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African Battery Metals Plc LSE:ABM London Ordinary Share GB00BYWJZ743 ORD 0.1P
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Power Metal Resources PLC Business Operational Update

04/09/2020 1:21pm

UK Regulatory (RNS & others)


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TIDMPOW

RNS Number : 1100Y

Power Metal Resources PLC

04 September 2020

4 September 2020

Power Metal Resources plc ("Power Metal" or the "Company")

Business Operational Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide a Business Operational Update (the "Update") to shareholders, outlining the current status of operations across the Company's six existing projects and two projects under due diligence.

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

"Power Metal is an operationally diversified business with precious metal interests in North America and base metal interests in Africa. The Company has multiple live exploration programmes running and significant corporate activity underway.

The summary below outlines where we are across each project, and the anticipated next steps or developments which, where material, will be notified to shareholders through regulatory news announcements.

Power Metal is at a key stage in its development and aided by our strong underlying financial position, we are pushing ahead proactively across the business, seeking to secure a large-scale metal discovery."

KEY HIGHLIGHTS

-- Two significant drill programmes impending, in Botswana and Tanzania, targeting large-scale nickel sulphide targets and with current levels of local regulation allowing the Company to plan to commence drilling in 2020

-- Significant advancement made in the Australia JV, with 2,188 km(2) of ground under application in the Victoria Goldfields over 12 distinct project areas and a draft of the NI 43-101 technical report under review;

-- Due diligence ground exploration programme underway at the Silver Peak project in Canada, where channel sampling for silver is the key focus and where exploration results are expected shortly and within the 30-day option period announced 17 August 2020;

-- Reconnaissance survey completed successfully at the Alamo gold project in Arizona, USA reviewing the key areas where the bulk of gold nuggets were found in alluvium on the property. The findings have been received in a project report and are being reviewed currently. A market update will follow including next stage exploration plans;

-- Power Metal remains in a strong financial position with working capital comprising cash and listed investments of circa GBP1.6 million;

   --    Further specific updates will be provided for each project as material developments occur. 

OPERATIONAL UPDATE

Power Metal provides the following overview of its six main projects and two projects under due diligence.

Note: all exploration and corporate work is subject to COVID-19 restrictions which may impact work programmes and timescales. Power Metal and its partners are focused on the safety of operational teams and the conduct of programmes in line with local requirements in relation to COVID-19, and all applicable operational regulatory requirements.

 
            PROJECT                           CURRENT OPERATIONAL STATUS 
 
    Australia JV - Victoria       Twelve licence applications have been 
           Goldfields              submitted by RRAL covering 2,188 km(2) 
             (Gold)                in the Victoria Goldfields with three 
       (POW holds a 49.9%          licenses having completed the mandatory 
     interest in Australian        14 day public advertising period. The 
       JV Company Red Rock         JV team is working with Earth Resources 
     Australasia Pty Limited       Victoria to secure early grant of the 
             "RRAL")               advertised licenses to enable exploration 
                                   to commence. 
                                   Ten detailed historic exploration and 
                                   target assessment reports now received 
                                   from local consulting geologists (four 
                                   reports have been released to the market 
                                   and six are under review, and will be 
                                   announced shortly). 
                                   The NI 43-101 Technical Report covering 
                                   seven key licenses is in final drafting 
                                   stage and is expected to be received 
                                   in final form in the coming week. The 
                                   findings of this report will be released 
                                   shortly after receipt and following internal 
                                   review. Receipt of the Technical Report 
                                   will also allow the potential listing 
                                   of some or all of the JV interests to 
                                   be progressed to the next stage. 
                                   In addition, liaison with various external 
                                   parties is underway with a view to further 
                                   potential corporate transactions, including 
                                   external joint ventures, in respect of 
                                   certain license applications. 
                                 --------------------------------------------------- 
     Botswana - Ditau Camp        Power Metal remains in due diligence 
             Project               and related discussions with Kavango 
          (RARE EARTHS)            Resources plc (LON:KAV), the current 
      (Under Due Diligence)        100% project owner, with a view to crystallising 
    (Subject to due diligence      a transaction in respect of the Ditau 
      POW may acquire a 51%        Camp project. 
        project interest)          For clarity the due diligence period 
                                   in respect of the Ditau Camp Project 
                                   ends on 30 September 2020. 
                                 --------------------------------------------------- 
    Botswana - Molopo Farms       Kalahari Key Mineral Exploration Pty 
         Complex Project           Limited ("Kalahari Key"), the JV partner 
      (Nickel Copper PGMs)         and current 100% project owner is making 
      (POW holds 18.26% of         considerable progress in respect of planning 
     project holding company       for drill commencement at the Molopo 
  Kalahari Key and additionally    Farms Complex Project ("MFC Project"). 
       may earn in up to a         Drilling proposals have now been received 
      40% project interest)        from multiple contractors and a review 
                                   is underway at present leading to contractor 
                                   selection and thereafter, subject to 
                                   rig availability, to confirmation of 
                                   drill rig mobilisation at the earliest 
                                   opportunity. 
                                   The drill programme will be focused on 
                                   high profile nickel sulphide targets 
                                   within the Chipo area of the MFC project. 
                                 --------------------------------------------------- 
     Cameroon - Cobalt Blue       Power Metal is continuing to review the 
             Project               exploration and corporate options in 
        (Cobalt - Nickel)          respect of the Cameroon project interests 
    (POW holds a 100% project      and will provide a further update as 
            interest)              material developments occur. 
                                 --------------------------------------------------- 
      Canada - Silver Peak        As part of the due diligence process 
             Project               Power Metal is funding an initial exploration 
            (Silver)               programme at the Silver Peak project 
      (Under Due Diligence)        including channel sampling to help determine 
       (POW may earn in to         silver prospectivity. 
     a 30% project interest)       Initial results are expected from this 
                                   programme in the next week and Power 
                                   Metal will update the market upon completion 
                                   of an internal technical review of findings. 
                                 --------------------------------------------------- 
   The DRC - Kisinka Project      The Company is awaiting the receipt of 
        (Copper - Cobalt)          assay results from the pitting and mapping 
    (POW holds a 70% project       programme conducted earlier this year. 
            interest)              The results will help inform next stages 
                                   of exploration on the ground at the 6.8km 
                                   copper anomaly discovered within the 
                                   Kisinka Project. 
                                   The results so far justify the magnetic 
                                   ground survey and electromagnetic ("EM") 
                                   survey the Company is currently planning 
                                   in order to increase understanding of 
                                   structure in the target area defined 
                                   by the exploration to date. 
                                   The license renewal was recently underway 
                                   but the decision has been taken instead 
                                   to convert the license to a Permis d'Exploitation 
                                   (production license) with a 25 year life. 
                                   50% of the less prospective ground is 
                                   being surrendered, leaving the Company 
                                   with 41 carrés miniers (each 84.95 
                                   ha), 
                                 --------------------------------------------------- 
   Tanzania - Haneti Project      Power Metal is working with Katoro Gold 
      (Nickel - PGMs - Gold        plc (LON:KAT or Katoro) the JV partner 
           - Lithium)              in respect of the Haneti Project in Tanzania. 
    (POW holds a 35% project       Katoro are in the final stages of planning 
            interest)              for drill commencement. Specifically, 
                                   Katoro are seeking to confirm rig availability 
                                   and confirmation of a drill mobilisation 
                                   date. 
                                   Power Metal and Katoro hope to confirm 
                                   the launch of the drill programme to 
                                   the market in the near term. 
                                 --------------------------------------------------- 
      USA Arizona - Alamo         A Reconnaissance Survey ("Survey") has 
          Gold Project             been completed successfully at the project 
             (Gold)                in Arizona which was focused on a review 
       (POW may earn in up         of the key areas where the bulk of gold 
   to a 75% project interest)      nuggets were found in alluvium on the 
                                   property. 
                                   The Survey report from the work undertaken 
                                   has been received and is being reviewed. 
                                   Power Metal are also working with its 
                                   local partners to design the next stage 
                                   exploration programme at the project 
                                   based on the Survey report findings. 
                                   Upon completion of our review of the 
                                   Survey report and confirmation of the 
                                   next stage exploration programme Power 
                                   Metal will update the market in full. 
                                 --------------------------------------------------- 
 

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 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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September 04, 2020 08:21 ET (12:21 GMT)

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