t
| Date | 11 Oct 2021 |
| Time | 14:40:21 |
| Category | Corporate updates |
| ID | 6964O |
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 Drilling |
Kalahari sands which blanket the majority 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:
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:
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:
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:
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.