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Power Metal Resources PLC Australia Gold JV - Additional Project Reports

16/09/2020 3:00pm

UK Regulatory (RNS & others)


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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.

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

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