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African Battery Metals Plc LSE:ABM London Ordinary Share GB00BYWJZ743 ORD 0.1P
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Mining 0.0 -1.1 -10.6 - 0

Power Metal Resources PLC Australian Copper-Gold Acquisition - Update

07/07/2021 7:00am

UK Regulatory (RNS & others)

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RNS Number : 3752E

Power Metal Resources PLC

07 July 2021

7 July 2021

Power Metal Resources plc

("Power Metal" or the "Company")

Australian Copper-Gold Acquisition - Update

Presentation Released Highlighting Geological Potential of Acquisition Projects and Specifically Havieron Comparable Bullseye Magnetic Targets Within the Wallal Project

Power Metal Resources plc (LON:POW), the AIM listed metals exploration and development company has prepared an information presentation covering the Australian Copper-Gold projects in the Paterson Region ( "Paterson") of Western Australia.

This information presentation may be viewed through the following link:


The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (three licence applications being Wallal-E45/5816, Wallal West 1-E45/5853 and Wallal West 2 - E45/5853), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).

On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:



Regional Background

-- Paterson widely regarded as one of the most prospective provinces in Australia for the discovery of world class gold-copper deposits.

-- Paterson is home to several world class mines and recent discoveries including the following which host JORC compliant resources: Winu (Rio Tinto - 503Mt at 0.45% CuEq(1) ), Havieron (Greatland Gold - 4.2Moz AuEq(1) ), Telfer (Newcrest Mining - 31Moz Au).

Wallal Project

-- Wallal Project (the "Wallal") transacted by Highway 1 and is located less than 200km from Port Hedland, Australia and shares an extended border with Rio Tinto Exploration licence footprint.

Magnetic Targets Identified at Wallal

-- Major Au-Cu deposits within the Paterson Province, including Winu (Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold JV) were evaluated in comparison to the Wallal Eastern Magnetic Anomaly.

-- Open-file publicly available airborne magnetic dataset (TMIRTP(2) 5km High-Pass) identified two highly prospective bullseye(3) magnetic targets within Wallal.

-- The Western Anomaly is over 5.5km in diameter; and the Eastern Anomaly is 2.5km in diameter and is located at the transect of two northwest-southeast trending magnetic linear anomalies (comprising possible major structures).

-- Greatland Gold's Havieron deposit is coincident with a magnetic bullseye anomaly which was detected by an airborne magnetic survey flown over the region.

-- The Havieron and Wallal anomalies have similar amplitude: approximately 80nT (nanoTesla) for Havieron and 100nT for the Wallal Eastern Anomaly. The Wallal Eastern Anomaly is slightly larger than the anomaly over the Havieron deposit.

   --    Direct comparisons between Wallal and Havieron (geophysical)/Winu (geological), bode well for prospectivity of the Eastern Magnetic Anomaly bullseye. 

-- Additional geophysical inversions are ongoing and various geophysical datasets are being acquired in order to better determine orientation and depth of these compelling geophysical targets prior to drilling.


FDR Australia is a private Australian company with 100% ownership (or the right to acquire 100% ownership) in five exploration licence interests in the Paterson Province, East Pilbara, Western Australia. The projects include Wallal (three licence applications), Braeside West (one licence application) and Ripon Hills (one granted licence).

Power Metal announced the conditional acquisition of FDR Australia on 28 April 2021 and is working with its Australian partners to finalise matters precedent on the acquisition including the grant of the Wallal licence application.

Good progress is being made with all matters including finalisation of Heritage Agreements locally which are necessary prior to formal grant, including the key initial licence at Wallal where it is anticipated first drill targets will be established.

On completion of the acquisition FDR Australia will be acquired outright by a newly formed private UK company First Development Resources Limited ("FDR UK") in which Power Metal will have a 75% interest.

Following completion of the acquisition above, the intention is to arrange an initial public offering ("IPO") of FDR UK in the London capital markets targeting Autumn 2021 and the Company is taking preparatory steps to enable that proposed listing.


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.

Reference Notes:

1: CuEq or AuEq: Copper Equivalent grade (CuEq), Gold Equivalent grade (AuEq): Equivalent grades are often employed where a deposit is comprised of several different metals which have the potential to each contribute economic value to the deposit. The equivalent value of the individual minor metals is converted via a formula to a single major metal, usually the major metal which is the most economically dominant in the deposits. The formula used can vary but often employs metal prices and metal recoveries. ASX-listed companies are able to report metal equivalent grades provided they are accompanied by: all individual metal assays; commodity price assumptions; assumed recoveries; the formula; and confirmation that there is good potential for all metals to be recovered.

2: TMIRTP : Total magnetic intensity (TMI) reduced to pole (RTP) relates to the magnetic geophysics data processing methods employed for interpretation of the raw survey data.

3: Bullseye: A bullseye magnetic target is a distinct high-intensity anomaly comprising concentric circular bands of high gradient magnetic intensity surrounding a central point. The analogy is with a dartboard bullseye which presents a distinct central target.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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 large scale metal discoveries

The Company has a global portfolio of project interests including precious, base and strategic metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage exploration prospects 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) Dow Jones Newswires

July 07, 2021 02:00 ET (06:00 GMT)

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