TIDMPOW
RNS Number : 8322O
Power Metal Resources PLC
05 October 2023
5 October 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Gold Project, Botswana - Gold Anomaly Exploration
Power Metal Resources PLC (AIM:POW), the AIM listed metals
exploration and development company, announces the expedited
recommencement of field exploration at its 100% owned Tati Gold
Project ("Tati" or the "Project"), located on the Tati Greenstone
Belt ("TGB") near Francistown, Botswana.
HIGHLIGHTS
-- 2023 geochemical soil sampling assay results confirmed two
significant gold-in-soil geochemical anomalies and continuity
within the 8km gold trend at Tati.(1) The anomalies are highlighted
in Figure 2 below, with Figure 1 demonstrating the positioning
within the wider Tati Project licence area.
-- Six unique additional target areas have been identified for
detailed soil sampling which is expected to include a total of c.
450 individual soil samples for follow on accredited laboratory
gold assay testing.
-- One of the six targets includes a key focus area where recent
geochemical sampling highlighted a clear 400m long southward
trending extension (remaining open to the south and southwest) of
the soil anomaly associated with the Cherished Hope historical mine
workings which were the subject of Power Metal's successful diamond
drilling programme in Q3 2022.(1) (,2)
-- Further sampling at this target area will be focussed on
in-fill as well as step-out sampling to better understand the size
and orientation of this priority zone.
Sean Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"It is very pleasing to be able to report, despite ongoing
difficult conditions in capital markets, that Power Metal continues
to generate positive news flow across the portfolio. Tati has
always been a very high priority project for us and I am delighted
that we have been able to follow up the recent positive
announcement with further progress.
After the successful confirmation of two significant gold
anomalies, we wanted to expedite this ground follow up, and that is
what we have done. Whilst it is always important to manage
expectations, we are very optimistic that this follow up programme
will further our geological understanding of the Project and lead
us towards what we hope will be a significant economic
discovery."
BACKGROUND
On 15 September 2023, the Company announced the results of gold
exploration at Tati, namely, confirmation of two significant gold
anomalies, further details of which are available through the link
below:
https://www.londonstockexchange.com/news-article/POW/tati-gold-two-significant-anomalies-identified/16125488
The gold anomalies both sit within an established 8km gold trend
where previous Power Metal drill programmes have returned bonanza
near surface gold up to 47.1g/t over 1m.
Given the scale of the gold trend at Tati and the significance
of the confirmed anomalies, the Company's operational team has now
returned to site to commence follow up exploration.
This work and follow on programmes are designed to rapidly
assemble an evidential dataset to demonstrate the extent and
intensity of gold mineralisation throughout a greater portion of
the 8km gold trend. Extensive gold mineralisation has already been
validated to date in multiple areas at the Project by the presence
of historical mine workings, robust grade fines dumps from
historical mining, extensive soil sampling, trenching and reverse
circulation drilling.
Figure 1: Tati Project Overview Map
Figure 2: Tati Project 2023 Geochemical Results Map
REFERENCES
1: Power Metal RNS announcement, dated 7 November 2022: Tati
Project Botswana Final Drill Assay Results, Assays Received for
Remaining Six Holes; Further Bonanza Grade Intercepted including 1m
@ 40.6g/t Au (from 2m of 23.2g/t Au)
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wko9odx
)
2: Power Metal RNS announcement, dated 3 November 2022: Tati
Project Botswana Initial Drill Assay Results, Assays for First
Three Drillholes Received; High-Grade Gold Intersections in All
Three Holes Including a Bonanza intersection of 1m @ 47.17g/t
Au.
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9e761r
)
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 (LON: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
MSCMABLTMTBMMPJ
(END) Dow Jones Newswires
October 05, 2023 05:20 ET (09:20 GMT)
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