources PLC
09 January 2023
9 January 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Victoria Goldfields Australia - 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 Victoria Goldfields joint-venture
("JV").
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC commented:
"Diamond drilling at the historic Berringa Gold Mine has
efficiently recommenced after the Christmas break and the first
hole is progressing well.
In other positive news we can announce the grant of 3 further
licence applications as well as rock sampling results from the
Dereel project which returned extensive gold mineralisation with a
highlight result of 229g/t Au.
Work continues at pace in Victoria, Australia, and further
updates will follow in due course."
HIGHLIGHTS:
Diamond Drilling - Berringa Gold Mine
On 13(th) December 2022, Power Metal announced the commencement
of a 5 hole, approximately 1,000m, diamond drilling programme at
the historic Berringa Gold Mine ("Berringa"). Drilling of the first
hole (BE23D001), into the Birthday South target (see announcement
13.12.22 for further information), paused on 23(rd) December 2022,
for the holiday season at a downhole depth of 125.7m.
Drilling successfully recommenced on 3(rd) January 2023 with
BE23D001 at end-of-day 5(th) January 2023, at a downhole depth of
167m at which point the HQ (96mm) drill bit was replaced by an NQ
(75.7mm) bit. Drilling continues with an expected final target
depth of approximately 420m.
Grant of Exploration Licences
A further three exploration licences ("ELs") have now been
granted including:
- EL 7756: a 22km(2) inlier of Crown land within EL 7271, the
prominent EL south of Ballarat gold mine within the Ajax project
containing the old Monmouth and Happy Thought mines but where
forest cover has limited modern exploration.
- EL 7799: a 3km(2) inlier of Crown land originally excluded
from licence EL 7327 within the Dereel Project. Investigations have
identified the Golden Reef (Dereel) mine as an active high grade
mine at the turn of the last century and Crown land will improve
access for any future drill programme. The JV has gathered a number
of rock chip samples in the area.
- EL 7826: a 4km(2) tenement enhancing the land position
surrounding Ballarat mine itself and covering potential for
southern extension of the main Ballarat lode system known as
Ballarat south within the Ajax project.
With the above now granted, seventeen EL grants have now been
received from the nineteen original applications. Table 1 below
provides a full breakdown.
Rock Sampling Results
A rock chip sampling programme was successfully completed within
the Dereel project (EL 7799 & EL7327). The sampling campaign
included the collection of 24 rock samples. Gold mineralisation was
successfully identified with 16 of the 24 samples returning gold
assays >0.1g/t, including a highlight result of 229g/t Au.
Table 2 below provides a breakdown of all rock sampling
results.
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, which remain largely under-explored by modern
explorers.
The JV Partners have the intention of listing the JV company on
a recognised stock exchange and will make further announcements as
appropriate.
TABLE 1: LICENCE TABLES
The seventeen granted and one purchased licence (EL005535) cover
high priority areas, covering 1,867km(2) as outlined below.
Licence Number Project Name Area (km(2)
)
Buninyong
EL007271 (renamed) 133
--------------- --------------------
EL007281 Blue Chip 74
--------------- --------------------
EL007282 Blue Sky 489
--------------- --------------------
EL007285 Blue Ribbon 8
--------------- --------------------
EL007327 Dereel 60
--------------- --------------------
EL007385 Sardinia 4
--------------- --------------------
EL007329 Kilmore 484
--------------- --------------------
Pitfield/Mt.
EL007301 Bute 85
--------------- --------------------
EL007328 Blue Yonder 164
--------------- --------------------
State land
within EL007271 - [9]
EL007505
--------------- --------------------
State land
within EL007271 - [9]
EL007506
--------------- --------------------
State land
within EL007271 - [8]
EL007507
--------------- --------------------
Daylesford
EL007330 (renamed) 202
--------------- --------------------
Talbot
EL 007294 (renamed) 129
--------------- --------------------
EL 5535 Berringa 9
(228 net ha)
--------------- --------------------
EL007756 Monmouth 22
--------------- --------------------
State land Dereel (2) [3]
within EL007327
EL007799
--------------- --------------------
EL007826 Ballarat East 4
--------------- --------------------
Total 1,867
--------------------
Licence Applications:
RRAL has applications in process for two other new gold
exploration licence areas, covering 467 km(2) in the Victoria
Goldfields of Australia including:
Licence Application Project Name Area (km(2)
Number )
EL007540*
(3 competing
applications) Outer Ballarat 142
---------------- ------------
EL007460 Kilmore West 325
---------------- ------------
TOTAL 467
------------
*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 following applications have also been made in Western
Australia.
EL45/5859 Paterson 227
EL45/5885 Pilbara/Paterson 70
------------------ ----
Table 2: ROCK CHIP SAMPLING RESULTS
Each sample below represents a 1kg sample which was pulverised
and analysed with a aqua regia digest (AAS finish).
Sample Tenement Easting Northing Gold
ID (g/t)
41514 EL007799 743094.1 5809362 229
--------- --------- --------- -------
41562 EL007327 743239.5 5809050 1.67
--------- --------- --------- -------
41513 EL007799 743102.2 5809331 0.79
--------- --------- --------- -------
41515 EL007799 743095.4 5809397 0.39
--------- --------- --------- -------
41560 EL007327 743233.9 5809046 0.33
--------- --------- --------- -------
41564 EL007327 743248.8 5809037 0.3
--------- --------- --------- -------
41561 EL007327 743232.1 5809046 0.28
--------- --------- --------- -------
41563 EL007327 743252.6 5809041 0.15
--------- --------- --------- -------
41565 EL007327 743243.8 5809041 0.15
--------- --------- --------- -------
41511 EL007799 743110.2 5809315 0.08
--------- --------- --------- -------
41516 EL007799 743082.2 5809399 0.04
--------- --------- --------- -------
41512 EL007799 743108.7 5809318 0.02
--------- --------- --------- -------
41566 EL007327 743270.9 5809071 0.01
--------- --------- --------- -------
41510 EL007799 743119.2 5809285 0.01
--------- --------- --------- -------
52525 EL007327 743264.7 5809564 <0.04
--------- --------- --------- -------
58299 EL007327 743259 5809518 0.97
--------- --------- --------- -------
58300 EL007327 743262.8 5809508 0.21
--------- --------- --------- -------
58523 EL007327 743264.7 5809583 0.07
--------- --------- --------- -------
58524 EL007327 743267.8 5809572 0.1
--------- --------- --------- -------
58526 EL007327 743260.3 5809550 0.2
--------- --------- --------- -------
58295B EL007327 743267.1 5809491 0.13
--------- --------- --------- -------
58296B EL007327 743267.5 5809496 0.31
--------- --------- --------- -------
58297B EL007327 743268.8 5809521 0.27
--------- --------- --------- -------
58298B EL007327 743266.5 5809530 <0.04
--------- --------- --------- -------
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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