Kavango Resources #KAV Raises £36,704 in Warrant Exercises
Exercise of Warrants
Kavango announces it has received notices to exercise warrants over 863,637 new ordinary shares of £0.001 each in the Company (the “Warrant Shares”).
The Warrant Shares are being issued pursuant to the exercise of warrants granted on 1 December 2020. Subscription monies of £36,704 have been received by Kavango in respect of these exercises.
Admission and Total Voting Rights
Application will be made for the Warrant Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Warrant Shares will commence at 8.00am on or around 29 June 2021.
Following Admission, the total issued share capital of the Company will consist of 364,204,412 Ordinary Shares. Therefore, the total number of voting rights in the Company is 364,204,412 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
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 further information please contact:
Kavango Resources plc
Michael Foster
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Alan Green talks to Ben Turney, CEO at Kavango Resources #KAV
Alan Green talks to Kavango Resources #KAV CEO Ben Turney. Firstly, congratulations Ben! Secondly, should investors be concerned seeing Michael Foster step down at such a pivotal time for the company? Thirdly, is Ben up to the job?
Watch this CEO interview to find out what Ben has to say about his newly appointed position with #KAV.
ECR Minerals #ECR – Early Success at Creswick Gold Project, Victoria, Australia
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce a drilling update from the Creswick Gold project (the “Project”), in the Victoria Goldfields, Australia. The Project is 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
The programme is designed to establish the position of the Dimocks Main Shale (“DMS`’) and associated structures within the Project, and target the main geological structures considered to be gold bearing at Creswick.
Craig Brown, Chief Executive Officer, commented:
“We have made great progress to date, with the first four holes at Creswick now complete and approaching 1,000m of diamond drilling undertaken efficiently and safely at the Project.
The Company has now received assay results from hole CSD001 and I am delighted to confirm we have intersected gold in this, the first drill hole, in our Creswick campaign. This is highly encouraging and particularly significant considering that CSD001 is the first diamond hole into the DMS in the entire tenement.
With CSD001 we have located the position of the DMS and are building our understanding of the types of folding and faulting within the system which will assist with ongoing drill targeting.
Overall, the hole one assay result has delivered the outcome we were all hoping for. This has been very much a team effort, and I would like to put on record my thanks to Dr. Rod Boucher, Adam Jones, the drilling team and the core shed staff for their hard work that has delivered a raft of data and information in record time. I look forward to reporting to the market with regard to further assay results, and their geological significance, as they become available.”
HIGHLIGHTS
- Four diamond holes completed to date for 909.2m completed (CSD001 – CSD004).
- Currently drilling the fifth hole CJD001. At the date of release this hole was at 220m.
- Assay testing has now been undertaken on the first Creswick hole, CSD001 and the assay results confirm immediate success intersecting gold, with 1m @9.68 g/t confirmed.
- Drilling continues with diamond hole CSD005 now underway, and assay results are awaited in respect of holes CSD002 – CSD004.
- Following receipt of additional assay results and our in-house geological interpretation, our findings will be provided in further announcements.
TECHNICAL INFORMATION
The first diamond hole drilled at Creswick has immediate success intersecting 1 m @ 9.68 g/t.
The first hole, CSD001 has been completed to 295m. This hole is an orientation hole to establish the position of the Dimocks Main Shale (DMS) and associated structures. As previously reported (21/6/19) data from the RC drilling conducted in 2019 showed a lack of geological continuity indicating faulting and folding of the DMS. CSD001 intersected quartz zones within the DMS in addition to multiple reefs above and below it. Drilling of CSD001 has demonstrated that much of the 2019 RC drilling was done into the minor reefs above the DMS
CSD001 revealed three parallel reef systems above the DMS that have been folded by small and large parasitic folds. The DMS was reached at 72m down the hole and continued to 93 m and intersected two 2 m quartz zones at the upper contact and at 86m with minor veining throughout the shale. The hole continued to 295m to test the folding and faulting beneath the DMS and encountered an additional 8 reef zones that mostly related to east-dipping faults and minor shales. 76 of the 108 samples sent for laboratory testing from CSD001 have be reported from the lab with the best result 1 m @ 9.68 g/t from an east-dipping fault beneath the DMS. Results from the final 32 samples are awaiting laboratory analysis.
CSD002 was collared 10 m to the west of CSD001 and drilled steeper to target where projected parasitic folding and the mineralised east-dipping fault intersect the DMS. The previously reported result from 2019 from CSR005 of 1 m @ 81.0 g/t came from quartz in the parasitic folds. Drilling of CSD001 intersected an 8 m quartz zone where the DMS and these structures intersect plus minor veining throughout the shale. The core from CSD002 has been logged, sampled and sent to the laboratory for analysis.
Figure 1 shows the best quartz zone intercepted in the DMS in CSD002: https://www.ecrminerals.com/images/CSD002_DMS_quartz.jpg
Work to better understand the nugget effect at Creswick is ongoing. As described in the release dated 5/11/19 grade variability due to the nugget effect was demonstrated at Creswick with some of the initial samples under-reported and other over-reported.
ASSAY RESULTS – CSD001
See TABLE 1 below for initial results:
Table 1 Best intercepts from the first 76 to 108 assays results from CSD001
| HOLE ID | EASTING (GDA Zone 54) | NORTHING (GDA Zone 54) | Dip | AZIMUTH (True North) | TOTAL DEPTH (metres) | SIGNIFICANT INTERCEPTS |
| CSD001 | 759,271 | 5,854,636 | -58.0 | 101.0 | 295 | 1.0 m @ 9.68 g/t from 131.9 m, 0.9 m @ 0.88 g/t from 58.2 m, 1.0 m @ 0.21 g/t from 147.7 m |
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher is a Qualified Person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
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 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Craig Brown, Director & CEO | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | ||
| Nominated Adviser | |||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker |
Nick Emerson
|
Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 |
Brand Communications
Public Relations Tel: +44 (0) 7976 431608
Alan Green
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region. https://mercatorgold.com.au/
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia. https://luxexploration.com/
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production at any of those projects.
ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
Kavango Resources (KAV) Directorate changes
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce a restructuring of the Board of Directors.
Michael Foster has been CEO since the Company listed on the London Stock Exchange in July 2018. He has now decided to step down as CEO after 40 years in the mineral exploration industry. However, the Company will continue to benefit from his valuable experience as he remains on the Board as a Non-executive Director.
Ben Turney, who was appointed as an executive director at the start of this year (see announcement of 8 January 2021), will become CEO. Ben has been very active since joining the Board. Ben has successfully instigated a number of important initiatives within the Company to improve operations, communications, financial management and commercial development. Ben was instrumental in securing the strategic partnership with Spectral Geophysics and the terms of the deal with Mindea Exploration and Drilling Services/Equity Drilling Limited. His assumption of the role of CEO is a natural progression, both for him and for the Company.
Subject to the approval of shareholders at this week’s AGM, Hillary Gumbo, Managing Director of the Company’s subsidiary in Botswana and responsible for exploration activities in the country, will also join the Board. Hillary, who was one of the founders of Kavango Minerals (Pty) Limited, the Company’s operating subsidiary in Botswana, has been an important member of the Company’s executive team for some years, and the Directors feel that the Board would be strengthened by his appointment as an additional director. Hillary, who is 58, is an experienced geophysicist with a degree in Geology and an MSc in Geophysics. His executive responsibilities for Kavango in Botswana will not be affected by his appointment to the Board.
The Board also wishes to thank Chuck Forrest, who recently stood down from his position as the group’s CFO after a life-time of service to the mining industry. The Board is grateful to him for the work he has done for Kavango since listing in 2018 and wishes him well in his retirement. We are pleased that we have been able to retain his services as a consultant when required. The financial function of the group is now being managed by ONE Advisory, an external provider of accounting services.
David Smith, Non-executive Chairman, commented:
“I am excited by these changes to the Board, which take effect as Kavango continues its rapid development. We are fortunate that the senior figures, who wish to reduce the time they spend on their business activities generally, are still keen to stay involved with the Company in different ways, and we are also fortunate that in Ben Turney we have a new CEO who has considerable energy and drive, and who shares the Board’s determination to deliver value to shareholders out of our various Botswana projects.
I should personally like to thank both Mike Foster and Chuck Forrest for the contribution they have made to Kavango. I look forward to them continuing their association with the company. “
Outgoing CEO Michael Foster commented:
“I am extremely proud of all that we have achieved at Kavango and would like to thank my colleagues for their support and dedication, which has been a source of constant inspiration. We have been through some challenging times together, but your commitment to making major mineral discoveries has been unwavering.
During my time as CEO we have pursued a number of innovative exploration models and successfully deployed sophisticated technology in challenging environments. Kavango is a dynamic company to be involved in and I am looking forward to continuing working with Ben and the team into the future.”
Incoming CEO Ben Turney commented:
“I would like to thank Michael and Mike Moles for the faith they have shown in me. I started working with Kavango as a consultant in April 2020, as part of that month’s turnaround financing. Over the last 14 months, we have achieved a great deal together.
The culture at Kavango is a credit to all involved. Openness, honesty and creative thinking are the hallmarks of our team. It is a privilege to lead such a group and I will do everything I possibly can to live up to that responsibility
In March, I wrote to the board and senior management to communicate my vision for Kavango. I set the following objectives:
I. Build an elite, dynamic company that is recognised as a world leader in modern minerals exploration
II. Develop an ambitious, results-driven culture led by passionate hardworking people, who are hungry for success and are committed to their personal and professional development
III. Create an open environment in which ideas can be freely discussed and challenges efficiently addressed
IV. Adopt effective working practices that optimise performance across all parts of our business
V. Refine exploration techniques that become best practice in the industry, through deployment of the latest technologies and the support of experts in the field
VI. Deliver on our operational plans in an aggressive, yet safe, manner
VII. Honour our shareholders, their investments and their faith in us, by creating substantial market value for all involved
Since then, everyone in the company has stepped up to these tasks.
We still have plenty of work to do, but the opportunities for Kavango are considerable. We have three potentially major projects, in the Kalahari Suture Zone, at South Ghanzi and in the LVR Joint Venture, each of which we believe has a chance of delivering a major metals discovery. We are well funded and have advanced exploration programmes, delivering a constant stream of new data.
Everything is now in place for an exciting period of growth.”
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 further information please contact:
Kavango Resources plc
David Smith
dsmith@kavangoresources.com
Ben Turney
bturney@kavangoresources.com
+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 Resources #KAV Raises £36,704 in Warrant Exercises
Exercise of Warrants
Kavango announces it has received notices to exercise warrants over 863,636 new ordinary shares of £0.001 each in the Company (the “Warrant Shares”).
The Warrant Shares are being issued pursuant to the exercise of warrants granted on 1 December 2020. Subscription monies of £36,704 have been received by Kavango in respect of these exercises.
Admission and Total Voting Rights
Application will be made for the Warrant Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Warrant Shares will commence at 8.00am on or around 28 June 2021.
Following Admission, the total issued share capital of the Company will consist of 363,340,775 Ordinary Shares. Therefore, the total number of voting rights in the Company is 363,340,775 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
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 further information please contact:
Kavango Resources plc
Michael Foster
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Alan Green talks AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV on Vox Markets podcast
Alan Green discusses AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV with Justin Waite on the Vox Markets podcast
The Times – Our flu drug is not to be sniffed at, says Poolbeg Pharma chief Jeremy Skillington
The course of Jeremy Skillington’s year took a fateful turn in March when he took a call from Cathal Friel, chairman of Open Orphan, a clinical trials company listed on the Alternative Investment Market (AIM). At the time Skillington was tidying up the loose ends of the landmark €380 million sale of Irish biotech company Inflazome to Roche, a Swiss pharmaceutical multinational, and plotting three months of leisure.
Donegal deal-maker Friel dangled the dizzying prospect of heading an Irish biotech company that would list on the stock market within three to six months.
Link here for the full article
Kavango Resources #KAV – KCB: South Ghanzi – Morula target update
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce results from further soil sampling and geological mapping on the Morula Target in PL 036/2020 (South Ghanzi Project) in the Kalahari Copper Belt (“KCB”).
Following the announcement on 14 May 2021, Kavango has completed and analysed samples from 16km of infill soil-sampling at Morula, which confirms that the conductor/anomaly extends along strike for at least 12km.
The South Ghanzi Project is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.
Morula is now our highest priority exploration target at South Ghanzi.
Highlights
Ø Previously, seven kilometre-scale conductors were defined by Airborne Electromagnetic (“AEM”) surveys at South Ghanzi
– Morula & Acacia identified as the highest priority targets in the short-term
– Drilling planned as soon as the South Ghanzi Environmental Management Plan (“EMP”) is approved
Ø Infill soil sampling of Morula
– Four sample lines, each 4km long, 1km apart, sampled every 100m (using the high sensitivity deflation zone sampling method developed by Kavango).
– Anomalous levels of copper (35ppm to 68ppm) and zinc (59pmm to 111ppm) correlate closely with results from original seven soil-sampling lines
– Clearly defined mineralised zone of 12km, on a south-westerly trend, parallel to two steep anticlinal structures
– Open along strike in both directions
Ø Assessment of optimal drill locations now underway at Morula and Acacia
– Targets appear to be close to surface.
– Minimal Kalahari sand cover
– Estimated intercept depths of 120m to 200m
Michael Foster, Chief Executive Officer of Kavango Resources, commented:
“Following identification of the Acacia and Morula conductor/soil anomalies we’ve focussed our exploration efforts on the Morula Target over recent weeks.
These initial results are highly encouraging. They emphasise the potential and scale of this 12km long mineralised zone. Morula is rapidly developing into one of the most exciting drill targets in our entire portfolio.
We plan to start drilling here as soon as we can, after we have received approval of our EMP.”
Background to Targets Morula and Acacia
Ø The Acacia Target is a 4km x 4km conductor on the northern boundary of PL 036/2020
– Situated within a fold “nose”, which is plunging southwest
– Lies just above the D’Kar – Ngwako Pan contact zone.
– Made up of at least four individual pods, which emit strong EM readings.
– Soil geochemistry directly over the anomaly demonstrates highly elevated levels of copper (>42ppm) and zinc (>75ppm).
– Considered to be the highest priority drill target until the Morula Target was identified.
– Zinc is a key pathfinder element for the discovery of major copper/silver deposits within the KCB
Ø The Morula Target is estimated to be about 2km wide with at least 12km of strike on a south-westerly trend along the central backbone of PL 036.
– Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined AEM linear conductor.
– Geological mapping, the AEM data and the soil geochemistry suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.
– It appears to be a linear zone of deformed rocks, lying where the syncline (between 2 anticlines) should be located.
– Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were 7km apart.
– Now, four new 4km long infill soil sample lines (1km apart with 100m sample intervals) have been completed to close the gap.
– All soil sample lines returned readings with significant concentrations of copper (35ppm to 62ppm) and zinc (59ppm to 111ppm) confirming the continuity of the geochemical anomaly over a strike of 12km.
– AEM profiles suggest that the depth of mineralisation is relatively shallow such that initial drilling depths would be less than 200m.
The POW/KAV Joint Venture
The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.comand on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
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 technical information contained in this announcement has been read and approved by Mr Mike Moles (BSc (Geology) & BSocSci (African Studies), who is a Member of the Australian Institute of Mining & Metallurgy (MAusIMM) and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration 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 is a beneficial shareholder of Kavango Resources plc.
NOTES TO EDITORS
KAVANGO’S INTERESTS IN THE KALAHARI COPPER BELT
Kavango’s exploration licenses in the KCB include:
The South Ghanzi Project
Ø 50 % working interests in prospecting licenses PL036/2020 and PL037/2020, to be held in a Joint Venture with Power Metal Resources (LSE:POW) (announced 21 September), which cover 1,294km 2 .
The LVR Project
Ø Earning in a 90% interest in prospecting licenses PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd (“LVR”), which cover 1,091km 2 .
THE SOUTH GHANZI PROJECT GEOLOGICAL SETTING
The South Ghanzi Project and LVR Project areas include lengthy redox boundaries, close to surface, that represent excellent exploration targets.
The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.
Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges. Fold hinges pointing upwards are known as anticlines, while the downward pointing hinges are called anticlines.
Several large copper/silver ore deposits have been discovered on the KCB in association with anticlines in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and many are amenable to open pit mining operations.
Accumulations of metals can be traced along the strike of geochemical reduction-oxidation (“redox”) boundaries (sometimes for many kilometres), since they often contain iron and have a higher magnetic signature than the surrounding rock.
SOUTH GHANZI EXPLORATION STRATEGY
The South Ghanzi PLs lie within the Central Structural Corridor of the Kalahari Copper Belt immediately south of the town of Ghanzi.
Sedimentary horizons hosting copper/silver mineralisation in the KCB are known to be conductive. AEM surveys are a recognised and tested exploration method for identifying high priority drill targets.
Kavango’s strategy in the KCB is to identify conductive targets and then to complete follow up investigation, using other proven exploration methods including geological mapping and testing of soil geochemistry through extensive sampling. The correlation of positive zinc and copper soil geochemistry readings to positive AEM results is a highly encouraging exploration vector.
Given Kavango’s understanding of the regional lithology and stratigraphy of the KCB, the Company is optimistic about the progress it has made in South Ghanzi over recent months.
Specifically, the identification of a number of smaller anticlines associated with conductors suggests there are seven large, promising drill targets at South Ghanzi.
Power Metal Resources #POW – KCB Kanye Resources Exploration Update – Morula target soil sampling confirms conductor/anomaly extends along strike for at least 12km
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce results from further geochemical soil sampling and geological mapping on the Morula Target in Prospecting Licence (“PL”) 036/2020 at the South Ghanzi Project (“South Ghanzi” or the “Project”) in the Kalahari Copper Belt (“KCB”), Botswana.
The South Ghanzi Project is held in a 50/50 Joint Venture (“JV”) with Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator of the Project.
· Following the announcement on 14 May 2021, Kavango has completed and analysed samples from 16km of infill soil-sampling at Morula, which confirms the conductor/anomaly identified by airborne electromagnetic geophysics conducted previously and extends along strike for at least 12km.
· Morula is now the highest priority exploration target at South Ghanzi.
· Exploration test drilling planned later this summer on award of Environmental Management Plan. Further details on the drill programme to be provided in due course.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“Today’s news includes significant and positive Project developments.
At Morula we have confirmed a soil geochemistry anomaly of at least 12km strike length, presenting a considerable scale target, which also remains open at both ends.
Power Metal and Kavango are seeking large scale copper-silver discoveries and without question the progress to date is even better than expected.
Once again, I am reminded of the substantial opportunity the Kalahari Copper Belt offers for major base metal discoveries. In 2016, whilst CEO of Metal Tiger plc, we followed a similar exploration methodology which led to the discovery of the T3 Deposit, a discovery which was to be transformational for that company and its shareholders.
The exploration datasets from South Ghanzi have delineated very strong drill targets and I am very much looking forward to the commencement of a programme of drill testing at the Project.”
HIGHLIGHTS:
· Previously, seven, kilometre-scale conductors defined by airborne electromagnetic (“AEM”) geophysics surveys at South Ghanzi:
– Morula & Acacia identified as the highest priority targets in the short-term.
– Drilling planned as soon as the South Ghanzi Environmental Management Plan (“EMP”) is awarded.
· Infill soil geochemical sampling of Morula:
– 4 sample lines, each 4km long, 1km apart, sampled every 100m.
– Concentrated levels of copper (35ppm to 68ppm) and zinc (59pmm to 111ppm) in soil correlate closely with results from original seven soil-sampling lines.
– Soil geochemistry clearly defined a 12km long anomalous zone, on a south-westerly trend, parallel to the perceived geological strike and to two steep anticlinal structures.
– Soil geochemical anomaly remains open along strike in both directions.
· Assessment of optimal drill locations now underway at Morula and Acacia with further information to follow in due course with regard to the proposed drill programme:
– Targets appear to be close to surface.
– Minimal Kalahari sand cover expected.
– Estimated mineralised intercept depths of 120m to 200m.
BACKGROUND TO THE MORULA AND ACACIA TARGETS
· The Acacia Target is a 4km x 4km conductor on the northern boundary of PL 036/2020:
– Lies within an interpreted fold “nose”, which is plunging southwest
– Lies just above the expected D’Kar – Ngwako Pan contact zone.
– Soil geochemistry directly over the anomaly at Acacia Target demonstrates significantly anomalous levels of copper (>42ppm) and zinc (>75ppm).
– Acacia was considered to be the highest priority drill target until the Morula Target was identified.
– Zinc is a key pathfinder element for the discovery of major copper/silver deposits within the KCB
· The Morula Target is estimated to be about 2km wide with at least 12km of strike on a south-westerly trend along the central backbone of PL 036/2020:
– Discovered by extending soil sampling lines south of the Acacia Target but also supported by a weaker AEM linear conductor.
– Geological mapping, the AEM data and the soil geochemistry suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.
– It appears to be a linear zone of deformed rocks, lying where the syncline (between 2 anticlines) should be located.
– Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were 7km apart.
– Now, four new 4km long infill soil sample lines (1km apart with 100m sample intervals) have been completed to close the gap.
– All soil sample lines returned readings with significant concentrations of copper (35ppm to 62ppm) and zinc (59ppm to 111ppm) confirming the continuity of the geochemical anomaly over a strike of 12km.
– AEM profiles suggest that the depth of mineralisation is relatively shallow such that initial drilling depths would be less than 200m.
THE POWER METAL/KAVANGO JOINT VENTURE
The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc, an England and Wales public company.
Exploration costs are equally shared. Kavango is the operator of the Project.
Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd which is wholly owned by Kanye Resources plc.
There are plans to IPO Kanye Resources plc on a recognised stock exchange.
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 |
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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 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious and base 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.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Echo Energy #ECHO – Operational Update – Q2 Update 2021
Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina, for Q2 2021 until 14 June 2021.
Operational Update
The Company is pleased to confirm that following fabrication, installation of the pipeline infrastructure required to bring back online the liquids production previously shut in April 2020 is now complete. The schedule has been delivered in line with the timeline anticipated in the Company’s announcement of 24th February 2021.
It is expected that the first tranche of production to be brought back online will be from ten wells in the Campo Molino and Chorillos oils fields. This work to bring the initial production back online is expected to take around 15 days. When these wells were last online, the combined gross production was approximately 138 bopd gross, 96 bopd net to Echo.
This first tranche of restored production will increase the number of active producing oil wells at Santa Cruz Sur to 18. Subsequent tranches of production when brought back online should increase this active oil well stock to around 35. The programme of work to bring online the subsequent tranches of wells will be optimised both to maximise cost efficiencies and accelerate production increases.
Increasing liquids production represents delivery upon the Company’s strategy to leverage the marked upswing in global commodity prices. It is expected that the additional liquids production will contribute to a material cashflow increase.
The Company is additionally pleased to confirm that since 1 May 2021 gas production has been sold under the previously announced new gas sales agreements, with the significantly increased winter pricing. Gas volumes not sold under long term contracts are sold to the spot market.
In May 2021, the company sold a total of 18 MMscf to the spot market at an average price of $US 5 per mmbtu representing a 151% in prices compared to the March 2021 average spot price.
Daily operations in the field at Santa Cruz Sur continue with the delivery of produced gas to customers as expected. Production over the period from 1 January 2021 to 14 June 2021 reached an aggregate of 278,600 boe net to Echo, which included 33,910 bbls of oil and condensate and 1470 mmscf of gas.
Martin Hull, Chief Executive Officer of Echo Energy, commented:
“As we have moved into mid 2021, Echo has continued to deliver on its promises, with the pipeline infrastructure delivered to schedule. We are now moving into a phase of increasing liquids production enabling Echo to benefit from the upswing in global oil prices and the improved macro-outlook as demonstrated by our increased frequency of oil sales. Against this global backdrop, domestic spot market gas prices have also risen markedly, and we have been able to take advantage of this improving domestic situation. With improved economic tailwinds and new infrastructure installed in the field, we will have additional capacity to commission incremental enhancement projects within the portfolio. The increasing cashflows are expected to enable further production investments to be funded from operations. These preparations to take advantage of identified material organic growth options demonstrate Echo’s commitment to and confidence in its growth strategy in the Santa Cruz Sur assets . Our clear focus remains on creating value for our shareholders and we continue to progress opportunities to do that across the portfolio connected by our enhanced infrastructure.”
For further information, please contact:
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Echo Energy Martin Hull, Chief Executive Officer
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via Vigo Communications |
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Vigo Communications (PR Advisor) Patrick d’Ancona Chris McMahon
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+44 (0) 20 7390 0230 |
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Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
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+44 (0) 20 7397 8900 |
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Shore Capital (Corporate Broker) Jerry Keen |
+44 (0) 20 7408 4090 |
Note
The assignment of Echo’s 70% non-operated participation in the Santa Cruz Sur licences is subject to the authorisation of the Executive Branch of Santa Cruz’s Province, which is part of the overall process of title transfer that is proceeding as anticipated. boe means barrels of oil equivalent; bbl/d means barrels of oil per day; boepd means barrels of oil equivalent per day; MMscf mean million standard cubic feet of gas; MMscf/d means million standard cubic feet of gas per day.
Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
