TIDMPOW
RNS Number : 7067P
Power Metal Resources PLC
20 October 2021
20 October 2021
Power Metal Resources plc
("Power Metal" or the "Company")
FDR Australia - Government Co-Funded Drilling
First Development Resources Australia Application for Government
Co-Funded Exploration Drilling at the Wallal Project is
Successful
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 the Wallal
Project (the "Project") located in the prolific Paterson Region of
Western Australia where the Company is targeting major gold-copper
discoveries.
The Wallal Project is wholly owned by First Development
Resources Pty Ltd (FDR Australia). Power Metal announced a
conditional acquisition of FDR Australia on 28.04.21, further
details of which are provided below. Power Metal is currently
working to complete this acquisition and a further announcement in
respect of this is expected in the near term.
An application was submitted by FDR Australia to the Government
of Western Australia Department of Mines, Industry Regulation and
Safety ("DMIRS") for government co-funded exploration drilling at
the FDR Australia's wholly owned Wallal Project (the
"Application"). The funding is granted as part of Western
Australia's Exploration Incentive Scheme ("EIS"). The EIS is a
funding programme which offers up to a 50% refund (capped at
A$150,000 for multi-hole drilling campaigns) for innovative
exploration drilling projects undertaken within Western
Australia.
The Wallal Project (the "Project") covers 572km(2) and includes
three licence areas as follows:
- E45/5816 - Wallal Main (390km(2) granted licence)
- E45/5853 - Wallal West 1 (96km(2) application)
- E45/5880 - Wallal West 2 (86km(2) granted licence)
The Application submitted sought co-funding for deep drilling at
the Wallal Main licence area, specifically targeting the Eastern
and Border anomalies identified from exploration to date. The
Eastern and Border anomalies were originally identified following
in-depth historical desktop analyses carried out by Power Metal
over the entire Wallal Project. In particular, government airborne
magnetic datasets identified multiple prospective concentric
magnetic anomalies, including the Eastern and Border anomlies
located within the Project.
The Havieron deposit discovery, also located within the Paterson
Region was originally discovered in basement rocks hidden below
roughly 420m of post-mineral sedimentary cover, which resulted from
the drilling of a buried magnetic geophysical anomaly. Further
analysis of the Eastern and Border anomalies highlighted several
similarities between the various magnetic targets. Specifically,
the size and magnetic amplitudes of the Eastern and Havieron
anomalies are 2.5 x 2.5km (100 nanotesla) and 2 x 2km (80
nanotesla) respectively. Additionally, the Eastern, Border and
Havieron anomalies were determind to lie under similar amounts of
sedimentary cover.
FDR Australia has received written confirmation today that the
Application has been successful and a co-funded drilling offer for
up to A$165,000 has been received (including the maximum amount
available under the EIS of A$150,000, plus up to A$15,000 in
respect of drill mobilisation).
Work is nearing completion in respect of 2D seismic processing
and passive seismic surveys undertaken at the Wallal Project and a
further update to the market will follow with the findings of that
work, which is focused on the refinement of current drill targets
in readiness for the deep drilling campaign.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"In 2021 we have applied resources to build our knowledge of the
Wallal Project and refine our understanding of the three large
scale magnetic bullseye anomalies. That work has continuously
yielded positive outcomes and we are particularly excited at the
discovery potential the Wallal Project offers.
Securing government co-funding for the Project further enhances
our confidence. Aside from the benefit of co-funding to mitigate
financial outlay, the co-funding further demonstrates the validity
of our exploration plans in respect of this potentially company
transforming opportunity."
BACKGROUND
The Paterson projects are held by First Development Resources
Pty Ltd (FDR Australia) and include Wallal Project (Wallal
Main-E45/5816 (granted), Wallal West 1-E45/5853 (application) and
Wallal West 2 - E45/5880 (granted), Braeside West Project (one
licence application) and the Ripon Hills Project (one granted
licence).
On 28 April 2021 Power Metal announced a conditional acquisition
of FDR Australia and this may be viewed through the following
link:
https://www.londonstockexchange.com/news-article/POW/conditional-australia-copper-gold-acquisition/14955517
The latest exploration update released by the Company on 13
September 2021 may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/fdr-australia-paterson-region-exploration-update/15132674
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 (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.
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