Power Metal Resources #POW – Discovery of Historic Mine Workings – Victoria
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from its joint venture subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which is undertaking gold exploration at its granted licences in the Victoria Goldfields in Australia.
Power Metal holds a 49.9% interest in RRAL, with 50.1% held by joint venture partner Red Rock Resources plc (LON:RRR).
Highlights:
· Discovery of historic workings and well-developed adits and shafts at O’Laughlins
· RRAL begins re-entry programme at mines south of Ballarat to confirm lode continuity and grade
· These provide focal point for accelerated exploration to establish economic potential
· Geological similarities to prolific Ballarat Mine
· Diamond drilling scheduled for Q4 2021
Re-entry Programme at Historic Gold Mine Workings
The RRAL ground exploration team have identified a series of historic workings and well developed adits and shafts at O’Laughlins, which is located within granted Exploration Licence EL007271 (Blue Whale Project).
A map highlighting the detailed plan of O’Laughlins workings may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/detailed-plan-olaughlins-working/
Following the successful completion of safety requirements, RRAL geologists are entering the old workings at O’Laughlins to complete investigations into the nature and extent of the gold mineralisation originally exploited.
No previous reports or indications of historical grade have so far been uncovered in the available literature so this will be the first modern day exploration at these previously forgotten workings since the 1860s.
Other shafts and underground excavations in the immediate area will be included in the re-entry programme. It is hoped that a better understanding of the geometry of the lode systems along with an indication of the tenor of gold grades will be completed prior to diamond drilling scheduled for Q4 2021.
Geological Analysis of Recently Discovered Mine Workings
Enfield Reef
Geological observation at the Enfield Reef adit entrances indicates a broad zone of stockwork style veining in a fault structure marked by a laminated quartz vein exposed on the eastern wall. Bedding appears to be striking north-south with the fault structure and adit orientation of 0200. This can be traced along the entire length of the adit itself.
The inferred fault structure is thought to be obliquely cross cutting an anticlinal hinge zone of tight, slightly overturned, east facing folds in Ordovician age meta-sediments. These structural elements and vein textures conform well with the model of gold mineralisation within the Ballarat/Bendigo Gold zone.
The geology similar in character to that of the lode material currently exploited within the operating Ballarat underground Mine 15 kilometres to the north.
An image showing the main adit at Enfield Reef may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/enfield-reef-adit-entrance/
Note in the image the zone of quartz stockwork in the mine back. The adit is some 30 metres long and has associated shallow pits and trenches marking the line for the lode structure on top of the hill some 20 metres above the adit portal.
Glasgow Reef
A second adit and shafts have recently been identified to the east of the main O’Laughlins prospect in the small adjoining licence EL007507 which is currently under application.
These hidden workings including an adit and shafts thought to have been worked in the 1860s have also recently been uncovered and sufficient work undertaken to allow access for a first pass look at the rocks exposed within.
Whilst granting of this licence is expected imminently, work in the short term will continue to focus on the known mineralisation within the granted licence EL007271, however the discovery of the hidden workings is instrumental in building the regional geological picture of gold mineralisation within the prospect itself.
An image showing inside the hidden adit at Glasgow Reef may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/glasgow-reef-inside-hidden-adit/
Overview
The combined width of the zone across both tenements comprising of at least two main north northeast trending lode structures is over 500 metres with further small historical pits and workings between the two major structures.
Identified quartz veining at surface between the two major mineralized structures is considered by the RRAL exploration team to present strong evidence for multiple parallel reefs trending north south over the width of the zone.
RRAL Exploration Director Dave Holden comments : “As the area is predominantly within an old pine plantation there is little to no exposure of rocks beneath the thick covering of pine litter, so to discover well-developed adits with shafts is an exciting development and adds weight to the proposition that this area was more heavily mined over 100 years ago than previously thought. The known production records of the Ballarat area in that period give only a partial picture, as much production was unrecorded.
This shortened time frame for advancing the project as a result of the discovery of historical workings in the area has RRAL on a trajectory towards potential gold discovery”.
Background on the O’Laughlins/Scotsburn project
The O’Laughlins project lies immediately southeast of the Ballarat line for gold mineralisation. Ballarat currently has a producing underground mine and its immediate area has seen historical gold production in the order of 14 million ounces from alluvial, deep lead and hard rock mining in the region. The Ballarat Gold Camp extends from Creswick in the north down to below the RRAL prospects in the south.
The O’Laughlins project is thought by the RRAL exploration team to be on a similar line of mineralisation to the main Ballarat gold camp off-set to the east,but has seen little of the hard rock exploration and mining which historically remained focused at Ballarat itself.
Preliminary results from a regional geochemical survey undertaken by RRAL recently produced well-defined arsenic anomalies in areas south of the main Ballarat and Scotsburn lines of gold mineralisation. From this, one advanced target has been advanced marking the southern end of the Scotsburn line of gold workings. The elevated arsenic coincides well with historical workings, structural trends and a potassic anomaly identified from airborne radiometric data from the late 1980’s and confirmed the original broad target area identified by CRA Exploration (“CRA”) at the time.
Elevated gold in rock chip samples taken by CRA are in the process of verification by RRAL. Despite the soil and rock anomalism and abundance of historical workings, to the knowledge of RRAL, no drilling has ever been conducted.
The continuous strike length of the reefs mapped to date is approximately 1,000 metres but in a regional sense this prospect marks the southern extent of over 9 kilometres of mineralized corridor from Scotsburn to O’Laughlins. Recent field work has identified additional parallel reefs to the east of the main Enfield reef structure.
Little historical literature exists for these workings other than a single reference to the gold bearing nature of the reef: “The Glasgow Reef is also about to be tested application having been made for a large claim on the same. It is anticipated that some difficulty will be experienced on this reef, in separating the gold from the sulphurets.” (MINING INTELLIGENCE Ballarat Star Newspaper Jan 7th 1865).
About Red Rock Resources Australasia Pty Ltd
Red Rock Australia Pty Ltd. is a privately owned joint venture company owned as to 50.1% by Red Rock Resources plc (LON:RRR) and as to 49.9% by Power Metal Resources PLC (LON:POW).
RRAL holds a strong land position in the rich gold fields of Victoria, Australia as the result of a focused exploration strategy targeting high grade quartz hosted gold veins systems in a region where the exploration models and targets are well understood. The company has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.
With the first tenements granted only 6 months ago RRAL is already at an advanced stage of discovery building 3 promising gold prospects slated for diamond drilling late in Q4 2021. Still able to actively operate in the current global pandemic, the company has exploration geologists and field crews active in the field. This is coupled with a technical team holding an in-depth knowledge of Victorian geology including extensive underground experience gained from working in currently operating mines in the area.
The company continues to develop its advanced prospects as it awaits further tenement grants. As it does so it will increasingly use project names rather than licence numbers as project identifiers. RRAL continues to evaluate other opportunities that may add significant value in the near term.
COMPETENT PERSON STATEMENT
The technical information relating to exploration in this announcement is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and acting as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr Holden has experience in the style of mineralisation and type of deposit under consideration. Mr Holden is the Exploration Director of RRAL.
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Power Metal Resources #POW – Canadian Lithium Project – Exploration Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the commencement of its Phase I work programme on the Authier North Lithium Property, located in the prolific Val D’Or mining camp in Quebec, Canada (“Authier North” or the “Property”).
The Authier North Lithium Property interest is held by Power Metal’s wholly-owned Canadian subsidiary Power Metal Resources Canada Inc. (“Power Canada”) which is focused on strategic energy metal opportunities within Canada’s top mining jurisdictions.
Power Canada is earning-in to a 100% interest in Authier North and further information in respect of this earn-in transaction is provided in the Company’s announcement dated 16 July 2021 in the link below:
https://www.londonstockexchange.com/news-article/POW/agreement-canadian-lithium-properties/15061434
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“Following on from yesterday’s news marking Power Canada’s move into uranium exploration, today we confirm the launch of inaugural exploration on the Authier North lithium property.
Authier North is a strategic lithium interest situated adjacent to Sayona Mining’s Authier Lithium Project in Quebec, Canada, where a substantial Lithium Oxide Reserve has been delineated.
The geological proposition is that the lithium mineralisation may potentailly extend into the Power Canada Authier North Property, and if so, that there is potential for a lithium discovery.
Because of this geological potential Power Metal have been eager to accelerate exploration and so we announce this first programme today, only two months after the Authier North transaction was originally announced to the Market.
We look forward to updating the market with the findings from this important work.”
Authier North Property Location
The Authier North Property is highlighted on a map held on the Company’s website which may be viewed on the following link:
https://www.powermetalresources.com/quebec-lithium-properties/
The Phase 1 Exploration Work Programme
Very little historic work has been completed on the Property, including no known work completed since the discovery and resource declaration at the nearby Authier Lithium Project held by Sayona Mining Limited (“Sayona”).
During the 2021 Phase I programme, prospecting and mapping will be completed by a senior geologist with extensive Quebec lithium-pegmatite exploration experience.
As part of the programme at least 180 soil samples will be collected from four separate grids within the Property.
Geological Rationale for the Work Programme
The soil sampling grids have been oriented within strategic areas of the Property, including high-resolution coverage over the east-west oriented volcanic rock packages which hosts Sayona Mining’s Authier Lithium Project less than 2.5km to the west along strike.
Soil sampling will also be completed to the north of the Authier Lithium Project where the extension of the lithium-bearing pegmatite is postulated to continue at depth under cover.
Programme Outcomes/Deliverables
The work programme currently underway will satisfy the first year work requirements as outlined in the Authier North earn-in agreement.
The final deliverable by the in-country geological consultants will also include a technical fieldwork report delivered in a NI43-101 compliant form.
Lithium Commodity Attractiveness
The price of spodumene (lithium bearing mineral found on neighbouring Authier Lithium Project) has surged over 140% this year to $990/t USD on the back of stronger than expected electric vehicle demand.1
Authier North Property – Background
The Authier North Property consists of fifteen (15) mineral claims covering an area of approximately 560-hectares and is considered to be prospective for lithium-pegmatites and base metal mineralisation.
Very little historic exploration has been completed on the Authier North Property, with reports of five short boreholes (four of which returned elevated lithium and nickel assays) and only 4 rock samples which returned strongly anomalous chromium and nickel results (up to 0.42% Cr203 (Chromium (III) Oxide), and 0.21% nickel). The reports related to drilling conducted in 19551 and 19742 undertaken by Lyndhurst Mining Limited and Cominco Limited. No reliance should be placed on this historical exploration as it is not known whether the historical exploration results noted above are reliable.
The Authier North Property shares an extended claim border with Sayona’s Authier Lithium Project which hosts a JORC (Joint Ore Reserves Committee) compliant Total Reserve of 12.1Mt at 1.0% Li2O (Lithium Oxide). The deposit is less than 700m from the shared claim boundary.
Sayona published a Definitive Feasibility Study (“DFS” reported 11 November 2019) on their flagship Authier Lithium Project. This DFS highlighted a net present value (discount factor 8%) of CAD$216 million and a pre-tax internal rate of return at 33.9%.
Additionally, in January 2021, Soyona announced a strategic partnership and offtake agreement with Piedmont Lithium Limited (ASX:PLL, Nasdaq:PLL) which includes a 25% ownership stake in Sayona Quebec (a wholly owned subsidiary of Sayona Mining), as well as 50% (60,000 tpa) offtake agreement for future production from the Authier lithium project. Sayona expects full commercial production of spodumene concentrate to commence in 2023.
Soyona Mining’s Authier lithium project consists of a spodumene pegamatitic intrusion which dips to the north and the Company believe that this may extend into the Authier North Property.
References:
1:
https://gq.mines.gouv.qc.ca/documents/EXAMINE/GM03267/GM03267.pdf
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#ORPH Open Orphan – Why scientists are deliberately infecting volunteers with Covid-19
If you are going to catch covid-19, jokes Jacob Hopkins, a university student, the safest place to do it is in a hospital. So in March Mr Hopkins lay down on a bed in the Royal Free Hospital in London while doctors placed droplets of liquid carrying the sars-cov-2 virus into his nose. Mr Hopkins was one of 36 participants in the first “human challenge trial” (hct) for covid-19.
Human trials are a valuable part of medical research. Studying sick people in the controlled environment of a lab allows scientists to collect valuable information about how diseases work much more quickly than relying on messy and uncertain data from the real world. Since the second world war, around 40,000 volunteers have allowed themselves to be infected with everything from malaria and typhoid to dengue fever and cholera.
UK Investor Magazine – UK Inflation, Restaurant Group and Iron Ore with Alan Green
Alan Green joins the U
K Investor Magazine Podcast for our regular instalment of UK equities and global markets.
We explore the impact and causes of the UK’s highest inflation reading in nine years and what it could mean for the Bank of England.
There is also results to digest from casual dining company Restaurant Group. The group owns Wagamamas which enjoyed a 21% increase in activity over the period but with shares up nearly 5x since their lows in 2020, we look at the viability of an entry at this point.
We also discuss Cadence Minerals and the latest updates from their portfolio of investments and assets.
Power Metal Resources #POW – Strategic Uranium Opportunity
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the acquisition by claim staking of four 100% owned uranium exploration properties (the “Properties”) comprising 7 licences surrounding the Athabasca Basin, located in northern Province of Saskatchewan, Canada.
The claim staking was completed through Power Metal’s wholly-owned Canadian subsidiary, Power Metal Resources Canada Inc (“Power Canada”).
The Properties
The four 100% owned Properties cover a combined 10,869-hectares (109km2) giving Power Canada a strong foothold in the prolific Athabasca Basin (for property details see table 1 below).
The properties include the Clearwater Uranium Property (“Clearwater”); Tait Hill Uranium Property (“Tait Hill”); Thibaut Lake Uranium Property (“Thibaut Lake”); and the Soaring Bay Uranium Property (“Soaring Bay”).
The Location
All four Properties are surrounding the prolific Athabasca Basin, in northern Saskatchewan, Canada which is home to some of the world’s largest and highest grade uranium mines including Cameco Corporation’s Cigar Lake and McArthur River Uranium Mines.
Saskatchewan was recently ranked the 3rd best mining jurisdiction in the world in Fraser Institute’s 2020 rankings.
The Staking Process
The Properties were staked after detailed analysis of several provincial geological databases including airborne magnetics, government bedrock mapping, as well as publically available assessment report files and the mineral deposits index (a database of 6143 unique localities throughout the province with known mineral occurrences, separated by commodity).
The claims have been registered with the Mineral Administration Registry Saskatchewan and the total cost of claim staking was C$6,521. The claims are valid for 2 years and there is no minimum spend commitment required.
As the Properties were acquired through staking, Power Canada will have a 100% interest with no outstanding royalties or encumbrances.
Power Canada Rationale
The acquisition of the uranium exploration interests announced today continues to build upon Power Canada’s strategic energy metal business which is currently highlighted with our Authier North project comprising a strategic land holding immediately north of Sayona Mining Limited’s Authier Lithium project located in Quebec, Canada.
A further update is expected shortly from our Authier North property with respect to the commencement of an inaugural ground exploration programme.
The Commodity
Uranium is an important global commodity as it plays a crucial role in nuclear power generation, widely considered to be a efficient ultra low-carbon alternative to traditional thermal coal power generation, and there has for some time been a building supply/demand dynamic in the uranium commodity market, meaning a diversified natural resource business such as Power Metal, should consider participation.
Recent tightening of the spot U308 futures market has led to a significant increase in spot price up to a high of 44.9$/lb USD, representing a greater than 40% increase compared to mid-August 2021.1
The recent accelerated interest in the sector caused Power Metal, through Power Canada, to act quickly to secure its strategic position.
1 https://markets.businessinsider.com/commodities/uranium-price
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Power Metal has been reviewing uranium opportunities across three different continents for some time, and today we make our first important public step into the uranium commodity space.
The Properties have been selected after careful review and are strategically located where there is material evidence of uranium prospectivity as demonstrated by historic exploration reports as well as through various uranium focused government databases.
The acquistion of these uranium properties through staking represents an important building block in Power Canada’s growing strategic energy metal business.”
PROJECTS OVERVIEW
Figure 1, which highlights the location of Power Canada’s uranium portfolio including the Clearwater Uranium Property, Tait Hill Uranium Property, Thibaut Lake Uranium Property, and the Soaring Bay Uranium Property can be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/power-canada-uranium-property-map/
Clearwater Uranium Property Overview
· The Clearwater Uranium Property is located approximately 10km northwest of Uranium City, Saskatchewan, near the northwestern border of the prolific Athabasca Basin; it shares an extended claim border with Australian listed 92 Energy Ltd (ASX: 92E).
· Clearwater covers 4,864-hectares (c. 49km2) and is centred around 13 uranium mineral deposit index points which are located along a roughly 20km strike-length of uranium rich mineralistion hosted within uranium (U) – thorium (Th) – molybdenum (Mo) – rare earth element (REE) – rich pegmatites
· Several uranium-rich occurrences have been discovered within Clearwater including channel sampling that averaged 0.34% U3O8 over 7.9m, grab samples including 0.55% U3O8, as well as several other occurrences that returned very-high scintillometer readings in excess of 15,000 counts per second (CPS) – which is a measure of the radioactivity of a rock.
Tait Hill Uranium Property Overview
· The Tait Hill Uranium Property is located approxiatetly 40km northwest of Stony Rapids, Saskatchewan, near the northern border of the prolific Athabasca Basin.
· Tait Hill covers 2544-hectares (c. 25km2) and is centered around 13 uranium mineral deposit index points which are hosted within U-Th-Mo-REE-rich pegmatites.
· A highlight rock sample from Tait Hill include CH158 which returned 0.78% U3O8, 895ppm Thorium (Th), 9,235ppb Zirconium (Zr); a soil sampling programme returned exceptionally high results for uranium and zinc which included samples ranging from 460 – 13,200ppb (1.3%) U, and up to 22,700ppb (2.3%) Zinc (Zn).
· Prospecting and ground-scintillometer surveys outlined two main targets at Tait Hill including, 1) low-grade, high-tonnage uraniferous pegmatites, 2) localised high-grade zones with uranium-enrichment located along a contact zone between pegmatites and a biotite-gneiss unit.
Thibaut Lake Uranium Property Overview
· The Thibaut Lake Uranium Property is located approximately 35km northwest of Uranium City, Saskatchewan, near the northwestern border of the prolific Athabasca Basin.
· Thibaut Lake covers 2,206-hectares (c. 22km2) and is centered around 8 uranium mineral deposit index points which are located along a roughly 6km strike-length of uranium-rich mineralisation hosted within pitchblende-rich (uranium-oxide mineral, chemical symbol:U02) porphyritic granites.
· Several trenches and rock samples have returned high-grade uranium-rich mineralisation including:
o A 10.7m long trench returned individual assays up to 7.95% U308, with an average of 1.09% U308 along its extent
o Highlight samples obtained across the showings include assays up to 3.4% U308, 3.85% U308, and 2.44% U308.
Soaring Bay Uranium Property Overview
· The Soaring Bay Uranium Property is located approximately 17km west of highway 914, immediately south of the prolific Athabasca Basin.
· Soaring Bay covers 1,255-hectares (c. 13km2) and is centered around 1 uranium, and 2 base-metal mineral deposit index points which cover a 4km strike-length of uranium mineralisation concentrated along a geological contact zone between a pegmatite unit and granite gneiss.
· Several highlight grab samples returned significant uranium mineralisation including 0.57% U308, 0.55% U308, 1.34% U308, as well as copper and thorium enrichment up to 0.46% Cu and 0.46% Th respectively.
NEXT STEPS
The Company is preparing all available historic data on Properties for publication, and will make an announcement with further details in the coming weeks, which will also include the company’s next steps with the newly acquired Properties.
Table 1: Power Metal Canada Inc. Athabasca Basin Property Holdings
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Project |
Licence ID |
Size – Hectare |
Granted |
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Clearwater Uranium Property |
MC00015079 |
1,110 |
Yes |
|
MC00015083 |
563 |
Yes |
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|
MC00015082 |
3,191 |
Yes |
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Tait Hill Uranium Property |
MC00015078 |
1,576 |
Yes |
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MC00015081 |
968 |
Yes |
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|
Thibaut Lake Uranium Property |
MC00015077 |
2,206 |
Yes |
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Soaring Bay Uranium Property |
MC00015080 |
1,255 |
Yes |
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Alan Green talks about Mirriad Advertising, Power Metal Resources & Kavango Resources on latest Vox Podcast
Alan Green talks about Mirriad Advertising, Power Metal Resources & Kavango Resources on latest Vox Podcast:
https://www.voxmarkets.co.uk/articles/alan-green-talks-about-mirriad-advertising-power-metal-resources-kavango-resources-7829737
Kavango Resources #KAV – Drilling Update
Kavango Resour
ces plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Kavango’s senior geologist on site has reported that diamond drilling on Hole TA2DD002 intersected what appears to be sulphide and chromite mineralisation in pyroxenite at 651m from surface.
Hole TA2DD002 is currently being drilled in the northern (Hukuntsi) section of the Company’s project in the Kalahari Suture Zone (“KSZ”).
Highlights
Ø The geological diamond drill Hole TA2DD002 was designed to intersect the Proterozoic (Tshane Complex) mafic/ultramafic intrusion that lies beneath Karoo sediments intruded by gabbros to obtain supplementary geophysical and geological data
Ø Kavango previously estimated that the Proterozoic rocks would be intersected at between 600m and 700m
Ø The principal objectives of the hole were to collect physical data from the Karoo and Proterozoic intrusives to support and refine Kavango’s 3D geophysical model of the KSZ in the Hukuntsi Section
Ø At 651.78 the drill passed from Karoo tillites (glacial sediments) through an unconformable contact into fresh Proterozoic pyroxenite (ultramafic magmatic rock)
Ø Visual inspection of core has been carried out by the Company’s senior geologist at the drill site
Ø The very coarse (pegmatitic) pyroxenite appears, on visual inspection, to contain disseminated chalcopyrite (copper sulphide) and chromite, as well as section of coarse anorthosite
Ø Hole TA2DD002 is currently at 701m and remains in Proterozoic ultramafic magmatic rocks
Ø On completion of the hole, core samples will be cut and samples sent to an internationally accredited laboratory in South Africa for a suite of relevant assays.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We made immediate contact with ultramafic magmatic rocks and visible sulphides, as the Proterozoic was intersected at 651m . The presence of chalcopyrite (copper sulphide) is an indicator of further potential mineralisation in the system, though quantities and grades are yet to be determined.
While this is an encouraging development in our efforts to prove the concept of the Kalahari Suture Zone, important steps remain for us to evaluate thoroughly what we have discovered.
We expect to continue drilling Hole TA2DD002 further into the Proterozoic structure and are in discussions with Mindea and Equity Drilling about the further depth that can realistically be achieved. Once drilling is complete on Target Area A we will mobilise the rig to Target Area B. In parallel to this we will send core samples collected from Target A for relevant assays and whole rock analysis.”
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Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For additional information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The information in this press release that relates to “geological and/or geophysical results” for the KSZ Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.
Power Metal Resources #POW – Tati Project – Large Scale Gold Anomaly Confirmed
Powe
r Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the confirmation of a large scale gold-in-soil anomaly at the Tati project located in the Tati Greenstone Belt near Francistown, Botswana (the “Project”).
The gold anomaly was confirmed following receipt of laboratory assay testing results of soil and rock samples collected during the Company’s Phase I exploration programme at the Project, further information in respect of which is provided below.
HIGHLIGHTS:
· The second batch of samples, including 49 rock and 380 soil samples, were collected and sent for laboratory fire assay testing for gold in Perth, Australia.
· Results have confirmed a large scale gold-in-soil anomaly with coincident high-grade rock assay results up to 26.5g/t gold.
· Soil sample assay results returned up to 1,614 parts per billion (“ppb”) gold (“Au”), including 10 soil samples that returned >75ppb gold, representing an extremely high-tenor result.
· Overall, the results encountered confirm a large scale gold-in-soil anomaly further providing support for the company’s accelerated exploration on the Project.
· Phase II exploration, which was launched on August 26 2021, continues at pace and is focused on delineation of targets for drill testing, which is expected to commence by the end of September 2021.
Figure 1, which highlights the soil and rock results analysed by fire assay for gold from the Phase I programme can be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/sikukwe-zone-soil-rock-results/
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The Tati Project in Botswana continues to deliver, with the multiple large scale nickel and arsenic-in-soil anomalies announced on 19 August 2021, and now followed up with the confirmation of a large scale gold-in-soil anomaly confirmed at the Sikukwe Zone from gold fire assay testing.
The new results, including up to 26.5g/t gold in rock samples, are very encouraging and the team are increasingly thrilled with the findings to date and the exploration potential offered by the Tati Project.
Since Power Metal exercised its option to acquire the Tati Project in July, we have conducted extensive accelerated exploration on the ground and that work continues today, as we vector in on targets for drill testing expected to commence later this month.
Our thanks go to the ground operational teams and those with whom we are working in Botswana for moving the Project to the cusp of potentially high-impact drilling in just two months from option exercise, which is quite a remarkable achievement.”
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 Power Metal Resources Botswana Pty Ltd. 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 – RESULTS
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 presented herein represent the 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 Sikukwe Zone geochemical results highlight a roughly 2100m long northwest-southeast trending high-tenor gold-in-soil anomaly which ranges in width from 1400m to 800m along its extent. The anomaly remains open in all directions. Of the 380 samples collected from the Sikukwe Zone, 10 returned greater than 75ppb Au. Of particular interest is an individual soil sample which returned 1614ppb Au (1.6g/t). Historic widely spaced soil sampling over the Sikukwe Zone returned a maximum result of 34ppb Au; the results presented herein returned 14 samples (34.8ppb – 1614ppb Au) which were above the previous highest result of 34ppb Au.
· The Sikukwe Zone is mostly overlain by Kalahari sand cover, which made prospecting and rock sampling difficult. One area with limited rock exposure located near the southern portion of the gold-in-soil anomaly was prospected and rock sampled as part of the Phase I programme. Very encouraging results were obtained from the newly discovered Goldsource Zone, where two samples returned high-grade gold including 23.6g/t Au, and 26.5g/t Au. All rock samples were taken from an exposed variable quartz-stockwork veined outcrop over a 35m strike-length.
· Due to extensive Kalahari sand cover, soil sampling within the Tati Greenstone Belt has proven to be an extremely valuable exploration tool historically, as it has led to the discovery of several gold mines within the district. Further analysis of the Sikukwe Zone soil and rock sample results were undertaken by the Company. It was determined that the highest soil result obtained proximal to the newly discovered Goldsource Zone was 78.2ppb Au. As the intensity of gold anomalism generally coorelates with underlying bedrock gold mineralisation, Power Metal is extremely encouraged by the several other areas within the Sikukwe Zone which returned significantly higher Au-in-soil results (including 1614ppb, 265ppb, 235ppb, 164ppb, 131ppb, 120ppb, and 110ppb Au), that are associated with no known rock exposures.
· Prior to Power Metal acquiring PL126/2019, the Sikukwe Zone was subject to minimal historic exploration, despite its proximity to several nearby gold mines within the Tati Greenstone belt, including Map Nora and Golden Eagle, which are located less than 5km away. The Company is extremely pleased with the Phase I results obtained and presented herein. The Sikukwe Zone is proving to be a extremely exciting target for the discovery of greenstone hosted gold mineralisation for the Company. As a result, a Phase III programme that will include at least 1000m of reverse circulation (“RC”) drilling is being planned at pace. The planned drill programme represents the first ever known drilling campaign undertaken within the Sikukwe Zone.
PHASE II EXPLORATION
The phase II geophysics programme is underway and progressing at pace. The results of this programme as well as an update on planned drilling activities across the Tati Project will be released to the market within the coming weeks.
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Tertiary Minerals #TYM – Appointment of Managing Director
Tertiary Minerals plc is pleased to announce the appointment of Mr. Patrick Cullen as Managing Director of the Company with immediate effect.
Mr. Cullen is an experienced mineral exploration executive with a strong technical background in geology, geophysics and mining and a proven track record leading multi-disciplinary teams across Southern Africa and Europe.
Commenting today, Executive Chairman Patrick Cheetham said:
“I am delighted that Patrick has agreed to join us. He does so at an interesting time in the development of our exploration projects in the USA and his experience in Zambia will be a valuable asset as we seek to progress our recent initiatives there. The Board and I look forward to working with him on the future success of the Company.”
Most recently, Mr. Cullen was Chief Executive Officer at AIM listed Arkle Resources PLC, exploring for gold and base metals in Ireland. Prior to that, he was Technical Director at Kodal Norway (UK) Limited and he has also held senior positions at Montero Mining & Exploration Ltd and African Energy Resources Ltd, exploring for phosphate and uranium in Africa. Prior to this, he held technical roles with AngloGold Ashanti and Schlumberger.
He holds a degree in Geology from the University of Portsmouth and an MBA from the University of Southern Queensland.
The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Patrick Brendan Cullen, aged 50:
Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):
N/A Arkle Resources PLC Arkle Resources Ltd Oldcastle Zinc Limited
There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.
Mr. Cullen’s appointment is for an initial 12 months’ term with a view to the appointment being renewed on an open-ended basis thereafter. Mr. Cullen does not hold any shares in the Company.
For more information please contact:
Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited
Joint Broker
Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”). Upon the publication of this announcement via Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
