Power Metal Resources PLC Power Metal - Project Portfolio Update (1359B)

TIDMPOW

RNS Number : 1359B

Power Metal Resources PLC

05 October 2020

5 October 2020

Power Metal Resources PLC

("Power Metal" or the "Company")

Power Metal - Project Portfolio Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide a project portfolio update for shareholders.

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

"Power Metal has built a diverse portfolio of interests and has multiple projects in the active exploration phase. The latest position for all our project interests is outlined below, together with details of targeted near-term news flow across our business.

To assist investors and shareholders keep track as we push ahead with multiple exploration programmes we continue to enhance our communications tools embracing both public and investor relations disciplines. The Company's corporate website is being updated at present and a new website is to be launched in the coming month. We are also looking to launch or enhance project level websites where appropriate.

We work hard to keep our corporate presentation fully up to date with each Company announcement, so it should remain a primary tool for shareholders wishing to learn more. Today we are also launching a Project Dashboard for shareholders which will be held on our website and contain an updated overview of each project, its status and near-term plans.

Power Metal are seeking large scale metal discoveries through active exploration, much of which is currently underway or about to commence. Given the level of activity it's important we remain open to feedback. Therefore, should shareholders have any questions, or suggestions, please let us know via [e-mail]."

Project Information Sources for Shareholders:

Further details in respect of Power Metal's nine project interests can be found on the Company's website https://www.powermetalresources.com/s/30/projects

The Company maintains a frequently updated Corporate Presentation which provides an overview of each project and additional corporate information and this may be viewed through the following link:

https://www.powermetalresources.com/p/193/presentations

Recognising the breadth of the Company's projects, and the ongoing active exploration across numerous projects, Power Metal have today launched a Project Dashboard. This provides an updated list of Company's projects, their current status and each project's targeted near term newsflow.

The Dashboard is now embedded into the Company's website and a pdf copy may be downloaded through the following link:

https://www.powermetalresources.com/Uploads/8668-POW_Project_Summary_Updated.pdf

The latest project status and targeted news flow is also outlined below. Shareholders should note that the targeted outcomes and plans may be impacted by a variety of factors, of which readers will be aware the continuing Covid-19 pandemic remains a material factor. Power Metal works with its in-country partners to mitigate and manage all risks proactively and efficiently to ensure where possible the safe continuation of ground operations.

Power Metal Project Status and Targeted News Flow:

 
 PROJECT                 METAL       POW      CURRENT STATUS           TARGETED KEY NEWS 2020 
                                   INTEREST 
 
 AUSTRALIA               Gold       49.9%     12 applications          Potential grant of exploration 
  Victoria Goldfields                          over (2,188              licences, starting with 
  Joint Venture                                km(2.) ) Completed       first 3 priority applications, 
                                               historic project         then launch of exploration 
                                               reports, exploration     programmes. 
                                               planning and             Progress updates for 
                                               NI 43-101.               listing on North American 
                                                                        stock exchange. 
                       --------  ----------  -----------------------  -------------------------------- 
 BOTSWANA                Rare        50%      2 licences               Commence orientation 
  Ditau Camp             Earths                (1,386km(2)              study to assist in the 
  Project                                      ) Rare earths            characterisation and 
                                               potential established    exploration vectoring 
                                               from recent              for the Ditau Project 
                                               exploration              carbonatite ring-structures 
                                               work.                    potentially hosting 
                                                                        rare earths. 
                       --------  ----------  -----------------------  -------------------------------- 
 BOTSWANA               Copper       50%      2 licences               Exploration results 
  Kalahari Copper        Silver                (1,386km(2)              from soil sampling, 
  Belt Project                                 ) southwest              then ground magnetic 
                                               of Sandfire              surveying, and possibly 
                                               Resources'               airborne electromagnetic 
                                               T3 and A4 Dome           surveying, leading into 
                                               copper-silver            drill target development. 
                                               discoveries. 
                       --------  ----------  -----------------------  -------------------------------- 
 BOTSWANA               Nickel      Up to     3 licences               Planned launch of maiden 
  Molopo Farms           Copper     50.96%     (1,780km(2)              drill programme and 
  Complex Project         PGMs                 ) with multiple          thereafter delivery 
                                               targets identified       of results from drilling 
                                               from electromagnetic     to the market including 
                                               survey and               on-site findings and 
                                               ground geophysics.       laboratory assays. 
                       --------  ----------  -----------------------  -------------------------------- 
 CAMEROON               Cobalt      100%      4 licences               Announce findings from 
  Cobalt Blue            Nickel                adjacent to,             review of exploration 
  Project                                      or within 50km           strategies and potential 
                                               of the Nkamouna/Nada     commercialisation options. 
                                               cobalt/nickel 
                                               deposit. 
                       --------  ----------  -----------------------  -------------------------------- 
 CANADA                 Silver       30%      Mineral claims           Planned launch of drill 
  Silver Peak                                  over historical          programme targeting 
  Project                                      Eureka-Victoria          high grade silver veins 
                                               Silver Mine              and following channel 
                                               and high grade,          sampling in September 
                                               intrusion related,       2020 which highlighted 
                                               polymetallic             bonanza grade of up 
                                               Ag-Pb-Zn-Cu              to 14,937g/t (482 oz/t). 
                                               veins. 
                       --------  ----------  -----------------------  -------------------------------- 
 DRC                    Copper       70%      Exploration              Copper/cobalt assay 
  Kisinka Project        Cobalt                licence of               results pending from 
                                               41 carrés           2020 pitting programme. 
                                               miniers (each            C onversion of the licence 
                                               84.95 ha) with           to a Permis d'Exploitation 
                                               a 6.8km copper           (production license) 
                                               anomaly identified.      with a 25 year life. 
                       --------  ----------  -----------------------  -------------------------------- 
 TANZANIA               Nickel       35%      Large polymetallic       Planned launch of maiden 
  Haneti Project         Copper                land package             drill programme and 
                          PGMs                 of c5,000 km(2)          thereafter delivery 
                          Gold                 including 80km           of results from drilling 
                          etc                  long ultramafic          to the market including 
                                               complex with             on-site findings and 
                                               drill ready              laboratory assays 
                                               nickel sulphide/PGM 
                                               targets. 
                       --------  ----------  -----------------------  -------------------------------- 
 USA                     Gold       Up to     Package of               Planned follow on exploration 
  Alamo Gold                         75%       mining claims            programme after initial 

  Project                                      covering c766            short reconnaissance 
                                               acres prospective        survey conducted successfully 
                                               for gold following       in August 2020. 
                                               the discovery 
                                               of native gold 
                                               nuggets near 
                                               surface. 
                       --------  ----------  -----------------------  -------------------------------- 
 

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.

   For further information please visit  https://www.powermetalresources.com/   or contact: 
 
Power Metal Resources plc 
Paul Johnson (Chief Executive Officer)                  [phone] 
 
 
  SP Angel Corporate Finance (Nomad and Joint Broker) 
Ewan Leggat/Charlie Bouverat                            [phone] 
 
 
  SI Capital Limited (Joint Broker) 
Nick Emerson                                            [phone] 
 
 First Equity Limited (Joint Broker) 
David Cockbill/Jason Robertson                          [phone] 
 
 
 
 

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 [e-mail] 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

UPDMABJTMTTMBJM

(END) Dow Jones Newswires

October 05, 2020 09:26 ET (13:26 GMT)