Power Metal Resources PLC Replacement: Completion of Kisinka Field Programme (0066M)

TIDMPOW

RNS Number : 0066M

Power Metal Resources PLC

05 May 2020

The following amendment has been made to the 'Kisinka Project - Completion of Field Programme' announcement released on 05 May 2020 at 13:26 under RNS No 9995L.

Figure 1 is now available to view by using the below link provided in the RNS. All other details remain unchanged. The full amended text is shown below.

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

Kisinka Project - Completion of Field Programme

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update in respect of its 70% owned Kisinka Copper-Cobalt Project, (the "Kisinka Project") located some 30km East of the regional capital of Lubumbashi in the southern part of the Katangan Copperbelt in the Democratic Republic of the Congo.

HIGHLIGHTS

-- Following the discovery of a large 6.8km copper anomaly in the 2019 field programme, in February 2020 POW launched a follow-up pitting and mapping exploration programme across the identified target area;

-- The programme has been completed successfully and safely, with 21 pits completed totalling 174.5 metres on 9 cross sections of the copper anomaly target area;

-- 204 channel samples were collected, and 3 grab samples from the bottom contacts of selected pits;

-- Preliminary mapping of lithological units has been carried out and sample preparation is underway at the University of Lubumbashi;

-- X-ray fluorescence ("XRF") testing of samples will be undertaken shortly and then, subject to lockdown provisions easing enabling the transport of samples and availability of laboratories, assay testing will take place in South Africa targeting copper and cobalt.

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

"I am pleased to report the safe completion of the pitting programme and the collection of a large number of samples for testing. With sample preparation underway in Lubumbashi, we look forward to receipt of the XRF testing results, and thereafter assay results, focused on copper-cobalt mineralisation.

The team in the field reported encouraging findings from the lithological review and visual examination of extracted samples and we look forward to the receipt of sample XRF and assay test results in due course.

So far, the Kisinka Project continues to yield positive outcomes and nothing to date has deterred us from pushing on with the investigation of what is, at 6.8km, a particularly large copper and potentially cobalt anomaly."

DETAILED PROGRAMME INFORMATION

Power Metal has completed the fieldwork element of the follow up programme at the Kisinka Project, including pitting and mapping, focussed on the target area containing the 6.8 km copper anomaly ("Target Area"), as shown in Figure 6 of the 11 July 2019 RNS announcement. There were no injuries reported and all personnel returned safely to base.

The programme was launched earlier this year as outlined in the 12 February 2020 RNS announcement. The hardness of the material encountered during the pitting process, and late rains, caused some delay to completion, although overall the field programme accomplished its goals and we are pleased with progress at this stage.

In total 21 pits totalling 174.5 metres were dug on 9 cross-sections across the Target Area for copper, with 16 reaching target depth and 5 stopped in the lateritic overburden at around 6m due to water table contact (see Figure 1 via the below link).

https://www.powermetalresources.com/p/203/kisinka

From the pits 204 channel samples including Quality Assurance / Quality Control ("QA/QC") samples were collected, as well as 3 grab samples from the bottom contacts of selected pits.

In addition to the 21 completed pits, 3 pits were left for possible later completion when conditions are drier.

Progress was slowed by the hardness of the massive haematitic ironstone intercepted in some pits, as well as by the water return.

Pits intercepted massive haematitic ironstone alternating with thinly laminated to bedded sandy siltstone, with brecciation in the nose of the regional fold in the south-east of the license, and areas of feldspathic sandstone and dolomitic siltstone.

Traces of malachite copper ore in replacement mode were observed from 7m to 8m in pit KSK_P015.

Preliminary mapping of lithological units has been carried out, and sample preparation is under way at the University of Lubumbashi Preparation Laboratory, with XRF testing of the samples expected to be carried out at the end of the week.

Samples will then be retained until the South African test laboratories are confirmed to be out of lockdown, when they will be sent for laboratory testing for copper and cobalt.

Competent Person Statement

The technical and related information in this report relates to exploration results based on information from third parties and data compiled by Steffen Kalbskopf Pr.Sci.Nat, FGSSA and Barry Kazadi (MSc), Pr.Sc.Nat, MGSSA. who are members of the South African Council for Natural Scientific Professions. Mr. Kalbskopf and Mr Kazadi have sufficient experience in the style of mineralisation and type of deposit under consideration. Mr. Kalbskopf and Mr Kazadi consent to the inclusion in this announcement of the matters based on their information in the form and context in which it appears. Mr Kazadi is a managing Director of Mineral Exploration Associates SARL, Consultants (Under the name Minex Consulting) to the Company. Mr Kalbskopf is a self-employed consultant and managing director of Hidden Treasure Consulting and a senior associate of Minex Consulting, both independent of Power Metal Resources plc].

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                                           [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 exploring for the key metals used in power generation, transmission, storage and utilisation. The Board and team of advisors, who have proven expertise in exploration, mining and project generation, have identified an opportunity to utilise the Company's position to become a leader in the London market for investors to gain exposure to the power metal commodity suite, particularly cobalt, lithium, copper and nickel.

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.

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May 05, 2020 09:31 ET (13:31 GMT)