TIDMPOW
RNS Number : 6003X
Power Metal Resources PLC
27 April 2023
27 April 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex, Botswana - Programme Results
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces results from the recently
completed 2022/2023 drilling campaign at the 1,478.6 km(2) Molopo
Farms Complex Project ("Molopo Farms" or the "Project" or "MFC")
targeting a large-scale nickel ("Ni") and platinum group element
("PGE") discovery in southwestern Botswana.
On 7 February 2023 the Company announced an update regarding the
completion of the 2022/2023 drilling campaign. The link to this
announcement can be found below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-botswana-drill-programme-complete/15827461
Sean Wade, Chief Executive Officer of Power Metal Resources PLC
commented:
"I am very pleased to present this set of drill results, which I
know have been long awaited. We have provided a comprehensive
analysis of the results achieved as well as a detailed exploration
history of the Molopo Farms Complex and of our Project area.
Based on the information provided below, including historical
drilling and petrographic results, it is evident that the MFC has
the required ingredients which would allow for the formation of a
magmatic sulphide deposit.
It is fair to say the discovery of major nickel sulphide &
PGE deposits is highly challenging, which is why they are so sought
after and valuable. Some of the main challenges are to find
demonstrable evidence of the right geological environment and
targeted mineralisation within what is a very large area of sand
covered ground - as is the case at Molopo Farms with a 1,478.6
km(2) Project footprint.
These major challenges have been overcome and we have been able
to confirm the postulated geological model and confirm the presence
of nickel sulphides and PGEs. It is now time to move to the next
stage where the knowledge and data we have assembled can be
deployed in continuing ground exploration.
In this regard, conversations with potential Project partners
are underway as previously announced, with further interest
received very recently. We strongly believe that we are now in a
position to significantly advance those conversations and set a
course for the large-scale exploration programme that Molopo Farms
needs to prove the potential for a magmatic sulphide deposit or
deposits."
HIGHLIGHTS:
-- During the 2022/2023 diamond core drilling campaign Power
Metal successfully completed a total of 2,402.8m of drilling across
five drillholes targeting four individual target areas
including:
- DDH1-6B (650.2m), DDH1-6B(2) (300.2m), DDH1-14B (519.1m),
DDH1-3 (450.1m) and DDH2-3 (483.2m).
-- Drilling at all target areas (T1-6, T1-14, T1-3, T2-3) was
designed to test geophysical conductors identified by the
time-domain electromagnetic ("TDEM") geophysics surveys completed
by Power Metal earlier in 2022.
-- Multiple drillholes successfully intersected mineralised
pyroxenites which returned anomalous precious metal (gold (Au) +
platinum (Pt) + palladium (Pd)) mineralisation including 2.3m @
0.56 g/t Pt+Pd+Au & 0.17% Ni from 497.2m downhole, including
0.8m @ 0.81 g/t Pt+Pd+Au & 0.18% Ni from 498.7m downhole, in
drillhole DDH1-6B.
-- Downhole electromagnetic ("EM") survey completed on drillhole
DDH1-14B indicates that the superconductor targeted lies beyond the
depth of the current end of hole (519m) at a projected downhole
depth of approximately 610m. Conductivity depth imaging completed
previously under-estimated the depth to the central part of this
conductor. DDH1-14B would therefore need to be extended to
intersect the superconductor target.
-- The 2022/2023 results achieved for nickel and precious metals
are in line or exceed some of the highest results achieved from the
minimal historical exploration that has been completed within the
Molopo Farms Complex, and although these grades are currently not a
levels permitting economical extraction, they are very encouraging.
A detailed overview of the geology, historical exploration, and
next steps are included in the body of this release and interested
parties are encouraged to read through the below section in its
entirety.
FURTHER INFORMATION
Summary Drilling Results
Hole Target Notable Outcome Action proposed
ID (current
downhole
depth
m)
DDH Targeted moderately Further proved the presence Investigate
1-14B dipping superconductor. of a ultramafic feeder for mineralisation
(519.1 The superconductor dyke within the MFC and within or closer
m) targeted by DDH1-14B delineated its northern to the ultramafic
was not intersected. edge. The dyke is a funnel dyke. Drill
shaped intrusion with for intersection
a generally east-west between pyritic
strike. It is composed mudstone and
mainly of harzburgites ultramafic dyke
and dunites. The dyke where magmatic
follows the Jwaneng - sulphide deposits
Makopong structure. are known to
form.
------------- ------------------------- ------------------------------------- ----------------------
DDH Targeted moderately Drilled to the south and Investigate
1-6B dipping (to the downdip of drillhole KKME1-6 layered rocks
(650.2 south) conductor, further from feeder dyke. closer to known
m) the causative Successfully Intersected feeder dyke
body of which down dip extension of
remains uncertain. upper pyroxenite from
2020/2021 drillhole KKME1-6.
The upper mineralised
pyroxenite within DDH1-6B
returned 2.27m @ 0.56
g/t Pt+Pd+Au & 0.17% Ni
from 497.2m downhole (incl.
0.77m @ 0.81 g/t Pt+Pd+Au
& 0.18% Ni from 498.7m).
This is close to the highest
ever precious metals values
obtained from ultramafic
rocks of the MFC (compared
to 1.1 g/t Pt+Pd+Au from
government borehole MF38).
Hole also returned 0.65m
@ 0.38% Ni from 564.05m
downhole, precious metal
assays are still awaited.
------------------------- ------------------------------------- ----------------------
DDH Targeted up dip The hole intersected thick, Investigate
extension of coarse grained pyroxenites, layered rocks
mineralised coarse maximum assay values in closer to known
pyroxenite unit a weathered intersection feeder dyke
which was intersected of 1.0m @ 0.166g/t Pt+Pd+Au
in both KKME1-6 & 0.10% Ni from 63.0m
and DDH1-1B. downhole.
1-6B(2) This weathered coarse
pyroxenite intersected
is believe the represent
the same geological unit
targeted from KKME1-6
and DDH1-6B
(300.2
m)
------------------------- ------------------------------------- ----------------------
DDH Targeted a 'jelly-bean' Intersected ultramafic Further structural
shaped conductor. rocks of the MFC under and geological
The Causative 131.5m of Kalahari Group analysis of
body remains sediments. Intersected physical drillcore
unclear. This serpentinites intruded as well as possible
conductor extends by later gabbro and dolerite further assay
for at least bodies, which are likely analysis required
1.6km in a east-west part of the MFC suite prior to determining
direction. This of rocks. next steps
target is part
of a approx.
14km long east-west
trending magnetic
high.
1-3 Local anomalous precious
metals results including
1.02m @ 0.52 g/t Pt+Pd+Au
& 0.23% Ni from 381.m
downhole and 1.0m @ 0.44
g/t Pt+Pd+Au & 0.30% Ni
from 385.0m downhole.
The precious metal values
are not associated with
visible sulphide mineralisation.
(450.1
m)
Considering this, Company
is contemplating sending
further sections with
no visible sulphide mineralisation
for assay testing.
------------------------- ------------------------------------- ----------------------
DDH Targeting flat-lying, Intersected ultramafic Further structural
slightly concave rocks of the MFC at depth and geological
down, strong of 280m under cover of analysis of
conductor which Waterberg Group and Transvaal physical drillcore
remains open Supergroup. as well as possible
in all directions. further assay
Conductor is analysis required
coincident with prior to determining
14km long east-east next steps
trending magnetic
high. This represents
the first ever
drillhole into
this target area.
Significant magnetite
intersected near
depth of major
conductor.
2-3 Demonstrated presence
of MFC ultramafics further
west than previously known.
Ultramafics are intruded
by a number of thin dolerite
bodies.
(483.2
m)
------------------------- ------------------------------------- ----------------------
Drill Hole Collar Table
Hole Operator UTM Easting UTM Northing Azimuth Dip Total Date Completed
ID Depth
(m)
KKME1-14 KKME 232917 7267290 345deg -60deg 515.8 12-Nov-20
---------- ------------ ------------- -------- ------- ------- ---------------
KKME1-6 KKME 213494 7255681 180deg -60deg 597.8 20-Jan-21
---------- ------------ ------------- -------- ------- ------- ---------------
KKME1-11A KKME 231666 7267130 157deg -60deg 502.4 30-Mar-21
---------- ------------ ------------- -------- ------- ------- ---------------
DDH1-6B Power 213493 7255150 0 -80 650.2 22-Oct-22
---------- ------------ ------------- -------- ------- ------- ---------------
DDH1-6B
(2) Power 213504 7255681 0 -80 300.2 02-Nov-22
---------- ------------ ------------- -------- ------- ------- ---------------
DDH1-14B Power 232900 7267150 0 -75 519.1 22-Nov-22
---------- ------------ ------------- -------- ------- ------- ---------------
DDH1-3 Power 792330 7236250 345 -80 450.1 08-Dec-22
---------- ------------ ------------- -------- ------- ------- ---------------
DDH2-3 Power 761675 7233925 170 -80 483.2 25-Jan-23
---------- ------------ ------------- -------- ------- ------- ---------------
Projection: UTM Zone 35S WGS 84
MOLOPO FARMS COMPLEX
A detailed historical and geological overview of the Molopo
Farms Complex is provided below. It is intended to be a
comprehensive writeup so interested parties can get additional
context about the exploration task at hand and what suggested
future steps are.
Overview
The Molopo Farms Complex ("MFC" or the "Complex") is a
significant layered mafic-ultramafic intrusion covering
approximately 13,000 km(2) across southern Botswana and into South
Africa. Power Metal's Molopo Farms Project covers approximately
1,632 km(2) across this highly prospective geological province. The
MFC intrusive rocks have been emplaced into Palaeoproterozoic
sedimentary rocks of the Transvaal Supergroup. Radiometric dating
of the MFC shows that it is coeval (a similar age) with the
prolific Bushveld Complex located entirely within South Africa
approximately 200 km to the east.
Geology
The MFC consists of a lower zone of ultramafic rocks and an
upper zone of mafic rocks. The total thickness is about 3,200 m of
which the lower ultramafic zone makes up at least 2,000 m.
The structure of the Complex is a folded, block faulted,
lopolith which now forms a southwest plunging syncline divided
through the middle by ENE-WSW trending Jwaneng-Makopong shear zone
which divides the complex into a northwest and southeast section.
The rocks are generally highly faulted and the olivine bearing
ultramafic rocks severely altered.
Essentially only the lower ultramafic zone is well developed
within the current Molopo Farms Project. The mafic rocks are
limited to sills overlying the ultramafics, or, in some cases,
mafic intrusions into the ultramafic rocks.
The ultramafic rocks consist of either olivine dominant or
orthopyroxene dominant rocks, which alternate in an irregular
fashion. Specific rock types include harzburgites, dunites,
orthopyroxenites, olivine pyroxenites and orthopyroxenites.
Alteration is generally intense, with widespread serpentinization
of olivine dominant rocks, and bastite and chlorite alteration of
pyroxenites. Alteration of the pyroxenites varies from minimal to
highly pervasive. Magnetite segregations and veining are common and
may in places be after chromite. Chrysotile asbestos are common in
joints and faults, serpentine, talc and calcite veins are
widespread.
Contacts between lithologies are in general sharp rather than
gradational. There is a competence difference between the olivine
and pyroxene dominant rocks which leads to jointing and faulting
close to the contact between these units. Whilst some areas are not
greatly faulted, in other areas the rocks are severely
fractured.
First Recognition
Due to extensive Kalahari sand cover there are no outcrop
exposures of the MFC making exploration for magmatic sulphide
deposits challenging. In additional to the Kalahari sands, the MFC
is further concealed by varying thicknesses of Proterozoic
Waterberg Group, and locally by Karoo Supergroup rocks.
The first indication of the presence of the MFC below Kalahari
sand cover was when serpentinite was exposed in hand dug wells
within the north of the MFC. The Molopo Farms are commercial cattle
ranches which were first surveyed in the 1950s. Drilling for water
on the new farms intersected a variety of igneous rocks which
suggested there could be a Bushveld equivalent intrusion in
southern Botswana.
In 1962, to assist in the siting of further water wells, the
Geological Survey of Botswana commissioned an aeromagnetic survey
over a large portion of southern Botswana. This survey revealed
extensive magnetic high anomalies which confirmed the presence of a
large body of mafic - ultramafic rocks.
Exploration History
British & Botswana Geological Survey Joint Programme(1)
The MFC was the subject of a major research project carried out
jointly by the British and Botswana Geological Surveys from
1980-1984. The programme oversaw the digitisation of the earlier
aeromagnetic data, carried out a gravity survey, prepared an
inventory of existing drill holes and drilled 46 additional holes
totalling 5,457 m of percussion drilling and 4,607 m of diamond
coring. Considerable petrographic and lithogeochemical work was
completed on the various cores obtained.
Considering the vast footprint of the MFC, the drill holes were
very widely spaced and were designed mainly to provide additional
data to allow the preparation of a more comprehensive geological
model. Despite this, a total precious metal assay of 1g/t Pt+Pd+Au
was obtained from a pyroxenite close to the base of the MFC in the
northeast(1) . The joint exploration programme successfully
demonstrated that the MFC is a large, Bushveld equivalent, layered
intrusion, and the intriguing results guided subsequent work
carried out by various private sector companies.
The Kalahari Mapping Project was a second major programme
completed jointly by the Botswana and British Geological Surveys
from 2003 to 2005. The aim was to re-map the sub-Kalahari geology
of the area from recent higher-resolution government aeromagnetics
(while utilising an updated drill hole inventory). New maps of the
geology of the MFC were published, however very little new
fieldwork was done, and there was no additional drilling.
Private Sector Exploration (1985-1992)
The MFC was explored by two companies between 1985-1992, one
major - Gold Fields Ltd. ("Gold Fields"), and one junior - Molopo
Australia PTY. Most work by Molopo Australia was funded through a
joint-venture agreement with Inco Ltd. (now Vale Ltd).
Given the lack of outcrop exposure, exploration was driven by
geophysical surveys, generally magnetic and gravity, although
limited TDEM work was also done. Gold Fields discovered a possible
equivalent of the Bushveld Critical Zone located in the south of
the complex, but precious metals values were generally low and
relatively inconsistent. Molopo Australia noted low grade
platinum-group metal ("PGM") mineralisation towards the base of the
ultramafic sequence in the north of the Complex. Molopo Australia
also intersected 0.3 m of 14% nickel within a vein in the footwall
of the MFC.
It is important to note that both Gold Fields and Molopo
Australia based their exploration efforts on a Bushveld model -
where mineralisation would occur in distinct horizons within a
large layered intrusion. In particular, the focus was on an
equivalent of the Bushveld Critical Zone. Later re-interpretation
of the MFC suggests that this model misled the majority of their
exploration.
Private Sector Exploration (2001-2007)(2)
From 2001 - 2007 an Australian junior exploration company Tau
Mining Ltd. ("Tau Mining"), explored the MFC with a new geological
model based on exploration for a feeder zone or zones which were
possible magma conduits. This work was however mostly unsuccessful
as Tau Mining had limited funding and although some significant
geophysical work was done, including a Spectrum survey over the
Keng area, drilling was limited, percussion only, and poorly
sited.
Tau Mining did however drill a number of drillholes close to the
Kalahari Key Mineral Exploration (Pty) Ltd. ("KKME" or "Kalahari
Key") prospecting licence ("PL") 311/2016 and these are
incorporated in Power's Project overall project database.
Private Sector Exploration
Kalahari Key Mineral Exploration PTY Ltd & Power Metal
Resources from 2020-present
The latest phase of work originally initiated by Kalahari Key,
further adopted the feeder zone dyke model from Tau Mining but has
applied more sophisticated geophysical surveys followed up by now
two phases of core drilling.
Much of the work has been focussed within the northeast of the
Complex, where there is a very thick (>2,000 m) under explored,
ultramafic succession mainly under relatively thin (<25 m)
Kalahari Group cover.
Exploration by Kalahari Key was guided by geophysics, in this
case by helicopter and ground Time Domain Electromagnetic (TDEM)
surveys, supported by helicopter magnetic data and ground magnetic
surveys. Only very limited gravity surveys have been completed over
the MFC. The exploration targets focussed on by KKME and Power
Metal have been discrete conductors compatible with massive
magmatic sulphide bodies.
Ground TDEM surveys initially employed 1x 1 km fixed loops, but
later more detailed moving loop surveys were carried out over some
targets.
Kalahari Key and subsequently Power Metal Resources have to date
drilled 8 boreholes totalling 4,018.7 m. Select samples from
drilling completed by KKME were sent to the University of
Witwatersrand for detailed petrographically work. Primary magmatic
nickel & copper sulphides were successfully identified
including pentlandite, maucherite, chalcocite, heazlewoodite,
awaruite, bornite, chalcocite and covellite. Various results are
discussed below and compared with the results of historical
drilling.
Historical Occurrences of Base- and Precious-Metals
It is relatively rare to see sulphide mineralisation within hand
specimens from the MFC ultramafic rocks. Serpentinites after
harzburgite may contain small specks of sulphide, generally
intergrowths of pyrite, pyrrhotite and chalcopyrite. In some cases,
these are restricted to within orthopyroxene oikocrysts.
All mineralisation of interest has so far been found within
pyroxenite units within the ultramafic succession. Historical
mineralised intersections include:
-- The Molopo Farms Project borehole MF38, which is within
KKME's PL 311/2016, intersected 1.1 g/t Pt+Pd in pyroxenite at a
depth of approximately 532 m.
-- Borehole TB-1, drilled by Molopo Botswana, a previous
explorer in the Molopo Farms Complex, 1 km east of MF38,
intersected a prominent sulphide zone between 96.5 and 103.8 m
which is believed to correlate with the 531 - 532 m zone in MF38.
Although sperrylite was recognised in the TB-1 samples, the best
assay result was 0.23 g/t Pt+Pd+Au(3) .
-- Borehole TB-3 was drilled 1.4 km NE of TB-1 to test the
strike continuity of the mineralisation in TB-1 and MF38. A
sulphide horizon in pyroxenite at 287.9 - 293 m was interpreted as
correlating with the mineralisation in MF38. However, the best
assay result from TB-3 was 0.45 g/t Pt+Pd+Au.
-- Borehole TB-11 was drilled 500 m south of the MF38 - TB-1
line. Sulphide horizons were found in pyroxenite at 186 - 216 m and
at 286 - 312 m. A total of 156 samples were assayed from TB-11 and
its deflection, but the best values were 0.20 g/t Pt and 0.12 g/t
Pd.
-- Nickel values in the above boreholes were consistently
<0.3% Ni.
-- Borehole KP-20, drilled by Molopo Botswana 5 km northeast of
Keng Pan, intersected a semi-massive nickel arsenide vein over 30
cm at a depth of 91 m which assayed 14.6% Ni, 0.05 g/t Pt+Pd+Au and
610 g/t Ag. The vein was in siliceous dolomite in the footwall of a
differentiated pyroxenite sill related to the MFC. Follow up
drilling however failed to locate any continuation of the vein,
which is believed to be hydrothermal(4) .
-- Borehole KP-19, south of KP-20, intersected three narrow
sulphide veins in a tectonised ultramafic rock. The best assay,
from a downhole depth of 424 m returned 1.25% Ni and 0.97% Cu(4)
.
Based on all historical work completed to date the key lithology
for mineralisation in the ultramafic sequence is pyroxenite,
especially coarse grained, feldspathic pyroxenite.
By comparison with historical results, KKME and subsequently
Power Metal have, with limited drilling, intersected rocks giving
assays results in line with those achieved historically
highlighting the various exploration successes of both parties with
overall limited exploration.
Confirmation of the Feeder Zone Model
The magnetic surveys carried out in the north of PL 311/2016,
plus drill holes KKME1-14, DDH1-14B and KKME1-11A, support the
presence of an ultramafic dyke following the Jwaneng - Makopong
shear zone. The dyke appears to be funnel-like in profile and could
be a magma conduit to the Molopo Farms Complex. The Transvaal
strata in contact with the steeply dipping feeder zone are gently
to moderately dipping. This is an important consideration when
reviewing existing and future geophysical results across the feeder
zone.
Further south, around drillhole KKME1-6, it is harder to
distinguish the feeder from the layered rocks of the intrusion.
The magma conduit model is analogous to the Uitkomst intrusion
in eastern South Africa, which hosts the Nkomati nickel mine, once
South Africa's largest nickel producer. Like the MFC, the Uitkomst
intrusion is of Bushveld age.
Exploration Methodology
Due to extensive sand cover over the MFC, historical exploration
has been largely driven by geophysics.
Soil geochemical surveys have been carried out, but the Kalahari
sands, even if relatively thin, diffuse the results and soil
surveys tend to only detect the underlying lithology. That said,
there is no known mineralisation on which soil sampling data can be
orientated.
Historically, magnetic and gravity surveys were used to identify
the cross-over from the lower ultramafic zone to the upper mafic
rocks.
TDEM surveys have sought to recognise conductors caused by
massive sulphide bodies. To date, as no such bodies have been
found, the usefulness of TDEM surveys in this environment remains
limited.
All eight of the drillholes completed by KKME and Power Metal
were sited to intersect electromagnetic ("EM") geophysical
conductors. However, in no case was an obvious geological unit
which was responsible for the EM signature identified (causative
body). In the past, it has been noted that EM surveys will detect
faults and areas of saline groundwater, and sheared serpentinite
are also known to act as good conductors.
Discussion on Future MFC Exploration
It is evident from historical work that the ultramafic rocks in
the NE of the MFC are the most promising target. As a result, Power
Metal Resources Molopo Farms Project is located in the right
place.
KKME and Power Metal have discovered an ultramafic dyke-like
intrusion which causes a curvilinear magnetic anomaly changing
direction from E-W to NE-SW. The intrusion is composed of dunite
and harzburgite and has a very basic composition. Three holes have
been drilled on this target, demonstrating its composition and that
the northern contact is steep and discordant. As mentioned, this
structure has similarities to the Uitkomst intrusion, which is
regarded as a feeder conduit to the Bushveld Complex and could
merit further drilling. A vertical borehole down the centre of the
body, aimed at passing through the intrusion into country rock,
could be proposed.
Recent and historical work has recognised the occurrence of
awaruite in the MFC serpentinites. Awaruite is a Ni-Fe alloy, which
has attracted considerable attention as a "green" source of nickel,
in that nickel may be recovered without smelting and consequent
release of SO(2) into the atmosphere. It may have a nickel content
of >70%.(5) Previous work in the Keng area has shown that 40% of
the total nickel in serpentinites may be contained within awaruite.
Economic recovery of awaruite was considered in the past and could
be worth re-visiting. Mining could be feasible only in those areas
where serpentinite is present under thin Kalahari cover, and thus,
depending on the cover depth, amenable to open pit working.
Correlation of individual layers in the ultramafic succession is
problematic, and it has been proposed that only certain coarse
pyroxenite layers may be continuous. Power Metal has tentatively
correlated mineralised horizons between boreholes KKME1-6 and
DDH1-6B located approximately 530 m apart. However, mineralisation
is not entirely consistent. Drillhole DDH1-6B(2), drilled at the
same position at KKME1-6 but angled to the north, intersected
coarse pyroxenites which were devoid of mineralisation. Equivalent
styles of mineralisation in layered ultramafic rocks of the
Bushveld Complex are low grade (eg Volspruit North: 2.27 g/t
Au+Pt+Pd, 0.18% Ni, 0.06% Cu and Sheba's Ridge: 0.9 g/t Au+Pt+Pd,
0.2% Ni and 0.08% Cu) but have high tonnage and are
open-pitable.(6,7) These grades are not considerably better than
found by Power Metal, but tonnage and being close to surface are
important considerations. In general, mineralisation in the
generally moderately dipping layered ultramafic rocks is likely not
a viable exploration target going forward - as per results obtained
from drillholes KKME1-6, DDH1-6B and DDH1-6B(2).
Next Steps
As the demand for nickel continues to increase, exploration for
magmatic sulphide deposits within mafic/ultramafic complexes will
continue to be of significant interest to junior and major mining
companies. Compared to many other significant mafic provinces, the
MFC is comparatively underexplored, likely as a result of the
extensive Kalahari sand cover. However, based on the information
provided above, including historical drilling and petrographic
results, it is evident that the MFC has the required ingredients
which could allow for the formation of a magmatic sulphide
deposit(s). To that end, one of the major challenges of exploration
for these types of deposits is due to the lack of alteration
surrounding known ore bodies - with barren rock known to exist in
contact with significant metal accumulations. Due to the above
considerations, Power Metal is strongly of the belief that
significant further exploration is warranted. Some of the possible
next steps include:
-- Collection of further structural data from 2022/2023 drill
programme-oriented core, as well as thin section analysis of select
mineralised horizons.
-- Select core samples of ultramafic rocks in boreholes 1-6 and
1-6B for preparation of mineral separates to assess awaruite
content. Choose serpentinites with relatively high whole rock
nickel content (0.2%).
-- Complete a high-resolution mobile magnetotellurics
("MobileMT") airborne geophysical survey. MobileMT is on the
cutting edge of geophysical survey methodology and compared to TDEM
has multiple advantages including:
o Allows for good discrimination between resistive units (e.g.
TDEM cannot effectively map resistive units or discriminate between
1000 ohm-m and 5000 ohm-m formations).
o Can detect superconductors directly.
o Provides superior depth penetration than even high powered
TDEM systems (up to 2km in certain geological environments).
o System experiences no problems with induced polarisation
("IP") effects, zero coupling zones or super para-magnetic
effects.
o Highest efficiently and quick surveying over flat areas like
southern Botswana and can average production of 100km per day with
a comparatively low production cost.
-- Across PL311/2016 prepare detailed geological/structural
interpretation incorporating all historical drilling and
geophysical data available. Trace feeder dyke as possible magma
conduit.
-- Based on above, plan additional drilling within the feeder
dyke and adjacent areas. Possible additional ground magnetic
surveys. Drillhole KKME1-14 and DDH1-14B are 17 kms northeast of
the main outcrop of the MFC ultramafics - this area should be
further investigated and subsequently drilled (at least one deep
vertical hole) as it geological analogous to the prolific Uitkomst
intrusion located in South Africa.
References
(1) Gould, D., Rathbone, P.A. and Kimbell, G.S., 1987. The
geology of the Molopo Farms Complex, southern Botswana. Geological
Survey of Botswana, Bulletin, 23, 178p
(2) Tau Mining Ltd., Molopo Farms Project Prospecting licenses:
PL06/2001, PL38A/2001, PL38B/2001, PL40/2001, PL41A/2001,
PL41B/2001, PL42A/2001, PL42B/2001., Quarterly Exploration Report
July 2008 - September 2008
(3) McGeorge, I.B., 1992., Molopo Botswana (Pty) Ltd 1992. Final
Report for PL 14/87, Southern District. Prospecting Records,
Botswana Geoscience Institute.
(4) McGeorge, I.B., 1994, Molopo Botswana (Pty)- Final Report
for Prospecting Licence 62/89 Southern District. Prospecting
Records, Botswana Geoscience Institute.
(5) Seiler, S., Sanchez, G., Teliz, E., Diaz, V., BRadhsaw, P.,
Klein, B., 2022, Awaruite (Ni(3) Fe), a new large nickel resource:
Electrochemical characterization and surface composition under
flotation-related conditions, Minerals Engineering vol 184.
https://doi.org/10.1016/j.mineng.2022.107656
(6) Sharecast, 24 October 2022. "Sylvania Platinum upbeat on
recent Bushveld Studies." Sylvania Plathium Ltd.
(7) Mining Review Africa, 13 February 2008. "Blue Ridge and
Sheba's Ridge Study Feasibility". Sub- heading "Sheba's Ridge -
open pit nickel PGM project".
Glossary
Awaruite Awaruite is a naturally occurring alloy of nickel and
iron.
Bastite A serpentinous mineral occurring embedded in serpentine
at Baste in the Harz and elsewhere, and probably derived from the
alteration of a variety of enstatite.
Dunite Dunite is an ultramafic plutonic rock that is composed
almost exclusively of olivine .
Dyke A dyke is a vertical to subvertical sheet of rock that is
formed in a fracture of a pre-existing rock body.
Feeder zone The plumbing system from which magma is supplied
into the intrusive from the lower crust. These can often form as
elongated dykes at the base of an ultramafic layered intrusion.
Sulphide mineral accumulations can often form in the vicinity of
the feeder zone.
Harzburgite Harzburgite is a type of peridotite ultramafic
igneous rock, with no or very little monoclinic pyroxene and
consisting only of olivine and orthorhombic pyroxene bronzite.
Harzburgite typically forms by the extraction of partial melts from
the more pyroxene-rich peridotite.
Lopolith A lense shaped intrusion of igneous rock.
Palaeoproterozoic Sedimentary Sedimentary rocks deposited
between 2,500 to 1,600 million years ago
Pyritic mudstone Mudstone containing elevated amounts of iron
pyrite - with refence to nickle sulphide deposits, these represent
important sources of sulphur.
Pyroxenite Pyroxenite is an ultramafic igneous rock consisting
essentially of minerals of the pyroxene group, such as augite,
diopside, hypersthene, bronzite or enstatite.
Serpentinite A metamorphic rock formed as a result of the low
temperature anaerobic oxidation of ultramafic rock in the course of
which density is reduced and volume increased by the addition of
water, and nickel and other elements undergo remobilisation as a
result of hydrothermal activity.
Transvaal Supergroup The Transvaal Supergroup is a group of
rocks in northern South Africa and southern Botswana, situated on
the Kaapvaal Craton, composed of sedimentary and volcanic
ltiholgoies.
Olivine pyroxenites Olivine pyroxenites are a type of ultramafic
igneous rock composed mainly of pyroxene minerals and olivine, with
minor amounts of other minerals such as spinel and chromite.
Orthopyroxenites Orthopyroxenites are a type of ultramafic
igneous rock that is composed mainly of orthopyroxene minerals.
Orthopyroxenites are typically formed in the Earth's mantle, either
by crystallization from magma or by solid-state transformation of
peridotite, another type of ultramafic rock. They are often
associated with other mantle-derived rocks such as dunites,
harzburgites, and lherzolites.
Ultramafic rock An igneous rock in which has a very low silica
content and in which more than 90% of the rock is composed of
magnesium and iron-rich minerals like pyroxenes, amphiboles, and
olivine.
Power Metal Interest
Power Metal holds an 87.71% interest in Kalahari Key Mineral
Exploration Pty Ltd, a Botswana private company, which holds a 100%
interest in the Molopo Farms Complex Project.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been
reviewed 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
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
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.
This information is provided by RNS, the news service of the
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