Power Metal Resources PLC Botswana Molopo Farms Complex - Drilling Update (0460G)
20 Noviembre 2020 - 07:00AM
UK Regulatory
TIDMPOW
RNS Number : 0460G
Power Metal Resources PLC
20 November 2020
20 November 2020
Power Metal Resources PLC
("Power Metal" or the "Company")
Botswana Molopo Farms Complex - Second Diamond Drill Hole
Commences
Power Metal Resources PLC (LON:POW) the AIM listed metals
exploration and development company is pleased to announce the
commencement of the second diamond drill hole (KKME 1-6) at the
Kalahari Key Mineral Exploration Pty Ltd ("Kalahari Key" or "KKME")
Molopo Farms Complex Project (the "Project" or "MFC Project"),
which is targeting prospective massive nickel sulphide and
platinum-group metal ("PGM") mineralisation in Botswana.
HIGHLIGHTS
- The second hole (KKME 1-6) of a planned 2,505 metre four-hole
programme commenced diamond drilling yesterday.
- Hole KKME 1-6 is inclined at 60 degrees and has a planned
down-hole target depth of 500m to the upper side of a conductive
body modelled from geophysical survey data.
- This second drill collar is located in the project's Tshepo
(Hope) Central Target Area, approximately 20km west-southwest of
the programme's first drill hole KKME 1-14 and along strike on the
shear zone interpreted as the Molopo Farms Complex Feeder Zone.
- The Tshepo (Hope) Central Target Area lies within the centre
of the interpreted feeder zone inside the near-surface sub-crop of
the Molopo Farms Complex in Licence PL311/2016.
- An analysis of data from agricultural water boreholes in the
vicinity shows that serpentinite ultramafic units can be expected
directly under the Kalahari cover in this area.
CHIEF EXECUTIVE OFFICER UPDATE
Paul Johnson Chief Executive Officer of Power Metal Resources
commented:
"I am pleased to report the second exploration hole, KKME 1-6,
to test conductive targets within the Molopo Farms Complex feeder
zone has now commenced.
This hole is designed to test Target 1-6 a conductive
geophysical body within the Tshepo (Hope) Central Target Area,
approximately 20km WSW of the previous hole KKME 1-14, which is
located in the project's Chipo (Gift) Northern Target Area.
We look forward to sharing further findings in due course."
OWNERSHIP STRUCTURE - MOLOPO FARMS COMPLEX PROJECT
Power Metal currently has an 18.26% shareholding in Kalahari Key
and has elected to earn in ("Earn-In") to a 40% direct interest in
the MFC Project by funding US$500,000 of exploration expenditure in
2020, notably the diamond drilling of selected targets (the "Drill
Programme"). On completion of the Earn-In, and on the basis of the
current 18.26% shareholding in Kalahari Key, Power Metal will have
an effective economic interest of 50.96% in the MFC Project.
THE DRILL PROGRAMME
The Drill Programme is for an initial planned 2,505m across four
diamond core drill holes with planned target hole depths varying
from 525m to 710m.
The Drill Programme is designed to intersect four high priority
targets prospective for massive nickel sulphide mineralisation,
delineated by both Time Domain Electromagnetic ("EM") and Natural
Field Audio Magneto Telluric ("NF-AMT") geophysics surveys.
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.
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 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
prospects currently subject to drill programmes.
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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLBMBBTMTATBIM
(END) Dow Jones Newswires
November 20, 2020 08:00 ET (13:00 GMT)
African Battery Metals (LSE:ABM)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
African Battery Metals (LSE:ABM)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024