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

UPDUPUUUMUPUGWR

(END) Dow Jones Newswires

July 08, 2020 09:30 ET (13:30 GMT)

African Battery Metals (LSE:ABM)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024 Haga Click aquí para más Gráficas African Battery Metals.
African Battery Metals (LSE:ABM)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024 Haga Click aquí para más Gráficas African Battery Metals.