TIDMPOW
RNS Number : 2007Z
Power Metal Resources PLC
16 September 2020
16 September 2020
Power Metal Resources plc ("POW" or the "Company")
Australia Gold JV - Additional Project Reports
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce a
further operational update in respect of its Australian gold joint
venture ("JV") company Red Rock Australasia Pty Ltd ("RRAL") in
which POW has a 49.9% interest.
RRAL commissioned and has received final historical reports and
targeting assessments (the "Reports") for all license applications
in the Victoria goldfields, with the exception of recently acquired
EL007460 ("Kilmore West" project) and EL007385 ("Sardinia"
project). The Reports have been used to inform the preparation of a
NI 43-101 technical report in respect of eight of the license
applications and develop exploration programmes.
To date four Reports have been uploaded to the Power Metal
website, namely:
- EL007285, the Blue Ribbon project;
- EL007271, the Blue Whale project, and:
- EL007281, the Blue Chip project
- EL007329, the Evergreen project.
The Company has now uploaded six further Reports to the Power
Metal website, namely:
- EL007282, the Blue Sky project
- EL007294, the Red Queen project
- EL007301, the Mt Bute project
- EL007327, the Blue Stocking project
- EL007328, the Blue Yonder project
- EL007330, the Blue Angel project
All the above Reports are available through the following
link:
https://www.powermetalresources.com/s/52/australia
An initial summary report in respect of recently acquired
license application EL007460 ("Kilmore West") has also been
uploaded to the website and an initial summary report on EL007385
(Sardinia project) which was also recently acquired, will be
uploaded when finalised for publication.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"A key priority for RRAL is finalisation of the NI 43-101
technical report, which now provides coverage of the recently
acquired Kilmore West license application.
The project Reports provide extensive evidence of gold
mineralisation throughout the licence application ground and
demonstrates multiple initial targets for exploration work.
RRAL is working with Earth Resources Victoria and RRAL's land
management partners with regard to grant of licenses which will,
with appropriate approvals and permits, enable exploration to
commence.
RRAL continues to work with advisers with regard to the
potential listing of some or all of RRAL interests on a North
American stock exchange, and also with third parties seeking to
earn-in or joint venture with RRAL with regard to certain of its
business interests."
FURTHER JV INFORMATION:
Joint Venture Company - RRAL
RRAL is a joint venture company 49.9% owned by POW and 50.1% by
Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and
Andrew Bell, Chairman of RRR and POW, are directors of RRAL.
RRAL has lodged applications for twelve new gold exploration
license areas covering 2,188 km(2) in the Victoria Goldfields of
Australia as follows:
License Application Project Name Area (km(2)
Number )
EL007271 Blue Whale 133
-------------------------- -------------------------------
EL007281 Blue Chip 74
-------------------------- -------------------------------
EL007282 Blue Sky 489
-------------------------- -------------------------------
EL007285 Blue Ribbon 8
-------------------------- -------------------------------
EL007294 Red Queen 130
-------------------------- -------------------------------
EL007301 Mt Bute 85
-------------------------- -------------------------------
EL007327 Blue Stocking 60
-------------------------- -------------------------------
EL007328 Blue Yonder 168
-------------------------- -------------------------------
EL007329 Evergreen 486
-------------------------- -------------------------------
EL007330 Blue Angel 202
-------------------------- -------------------------------
EL007385 Sardinia 4
-------------------------- -------------------------------
EL007329 Kilmore West 349
-------------------------- -------------------------------
Total 2,188
-------------------------------
ONLINE MAP
Readers wishing to view the current application footprint may do
so through the following link to the POW website:
https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint
REGULATORY STATEMENT
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.
CONTACT INFORMATION
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 metal
discovery.
The Company has a global portfolio of project interests
including precious metal exploration in North America and Australia
together with base metal exploration in Africa. 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 global metals exploration.
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