Evrima Plc Investee Update

 
TIDMEVA 
 
15 August 2022 
 
                                  Evrima plc 
 
                          ("Evrima" or the "Company") 
 
  Investee Update: Kalahari Key Project Operator, Power Metal Resources plc, 
        provide Molopo Farms Complex Project -Drill Target K1-6 Update 
 
Evrima are pleased to provide an update on its investee company, Kalahari Key 
Minerals Exploration Pty Limited ("Kalahari Key") and its Molopo Farms Complex 
Project ("MFC"). 
 
On 18 May 2022, Power Metal Resources plc ("Power Metal") (AIM: POW) announced 
a conditional acquisition of certain of the Kalahari Key shareholdings which if 
approved would result in Power Metal becoming the single largest shareholder of 
Kalahari Key 87.71% and the project operator. The acquisition was approved by 
the shareholders and Power Metal continues to make strong progress in 
completing the acquisition with the principal elements outstanding being that 
of regulatory and legal approvals, in-country. 
 
Evrima have elected to retain its equity investment and upon closing of the 
acquisition, will maintain an 8.93% project-level interest in Kalahari Key. The 
interest is to be governed by a shareholder agreement that provides the terms 
for retention of the Company's interest. 
 
Power Metal has today provided an update on the completion of two ground-based 
electromagnetic ("EM") surveys, highlights for which can be found below with 
the source release available here. 
 
Power Metal have also made available a map highlighting the location plan map 
of the Project (Fig.1) as well as a zoomed out (Fig. 2) and zoomed in (Fig. 3) 
cross-section of the MLEM results over target area K1-6 can be found at the 
link below: 
 
https://www.powermetalresources.com/molopo-farms-complex-rns/ 
 
KEY HIGHLIGHTS: 
 
  * Two ground-based electromagnetic ("EM") geophysics surveys now complete, 
    covering areas hosting 2020/2021 diamond drillholes KKME 1-14 ("K1-14") and 
    KKME 1-6 ("K1-6"). 
 
  * Preliminary survey results have highlighted a large shallow dipping 
    magnetic conductor at drillhole K1-6. 
 
  * Plotting of drillhole K1-6 shows that the drillhole penetrated the edge of 
    the newly identified magnetic  conductor at a similar stratigraphic level 
    to nickel-sulphide mineralisation averaging 7.0m @ 0.443% Ni from 445m, 
    including 0.6m @ 1.69% Ni, 0.55g/t Pt & 0.14g/t Au from 446.7m downhole.1 
    This is within a broader mineralised interval from 294.7m (when pentlandite 
    was first logged - assay result of 6606ppm Ni from 294.7m - 295.28m) to the 
    end of the hole at 597.8m (minor sulphides logged - assay result 2852ppm Ni 
    from 597.0m - 597.8m). 
 
  * Planned 2022 diamond drill programme start date now being brought forward. 
    The upcoming programme will now focus on testing the central and stronger 
    part of this magnetic conductor. At present the plan is to drill 6 
    drillholes for approximately 2600m during this upcoming programme. 
 
The Directors of Evrima accept responsibility for this announcement. 
 
This announcement contains information which, prior to its disclosure, was 
inside information as stipulated under Regulation 11 of the Market Abuse 
(Amendment) (EU Exit) Regulations 2019/310 (as amended). 
 
                                     Ends - 
 
Enquiries  : 
 
Company: 
Burns Singh Tennent-Bhohi (CEO & Director): [e-mail] 
 
Simon Grant-Rennick (Executive Chairman): [e-mail] 
 
Novum Securities Limited (AQSE Corporate Adviser): 
 
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400 
 
 
 
END 
 
 

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August 16, 2022 03:40 ET (07:40 GMT)