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Kavango Resources #KAV – Operations Update

kav

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to provide an operational update.

Highlights

Ø Recruitment of new senior commercial and exploration personnel

–  Tiyapo (Tipps) Ngwisanyi is the former and founding CEO of the Government owned Botswana Geoscience Institute. Tipps has joined the Company as Managing Director of Kavango Minerals (Pty) Ltd

–  John Lauderdale is a Chartered Geologist and seasoned exploration professional, who has run large-scale exploration programmes across Africa. John has joined Kavango as Senior Consulting Geologist

–  Jeremy S. Brett is an internationally recognised Professional Geoscientist who has worked previously in the Kalahari Suture Zone (“KSZ”). Jeremy is now working with Kavango as a Senior Consulting Geophysicist.

Ø Updated geophysical model of Target Area B

–  Target Area B covers the “Great Red Spot” magnetic anomaly, which has been subject to previous exploration

–  Historic exploration of the Great Red Spot was limited by the technology available at the time

–  The Company now believes the primary source of the Great Red Spot’s magnetic anomaly is towards its northern edge

–  This appears to be coincidental with Target B1 (announced 2 July 2021). Planned drilling to test this assessment.

–  Target B1 is a 475m by 550m conductive anomaly, with a conductance reading of 8,200 Siemens and a decay constant estimated to be in excess of 350ms.

–  Jeremy Brett and Kavango CEO Ben Turney have given a short video presentation about the updated geophysical model of Target Area B, which is available through the following link – https://youtu.be/0yQx_vLD8_Y

Ø Drilling update

–  Downhole gyroscopic survey complete. TA2DD002 successfully drilled to within 1 degree of original target

–  Drilling recommenced at TA2DD002, with target depth of 1,000m expected overnight on Wednesday 22 September 

–  On completion of operations in Target Area A, the rig will be mobilised to Target Area B

–  Kavango will then drill one geological hole into the Great Red Spot and one borehole to intersect the conductor of Target B1

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“Our vision is to build a world-class minerals exploration firm in Botswana. These senior appointments are a significant step on our way to achieving this vision .

I am delighted to welcome Tipps, John and Jeremy on board. Each brings valuable skills, expertise and experience to Kavango. These senior appointments are the culmination of months of hard work and reflect the significant progress we have made as a business over the course of 2021.

We still have a lot to do to make our first discovery, but it feels like the pieces are falling into place.”

Recruitment of senior team members

Over recent months, Kavango has made the following appointments:

–  Tiyapo (Tipps) Ngwisanyi (Managing Director, Kavango Minerals (Pty) Ltd))

Tipps is a geoscientist, who began his career at the Botswana Department of Geological Survey. In 2010 Tipps became Director of the Geological Survey and was then appointed as founding CEO of the Botswana Geoscience Institute in 2015, a position he held until he joined Kavango at the start of August.

As Managing Director of Kavango Minerals (Pty) Ltd, the Company’s local operating subsidiary in Botswana, Tipps is responsible for in-country commercial management and liaisons with all stakeholders, from the Department of Mines to local farmers and community representatives.

–  John Lauderdale (Group Consulting Geologist)

John is a Chartered Geologist and seasoned exploration professional, who has been responsible for annual budgets of up to $80million and run teams of <350 personnel. During his career John has successfully worked on projects throughout Africa, from Morocco to South Africa.

Over the last three months John has been helping Kavango implement a comprehensive overhaul of the Company’s in-country operations. John works full time for Kavango and reports directly to the board of directors.

–  Jeremy S. Brett (Senior Consulting Geophysicist)

Jeremy is an experienced geoscientist, with a strong geophysical, geological and project management background. Over the last 27 years Jeremy has designed, supervised, quality assured and interpreted geophysical and geological exploration programmes across many base and precious metal projects around the world.

Jeremy has specific relevant experience in exploring for Nickel-Copper-PGEs mafic/ultramafic complexes, having previously worked on the Kalahari Suture Zone for Canadian firms in the late 1990s and early 2000s. Jeremy was responsible for the siting of Hole GRS1, which targeted the centre of the “Great Red Spot” and was drilled to a depth of 934m in 2002.

Jeremy published a paper on the KSZ in the Journal of African Earth Sciences in 2002, titled “Geophysical exploration of the Kalahari Suture Zone”. He has been assisting Kavango since March this year and is now conducting a review of the Company’s geophysical strategy.  

Geophysical update on Target Area B

Once current drilling operations are complete at Target Area A in the KSZ, Mindea Exploration and Drilling Services (Pty) (“Mindea”) will immediately mobilise the rig to Target Area B to commence drilling there.

Target Area B is in a distinct geological setting to Target Area A. It covers an area that is known as the “Great Red Spot”, thanks to its physical appearance on magnetic maps.  The Great Red Spot is a previously identified large-scale magnetic anomaly that has been subject to limited historic exploration.

In 2002 a Canadian junior exploration company, Opawica Exploration Inc (“Opawica”), drilled Hole GRS-1 into the centre of the Great Red Spot. GRS-1 was drilled to a depth of 934m, encountering 17m of gabbroic rocks from 917m. However, the Company believes that limitations in available geophysical technology meant that accurate profiling of the Great Red Spot was not possible at that time.

Thanks to significant advances in geophysical technology and analytical software over the last two decades, Kavango believes it has now been able to create a more accurate geophysical model of the Great Red Spot (the “New GRS Model”). The New GRS Model combines historic data with data gathered by the Company in its exploration of the KSZ.

The New GRS Model estimates that the primary source of the magnetic anomaly of the Great Red Spot is positioned much closer to its northern boundary than previously recognised. Kavango believes this magnetic anomaly could be associated with a combination of Karoo and/or Proterozoic intrusions.

According to Kavango’s analysis, Target B1 appears to be coincidental with the edge of the magnetic anomaly. The Company will seek to confirm this interpretation through drilling.

Kavango’s Consulting Geophysicist Jeremy Brett and CEO Ben Turney have given a video interview to Alan Green, CEO of Brand Communications, to provide greater context about the Company’s modelling of Target Area B.

The link to this presentation can be viewed here:

  

Drilling update Hole TA2DD02

Drilling at Hole TA2DD002 was temporarily halted on Tuesday 21 September at 950m to allow for the downhole gyroscopic survey. A gyroscopic survey is used to measure the angle of a borehole. This survey was successfully completed and confirms Hole TA2DD002 has been drilled to within 1 degree of the original objective. Given challenging drilling conditions closer to surface and the depth Hole TA2DD002 has been drilled to, the Company regards this as a notable technical success by Mindea and Equity Drilling Ltd.

Drilling has subsequently resumed and is expected to reach the final target depth of 1,000m overnight on Wednesday 22 September.

Kavango has used a TLB Loader to prepare a 20km roadway from Target Area A to Target Area B, so that the drill rig and accompanying equipment can be transported quickly and safely.

Kavango has also prepared drills pads and now plans to drill two boreholes:

–  First, the Company plans to drill a geological hole to a depth of up to 1,000m, targeting what it believes to be the shallowest point of the magnetic high of the Great Red Spot. Kavango expects to encounter Karoo and Proterozoic gabbros in this hole.

–  Second, the Company plans to drill a hole to intersect Target B1 to an estimated depth of up to 600m. Target B1 is a 475m by 550m conductive anomaly, with a conductance reading of 8,200 Siemens and a decay constant estimated to be in excess of 350ms. Kavango’s geophysical model estimates that Target B1 is positioned at the northern edge of the Great Red Spot.

The primary objective of both boreholes is to extract core samples for full sweep rock analysis.

————————————————————————————————————-

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

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 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.

 

Cadence Minerals #KDNC – Alan Green talks to CEO Kiran Morzaria

interview thumb

 

Alan Green talks to Cadence Minerals CEO Kiran Morzaria:
– Interim profits from equity investments
– N Australia hard rock lithium assets
– Yangibana Rare Earth Deposit and Sonora Lithium Project mineral concessions
– Amapa – what will a fully recommissioned mine mean to Cadence, shareholders & Amapa community?
– Secured bank creditor signify – why are we still waiting?
– Share price fall
– Upcoming value inflection points

 

Entain, UK buy outs and mineral company selection with Alan Green

 

Alan Green joins the UK investorInvestor Magazine Podcast to discuss the key themes in UK markets and explore individual equities.

This week we look at the takeover offers for Entain and the wave of cash being deployed in the takeover and buy outs of UK companies. We then look at junior explorer Caerus Minerals.

Entain is the latest UK company to be subject to takeover interest from a US entity. In this case it’s mergers and acquisitions activity as the interested party is DraftKings. DraftKings has made a £16.4bn offer for the owner of Ladbrokes which saw Entain shares soar and pulled up the prices of other gambling shares on hopes of more interest in sector.

William Hill was acquired by US-based Caesars in a near £3bn deal and Entain would be the latest UK gambling company snapped as the US gambling market develops.

We look at the wider trend of US interest in UK companies and question the ramifications for Uk equity in the rest of 2021.

Caerus Minerals has avoided the downturn in mining shares and we look at the merits of the company and their operations in Cyprus.

Entain, UK buy outs and mineral company selection with Alan Green

Mosman Oil and Gas Limited #MSMN – Covid Update

MSMN

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces operations and exploration activities continue with some minor delays due to the Covid-19 pandemic in both Australia and the USA.

In Australia, the geophysical Survey over permit EP-145 has been successfully acquired and processed following minor time delays resulting from Covid related travel restrictions. This data is currently being interpreted and integrated into the regional basin model with the now expected early in October. Once the report is received, the information will be considered and integrated with the geological model. We note that Central Petroleum has been active drilling wells in the nearby permits with positive results on the Stairway sandstone which is one of the target zones in EP-145, as well as the sub-salt helium potential. Covid related restrictions may impact the timing of the Work Area Clearance Survey by the Central Land Council, a requirement for the planned seismic survey.

In the USA, the site for the Winters 2 well is ready and waiting for the drilling rig. The rig operator has advised that the delay is due to restricted crew availability as a result of Covid issues, and the rig is now scheduled to arrive on site on 27 September 2021.

The combinations of pandemic related staffing issues and higher oil prices have also meant a shortage of workover rigs, however a workover is now re-completing a well on the Duff lease and will then move to the Stanley lease.

The delay to workovers, particularly at Stanley, has meant some reduction of short term production rates which, as noted above, should be resolved with a rig now on contract. Production at Falcon has continued to perform strongly with some natural decline from the rates notified on 29 July 2021.

The effect on revenue is currently being mitigated by the strong oil and gas prices, with the WTI oil price over USD 70/barrel and gas currently over USD 5/mmbtu, higher than prices from last quarter when the acquisition of additional interests was being negotiated.

Covid19 restrictions in NSW also mean the Company’s Sydney based accountants and Company Secretary office is currently closed and staff restricted to working from home.

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 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

Alan Green on Open Orphan #ORPH, Blencowe Resourses #BRES & Logistics Development Group #LDG

Alan Green CEO of Brand Communications talks about: Open Orphan #ORPH, Blencowe Resources #BRES & Logistics Development Group #LDG

Power Metal Resources #POW – Communications Update

 

Power Metal Rpowesources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a communications update.

Corporate Website and Presentation

Investors may refer to the Company’s website for further information on the Company, the project portfolio and exploration/corporate activities.

The Company maintains an updated Corporate Presentation which may be viewed through the following link:

https://www.powermetalresources.com/presentation/

Investor Webinar

Power Metal Chief Executive Officer Paul Johnson and Exploration Manager Oliver Friesen will be presenting to investors at the London South East Investor Webinar starting at 6pm on 21 September 2021. Investors wishing to register for this event may do so through the following link:

https://us02web.zoom.us/webinar/register/2016321247616/WN_8Ryghu5SSKqJNgc7upuzQQ

Quarterly Reporting

Recognising the extensive exploration operations and corporate activities underway, Power Metal is to provide a regular quarterly Business and Operational Update (the “Quarterly Update”) at the end of each calendar quarter.  The first Quarterly Update will be provided on Thursday 30 September 2021.

The Quarterly Updates will provide a detailed review of business operations in the past quarter and a summary of non-material business developments. Material developments in respect of business operations, exploration programmes and corporate activities will continue to be released as required via specific regulatory market announcements.

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

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:

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

Power Metal Resources #POW – Canadian Lithium Project – Exploration Update

 

pow

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

1   https://www.reuters.com/business/autos-transportation/surge-electric-vehicle-sales-power-lithium-prices-shortages-loom-2021-09-13/

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

2:
https://sigeom.mines.gouv.qc.ca/signet/classes/I1103_index?format=COMPLET&type_reqt=U&mode=NOUVELLE&l=A&entt=LG&numr_utls=4815852&alias_table_crit=EXADOC&mnen_crit=NUMR_RAPR&oper_crit=EGAL&valr_crit=GM%2030868

 

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

 

UK Investor Magazine – UK Inflation, Restaurant Group and Iron Ore with Alan Green

Alan Green joins the Uuk investor podcast imageK 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.

 

UK Inflation, Restaurant Group and Iron Ore with Alan Green

Power Metal Resources #POW – Strategic Uranium Opportunity

 

pow

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.

 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

 

Project

Licence ID

Size – Hectare

Granted

Clearwater Uranium Property

MC00015079

  1,110

Yes

MC00015083

  563

Yes

MC00015082

  3,191

Yes

Tait Hill Uranium Property

MC00015078

  1,576

Yes

MC00015081

  968

Yes

Thibaut Lake Uranium Property

MC00015077

  2,206

Yes

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:

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

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