Home » Posts tagged 'Australia'

Tag Archives: Australia

#GRX GreenX Metals Limited – Response to ASX Price Query

3 January 2023

 

Laura Gomme

Australia Securities Exchange

Level 40, Central Park

152-158 St Georges terrace

Perth WA 6000

 

By email: laura.gomme@asx.com.au

Dear Laura,

 

Response to Price Query

 

In response to your correspondence dated 3 January 2023 regarding an increase in the Company’s share price and in the volume of trading securities, the Company’s response is as follows:

 

1.The Company is not aware of any information that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company.

 

2.Not applicable.

 

3.The Company notes recent media reports published in Poland relating to the Company’s international arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). In November 2022, the Company announced that the hearing for the Claim had been concluded and that it now awaits a decision from the Tribunal, with no specified date available for the decision.

 

As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.

 

4.The Company confirms that it is in compliance with the listing rules, in particular, Listing Rule 3.1.

 

5.The Company confirms that its responses to the questions above have been authorised and approved in accordance with its published continuous disclosure policy or otherwise by its board or an officer of the Company with delegated authority from the board to respond to ASX on disclosure matters.

 

Yours faithfully

[sent electronically without signature]

 

Dylan Browne

Company Secretary

 

 

#POW Power Metal Resources PLC – Merger Agreement – Wilan Project, South Australia

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a merger of its Wilan Project (“Wilan” or the “Project”), located in South Australia, with a number of other Australian exploration interests (the “Merger”). The Merger will create a new Australian exploration company and provide Power Metal with exposure to the world class Mount Isa copper belt located within Queensland, Australia

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:

“Power Metal recognises the forward dynamic of copper as a commodity and the Merger will provide the Company with an immediate equity exposure to a strategic portfolio of exploration interests in the Mount Isa copper belt of Queensland, Australia.

The Queensland Projects are targeting major copper discoveries within a world class copper belt and are situated close to ground held by a number of substantial mining companies.”

 

HIGHLIGHTS

·The Wilan Project is comprised of two exploration licences (“ELs”) which cover a total area of 1,994km2, held within Power Metal Resources Australia Pty Ltd (“POW Australia”), which is a wholly-owned subsidiary of Power Metal Resources PLC.

·A heads-of-terms agreement (the “Agreement”) has been signed to combine POW Australia (100% owner of the Wilan Project) with two companies holding a 100% interest in a portfolio of two granted exploration licences and four licence applications covering 1,507km2 in the Mount Isa copper belt of Queensland, Australia (the “Queensland Projects”).

·The Queensland Projects are held by two private Australian companies, RAB Resources Pty Ltd (“RAB Resources” or “RAB”) and New Horizon Metals Pty Ltd (“New Horizon” or “NHM”).

·A new company (“NewCo”) will acquire outright the shares in POW Australia, RAB Resources and New Horizon (the “Merger Parties”). Following the Merger Power Metal Resources plc will hold a 20% interest in NewCo.

·POW Australia will be renamed Wilan Resources Pty Ltd shortly after completion of the Merger, enabling Power to retain the POW Australia name.

·Following the Merger, NewCo will then commence the process for a planned listing targeting Q2 2023 or the acquisition of NewCo and its interests from an existing listed vehicle, subject to agreement of all the Merger parties.

·Further information to follow with regard to the Merger progress & structuring, planned listing and project level developments across the combined project portfolio.

 

PROJECT MAPS

Project maps covering the Queensland Projects and Wilan Project licence footprints are provided below and will be uploaded to the Power Metal website in due course.

Fig. 1: Queensland Licence Footprint

Fig. 2 – Wilan Project Licence Footprint and Surrounding Area

 

TRANSACTION TERMS

 

NewCo will acquire 100% of the share capital of New Horizon, RAB Resources and POW Australia and then hold the Queensland projects and the Wilan Project.

 

The NewCo ownership on completion of the Merger and grant of the New Horizon licence applications below is outlined in the table below.

 

Company Name

% of NewCo Issued Share Capital

New Horizon

40%

RAB Resources

40%

POW Australia

20%

Total

100%

The Merger Parties will appoint the board of NewCo and will each have a right to nominate at least one board member.

Note: 20% of the NewCo shares will be issued to New Horizon immediately, with the balancing 20% issued on the grant of the Copper Creek and Bortala licence applications.  Should an acquisition of NewCo and/or its interests by an existing listed vehicle complete prior to any planned listing (which may only proceed with the agreement of all the Merger parties), then the remaining 20% of NewCo shares would be automatically issued to New Horizon on completion.

PROJECT LICENCE OVERVIEW

RAB interests include:

Gregory River – East and West

Tenures Exploration for Minerals (EPM’s) 28642 and 28643, the Gregory River (East and West) Project, are exploration licences in application by RAB Resources covering 169.6km2 and 220.8km2, respectively.

Gregory River East and West tenements are prospective for copper, gold, lead, zinc, and cobalt.

Fiery Creek

Tenure EPM 27879 the Fiery Creek Project is a granted exploration licence held outright by RAB Resources covering 320km2 with an expiry date of 16/03/2027.  Fiery Creek is believed to be prospective for copper, gold, lead, zinc, and cobalt.

Dynamite Creek

Tenure EPM 27870 the Dynamite Creek Project is a granted exploration licence held outright by RAB Resources covering 288km2 with an expiry date of 16/03/2027.  Dynamite Creek believed to be is prospective for copper, gold, and cobalt.

NHM interests include:

Copper Creek

Tenure EPM 28272, the Copper Creek Project is an exploration licence in application by New Horizon covering 195.2km2 with a lodgement date of 31/1/2022.  Copper Creek is prospective for copper, cobalt, silver, uranium, and rare earth elements.

Bortala

Tenure EPM 28271, the Bortala Project is an exploration licence in application by New Horizon covering 313.6km2 with a lodgement date of 31/1/2022.  Bortala is prospective for copper, cobalt, silver, lead, zinc, uranium, and rare earth elements.

POW Australia interests include:

Wilan Project

The Wilan Project includes two granted exploration licences (“ELs”) including EL6819 and EL6870.

EL6819, is a granted exploration licence held outright by POW Australia covering 999km2 with an expiry date of 23/08/2028.

A desktop technical review completed over EL6819 identified an approximately 4 x 6km coincident magnetic and gravity geophysical anomaly located in the southeastern part of the Project. Such coincident geophysical anomalies have been noted as potential targets for iron oxide copper-gold mineralisation (“IOCG”) elsewhere within the highly prospective Gawler Craton.

The Wilan Project also includes recently granted EL6870 which covers an area of 995km2 and lies to the northwest of EL6819 which carries an expiry date of 10/11/2028.

Exploration targets within EL6870 include potential surficial lacustrine uranium (U) and vanadium (V) mineralisation located within the western part of the Project. The lacustrine targets were identified by recently completed radiometric and hyperspectral analysis. In addition, within the northern part of EL6870, multiple kimberlitic indicator minerals have been identified by a previous operator, including occurrences of pyrope, kimberlitic ilmenite and picroilmenite.

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

 

 

#POW Power Metal Resources PLC – Licence Grant Australia – Potential IOCG Target

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from its wholly owned Australian subsidiary Power Metal Resources Australia Pty Ltd (“POW Australia”).

 

HIGHLIGHTS:

Licence Grant

POW Australia has received confirmation of the grant of exploration licence application (“ELA”) 2021-000163, covering 999km2 of ground in the Anna Creek area of South Australia.

The ELA has now converted to an exploration licence numbered EL6819 and carries an initial term of 6 years ending 24 August 2028, subject to a minimum exploration spend of A$100,000 (Circa £59,000) prior to 23 August 2024.

Recognising the grant of EL6819, the property has been named the Wilan Project (“Wilan” or the “Project”).

Potential IOCG Target Identified

A desktop technical review completed over EL6819 has identified an under-cover, approximately 4x6km coincident magnetic and gravity geophysical anomaly (the “Target”) located in the southeast of the Project.

 

-The existence of a coincident magnetic/gravity anomaly is considered highly significant given the location of the licence within the Gawler Craton1, which constitutes a major Iron Oxide-Copper-Gold (“IOCG”) deposit province.  IOCG deposits consist of important and highly valuable concentrations of copper, gold and uranium mineralisation2, the most famous example in the Gawler Craton is the Olympic Dam Mine3 (“Olympic Dam”). Most IOCG deposits were initially discovered through regional magnetic and gravity geophysics targeting.

Based on geophysics interpretation the Target is hosted within cratonic basement below 200-300m of younger cover sediments – this part of the Project has never been drill tested.

Olympic Dam is located approximately 150km south of the Property and owned and operated by BHP Group Limited and is the largest known IOCG deposit in the world and an important source of copper-gold and uranium. Notably, the discovery of Olympic Dam was made by drilling a blind coincidental magnetic & gravity anomaly.4

Next Steps

Power Metal are currently planning for expedited field exploration which is expected to include high-resolution gravity and magnetic surveys over the Target.

The Wilan Project also includes ongoing licence application ELA 2021-000162, covering an area of 995km2 and which lies contiguous and to the northwest of EL6819.

The Company is working through the balancing administration work to secure the grant of ELA 2021-000162, where our technical review to date has identified multiple exploration targets.

A map highlighting the location of the Wilan Project, the newly granted licence, as well as the relative location of the new IOCG target can be found at the link below:

https://www.powermetalresources.com/wilan-copper-gold-licence-map/

 

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:

As mentioned previously, Power Metal is resolutely focused on the imminent drill programme at the Molopo Farms Complex project located in Botswana, and our team are working hard there to maintain the momentum.

However, the grant of the first Wilan Project exploration licence (EL6819) represents a potentially significant milestone, as ongoing desktop work has identified a large Target located wholly within the newly granted licence.

There is more work to do, clearly, and we are early stage here, however all projects of substance start early stage and the Wilan Project is off to a great start.

 

BACKGROUND

On 27 October 2021 Power Metal announced the submission of two licence applications in South Australia covering a total of 1,994km2 and targeting Olympic Dam style mineralisation. 

A link to this announcement is provided below:

https://www.londonstockexchange.com/news-article/POW/new-australia-copper-gold-opportunity/15189456

NOTES & REFERENCES

1:                    Gawler Craton:  The Gawler Craton covers approximately 440,000 km2 of central South Australia and constitutes a major IOCG deposit province and a major source of Australia’s iron, gold, copper and uranium. A craton is an old and stable part of the continental crust that has survived the merging and splitting of continents and supercontinents for at least 500 million, to over 2 billion years. Cratons are generally found in the interiors of continents and are characteristically composed of ancient crystalline basement crust of lightweight felsic igneous rock such as granite. They have a thick crust and deep roots that extend into the mantle beneath to depths of 200 km.

 

2:                    Iron Oxide Copper Gold (“IOCG”) Deposit: IOCG ore bodies range from around 10 million to >4,000 million tonnes of contained ore, and have a grade of between 0.2% and 5% copper, with gold contents ranging from 0.1 to 1.41 grams per tonne. Source: Zhu, Zhimin (2016-01-01). “Gold in iron oxide copper-gold deposits”. Ore Geology Reviews. 72: 37-42. doi:10.1016/j.oregeorev.2015.07.001. ISSN 0169-1368.

 

3:                    The Olympic Dam mine is a large poly-metallic underground mine located in South Australia, 550 km NNW of Adelaide. It is the fourth largest copper deposit and the largest known single deposit of uranium in the world. Copper is the largest contributor to total revenue, accounting for approximately 70% of the mine’s revenue, with the remaining 25% from uranium, and around 5% from silver and gold.[1] BHP has owned and operated the mine since 2005. The mine was previously owned by Western Mining Corporation. Source: Wikipedia

 

2:                    Austin. J., Foss C., (2012) Rich, attractive and extremely dense: A geophysical review of Australian IOCGs, ASEG Extended Abstracts, 2012:1, 1-4, DOI: 10.1071/ASEG2012ab278. https://www.tandfonline.com/doi/pdf/10.1071/ASEG2012ab278 

 

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

 

 

Power Metal Resources #POW – FDR Australia – Corporate Update

 

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces a corporate update for its 83.33% owned subsidiary First Development Resources Limited (“FDR UK”).

ACQUISITION OF PARDOO RESOURCES PTY LIMITED

Background

Power Metal has signed an Agreement (“Agreement”) for the 100% acquisition of Pardoo Resources Pty Limited (“Pardoo”) by FDR UK.

Pardoo is an Australian resource exploration project holding company which currently holds projects in trust for First Development Resources Pty Limited (“FDR Australia”), a wholly owned Australian subsidiary of FDR UK.

The projects held in trust are in the Paterson Province of Western Australia (the Paterson “Interests” or “Projects”) and include:

–  Wallal West 1 Project (E45/5853) a granted exploration licence which covers 96km2;

–  Wallal West 2 Project (E45/5880) a granted exploration licence covering 86km2 and;

–  Braeside West Project (E45/5854) a granted exploration licence covering 137km2.

FDR UK acquired a 100% interest in FDR Australia on 29 October 2021 and the announcement in respect of the acquisition may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248

The acquisition of Pardoo expedites the corporate restructuring of FDR UK, its subsidiaries & interests and allows FDR UK to avoid a costly and time-consuming inter-company transfer of strategically important exploration licences which are now within the FDR UK group holding company structure.

Pardoo Acquisition Terms

For the acquisition of the entire share capital of Pardoo by FDR UK, the consideration payable to the shareholders of Pardoo (the “Vendors”) is as follows:

–  FDR UK will pay consideration of AU$7,000 (£3,839) in cash

–  The Vendors will receive 300,000 new FDR UK Ordinary Shares at an issue price of 6.67 pence per share (a value of £20,010 and post share issue this represents 0.66% of FDR UK issued share capital).

The AU$7,000 cash payment is to cover costs associated with financial accounting to prepare Pardoo for this transaction and on completion of the acquisition Pardoo will carry no outstanding liabilities.

The Vendors and their professional licencing and geological teams will continue to provide ongoing assistance and work with FDR UK post completion of the acquisition.

Following completion of this transaction, Power Metal will hold 82.78% of FDR UK.

In the nine months ended 30 April 2022 Pardoo had a net loss of AU$96 and at 30 April 2022 Pardoo had net assets of AU$4.

EXERCISE OF RIPON HILLS OPTION

Background

The original acquisition of FDR Australia was announced on 29 October 2021 and this announcement may be viewed through the link below:

https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248

Option Exercise Terms

Within the above announcement were the terms for an option (the “Option”) to acquire the Ripon Hills Project (“Ripon Hills”) and an extract covering this is provided below:

“Ripon Hills E45/5088 Option 

FDR UK may, at any time within 12 months of the date of signing of this Agreement, acquire E45/5088 (Ripon Hills) with consideration comprising a payment of A$20,000 (to be paid as 398,036 Power Metal Ordinary Shares at an issue price of 2.75p and 398,036 Power Metal warrants at an exercise price of 4.5p and on the same basis as the Initial Consideration Warrants above) to Great Sandy Pty Limited (“Great Sandy”), current holder of the licence. Upon written notice of exercise and payment, Great Sandy will transfer E45/5088 to RH Resources Pty Ltd (which will become a wholly owned subsidiary of FDR Australia).” 

Power Metal and FDR UK have now exercised the above Option and are working with Great Sandy to complete relevant transfer documentation. As a result Power Metal will issue Great Sandy 398,036 new ordinary shares of 0.1p each at a price of 2.75p (“Ripon Hills Option Shares”) and 398,036 Power Metal Warrants at an exercise price of 4.5p. 

The latest exploration update in respect of Ripon Hills may be reviewed in the Company’s announcement of 21 February 2022, including details of a desktop review currently underway:

 

https://www.londonstockexchange.com/news-article/POW/replacement-paterson-project-exploration-update/15337136

 

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

“It’s great to be able to expedite the restructuring of the FDR UK interests and saves us some time and cost.  This means we can move forward more expeditiously with this exciting venture. We continue the administrative processes for the planned listing of FDR UK on the UK capital markets.”

Tristan Pottas Chief Executive Officer of First Development Resources Ltd commented:

“Progress at First Development Resources continues, including exploration work programmes and corporate activities in respect of the planned London listing of FDR UK. We intend to push on at pace.

 From a corporate perspective, the acquisition of Pardoo announced today enables us to further accelerate our business plans which is important.  Also, our work to date has demonstrated the potential opportunity offered by Ripon Hills and we are delighted that the Option has been exercised.”

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 398,036 Ripon Hills Option Shares to be admitted to trading on AIM which is expected to occur on or around 18 May 2022 (“Admission”). The Ripon Hills Option Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,469,667,740 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

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.

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces a corporate update for its 83.33% owned subsidiary First Development Resources Limited (“FDR UK”).

ACQUISITION OF PARDOO RESOURCES PTY LIMITED

Background

Power Metal has signed an Agreement (“Agreement”) for the 100% acquisition of Pardoo Resources Pty Limited (“Pardoo”) by FDR UK.

Pardoo is an Australian resource exploration project holding company which currently holds projects in trust for First Development Resources Pty Limited (“FDR Australia”), a wholly owned Australian subsidiary of FDR UK.

The projects held in trust are in the Paterson Province of Western Australia (the Paterson “Interests” or “Projects”) and include:

–  Wallal West 1 Project (E45/5853) a granted exploration licence which covers 96km2;

–  Wallal West 2 Project (E45/5880) a granted exploration licence covering 86km2 and;

–  Braeside West Project (E45/5854) a granted exploration licence covering 137km2.

FDR UK acquired a 100% interest in FDR Australia on 29 October 2021 and the announcement in respect of the acquisition may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248

The acquisition of Pardoo expedites the corporate restructuring of FDR UK, its subsidiaries & interests and allows FDR UK to avoid a costly and time-consuming inter-company transfer of strategically important exploration licences which are now within the FDR UK group holding company structure.

Pardoo Acquisition Terms

For the acquisition of the entire share capital of Pardoo by FDR UK, the consideration payable to the shareholders of Pardoo (the “Vendors”) is as follows:

–  FDR UK will pay consideration of AU$7,000 (£3,839) in cash

–  The Vendors will receive 300,000 new FDR UK Ordinary Shares at an issue price of 6.67 pence per share (a value of £20,010 and post share issue this represents 0.66% of FDR UK issued share capital).

The AU$7,000 cash payment is to cover costs associated with financial accounting to prepare Pardoo for this transaction and on completion of the acquisition Pardoo will carry no outstanding liabilities.

The Vendors and their professional licencing and geological teams will continue to provide ongoing assistance and work with FDR UK post completion of the acquisition.

Following completion of this transaction, Power Metal will hold 82.78% of FDR UK.

In the nine months ended 30 April 2022 Pardoo had a net loss of AU$96 and at 30 April 2022 Pardoo had net assets of AU$4.

EXERCISE OF RIPON HILLS OPTION

Background

The original acquisition of FDR Australia was announced on 29 October 2021 and this announcement may be viewed through the link below:

https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248

Option Exercise Terms

Within the above announcement were the terms for an option (the “Option”) to acquire the Ripon Hills Project (“Ripon Hills”) and an extract covering this is provided below:

“Ripon Hills E45/5088 Option

 

FDR UK may, at any time within 12 months of the date of signing of this Agreement, acquire E45/5088 (Ripon Hills) with consideration comprising a payment of A$20,000 (to be paid as 398,036 Power Metal Ordinary Shares at an issue price of 2.75p and 398,036 Power Metal warrants at an exercise price of 4.5p and on the same basis as the Initial Consideration Warrants above) to Great Sandy Pty Limited (“Great Sandy”), current holder of the licence. Upon written notice of exercise and payment, Great Sandy will transfer E45/5088 to RH Resources Pty Ltd (which will become a wholly owned subsidiary of FDR Australia).”

 

Power Metal and FDR UK have now exercised the above Option and are working with Great Sandy to complete relevant transfer documentation. As a result Power Metal will issue Great Sandy 398,036 new ordinary shares of 0.1p each at a price of 2.75p (“Ripon Hills Option Shares”) and 398,036 Power Metal Warrants at an exercise price of 4.5p.

 

The latest exploration update in respect of Ripon Hills may be reviewed in the Company’s announcement of 21 February 2022, including details of a desktop review currently underway:

 

https://www.londonstockexchange.com/news-article/POW/replacement-paterson-project-exploration-update/15337136

 

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

“It’s great to be able to expedite the restructuring of the FDR UK interests and saves us some time and cost.  This means we can move forward more expeditiously with this exciting venture. We continue the administrative processes for the planned listing of FDR UK on the UK capital markets.”

Tristan Pottas Chief Executive Officer of First Development Resources Ltd commented:

“Progress at First Development Resources continues, including exploration work programmes and corporate activities in respect of the planned London listing of FDR UK. We intend to push on at pace.

 From a corporate perspective, the acquisition of Pardoo announced today enables us to further accelerate our business plans which is important.  Also, our work to date has demonstrated the potential opportunity offered by Ripon Hills and we are delighted that the Option has been exercised.”

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 398,036 Ripon Hills Option Shares to be admitted to trading on AIM which is expected to occur on or around 18 May 2022 (“Admission”). The Ripon Hills Option Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,469,667,740 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

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.

#POW Power Metal Resources – Notification of Major Shareholding

pow

Power Metal Resources TR-1: Standard form for notification of major holdings – Thor Mining Plc now holds 3.62% (1,341,839,837 shares)

 

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Power Metal Resources Plc

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Thor Mining Plc

City and country of registered office (if applicable)

London, England

4. Full name of shareholder(s) (if different from 3.) v

Name

JIM Nominees Limited

City and country of registered office (if applicable)

London, England

5. Date on which the threshold was crossed or reached vi :

8.11.21

6. Date on which issuer notified (DD/MM/YYYY):

10.11.21

 

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer vii

Resulting situation on the date on which threshold was crossed or reached

3.62%

3.62%

1,341,839,837

Position of previous notification (if

applicable)

N/A

N/A

N/A

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYWJZ743

48,618,920

3.62%

SUBTOTAL 8. A

48,618,920

3.62%

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
 x

Exercise/
Conversion Period
 xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
 x

Exercise/
Conversion Period 
xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

X

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
 xiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

Adelaide, Australia

Date of completion

10.11.2021

Power Metal Resources #POW – FDR Australia – Government Co-Funded Drilling

pow

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Wallal Project (the “Project”) located in the prolific Paterson Region of Western Australia where the Company is targeting major gold-copper discoveries.

The Wallal Project is wholly owned by First Development Resources Pty Ltd (FDR Australia). Power Metal announced a conditional acquisition of FDR Australia on 28.04.21, further details of which are provided below. Power Metal is currently working to complete this acquisition and a further announcement in respect of this is expected in the near term.

An application was submitted by FDR Australia to the Government of Western Australia Department of Mines, Industry Regulation and Safety (“DMIRS”) for government co-funded exploration drilling at the FDR Australia’s wholly owned Wallal Project (the “Application”). The funding is granted as part of Western Australia’s Exploration Incentive Scheme (“EIS”). The EIS  is a funding programme which offers up to a 50% refund (capped at A$150,000 for multi-hole drilling campaigns) for innovative exploration drilling projects undertaken within Western Australia.

The Wallal Project (the “Project”) covers 572km2 and includes three licence areas as follows:

–  E45/5816 – Wallal Main (390km2 granted licence)

–  E45/5853 – Wallal West 1 (96km2 application)

–  E45/5880 – Wallal West 2 (86km2 granted licence)

The Application submitted sought co-funding for deep drilling at the Wallal Main licence area, specifically targeting the Eastern  and Border anomalies identified from exploration to date. The Eastern and Border anomalies were originally identified following in-depth historical desktop analyses carried out by Power Metal over the entire Wallal Project. In particular, government airborne magnetic datasets identified multiple prospective concentric magnetic anomalies, including the Eastern and Border anomlies located within the Project.  

The Havieron deposit discovery, also located within the Paterson Region was originally discovered in basement rocks hidden below roughly 420m of post-mineral sedimentary cover, which resulted from the drilling of a buried magnetic geophysical anomaly. Further analysis of the Eastern and Border anomalies highlighted several similarities between the various magnetic targets. Specifically, the size and magnetic amplitudes of the Eastern and Havieron anomalies are ~2.5 x 2.5km (100 nanotesla) and  ~2 x 2km (80 nanotesla) respectively. Additionally, the Eastern, Border and Havieron anomalies were determind to lie under similar amounts of sedimentary cover.

FDR Australia has received written confirmation today that the Application has been successful and a co-funded drilling offer for up to A$165,000 has been received (including the maximum amount available under the EIS of A$150,000, plus up to A$15,000 in respect of drill mobilisation).

Work is nearing completion in respect of 2D seismic processing and passive seismic surveys undertaken at the Wallal Project and a further update to the market will follow with the findings of that work, which is focused on the refinement of current drill targets in readiness for the deep drilling campaign.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

In 2021 we have applied resources to build our knowledge of the Wallal Project and refine our understanding of the three large scale magnetic bullseye anomalies.  That work has continuously yielded positive outcomes and we are particularly excited at the discovery potential the Wallal Project offers.

Securing government co-funding for the Project further enhances our confidence.  Aside from the benefit of co-funding to mitigate financial outlay, the co-funding further demonstrates the validity of our exploration plans in respect of this potentially company transforming opportunity.”

BACKGROUND

The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (Wallal Main-E45/5816 (granted), Wallal West 1-E45/5853 (application) and Wallal West 2 – E45/5880 (granted), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).

On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/conditional-australia-copper-gold-acquisition/14955517

The latest exploration update released by the Company on 13 September 2021 may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/fdr-australia-paterson-region-exploration-update/15132674

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

 

#BRES Blencowe Resources Plc – Update on Orom-Cross Graphite Project

Blencowe is pleased to deliver an update to the market in regards to work streams progressing on the Company’s flagship Orom-Cross graphite project in Uganda.

Highlights

  • Phase Two drilling program was completed in early August; all samples have been prepped and are in transit to laboratories in Australia for assaying.
  • Blencowe continues to target a revised, upgraded JORC Standard Resource statement in Q4 2021.
  • Preliminary Economic Assessment (“PEA”) for the initial proposed mining operation at Orom-Cross is considerably advanced and should be completed before 30 September 2021 with public release shortly thereafter.
  • Forthcoming PEA to be first full commercial model for entire project and will indicate how valuable the Orom-Cross project is on a global scale.

The Orom-Cross project is now developing into an outstanding graphite project based on the recent project milestones achieved and other factors including:

  • Significant size and scale of the overall deposit will allow substantial future uplifts to production levels to meet anticipated surges in graphite demand;
  • Highest quality 97-98% concentrate verified by leading independent metallurgical test expert, SGS Lakefield in Canada;
  • Low risk location to develop a long-term mining operation, with stable Government in Uganda supportive of the mining industry;
  • Strong community support;
  • Advanced project, with 21-year Mining License already awarded; and
  • Opportunity to develop Orom-Cross into a battery metals market that is forecast to grow considerably over next decade, as lithium-ion batteries become highly sought after to power exponential growth in electric vehicles (EVs). Graphite is a key component of the lithium-ion battery.

Cameron Pearce, Executive Chairman commented:

“The Company has made considerable progress over the past sixteen months since Orom-Cross was acquired and is now about to deliver a first economic model to share with the market. 

We are confident that the PEA will underline the value that has been built to date and outline further upside that Orom-Cross can become a globally significant graphite project due to its scale and mineralogy.

The PEA will also begin the process of allowing investors to assess the project in the context of it’s global peer group and provide a robust framework for us to progress strategic discussions already initiated with a range of parties such as potential offtake agreements and strategic partnerships.  We also look forward to delivering our revised JORC Resource Statement in the fourth quarter of this year.

Following delivery of the PEA we will then seek to progress to a pre-feasibility study (“PFS”) to ensure that we further de-risk the investment decision as we drive towards first production.”

Background to PEA

The completion of the PEA by the end of month comes as a result of a range of key achievements Blencowe has delivered on to date, both in terms of timing and budget, and most specifically the initial JORC Standard Resource statement, the second drilling campaign to further delineate a greater part of these resources to a lower risk category (Indicated and Measured status) and the exceptional metallurgical test results announced in the middle of the year.

The PEA has been built up internally by Blencowe’s management team who have significant experience in this regard, with a stated purpose to be accurate but conservative. However all key numbers within the PEA have been generated via the involvement of third party technical experts to ensure credibility and integrity.

The next step beyond PEA will be for the PFS to commence, which will ultimately be signed off by a third party technical firm.  As part of the PFS Blencowe will be opening dialogue with potential offtake partners on quantity, quality and pricing of end products as available for sale.

 

For further information please contact:

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

 

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Brandon Hill Capital Limited

Jonathan Evans

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

 

 

Twitter https://twitter.com/BlencoweRes

LinkedIn https://www.linkedin.com/company/72382491/admin/

 

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit. A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is moving into the studies phase shortly as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

#POW Power Metal Resources – FDR Australia – Paterson Region Exploration Update

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 the Wallal Project (the “Project”) located in the prolific Paterson Region of Western Australia.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“It is important to articulate clearly the work completed in the Paterson Region to date and below we provide a summation of our overall exploration rationale, current findings, and future exploration plans.  I would encourage shareholders to review this information which demonstrates the reasons for our building excitement.

We have identified geological and geophysical features within our Wallal licence that bear similarities to two major and recently discovered deposits within the Paterson Region at Winu and Havieron, both of which are under development.

Whilst awaiting licence grants at the Wallal Project we have continued to advance our review of all available existing data.  We are now moving to the next stage with our own work programmes to generate new data and refine target information purposed specifically for a planned deep drilling programme.

In our view there is increasing potential for a major metal discovery at the Wallal Project, and as one would expect we are pushing ahead with some enthusiasm.”

 

Exploration Rationale

The Paterson Region is host to major gold-copper deposits including Winu (Rio Tinto) and Havieron (Newcrest Mining – Greatland Gold JV).

To date, Power Metal has undertaken in-depth desktop analyses with the aim of comparing the geological and geophysical features of both Winu and Havieron to those found within the Wallal Project.

Our hypothesis was that if we were able to identify geological and geophysical similarities of areas within the Wallal Project to established large-scale deposits elsewhere in the Paterson Region, it would increase the chance of a discovery and justify more detailed exploration.

 

Exploration Findings to Date

Important geological similarities to both Winu and Havieron have been found within Wallal Project.

Notably, as detailed in the Company’s announcement on 1 September 2021 three major buried magnetic anomalies have been confirmed within Wallal Project (Western, Eastern and Border anomalies or “Anomalies”).  The announcement may be viewed here:

https://www.londonstockexchange.com/news-article/POW/fdr-australia-new-geophysics-bullseye-target/15118704

In particular, the Eastern anomaly posseses a similar magnetic amplitude to that found at Havieron, which is approximately 100 nanoTesla (nT) for Wallal Eastern anomaly compared to 80 nT for the magnetic anomaly which led to the discovery of the Havieron deposit.

 

Importance of Exploration Findings

Greatland Gold’s Havieron deposit discovery is located in basement rocks hidden below roughly 420m of post-mineral sedimentary cover which resulted from the drilling of a distinct magnetic geophysics bullseye target

Review of unprocessed 2D-seismic and ground gravity datasets have provided very rough estimations of the target depth to basement rocks of the three anomalies at Wallal Project.  The depths indicated by this analysis indicate that the Eastern and Border anomalies are possibly located at depths more comparable to the Havieron deposit.

 

Next Steps

The Company’s progress to date has centred around the review and analysis of all publicly available historic exploration and related data at Wallal.  We are now moving forward with our own Phase I work programme with the aim of generating new and more targeted information.

The geopohysical anomalies identified at Wallal represent deep targets located under post-mineral cover, therefore our Phase I work programme is focused on the development and refining of these targets prior to a potential deep drilling programme.

 

Phase I Work Programme

The Phase I programme includes reprocessing of three historic northeast-southwest oriented 2D-seismic lines which broadly cover the Western and Eastern magnetic “bullseye” anomalies.

The Western and Eastern anomalies measure 5km x 5km and 2.5km x 2.5km, respectively.

The reprocessing will be carried out by Velsis Inegrated Seismic Technologies Pty Ltd based out of Darra, Queensland. This desktop component of the work programme is underway.

Following the completion of the seismic reprocessing and subject to appropriate local access arrangements and work approvals, a passive seismic survey will be undertaken centered over the Eastern and newly discovered Border anomalies. The passive seismic survey will be carried out by Atlas Geophysics Pty Ltd out of Morley, Western Australia.

 

Phase I Expectations

The combined dataset generated by the Phase I work programme will provide critical information, including more precise depth to bedrock measurements over the Eastern and Border “bullseye” anomalies, which will be used for the planning of future work programmes, including a potential deep-diamond drilling campaign aimed at testing the two prospective anomalies.

The passive seismic survey represents the Company’s first ground exploration on the Project and will play an important step in determining various logistical aspects (e.g. access, project infrastructure, location of water sources) which will be critical for future work programmes on the Project.

 

BACKGROUND

The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (three licence applications being Wallal-E45/5816, Wallal West 1-E45/5853 and Wallal West 2 – E45/5853), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).

On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/conditional-australia-copper-gold-acquisition/14955517

An updated information presentation covering FDR Australia and the Company’s plans may be viewed through the following link:

https://www.powermetalresources.com/presentation/first-development-resources-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:

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

ECR Minerals plc #ECR – Property purchase within the Bailieston License Area

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 100% owned Australian subsidiary, Mercator Gold Holdings Pty Ltd (“MGH”), has purchased a property at 127 Nagambie-Rushworth Road, subject only to payment of the completion monies. The property is located within the Company’s 100% owned Bailieston license area (“Bailieston”).

It is anticipated that monies will be paid, and completion will occur, on or around 8 October 2021 and further updates will be provided at that time.

Highlights:

  • The property is adjacent to the Company’s Cherry Tree Project, located within the Bailieston license area in Victoria, Australia.
  • Bailieston neighbours Kirkland Lake Gold’s multi-million-ounce Fosterville gold mine. Newmont Mining have also submitted an application for an exploration license immediately to the north of the Black Cat property within the Bailieston license area.
  • The property consists of 297 acres of land (no buildings at this time), within the 24 square kilometre Bailieston license area, with ample exploration opportunity and the future potential for the construction of a mine decline, processing plant and tailings dam.
  • The purchase price of the property is A$750,000, which will be settled in two tranches consisting of a A$75,000 deposit, which has already been paid, and the remaining balance which is to be paid 30 days from the date of sale. The purchase will be funded by the Company’s existing cash resources. As at the close of business on 9 September 2021 the Group had £3,874.779.94 (USD equivalent $5,362,695.44) in the bank after paying the A$75,000 deposit.

Craig Brown, Chief Executive Officer commented: “Following the recent highly encouraging early results from the maiden drilling programmes at the Bailieston HR3 and HR4 (Cherry Tree Project), on behalf of the board, I am delighted to announce the purchase of a considerable land package located in close proximity to Cherry Tree. Based on the gold mineralisation, geological findings and data acquired from the Bailieston drilling campaigns to date, our board have taken the decision to proceed with ECR’s second land package acquisition.

“The size and scale of this land package ensures that, equipped with our own drilling rigs we can now ramp up our drilling and exploration activities across the territory, and when appropriate can develop our own mine decline, processing plant and tailings dam.”

“This is an exciting period of evolution for ECR as a company as we grow our presence across the Victoria Goldfields. I look forward to reporting the next developments.”

The property was purchased from a private individual.

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:

info@ecrminerals.com

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

Tel: +44 (0) 20 7399 9425

Broker

Jon Belliss

Blytheweigh

Tel: +44 (0) 207 138 3204

Public Relations

Tim Blythe

ECR Minerals (ECR) High Grade Gold Assays from Drilling at Blue Moon Prospect Victoria, Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the receipt of significant gold assays in relation to the reverse circulation (RC) drilling programme recently completed at the Blue Moon prospect, which is located within the Bailieston gold project area in the state of Victoria, Australia.

ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston project.

Significant intersections from three of twelve RC holes drilled by MGA at Blue Moon are reported below. Assay results for the remaining nine holes are pending. A map showing the location of drill holes completed at Blue Moon by MGA may be viewed through the following link:

https://www.ecrminerals.com/images/BBM_As_2019.jpg

Readers are advised to review the Company’s announcement dated 28 January 2019 regarding the commencement of the Blue Moon drill programme, which can be viewed through the following link:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/x2q8qzx

Readers are also advised to review the Company’s further progress update announcement dated 28 February 2019 which highlighted the presence of visible gold in drill cuttings from Blue Moon, which can be viewed through the following link:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/w3og3dw

HIGHLIGHTS:

  • Following the reporting of visible gold from hole number BBM007 (see 28 February 2019 announcement), assay results received for BBM007, BBM006 and BBM004 have shown both high grade intervals and significant widths of anomalous gold grades;
  • Significant intersections are reported in Table A below and include 2 metres @ 17.87 g/t gold from 57 metres down hole in BBM007 within a zone of 15 metres at 3.81 g/t gold from 51 metres;
  • In addition, BBM006 returned 3m @ 3.88 g/t gold from 170 metres down hole within a zone of 11 metres @ 2.42 g/t gold from 169 metres;
  • These results from Blue Moon indicate that a high grade zone exists within the target sandstone host and further results and work will be required to understand any concentration of mineralisation within shoots.

Craig Brown, Chief Executive Officer of ECR Minerals commented: “These results quantify the field geologists’ assessment of visible gold at Blue Moon during drilling of BBM007 and provide great encouragement for the Company and the Bailieston gold project.

To achieve an intersection of 17.87g/t gold over 2 metres is notable. But also of significance is that this was part of an intersection of 15 metres at 3.81g/t gold from relatively shallow depth.

The Company awaits further results from drilling across Blue Moon, Creswick and Black Cat and will provide updates to the market as appropriate.”

Further information

MGA completed three diamond drill holes (BBM001-3) at the Blue Moon prospect in 2018. The results of this drilling were announced on 6 July 2018, and the relevant announcement can be viewed here:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/xp0773w

As previously announced, gold mineralisation at Blue Moon is associated with sandstone plus dykes intruding the sandstone and adjacent to it.

MGA’s 2018 diamond drilling did not obtain fresh sample from beneath the oxide zone. The twelve reverse circulation (RC) holes completed recently (BBM004-15) aimed to intercept the sandstone on 50 metre spacing across three sections and to gain samples from beneath the oxide zone.

BBM004 & 6 intercepted the host sandstone beneath the oxide zone. Logging recorded estimates of up to 4% pyrite and 2% arsenopyrite with minor quartz. No visible gold was seen in these samples.

The base of the oxide zone was at 64 metres in BBM007 within the host sandstone. Visible gold was seen in three samples (3 metres @ 13.4 g/t gold from 57 to 60 metres). It is possible these are elevated gold values as a result of supergene enrichment close to the base of the oxide zone.

Table A

Significant intersections from Q1 2019 RC drilling at the Blue Moon gold prospect

EL5433, Victoria, Australia

NB: intersections reported are apparent width.

Hole ID From To Interval (m) Grade g/t gold
BBM007
51 66 15 3.81
Inc 55 66 11 5.13
Inc 55 61 6 8.32
Inc 57 59 2 17.87
BBM006 169 180 11 2.42
Inc 170 173 3 3.88
Inc 176 180 4 2.21
& 199 203 4 1.19
BBM004 85 101 16 0.28
Inc 85 86 1 2.15
& 90 91 1 1.02

Table 2: Hole details

HoleID Easting Northing

Elevation

Zone

Hole Depth

Dec AziMag
BBM004 326158 5922563 166 55 120 -80 179
BBM006 326158 5922569 166 55 210 -90 179
BBM007 326158 5922565 166 55 78 -61 179

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Exploration Results is based on information compiled 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 Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.

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:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda gold project in the Yilgarn region, Western Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.

ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.