23 April 2024
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Molopo Farms Complex, Botswana -
Drilling Update
Power Metal Resources PLC (AIM:POW),
the London-listed exploration company with a global project
portfolio, is pleased to announce the
successful completion of the drillhole DDH1-14C at its Molopo Farms
Complex Project ("Molopo Farms"), where the Company is targeting a
district-scale nickel and platinum group element ("PGE") discovery
in southwestern Botswana.
DRILLING UPDATE
·
Diamond core drillhole DDH1-14C has completed to a final depth of
832.6 metres ("m"), with the successful intersection of the targeted
steeply dipping geophysical superconductor at high priority
Molopo Farms Target Area T1-14.
·
Geophysical superconductor is interpreted to be a
sulphide mineralised carbonaceous
mudstone unit between 760.5 - 813m downhole depth and from
828.4m - 832.6m (end of hole) where it remains open at
depth.
·
The mineralised carbonaceous mudstone contains
abundant pyrrhotite-quartz-calcite veining and localised sulphide
dominated veins of what appears to be pyrrhotite (Figure 1).
Further mostly vein-hosted sulphides are present throughout the
intervals including dominantly pyrite.
·
With the drillhole complete, the in-country geological team
will now select samples from the intervals for certified laboratory
multielement and PGE assay testing, with the assay results expected
in the coming months.
Sean Wade, Chief Executive Officer of
Power Metal Resources, commented:
"A
huge thanks to the entire in-country operations team that was able
to complete drillhole DDH1-14C to an impressive depth of 832.6m.
Target Area 1-14 has been of interest to Power Metal for some time
due to the superconductor that was identified by multiple
geophysical surveys. The previous drillholes completed into this
area were unsuccessful in intersecting the targeted conductor, and
now, with the completion of this drillhole, we have achieved this
objective.
"We now await further updates from the in-country team as they
prepare various sections from the interval for laboratory assay
testing and will update the market in due
course."
Media
Figure 1: Carbonaceous mudstone with localised dominantly
pyrrhotite sulphide veins - see just right of DPH marker
775.60m.
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/Caroline Rowe
|
+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
BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
|
+44 (0) 20 7330 1883
+44 (0) 20 7138 3204
|
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.