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Power Metal Resources PLC Tati Project Botswana - Drill Programme Commences

11/10/2021 2:40pm

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RNS Number : 6964O

Power Metal Resources PLC

11 October 2021

11 October 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Project Botswana - Drill Programme Commences

Company's Inaugural Reverse Circulation Drill Programme Underway with Drill Pad Preparation in Progress and Drill Rig Mobilisation to Site this Week

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that the company's inaugural drilling programme is now underway on the Tati Project located in the Tati Greenstone Belt near Francistown, Botswana (the "Project"). The Project is targeting large scale gold and nickel discoveries.

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

"The launch of this inaugural drill programme at the Tati Project in Botswana is a great step forward for the Company. The stunning pace of ground exploration at the Project has been matched by the positive findings to date and notably several multi-kilometre geochemical anomalies.

Drilling at such an early stage demonstrates our confidence in the Project and our sense of urgency to better understand the geology of several high-priority target areas. With successful exploration, Tati Project could become one of the leading projects in our portfolio."

Highlights:

 
  Drill Programme        Approximately 1,000m of reverse circulation 
                          ("RC") drilling is planned across multiple 
                          target zones which is being undertaken 
                          by Power Metal's drill partners Equity 
                          Drilling Ltd and Mindea Exploration and 
                          Drilling Services (Pty) Ltd. 
                          All drill holes as part of this programme 
                          are planned for depths between 50 - 100m. 
                          RC drilling provides a inexpensive, and 
                          rapid testing method which is well suited 
                          for an early-stage drilling campaign. 
                          The RC chip samples collected will be 
                          sent to Intertek Group plc's laboratory 
                          located in Perth, Australia, for Fire 
                          Assay and multi-element analysis 
  Exploration to Date    Exploration on the Project has advanced 
                          at a rapid pace to its current stage since 
                          Power metal exercised its option to acquire 
                          a 100% interest in the Project on 28 July 
                          2021. 
                          To date, exciting multiple kilometre-scale 
                          arsenic, gold and nickel, as well as magnetic 
                          anomalies have been identified by geochemical 
                          sampling and ground-based geophysical 
                          surveys. 
                       ------------------------------------------------ 
  Rationale for Early    Kalahari sands which blanket the majority 
   Drilling               of the Project have precluded widespread 
                          geological mapping and prospecting, as 
                          a result the Company has decided to launch 
                          the drilling campaign in order to obtain 
                          bedrock RC chip samples from the various 
                          target areas below Kalahari sand cover. 
                          The main goal of the drill programme is 
                          to test for the presence of the geological 
                          formations which host many of nearby historic 
                          and currently operating gold and nickel 
                          mines within the Tati Greenstone Belt. 
                          The laboratory assay results, combined 
                          with geological logging of the RC bedrock 
                          samples will provide the company important 
                          geological information which will help 
                          guide future exploration and drilling 
                          campaigns on the Project. 
                       ------------------------------------------------ 
 

PROJECT BACKGROUND

Power Metal exercised an option to acquire a 100% interest in the Project on 28 July 2021, through its local wholly owned operating subsidiary. Details of the option exercise can be found below.

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-option-exercised/15075700

PHASE I EXPLORATION

A total of 1,107 soil samples and 49 rock samples were collected across five select areas as part of the Phase I programme at the Project which was orginally announced by the Company on 28 June 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-commences/15036117

The first batch of results were analysed utilising a portable field X-ray Fluorescence ("XRF") spectrometer, and from this work multiple large scale nickel and arsenic soil anomalies were announced by the Company on 19 August 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-anomalies-confirmed/15104018

The second batch of results including 380 soil samples from Grid 1 (or the "Sikukwe Zone"), and 49 rock samples which were analysed by fire assay for gold at Intertek Group plc's laboratory located in Perth, Australia. The results of this programme were announced by the Company on 14 September 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-gold-anomaly-confirmed/15133545

PHASE II EXPLORATION

The phase II geophysics programme is nearing completion with surveys now finished on Grids 3, 4 and 5. A final survey over the Sikukwe Zone will be completed within the coming days. The preliminary results and findings from this Phase II exploration have been used for the planning of the ongoing RC drilling programme. Further information in respect of the Phase II programme is available in the Company's announcement dated 26 August 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15112960

COMPETENT PERSON STATEMENT

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.

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 company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

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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October 11, 2021 09:40 ET (13:40 GMT)

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