TIDMPOW
RNS Number : 8491X
Power Metal Resources PLC
01 September 2022
1 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Licence Grant South Australia - Potential IOCG Target
identified
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update from its wholly
owned Australian subsidiary Power Metal Resources Australia Pty Ltd
("POW Australia").
HIGHLIGHTS:
Licence Grant
-- POW Australia has received confirmation of the grant of
exploration licence application ("ELA") 2021-000163, covering
999km(2) of ground in the Anna Creek area of South Australia.
-- The ELA has now converted to an exploration licence numbered
EL6819 and carries an initial term of 6 years ending 24 August
2028, subject to a minimum exploration spend of A$100,000 (Circa
GBP59,000) prior to 23 August 2024.
-- Recognising the grant of EL6819, the property has been named
the Wilan Project ("Wilan" or the "Project").
Potential IOCG Target Identified
-- A desktop technical review completed over EL6819 has
identified an under-cover, approximately 4x6km coincident magnetic
and gravity geophysical anomaly (the "Target") located in the
southeast of the Project.
-- The existence of a coincident magnetic/gravity anomaly is
considered highly significant given the location of the licence
within the Gawler Craton(1) , which constitutes a major Iron
Oxide-Copper-Gold ("IOCG") deposit province. IOCG deposits consist
of important and highly valuable concentrations of copper, gold and
uranium mineralisation(2) , the most famous example in the Gawler
Craton is the Olympic Dam Mine(3) ("Olympic Dam"). Most IOCG
deposits were initially discovered through regional magnetic and
gravity geophysics targeting.
-- Based on geophysics interpretation the Target is hosted
within cratonic basement below 200-300m of younger cover sediments
- this part of the Project has never been drill tested.
-- Olympic Dam is located approximately 150km south of the
Property and owned and operated by BHP Group Limited and is the
largest known IOCG deposit in the world and an important source of
copper-gold and uranium. Notably, the discovery of Olympic Dam was
made by drilling a blind coincidental magnetic & gravity
anomaly.(4)
Next Steps
-- Power Metal are currently planning for expedited field
exploration which is expected to include high-resolution gravity
and magnetic surveys over the Target.
-- The Wilan Project also includes ongoing licence application
ELA 2021-000162, covering an area of 995km(2) and which lies
contiguous and to the northwest of EL6819.
-- The Company is working through the balancing administration
work to secure the grant of ELA 2021-000162, where our technical
review to date has identified multiple exploration targets.
A map highlighting the location of the Wilan Project, the newly
granted licence, as well as the relative location of the new IOCG
target can be found at the link below:
https://www.powermetalresources.com/wilan-copper-gold-licence-map/
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"As mentioned previously, Power Metal is resolutely focused on
the imminent drill programme at the Molopo Farms Complex project
located in Botswana, and our team are working hard there to
maintain the momentum.
However, the grant of the first Wilan Project exploration
licence (EL6819) represents a potentially significant milestone, as
ongoing desktop work has identified a large Target located wholly
within the newly granted licence.
There is more work to do, clearly, and we are early stage here,
however all projects of substance start early stage and the Wilan
Project is off to a great start."
BACKGROUND
On 27 October 2021 Power Metal announced the submission of two
licence applications in South Australia covering a total of
1,994km(2) and targeting Olympic Dam style mineralisation.
A link to this announcement is provided below:
https://www.londonstockexchange.com/news-article/POW/new-australia-copper-gold-opportunity/15189456
NOTES & REFERENCES
1: Gawler Craton: The Gawler Craton covers approximately 440,000
km(2) of central South Australia and constitutes a major IOCG
deposit province and a major source of Australia's iron, gold,
copper and uranium. A craton is an old and stable part of the
continental crust that has survived the merging and splitting of
continents and supercontinents for at least 500 million, to over 2
billion years. Cratons are generally found in the interiors of
continents and are characteristically composed of ancient
crystalline basement crust of lightweight felsic igneous rock such
as granite. They have a thick crust and deep roots that extend into
the mantle beneath to depths of 200 km.
2: Iron Oxide Copper Gold ("IOCG") Deposit: IOCG ore bodies
range from around 10 million to >4,000 million tonnes of
contained ore, and have a grade of between 0.2% and 5% copper, with
gold contents ranging from 0.1 to 1.41 grams per tonne. Source:
Zhu, Zhimin (2016-01-01). "Gold in iron oxide copper-gold
deposits". Ore Geology Reviews. 72: 37-42.
doi:10.1016/j.oregeorev.2015.07.001. ISSN 0169-1368.
3: The Olympic Dam mine is a large poly-metallic underground
mine located in South Australia, 550 km NNW of Adelaide. It is the
fourth largest copper deposit and the largest known single deposit
of uranium in the world. Copper is the largest contributor to total
revenue, accounting for approximately 70% of the mine's revenue,
with the remaining 25% from uranium, and around 5% from silver and
gold.[1] BHP has owned and operated the mine since 2005. The mine
was previously owned by Western Mining Corporation. Source:
Wikipedia
2: Austin. J., Foss C., (2012) Rich, attractive and extremely
dense: A geophysical review of Australian IOCGs, ASEG Extended
Abstracts, 2012:1, 1-4, DOI: 10.1071/ASEG2012ab278.
https://www.tandfonline.com/doi/pdf/10.1071/ASEG2012ab278
COMPETENT 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 Competent 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
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 - 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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Results from ground
Uranium programme underway exploration including
at 3 properties. Continuing spectrometer analysis,
data analysis across sampling and mapping.
the property portfolio.
--------- --------- ----------------------------- --------------------------
Authier Canada Earn-in Property Evaluation Update covering
North to 100% Report completed. exploration plans
Lithium for target areas
identified during
the Evaluation.
--------- --------- ----------------------------- --------------------------
Molopo Botswana 53%(#) Final preparations Commencement of
Farms for the launch of T1-6 drill programme,
K1-6 conductor target and findings therefrom
drilling and MLEM and results from
surveys over T1-6, MLEM surveys.
T1-14, T1-3 and T2-3
targets.
--------- --------- ----------------------------- --------------------------
Tati Botswana 100% RC drilling underway Review of mine dumps
Project and previously sampling sampling, and processing
of mine dumps complete. potential. Results
from RC drill programme.
--------- --------- ----------------------------- --------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
Exploration work programmes may also be underway within Power
Metal investee companies and planned IPO vehicles where Power Metal
has a material interest, the findings from which will be released
on their respective websites, with simultaneous updates through
Power Metal regulatory announcements where required. These
interests are summarised in the table below:
Company Status/Operations Link
First Class Investment - POW 28.19% www.firstclassmetalsplc.com
Metals PLC Exploration in the Schreiber-Hemlo
region of Ontario, Canada
------------------------------------ ------------------------------------------------------------
First Development Planned IPO - POW 62.12% www.firstdevelopmentresources.com
Resources PLC Exploration in Western Australia
and the Northern Territory
of Australia
------------------------------------ ------------------------------------------------------------
Golden Metal Planned IPO - POW 83.13% www.goldenmetalresources.com
Resources PLC Exploration and development
in Nevada, USA
------------------------------------ ------------------------------------------------------------
Kavango Resources Investment - POW 14.03% www.kavangoresources.com
PLC (subject to completion of
Kanye Resources disposal
announced 8.7.22)
Exploration in Botswana
------------------------------------ ------------------------------------------------------------
New Ballarat Planned IPO - POW 49.9% A new website is currently
Gold PLC Exploration in the Victoria in development which
Goldfields of Australia will be found at www.newballaratgoldcorp.com
.
In the interim further
information in respect
of NBGC can be found
at:
https://www.powermetalresources.com/project/victoria-goldfi
elds/
.
------------------------------------ ------------------------------------------------------------
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