TIDMPOW
RNS Number : 8748K
Power Metal Resources PLC
31 August 2023
31 August 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Exploration & Project Development Update
Power Metal Resources PLC (AIM:POW), the AIM listed metals
exploration and development company, announces an exploration and
project development update covering multiple projects within the
Company's portfolio.
The update includes the Company's North Wind Lithium Project
located in Ontario, Canada, the Tati Gold Project located near
Francistown, Botswana, as well as the ongoing exploration targeting
Power Metal's uranium-focused portfolio in Saskatchewan,
Canada.
Sean Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"I am very pleased to be able to provide this update on three of
our high priority exploration programmes.
"Shareholders will, I am sure, be reassured that despite
difficult conditions in the capital markets, we are pressing ahead
with our operational plans and, in our view, continue to generate
significant value.
"I am very grateful to all our teams for the efforts they
continue to make in often challenging environments, and I look
forward to being able to provide further updates when
appropriate."
HIGHLIGHTS:
North Wind Lithium Project
- The 100% Power Metal owned North Wind Lithium Project ("North
Wind") is considered by the Company to be prospective for the
discovery of pegmatite hosted lithium mineralisation. Lithium
(Li)-caesium (Cs)-tantalum (Ta) bearing pegmatite ("LCT-pegmatite")
accounts for approximately a quarter of the world's lithium
production.(1)
- The exploration programme at North Wind was outlined in the
Company's announcement dated 10 August 2023 which may be viewed
through the following link:
https://www.londonstockexchange.com/news-article/POW/ion-battery-resources-lithium-exploration-underway/16077625
- The exploration work programme is now complete and a total of
389 soil geochemical samples were taken. The samples will soon be
delivered to an accredited laboratory for assay testing focussed on
Li-Cs-Ta mineralisation.
- Significantly, several pegmatites were identified across North
Wind, with five pegmatite samples collected - which was a key
ground exploration objective. The mineralisation present within the
identified pegmatites will be determined during the assay testing
process and based on interpretation of this data further
exploration steps will be determined.
Tati Gold Project
- The 100% owned Tati Gold Project ("Tati") is centred on a
historic gold mine, Cherished Hope, and extensions of high-grade
near surface gold mineralisation were confirmed during drilling
campaigns carried out by Power Metal in 2021 and 2022.
- The exploration programme at Tati was outlined in the
Company's announcement dated 30 May 2023 which may be viewed
through the following link:
https://www.londonstockexchange.com/news-article/POW/tati-gold-project-botswana-exploration-update/15977383
- Next stage exploration focused on geochemical soil sampling at
Tati is now complete. A total of 280 individual samples were
collected across two grids:
o One high-resolution in-fill grid is focussed on an area
approximately 2km northwest of the historical Cherished Hope Gold
Mine and is centred on one point anomaly which historically
returned an impressive soil sample of 2.15g/t Au. To date, this
anomaly has never been further investigated to determine the
provenance of this gold mineralisation; and
o The second grid covers the immediate southwestern extension of
Cherished Hope where individual point anomalies returned a soil
sample as high as 0.84g/t Au.
- The soil samples have been sent to Intertek Genalysis in
Perth, Western Australia for assay and final results are expected
shortly.
- Site rehabilitation of the fines dumps covering Tati have been
completed in preparation for the next phase of exploration and
development. This rehabilitation work included removal of the fines
dump and clearing the site of material considered by Power Metal to
be suitable for processing at a local facility.
- The Company has received inbound interest regarding the
potential for small-scale mining at its Cherished Hope Gold Mine
area where near-surface drilling results in 2022 returned bonanza
gold up to 47.1g/t Au over 1m (from 6m downhole).(2)
- Further updates on next stage exploration and potential site
developments at Tati will be provided to the market in due
course.
Athabasca Uranium Projects
- The exploration programmes at the Company's Athabasca uranium
properties were outlined in the Company's announcement dated 21
June 2023 which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/key-uranium-exploration-and-corporate-developments/16007249
- The exploration programme at the key Reitenbach property has
been successfully completed with a further update expected
following receipt and interpretation of exploration results.
- At present, work is underway at Tait Hill with field work
expected to commence at Soaring Bay and Perch River shortly. For
this phase of work, Power Metal has sent direct company
representation to Saskatchewan to work alongside our in-country
geological consultants from Dahrouge Geological Consulting Ltd -
whom have extensive experience in Saskatchewan and across
Canada.
- Shareholders may be aware of significant active wildfires in
the Athabasca region including in nearby Northwest Territories,
which have caused disruption to various areas and some restrictions
on availability of key resources, including helicopter
availability. Wildfires have occurred within the boundaries of
certain Power Metal properties, and, in response, certain
exploration plans have required adjustment. Work programmes on
certain projects, particularly select geophysical surveys, will be
completed later into the autumn and winter season.
- The board of Power Metal would like to note the commitment and
resilience of the in-country exploration teams who have continued
operations despite the ongoing challenging conditions.
References
1: United States Geological Survey, Scientific Investigations
Report 2010-5070-O, Mineral-Deposit Model for
Lithium-Cesium-Tantalum Pegmatites, 2017.
( https://pubs.usgs.gov/sir/2010/5070/o/sir20105070o.pdf )
2: Company announcement, Tati Project Botswana Initial Drill
Assay Results, 02 November 2022
(
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-initial-drill-assay-results/15699862
)
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been
read 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
BlytheRay (PR Advisors) + 44 (0) 20 7138 3204
Tim Blythe
Megan Ray
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (AIM:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects.
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
grow the Company 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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