TIDMPOW
RNS Number : 4331S
Power Metal Resources PLC
08 July 2020
08 July 2020
Power Metal Resources plc ("POW" or the "Company")
Australia Gold JV - Operational Progress Update
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce an
update from its Australian gold joint venture ("JV") company Red
Rock Australasia Pty Ltd ("RRAL") in which POW has a 49.9%
interest.
Highlights:
-- OreTeck Mining Solutions of Melbourne, Victoria are currently
finalising a "Geological Review and Development of Exploration
Strategy" on the exploration license areas.
-- Caracle Creek Chile SpA has been appointed to produce a
National Instrument 43-101 Technical Report in respect of the gold
tenements comprising eleven licence applications by RRAL covering
1,839 sq km in the Victoria Goldfields, Australia (the
'Project').
-- RRAL has applied for a further small 4 sq km gold exploration
license, EL007385, to be named the Sardinia prospect, filling a gap
adjacent to EL007282.
-- RRAL has set up a Technical Advisory Board including
Victoria-based geologists to advise and co-ordinate on technical
matters in connection with a possible listing and has appointed
initial members.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"Our Australia gold JV is progressing at some pace and across
multiple work streams all designed to enhance our understanding of
the JV interests in the Victoria Goldfields.
The appointment of specialists to complete the Geological Review
and Development of Exploration Strategy, and also the 43-101
Technical Report, are important steps which will help drive the
operational and strategic direction of the individual projects,
overseen by our new Technical Advisory Board. In particular the NI
43-101 report is an essential precursor of any decision to list the
RRAL assets.
Production of the historic exploration database, seeking
documented evidence of gold mineralisation, has been no mean feat,
with over 100 files compiled to date, and a full report is expected
shortly.
There will be further updates in the near future."
FURTHER INFORMATION:
Sardinia Project
Sardinia Project is located 15 km north-west of Daylesford and
covers an area of 4 sq km. It adjoins EL007282, the Blue Sky
Project, also applied for by RRAL.
Historic reports available on the Geovic database (principally
Highlake Exploration Ltd report on EL 3461, Nov 1994) note
discovery of the Sardinia Reef in 1860, and report that 50 oz Au
per ton was obtained from the first crushing, and that five nuggets
of 124 oz Au to 750 oz Au discovered locally are thought to be from
the alluvial or possibly eluvial workings on the license. The
report states that the reef does not appear to have been worked
below the water table at approximately 27m.
Although RRAL recently announced that it did not expect to lodge
further ground applications, this small area contiguous to and on
trend from existing RRAL applications became available and is of
exploration interest.
Joint Venture Company - RRAL
RRAL is a joint venture company 49.9% owned by POW and 50.1% by
Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and
Andrew Bell, Chairman of RRR and POW, are directors of RRAL.
RRAL has lodged applications for eleven new gold exploration
license areas covering 1,839 sq km in the Victoria Goldfields of
Australia as follows:
License Application Project Name Area (sq km)
Number
EL007271 Blue Whale 133
-------------------------- ------------------------
EL007281 Blue Chip 74
-------------------------- ------------------------
EL007282 Blue Sky 489
-------------------------- ------------------------
EL007285 Blue Ribbon 8
-------------------------- ------------------------
EL007294 Red Queen 130
-------------------------- ------------------------
EL007301 Mt Bute 85
-------------------------- ------------------------
EL007327 Blue Stocking 60
-------------------------- ------------------------
EL007328 Blue Yonder 168
-------------------------- ------------------------
EL007329 Evergreen 486
-------------------------- ------------------------
EL007330 Blue Angel 202
-------------------------- ------------------------
EL007385 Sardinia 4
-------------------------- ------------------------
Total 1,839
------------------------
ONLINE MAP
Readers wishing to view the current application footprint may do
so through the following link to the POW website:
https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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 (LON:POW) is an AIM listed metals
exploration and development company seeking a large scale discovery
of precious or base metals.
The Company has a portfolio including key interests in
Australia, Botswana, Cameroon, The DRC and Tanzania. The interests
represent large scale exploration projects targeting mainly cobalt,
copper, gold, nickel and platinum group metals. Project interests
range from early stage greenfield exploration to later stage drill
ready prospects.
The Board and its team of advisors have expertise in project
generation, exploration and development and have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors wishing to gain exposure to
proactive metals exploration.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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