TIDMPOW
RNS Number : 9195R
Power Metal Resources PLC
03 July 2020
3 July 2020
Power Metal Resources plc ("Power Metal" or the "Company")
Kisinka Project - Preliminary Results of Field Programme
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce an
update in respect of its 70% owned Kisinka Copper-Cobalt Project
located some 30km East of the regional capital of Lubumbashi in the
southern part of the Katangan Copperbelt in the Democratic Republic
of the Congo.
HIGHLIGHTS
-- Following the discovery of a large 6.8km copper anomaly
running north west to south east in the 2019 field programme, in
February 2020 POW launched a follow-up pitting and mapping
exploration programme across the identified target area;
-- The programme was carried out over 40 days to 25 May 2020,
and 21 out of 24 planned pits were dug for 174.3 metres of pitting,
with 16 reaching target depth and 5 pits stopped in the lateritic
cover due to water return and 3 pits not attempted due to wet
conditions in the field;
-- The overburden profile was less than expected at 5-10m, with
the water table higher than expected; two types of soil were
detected, with a 0.5-3.8m argillaceous soil layer and a lateritic
horizon of 1-9m, followed by saprolitic rocks including dolomitic
and brecciated siltstones down to bedrock;
-- 211 samples including 11 field duplicates were collected and
after sample preparation at the Preparation Laboratory of the
University of Lubumbashi one batch was subjected to x-ray
fluorescence ("XRF") testing by an XRF Niton analyzer at the Minex
Consulting offices (a correlation with R2 coefficient of 0.8835 for
Co and 0.9661 for Cu was obtained, indicating good precision);
-- Another batch of samples will be sent to the ALS laboratory
in Johannesburg for Inductively Coupled Plasma ("ICP")
multi-element testing once the airline route is re-opened;
-- Results from the XRF testwork confirm the copper anomalous
zones identified in the previous geochemical survey, with higher
values and a wider zone detected, and open to the north west and
south east;
-- Copper anomalous zones are quite well correlated with major
structures inferred from the detailed mapping, and in the south
east with a brecciated zone situated between two strike-slip
faults;
-- Cobalt anomalism was indicated in both zones, more strongly
to the north west, and analysis of the weathering-related elements
(Mn and Fe), and the vertical distribution analysis showing copper
and cobalt values increasing downwards, give evidence of a leaching
process, which the spatial relationship of the anomalous zones
suggests is towards the south east;
-- The next steps will be planned after receipt of the ICP
laboratory test results, but Minex Consulting expects to recommend
a ground magnetic survey and a ground electromagnetic survey, to
detect both low magnetic and chargeable lithologies and indicate
structures and faulting and areas of carbonate rocks, and further
pitting;
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"The confirmation and in fact enlargement of the copper
anomalous areas detected in previous exploration enables us now to
go forward with confidence. The laterization and leaching that we
encountered support the theory that there may be supergene enriched
mineralisation at a lower level, so we particularly want to
investigate this.
The presence of cobalt partly correlated with the copper is
another positive indication. After confirmation from the ICP
analysis, which we may extend to include samples from the earlier
termite mound sampling, we will release the data on cobalt and
copper levels in the anomalies.
We were able to relate some mineralisation areas to structures
and faulting, and to build on that work and generate the best drill
targets we will need to carry out some geophysics.
The lockdown and interruptions to travel impacted this
programme, and we are grateful to Minex Consulting and the
geological team in the DRC for carrying on their work. The same
factors may impact the speed at which we can go forward. But as we
have reason to be optimistic, we want to get on with the work as
soon as possible".
FURTHER INFORMATION
Power Metal has completed all elements of the follow up
programme at the Kisinka Project, including pitting and mapping,
but excepting laboratory analysis which awaits reopening of the air
routes. The programme was focussed on the target area containing
the 6.8 km copper anomaly ("Target Area"), as shown in Figure 6 of
the 11 July 2019 RNS announcement. There were no injuries reported
and all personnel returned safely to base.
The programme was launched earlier this year as outlined in the
Company's 12 February 2020 announcement. The hardness of the
material encountered during the pitting process, and late rains,
caused some delay to completion, although overall the field
programme accomplished its goals and we are pleased with progress
at this stage.
In total 21 pits totalling 174.3 metres were dug on 9
cross-sections across the Target Area for copper, with 16 reaching
target depth and 5 stopped in the lateritic overburden at around 6m
due to water table contact.
From the pits 209 channel samples of 2kg each were taken,
including 3 samples from the bottom end bedrock in certain pits,
and including 11 QA/QC duplicate samples. After preparation at the
Preparation Laboratory of the University of Lubumbashi, where
samples were dried, crushed to <2mm and pulverized to -75
microns, and two pulp samples of 50g produced from each sample, one
batch of which was subjected to x-ray fluorescence testing by an
XRF Niton analyzer at the Minex Consulting offices together with
the duplicates. A correlation with R2 coefficient of 0.8835 for Co
and 0.9661 for Cu was obtained, indicating good precision. Two
certified reference material samples (CRMs) of oxidised carbonate
rocks containing Co and Cu were tested and performance of the XRF
Niton analysis fell within the standard deviation limits.
In addition to the 16 pits reaching target depth and 5 pits
stopped in the lateritic cover, 3 pits were left for possible later
completion when conditions are drier.
Progress was slowed by the hardness of the massive haematitic
ironstone intercepted in some pits, as well as by the water
return.
The regolith in the Kisinka region is characterised by four
types of saprock that were intercepted in the pits, including
saprock after siltstone, brecciated siltstone, haematitic
ironstone, and sandstone.
Based on the existence of the ironstone discovered overlying the
siltstone, the lithological units intercepted from the pitting
programme in the Kisinka region belong to the Lower Mwashya (R4.1)
Formation of the Mwashya Subgroup of the predominantly dolomitic
rocks of the Roan Group, itself part of the Katangan Supergroup.
Notable deposits in this Formation include the Mutanda cobalt
mine.
Traces of malachite copper ore in replacement mode were observed
in one pit.
A detailed mapping of lithological units has been carried out
and is shown with pitting locations in a detailed geological map
produced from the bedrock intercepted from the pitting programme at
Kisinka.
The addition of results from the pitting and XRF testing to the
data from previous programmes has resulted in an enlargement of the
mapped copper anomalous zone as can be seen in a Kisinka pitting
Geochem Cu contour map.
Both maps may be viewed through the following link:
https://www.powermetalresources.com/p/213/kisinka-images
Competent Person Statement
The technical and related information in this report relates to
exploration results based on information from third parties and
data compiled by Steffen Kalbskopf Pr.Sci.Nat, FGSSA and Barry
Kazadi (MSc), Pr.Sc.Nat, MGSSA. who are members of the South
African Council for Natural Scientific Professions. Mr. Kalbskopf
and Mr Kazadi have sufficient experience in the style of
mineralisation and type of deposit under consideration. Mr.
Kalbskopf and Mr Kazadi consent to the inclusion in this
announcement of the matters based on their information in the form
and context in which it appears. Mr Kazadi is a managing Director
of Mineral Exploration Associates SARL, Consultants (Under the name
Minex Consulting) to the Company. Mr Kalbskopf is a self-employed
consultant and managing director of Hidden Treasure Consulting and
a senior associate of Minex Consulting, both independent of Power
Metal Resources plc].
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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 and development company seeking a large scale discovery
of precious or base metals.
The Company has a portfolio including key interests in
Australia, Botswana, Cameroon, The DRC and Tanzania. The interests
represent large scale exploration projects targeting mainly cobalt,
copper, gold, nickel and platinum group metals. Project interests
range from early stage greenfield exploration to later stage drill
ready prospects.
The Board and its team of advisors have expertise in project
generation, exploration and development and have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors wishing to gain exposure to
proactive metals exploration.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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