TIDMPOW
RNS Number : 9121A
Power Metal Resources PLC
28 September 2022
28 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex Project, Botswana - Major Drill Target
T2-3
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update in relation to the
Molopo Farms Complex Project ("Molopo Farms" or the "Project")
targeting a large-scale nickel-copper-platinum group element
("PGE") discovery in southwestern Botswana.
On 21 September 2022 the Company announced an update regarding
the commencement of drilling at priority target area T1-6, as well
as the ongoing geophysics programme. The link to this announcement
is below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-drilling-underway/15638648
KEY HIGHLIGHTS
T2-3 Major Drill Target
-- Data from ground-based electromagnetic ("EM") as well as
magnetic geophysical surveys covering target areas T1-14, T1-3 and
T2-3 has now been compiled and analysed.
-- Final results have highlighted a large, significant
geophysical conductor at target area T2-3. This conductor remains
open in all directions and is strongly coincident with a magnetic
body identified here by the ground and airborne magnetic surveys.
No drilling has ever been completed over this target area.
-- The historical airborne magnetic results at T2-3 have been
further analysed and the magnetic body coincident with this newly
identified moving loop electromagnetic ("MLEM") geophysical
conductor is shown to extend for approximately 12km in an east-west
direction.
-- This conductor has been given a high-priority (A+) ranking by
the Company, the same priority ranking granted to the conductor at
T1-6 (where drilling is ongoing).
-- A planned 600m diamond core drillhole, DDH2-3A, has been
designed to intersect the T2-3 conductor at approximately 300-350m
downhole depth. The Company is planning on drilling this hole
following the completion of diamond drillholes DDH1-6B (drilling
currently in progress) and DDH1-6C.
Additional Airborne Electromagnetic Conductors
-- Power Metal in conjunction with its geophysical contractor,
completed an in-depth review of all airborne electromatic ("AEM")
geophysics conductors identified by the previous operator. Five of
these AEM conductors (1-2, 1-4, 1-5, 1-10 and 1-11) have been
upgraded and are now designated as priority airborne conductors,
where follow up work is being considered.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"Drilling is successfully underway at the priority target area
T1-6 where a very large geophysical conductor was identified from
recently completed geophysical surveys, the initial results of
which we announced on 16 August 2022. In that announcement I noted
that the exploration findings were potentially among the most
significant the Company had delivered.
Today's news potentially has even greater significance with the
confirmation of a major conductor at T2-3 which adds another
high-priority target to the list for drill testing during the
ongoing campaign. Significantly, airborne magnetic survey results
over this new conductor suggest that it could be very sizeable.
Our focus is the continuation of drilling at T1-6 which is still
in its early stages and where the diamond drill is progressing down
to the target zone.
The findings from T1-6 in terms of potential mineralisation are
keenly awaited and, given the results of the latest geophysical
review, we will be looking to also drill T2-3 at the earliest
opportunity.
Further to T1-6 and now T2-3, we have confirmed numerous
additional targets for further investigation where there is the
potential for multiple additional drill targets to be
identified."
GEOPHYSICAL SURVEY - OVERVIEW
-- Spectral Geophysics have completed the 2022 Phase II
exploration programme which included three MLEM and three magnetic
geophysics surveys over targets T1-14 and T2-3 and T1-3. The MLEM
and magnetic survey results will assist the company in refining
further drill collar locations for the ongoing 2022 diamond
drilling campaign.
-- MLEM survey results over T2-3 have highlighted a large
flat-lying, slightly concave (downward), strong conductor which
remains open in all directions. The magnetic survey over this
target also identified a large magnetic body that is spatially
coincident with the conductor, which is interpreted to be an
indication that the conductor is associated with or found within
mafic to ultramafic rocks of the Molopo Farms Complex.
-- MLEM results over the T1-14 target have highlighted the
presence of a strong conductor located south of the 2021 drillhole
(KKME1-14) that targeted this zone. It is estimated that a circa
650m drillhole would be needed to test the top of this conductor.
While there are conductive Transvaal carbonaceous mudstones in the
area of the survey, the centre of this anomaly is strongly
coincident with a magnetic high interpreted to be caused by the
ultramafic rocks in the area - suggesting that the magnetic
conductor detected by this survey may be located within the
ultramafic intrusive rocks. The Company is considering next steps
at target area T1-14.
-- Further geophysical data analysis and processing inversions
are ongoing at T1-3, where a large AEM conductor was originally
identified by the previous operators. The results of the completed
MLEM and magnetic surveys over this target will be released
following the completion of these further analyses.
-- The Company also has completed an in-depth review of a
previously completed AEM report covering the majority of the Molopo
Farms Complex Project. Considering priority areas T1-6 and now T2-3
were originally identified by the airborne EM survey, it was
decided that further investigation of the targets identified by
this report was warranted. Significantly, five of the strong AEM
conductors, including T1-2, T1-4, T1-5, T1-10 and T1-11 have been
upgraded and are now classified as priority airborne targets by the
Company. At T1-11, a 2020/2021 drillhole (KKME1-11) completed by
the previous operator was determined to not have adequately
targeted this conductor. Further work at these targets, which may
include MLEM surveys, as well as the possibility of downhole EM at
T1-11 is being contemplated and next steps will be outlined by the
Company in due course.
FURTHER INFORMATION
Figure 1 - Molopo Farms Complex Project Plan Map: A plan map of
the Project area, including the location of various elements
mentioned above is outlined in Figure 1 below.
Figure 2 - Molopo Farms Complex Project T2-3 Plan Map: A plan
map of the priority area T2-3, including the location of the MLEM
survey, airborne magnetic results (first vertical derivative) and
location of planned drillhole DDH2-3A.
Figure 3 - Priority Target Area T2-3 Cross-Section: A cross
section showing the location of the planned drillhole DDH2-3A and
the MLEM results (new conductor in blue).
The diagrams and image presented above may also be viewed on the
Company's website through the following link:
https://www.powermetalresources.com/molopo-farms-complex-project-major-drill-target-t2-3/
Further photographs and videos from the drill programme are and
will be available on the Company's website gallery section, through
the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic
interest in Molopo, held through a direct project interest and a
shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd
("KKME"). On 18 May 2022 Power Metal announced a conditional
transaction that would see its interest in Molopo Farms increasing
to 87.71% (the "Transaction"). The announcement may be viewed
through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project
operator and in advance of completion the Company is working with
the team at KKME to maintain momentum with regard to Project
exploration.
Work streams are also in process to secure Botswana regulatory
approvals enabling the Transaction to complete.
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.
REFERENCES
1: Power Metal PLC announcement, Botswana Molopo Farms Complex -
Drilling Progress Update, 14 December 2020
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq269w
)
2: Power Metal PLC announcement, Significant Nickel
Intersections Confirmed by Drill Sample Assay Results, 8 April
2021
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq7mnw
)
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%(#) K1-6 conductor target Drill programme
Farms drilling underway updates and findings
and MLEM surveys over from further MLEM
T1-6, T1-14, T1-3 survey work.
and T2-3 completed.
Further MLEM surveys
planned over additional
AEM targets identified.
--------- --------- ----------------------------- --------------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and 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 - www.firstclassmetalsplc.com
Metals PLC POW 28.19%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
in Western Australia
and the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada, USA
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 14.03% (subject
PLC to completion
of Kanye Resources
disposal announced
8.7.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 40-55%
------------------------ ------------------------------------------------------------------
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