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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Battery Metals Plc | LSE:ABM | London | Ordinary Share | GB00BYWJZ743 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.55 | 0.50 | 0.60 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMPOW
RNS Number : 0141O
Power Metal Resources PLC
26 January 2023
26 January 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Gold Project, Botswana - 2023 Exploration Underway
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project ("Tati" or the "Project") located within the Tati Greenstone Belt near Francistown, Botswana, is underway.
EXPLORATION PROGRAMME KEY OBJECTIVES
- To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.
- Through Power Metal's largest and most comprehensive exploration campaign across the Tati Project, to date.
o Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation ("RC") drilling and diamond core drilling.
o Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
" The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.
Our exploration programmes in 2021 and 2022 have built a robust picture of the Project's potential and we are particularly excited as we proceed with the next stage of exploration - the largest ever completed on the Project by Power Metal.
So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.
Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented."
EXPLORATION PROGRAMME OVERVIEW
Exploration Work Rationale and Targeted Outcome TRENCHING This work will look to extend A circa 500 metre mechanised the already known strike length trenching programme (underway). extension of the main quartz Trenching will be focused along reef structure at the Cherished various strike-length extensions Hope gold mine (the "Cherished of the known outcropping gold Hope") within the Project licence mineralised quartz reef structure. area. The quartz reef currently Quartz reef as well as mineralised remains open towards the northwest wall rock will be sampled when and southeast as well as down intersected within the exposed dip. trenches. If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (175m) strike length extents as defined by the recently completed RC drilling campaign. By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions. ----------------------------------------- SOIL GEOCHEMISTRY Historical soil sampling completed High-resolution soil geochemistry over the majority of the Tati programme focussed on approximately Project was undertaken by previous 3km of strike-length (see red operators along 400m spaced area highlighted on figure 1 lines at 40m sample spacing. below). This programme looks to infill Approximately 500-600 individual the line spacing so that the soil samples are planned with definition and location of already follow up assay testing of samples. proven Au-in-soil anomalies Soil samples will be collected is vastly improved. along a grid which will be focussed This work will then allow Power northwest of the 2022 RC drilling Metal to follow up with more area. The goal is to improve focussed next exploration steps the resolution and definition which could include trenching over several kilometres of the and RC drilling of these new currently defined 8km long areas during subsequent work gold-in-soil anomaly. programmes. By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint. ----------------------------------------- GEOPHYSICS The goal of the magnetometer A ground magnetometer geophysics survey is to provide high-resolution survey focussed on the northwestern imaging of any structures or strike length extension of the geology which may have had an Cherished Hope Mine (underway). influence on the emplacement of mineralised quartz reef structures. Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling. ----------------------------------------- REVERSE CIRCULATION ("RC") This RC programme is designed DRILLING(1) to test for the along strike 15 RC drillholes are planned and down dip extension of the to an average planned depth main mineralised quartz reef of 100m for 1,500m in total. structure. The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface. The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling. ----------------------------------------- DIAMOND CORE DRILLING(2) The diamond drilling programme is designed to drill test select 5 diamond drill holes are planned portions of the quartz reef to an average expected depth structures which were previously of 100m for 500m in total. successfully delineated by the RC drilling conducted during fall 2022. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation. The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised
quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project. -----------------------------------------
KEY:
(1) RC drilling involves a "hammer" piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.
(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.
FURTHER INFORMATION
Figure 1 - Tati Project Overview Plan Map:
Figure 2 - Tati Project Q3 Drilling Area Zoomed Plan Map:
QUALIFIED 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 Qualified 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 - Background
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.
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END
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January 26, 2023 10:16 ET (15:16 GMT)
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