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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:
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:
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:
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:
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:
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:
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
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
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
Power Metal Resources Plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Thor Mining Plc |
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City and country of registered office (if applicable) |
London, England |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
JIM Nominees Limited |
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City and country of registered office (if applicable) |
London, England |
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5. Date on which the threshold was crossed or reached vi : |
8.11.21 |
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6. Date on which issuer notified (DD/MM/YYYY): |
10.11.21 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuer vii |
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Resulting situation on the date on which threshold was crossed or reached |
3.62% |
3.62% |
1,341,839,837 |
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Position of previous notification (if applicable) |
N/A |
N/A |
N/A |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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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) |
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GB00BYWJZ743 |
48,618,920 |
3.62% |
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SUBTOTAL 8. A |
48,618,920 |
3.62% |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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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 |
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Full chain of controlled undertakings through which the voting rights and/or the |
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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 |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
Adelaide, Australia |
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Date of completion |
10.11.2021 |
Power Metal Resources #POW – FDR Australia – Government Co-Funded Drilling
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:
The latest exploration update released by the Company on 13 September 2021 may be viewed through the following link:
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#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
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| Investor Relations
Sasha Sethi |
Tel: +44 (0) 7891 677 441
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| Brandon Hill Capital Limited
Jonathan Evans |
Tel: +44 (0)20 3463 5000
jonathan.evans@brandonhillcapital.com
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| First Equity Limited
Jason Robertson |
Tel: +44(0)20 7330 1833
jasonrobertson@firstequitylimited.com
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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:
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:
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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:
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ECR Minerals plc |
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Tel: +44 (0) 20 7929 1010 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
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Tel: +44 (0) 161 832 2174 |
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Nominated Adviser |
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SI Capital Ltd |
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Tel: +44 (0) 1483 413500 |
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Broker |
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Nick Emerson |
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Novum Securities Limited |
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Tel: +44 (0) 20 7399 9425 |
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Broker Jon Belliss |
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Blytheweigh |
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Tel: +44 (0) 207 138 3204 |
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Public Relations |
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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
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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 |
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| 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.
World’s insatiable appetite for batteries sparks multi billion pound lithium mining boom in Australia! Via abcnews
Growing demand for batteries for electric cars and power 
storage is driving increased investment in lithium mining in Western Australia. WA is currently supplying more than 40 per cent of the world’s lithium and a new mine in the Pilbara is the latest in a string of investments in the industry. The West Australian Government is now encouraging industry to build a battery factory in the state to capitalise on the boom.
Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS) to commence drilling Nickel Sulphide Targets at Lake Giles project, Western Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (“Macarthur”, TSX-V: MMS) has announced it will commence drilling high priority nickel sulphide targets at its Lake Giles project in Western Australia. The targets were derived from recent geophysical surveys using Moving Loop Electromagnetic (“MLEM”). Surveying at Moonshine successfully delineated two bedrock conductors, MC01 and MC02, with a further bedrock conductor identified at the Snark prospect as announced on August 28, 2018.
Highlights:
- A Moving Loop Electromagnetic (“MLEM”) survey was conducted across three prospects at the Lake Giles project. The survey targets were derived from previous drilling and soil geochemistry data that indicated potential for nickel sulphide.
- Interpretation of data was undertaken by geophysicists from Newexco Services Pty Ltd who are experts in the application of geophysical surveys for the discovery of nickel sulphide deposits.
- The survey at Moonshine recorded strong conductance across all five lines with modelling delineating two bedrock conductors, MC01 and MC02.
- The survey at Snark identified two bedrock conductors at Snark, SC01 and SC02.
- Conductors MC01 at Moonshine and SC01 at Snark are considered high priority targets and will be tested by drilling. Two drill holes have been planned to intersect the conductors at the point where they display a high EM response.
- Orbit Drilling has been engaged to undertake the drill program and will mobilise to site in October upon receipt of drilling permits. An initial program of two holes drilled to a depth of 200m will be completed by the end of October. Follow-up drilling is scheduled to commence on return of favourable results.
Cadence holds approximately 12% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=8947709919633253&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: “We are greatly encouraged by the progress and recent developments reported by the Macarthur Minerals team. Having already amassed a considerable historical dataset for Lake Giles, if the presence of a massive sulphide structure is confirmed, as CEO Cameron McCall says it will add additional value to the project with multiple commodities, and for Cadence Minerals it will provide further validation for the Macarthur investment case. We look forward to the results next month.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
– Ends –
For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
ECR Minerals #ECR sees ‘significant gold opportunity’ at Blue Moon in Australia – Proactive Investors Stocktube
ECR Minerals PLC’s (LON:ECR) CEO Craig Brown and geologist Dr Rodney Boucher discuss the recent work programmes carried out at the Blue Moon gold project in Australia.
