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Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces results from the recently completed 2022/2023 drilling campaign at the 1,478.6 km² Molopo Farms Complex Project (“Molopo Farms” or the “Project” or “MFC”) targeting a large-scale nickel (“Ni”) and platinum group element (“PGE”) discovery in southwestern Botswana.

On 7 February 2023 the Company announced an update regarding the completion of the 2022/2023 drilling campaign. The link to this announcement can be found below:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-botswana-drill-programme-complete/15827461

Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:

“I am very pleased to present this set of drill results, which I know have been long awaited. We have provided a comprehensive analysis of the results achieved as well as a detailed exploration history of the Molopo Farms Complex and of our Project area.

Based on the information provided below, including historical drilling and petrographic results, it is evident that the MFC has the required ingredients which would allow for the formation of a magmatic sulphide deposit.

It is fair to say the discovery of major nickel sulphide & PGE deposits is highly challenging, which is why they are so sought after and valuable. Some of the main challenges are to find demonstrable evidence of the right geological environment and targeted mineralisation within what is a very large area of sand covered ground – as is the case at Molopo Farms with a 1,478.6 km² Project footprint. 

These major challenges have been overcome and we have been able to confirm the postulated geological model and confirm the presence of nickel sulphides and PGEs. It is now time to move to the next stage where the knowledge and data we have assembled can be deployed in continuing ground exploration.

In this regard, conversations with potential Project partners are underway as previously announced, with further interest received very recently. We strongly believe that we are now in a position to significantly advance those conversations and set a course for the large-scale exploration programme that Molopo Farms needs to prove the potential for a magmatic sulphide deposit or deposits.“

HIGHLIGHTS:

§ During the 2022/2023 diamond core drilling campaign Power Metal successfully completed a total of 2,402.8m of drilling across five drillholes targeting four individual target areas including:

–      DDH1-6B (650.2m), DDH1-6B(2) (300.2m), DDH1-14B (519.1m), DDH1-3 (450.1m) and DDH2-3 (483.2m).

§ Drilling at all target areas (T1-6, T1-14, T1-3, T2-3) was designed to test geophysical conductors identified by the time-domain electromagnetic (“TDEM”) geophysics surveys completed by Power Metal earlier in 2022.

§ Multiple drillholes successfully intersected mineralised pyroxenites which returned anomalous precious metal (gold (Au) + platinum (Pt) + palladium (Pd)) mineralisation including 2.3m @ 0.56 g/t Pt+Pd+Au & 0.17% Ni from 497.2m downhole, including 0.8m @ 0.81 g/t Pt+Pd+Au & 0.18% Ni from 498.7m downhole, in drillhole DDH1-6B.

§ Downhole electromagnetic (“EM”) survey completed on drillhole DDH1-14B indicates that the superconductor targeted lies beyond the depth of the current end of hole (519m) at a projected downhole depth of approximately 610m. Conductivity depth imaging completed previously under-estimated the depth to the central part of this conductor.  DDH1-14B would therefore need to be extended to intersect the superconductor target.

§ The 2022/2023 results achieved for nickel and precious metals are in line or exceed some of the highest results achieved from the minimal historical exploration that has been completed within the Molopo Farms Complex, and although these grades are currently not a levels permitting economical extraction, they are very encouraging. A detailed overview of the geology, historical exploration, and next steps are included in the body of this release and interested parties are encouraged to read through the below section in its entirety.  

FURTHER INFORMATION

Summary Drilling Results

Drill Hole Collar Table

Projection: UTM Zone 35S WGS 84

MOLOPO FARMS COMPLEX

A detailed historical and geological overview of the Molopo Farms Complex is provided below. It is intended to be a comprehensive writeup so interested parties can get additional context about the exploration task at hand and what suggested future steps are.

Overview

The Molopo Farms Complex (“MFC” or the “Complex”) is a significant layered mafic-ultramafic intrusion covering approximately 13,000 km² across southern Botswana and into South Africa. Power Metal’s Molopo Farms Project covers approximately 1,632 km² across this highly prospective geological province. The MFC intrusive rocks have been emplaced into Palaeoproterozoic sedimentary rocks of the Transvaal Supergroup.  Radiometric dating of the MFC shows that it is coeval (a similar age) with the prolific Bushveld Complex located entirely within South Africa approximately 200 km to the east.

Geology

The MFC consists of a lower zone of ultramafic rocks and an upper zone of mafic rocks.  The total thickness is about 3,200 m of which the lower ultramafic zone makes up at least 2,000 m.

The structure of the Complex is a folded, block faulted, lopolith which now forms a southwest plunging syncline divided through the middle by ENE-WSW trending Jwaneng-Makopong shear zone which divides the complex into a northwest and southeast section.  The rocks are generally highly faulted and the olivine bearing ultramafic rocks severely altered.

Essentially only the lower ultramafic zone is well developed within the current Molopo Farms Project.  The mafic rocks are limited to sills overlying the ultramafics, or, in some cases, mafic intrusions into the ultramafic rocks.

The ultramafic rocks consist of either olivine dominant or orthopyroxene dominant rocks, which alternate in an irregular fashion.  Specific rock types include harzburgites, dunites, orthopyroxenites, olivine pyroxenites and orthopyroxenites.  Alteration is generally intense, with widespread serpentinization of olivine dominant rocks, and bastite and chlorite alteration of pyroxenites.  Alteration of the pyroxenites varies from minimal to highly pervasive.  Magnetite segregations and veining are common and may in places be after chromite.  Chrysotile asbestos are common in joints and faults, serpentine, talc and calcite veins are widespread. 

Contacts between lithologies are in general sharp rather than gradational.  There is a competence difference between the olivine and pyroxene dominant rocks which leads to jointing and faulting close to the contact between these units.  Whilst some areas are not greatly faulted, in other areas the rocks are severely fractured.

First Recognition

Due to extensive Kalahari sand cover there are no outcrop exposures of the MFC making exploration for magmatic sulphide deposits challenging. In additional to the Kalahari sands, the MFC is further concealed by varying thicknesses of Proterozoic Waterberg Group, and locally by Karoo Supergroup rocks.

The first indication of the presence of the MFC below Kalahari sand cover was when serpentinite was exposed in hand dug wells within the north of the MFC.  The Molopo Farms are commercial cattle ranches which were first surveyed in the 1950s.  Drilling for water on the new farms intersected a variety of igneous rocks which suggested there could be a Bushveld equivalent intrusion in southern Botswana.

In 1962, to assist in the siting of further water wells, the Geological Survey of Botswana commissioned an aeromagnetic survey over a large portion of southern Botswana.  This survey revealed extensive magnetic high anomalies which confirmed the presence of a large body of mafic – ultramafic rocks.

Exploration History

British & Botswana Geological Survey Joint Programme¹

The MFC was the subject of a major research project carried out jointly by the British and Botswana Geological Surveys from 1980-1984. The programme oversaw the digitisation of the earlier aeromagnetic data, carried out a gravity survey, prepared an inventory of existing drill holes and drilled 46 additional holes totalling 5,457 m of percussion drilling and 4,607 m of diamond coring.  Considerable petrographic and lithogeochemical work was completed on the various cores obtained.

Considering the vast footprint of the MFC, the drill holes were very widely spaced and were designed mainly to provide additional data to allow the preparation of a more comprehensive geological model. Despite this, a total precious metal assay of 1g/t  Pt+Pd+Au was obtained from a pyroxenite close to the base of the MFC in the northeast¹.  The joint exploration programme successfully demonstrated that the MFC is a large, Bushveld equivalent, layered intrusion, and the intriguing results guided subsequent work carried out by various private sector companies.

The Kalahari Mapping Project was a second major programme completed jointly by the Botswana and British Geological Surveys from 2003 to 2005. The aim was to re-map the sub-Kalahari geology of the area from recent higher-resolution government aeromagnetics (while utilising an updated drill hole inventory).  New maps of the geology of the MFC were published, however very little new fieldwork was done, and there was no additional drilling.

Private Sector Exploration (1985-1992)

The MFC was explored by two companies between 1985-1992, one major – Gold Fields Ltd. (“Gold Fields”), and one junior – Molopo Australia PTY. Most work by Molopo Australia was funded through a joint-venture agreement with Inco Ltd. (now Vale Ltd).

Given the lack of outcrop exposure, exploration was driven by geophysical surveys, generally magnetic and gravity, although limited TDEM work was also done.  Gold Fields discovered a possible equivalent of the Bushveld Critical Zone located in the south of the complex, but precious metals values were generally low and relatively inconsistent.  Molopo Australia noted low grade platinum-group metal (“PGM”) mineralisation towards the base of the ultramafic sequence in the north of the Complex.  Molopo Australia also intersected 0.3 m of 14% nickel within a vein in the footwall of the MFC.

It is important to note that both Gold Fields and Molopo Australia based their exploration efforts on a Bushveld model – where mineralisation would occur in distinct horizons within a large layered intrusion.  In particular, the focus was on an equivalent of the Bushveld Critical Zone.  Later re-interpretation of the MFC suggests that this model misled the majority of their exploration.

Private Sector Exploration (2001-2007)²

From 2001 – 2007 an Australian junior exploration company Tau Mining Ltd. (“Tau Mining”), explored the MFC with a new geological model based on exploration for a feeder zone or zones which were possible magma conduits.  This work was however mostly unsuccessful as Tau Mining had limited funding and although some significant geophysical work was done, including a Spectrum survey over the Keng area, drilling was limited, percussion only, and poorly sited.

Tau Mining did however drill a number of drillholes close to the Kalahari Key Mineral Exploration (Pty) Ltd. (“KKME” or “Kalahari Key”) prospecting licence (“PL”) 311/2016 and these are incorporated in Power’s Project overall project database.

Private Sector Exploration

Kalahari Key Mineral Exploration PTY Ltd & Power Metal Resources from 2020-present

The latest phase of work originally initiated by Kalahari Key, further adopted the feeder zone dyke model from Tau Mining but has applied more sophisticated geophysical surveys followed up by now two phases of core drilling. 

Much of the work has been focussed within the northeast of the Complex, where there is a very thick (>2,000 m) under explored, ultramafic succession mainly under relatively thin (<25 m) Kalahari Group cover.

Exploration by Kalahari Key was guided by geophysics, in this case by helicopter and ground Time Domain Electromagnetic (TDEM) surveys, supported by helicopter magnetic data and ground magnetic surveys.  Only very limited gravity surveys have been completed over the MFC.  The exploration targets focussed on by KKME and Power Metal have been discrete conductors compatible with massive magmatic sulphide bodies.

Ground TDEM surveys initially employed 1x 1 km fixed loops, but later more detailed moving loop surveys were carried out over some targets.

Kalahari Key and subsequently Power Metal Resources have to date drilled 8 boreholes totalling 4,018.7 m. Select samples from drilling completed by KKME were sent to the University of Witwatersrand for detailed petrographically work. Primary magmatic nickel & copper sulphides were successfully identified including pentlandite, maucherite, chalcocite, heazlewoodite, awaruite, bornite, chalcocite and covellite. Various results are discussed below and compared with the results of historical drilling.

Historical Occurrences of Base- and Precious-Metals

It is relatively rare to see sulphide mineralisation within hand specimens from the MFC ultramafic rocks.  Serpentinites after harzburgite may contain small specks of sulphide, generally intergrowths of pyrite, pyrrhotite and chalcopyrite.  In some cases, these are restricted to within orthopyroxene oikocrysts.

All mineralisation of interest has so far been found within pyroxenite units within the ultramafic succession. Historical mineralised intersections include:

§ The Molopo Farms Project borehole MF38, which is within KKME’s PL 311/2016, intersected 1.1 g/t Pt+Pd in pyroxenite at a depth of approximately 532 m.

§ Borehole TB-1, drilled by Molopo Botswana, a previous explorer in the Molopo Farms Complex, 1 km east of MF38, intersected a prominent sulphide zone between 96.5 and 103.8 m which is believed to correlate with the 531 – 532 m zone in MF38.  Although sperrylite was recognised in the TB-1 samples, the best assay result was 0.23 g/t Pt+Pd+Au³. 

§ Borehole TB-3 was drilled 1.4 km NE of TB-1 to test the strike continuity of the mineralisation in TB-1 and MF38.  A sulphide horizon in pyroxenite at 287.9 – 293 m was interpreted as correlating with the mineralisation in MF38.  However, the best assay result from TB-3 was 0.45 g/t Pt+Pd+Au.

§ Borehole TB-11 was drilled 500 m south of the MF38 – TB-1 line.  Sulphide horizons were found in pyroxenite at 186 – 216 m and at 286 – 312 m.  A total of 156 samples were assayed from TB-11 and its deflection, but the best values were 0.20 g/t Pt and 0.12 g/t Pd.

§ Nickel values in the above boreholes were consistently <0.3% Ni.

§ Borehole KP-20, drilled by Molopo Botswana 5 km northeast of Keng Pan, intersected a semi-massive nickel arsenide vein over 30 cm at a depth of 91 m which assayed 14.6% Ni, 0.05 g/t Pt+Pd+Au and 610 g/t Ag.  The vein was in siliceous dolomite in the footwall of a differentiated pyroxenite sill related to the MFC.  Follow up drilling however failed to locate any continuation of the vein, which is believed to be hydrothermal⁴.

§ Borehole KP-19, south of KP-20, intersected three narrow sulphide veins in a tectonised ultramafic rock.  The best assay, from a downhole depth of 424 m returned 1.25% Ni and 0.97% Cu⁴.

Based on all historical work completed to date the key lithology for mineralisation in the ultramafic sequence is pyroxenite, especially coarse grained, feldspathic pyroxenite.

By comparison with historical results, KKME and subsequently Power Metal have, with limited drilling, intersected rocks giving assays results in line with those achieved historically highlighting the various exploration successes of both parties with overall limited exploration.

Confirmation of the Feeder Zone Model

The magnetic surveys carried out in the north of PL 311/2016, plus drill holes KKME1-14, DDH1-14B and KKME1-11A, support the presence of an ultramafic dyke following the Jwaneng – Makopong shear zone.  The dyke appears to be funnel-like in profile and could be a magma conduit to the Molopo Farms Complex. The Transvaal strata in contact with the steeply dipping feeder zone are gently to moderately dipping. This is an important consideration when reviewing existing and future geophysical results across the feeder zone.

Further south, around drillhole KKME1-6, it is harder to distinguish the feeder from the layered rocks of the intrusion.

The magma conduit model is analogous to the Uitkomst intrusion in eastern South Africa, which hosts the Nkomati nickel mine, once South Africa’s largest nickel producer.  Like the MFC, the Uitkomst intrusion is of Bushveld age.

Exploration Methodology

Due to extensive sand cover over the MFC, historical exploration has been largely driven by geophysics. 

Soil geochemical surveys have been carried out, but the Kalahari sands, even if relatively thin, diffuse the results and soil surveys tend to only detect the underlying lithology.  That said, there is no known mineralisation on which soil sampling data can be orientated.

Historically, magnetic and gravity surveys were used to identify the cross-over from the lower ultramafic zone to the upper mafic rocks. 

TDEM surveys have sought to recognise conductors caused by massive sulphide bodies.  To date, as no such bodies have been found, the usefulness of TDEM surveys in this environment remains limited.

All eight of the drillholes completed by KKME and Power Metal were sited to intersect electromagnetic (“EM”) geophysical conductors.  However, in no case was an obvious geological unit which was responsible for the EM signature identified (causative body).  In the past, it has been noted that EM surveys will detect faults and areas of saline groundwater, and sheared serpentinite are also known to act as good conductors.

Discussion on Future MFC Exploration

It is evident from historical work that the ultramafic rocks in the NE of the MFC are the most promising target.  As a result, Power Metal Resources Molopo Farms Project is located in the right place.

KKME and Power Metal have discovered an ultramafic dyke-like intrusion which causes a curvilinear magnetic anomaly changing direction from E-W to NE-SW.  The intrusion is composed of dunite and harzburgite and has a very basic composition.  Three holes have been drilled on this target, demonstrating its composition and that the northern contact is steep and discordant.  As mentioned, this structure has similarities to the Uitkomst intrusion, which is regarded as a feeder conduit to the Bushveld Complex and could merit further drilling.  A vertical borehole down the centre of the body, aimed at passing through the intrusion into country rock, could be proposed.

Recent and historical work has recognised the occurrence of awaruite in the MFC serpentinites.  Awaruite is a Ni-Fe alloy, which has attracted considerable attention as a “green” source of nickel, in that nickel may be recovered without smelting and consequent release of SO₂ into the atmosphere.  It may have a nickel content of >70%.⁵  Previous work in the Keng area has shown that 40% of the total nickel in serpentinites may be contained within awaruite.  Economic recovery of awaruite was considered in the past and could be worth re-visiting.  Mining could be feasible only in those areas where serpentinite is present under thin Kalahari cover, and thus, depending on the cover depth, amenable to open pit working.

Correlation of individual layers in the ultramafic succession is problematic, and it has been proposed that only certain coarse pyroxenite layers may be continuous. Power Metal has tentatively correlated mineralised horizons between boreholes KKME1-6 and DDH1-6B located approximately 530 m apart.  However, mineralisation is not entirely consistent.  Drillhole DDH1-6B(2), drilled at the same position at KKME1-6 but angled to the north, intersected coarse pyroxenites which were devoid of mineralisation.  Equivalent styles of mineralisation in layered ultramafic rocks of the Bushveld Complex are low grade (eg Volspruit North:  2.27 g/t Au+Pt+Pd, 0.18% Ni, 0.06% Cu and Sheba’s Ridge: 0.9 g/t Au+Pt+Pd, 0.2% Ni and 0.08% Cu) but have high tonnage and are open-pitable.^6,7  These grades are not considerably better than found by Power Metal, but tonnage and being close to surface are important considerations. In general, mineralisation in the generally moderately dipping layered ultramafic rocks is likely not a viable exploration target going forward – as per results obtained from drillholes KKME1-6, DDH1-6B and DDH1-6B(2).

Next Steps      

As the demand for nickel continues to increase, exploration for magmatic sulphide deposits within mafic/ultramafic complexes will continue to be of significant interest to junior and major mining companies. Compared to many other significant mafic provinces, the MFC is comparatively underexplored, likely as a result of the extensive Kalahari sand cover. However, based on the information provided above, including historical drilling and petrographic results, it is evident that the MFC has the required ingredients which could allow for the formation of a magmatic sulphide deposit(s). To that end, one of the major challenges of exploration for these types of deposits is due to the lack of alteration surrounding known ore bodies – with barren rock known to exist in contact with significant metal accumulations. Due to the above considerations, Power Metal is strongly of the belief that significant further exploration is warranted. Some of the possible next steps include:

§ Collection of further structural data from 2022/2023 drill programme-oriented core, as well as thin section analysis of select mineralised horizons.

§ Select core samples of ultramafic rocks in boreholes 1-6 and 1-6B for preparation of mineral separates to assess awaruite content.  Choose serpentinites with relatively high whole rock nickel content (0.2%). 

§ Complete a high-resolution mobile magnetotellurics (“MobileMT”) airborne geophysical survey. MobileMT is on the cutting edge of geophysical survey methodology and compared to TDEM has multiple advantages including:

o  Allows for good discrimination between resistive units (e.g. TDEM cannot effectively map resistive units or discriminate between 1000 ohm-m and 5000 ohm-m formations).

o  Can detect superconductors directly.

o  Provides superior depth penetration than even high powered TDEM systems (up to 2km in certain geological environments).

o  System experiences no problems with induced polarisation (“IP”) effects, zero coupling zones or super para-magnetic effects.

o  Highest efficiently and quick surveying over flat areas like southern Botswana and can average production of 100km per day with a comparatively low production cost.

§ Across PL311/2016 prepare detailed geological/structural interpretation incorporating all historical drilling and geophysical data available. Trace feeder dyke as possible magma conduit.

§ Based on above, plan additional drilling within the feeder dyke and adjacent areas.  Possible additional ground magnetic surveys. Drillhole KKME1-14 and DDH1-14B are 17 kms northeast of the main outcrop of the MFC ultramafics – this area should be further investigated and subsequently drilled (at least one deep vertical hole) as it geological analogous to the prolific Uitkomst intrusion located in South Africa. 

References

¹Gould, D., Rathbone, P.A. and Kimbell, G.S., 1987. The geology of the Molopo Farms Complex, southern Botswana. Geological Survey of Botswana, Bulletin, 23, 178p

²Tau Mining Ltd., Molopo Farms Project Prospecting licenses: PL06/2001, PL38A/2001, PL38B/2001, PL40/2001, PL41A/2001, PL41B/2001, PL42A/2001, PL42B/2001., Quarterly Exploration Report July 2008 – September 2008

³ McGeorge, I.B., 1992., Molopo Botswana (Pty) Ltd 1992. Final Report for PL 14/87, Southern District. Prospecting Records, Botswana Geoscience Institute.

⁴ McGeorge, I.B., 1994, Molopo Botswana (Pty)- Final Report for Prospecting Licence 62/89 Southern District. Prospecting Records, Botswana Geoscience Institute.

⁵ Seiler, S., Sanchez, G., Teliz, E., Diaz, V., BRadhsaw, P., Klein, B., 2022, Awaruite (Ni₃Fe), a new large nickel resource: Electrochemical characterization and surface composition under flotation-related conditions, Minerals Engineering vol 184. https://doi.org/10.1016/j.mineng.2022.107656

⁶Sharecast, 24 October 2022. “Sylvania Platinum upbeat on recent Bushveld Studies.” Sylvania Plathium Ltd.

⁷Mining Review Africa, 13 February 2008.  “Blue Ridge and Sheba’s Ridge Study Feasibility”.  Sub- heading “Sheba’s Ridge – open pit nickel PGM project”.

Glossary

Awaruite                                            Awaruite is a naturally occurring alloy of nickel and iron.

Bastite                                               A serpentinous mineral occurring embedded in serpentine at Baste in the Harz and elsewhere, and probably derived from the alteration of a variety of enstatite.

Dunite                                                Dunite is an ultramafic plutonic rock that is composed almost exclusively of olivine.

Dyke                                                  A dyke is a vertical to subvertical sheet of rock that is formed in a fracture of a pre-existing rock body.

Feeder zone                                      The plumbing system from which magma is supplied into the intrusive from the lower crust.  These can often form as elongated dykes at the base of an ultramafic layered intrusion.  Sulphide mineral accumulations can often form in the vicinity of the feeder zone.

Harzburgite                                       Harzburgite is a type of peridotite ultramafic igneous rock, with no or very little monoclinic pyroxene and consisting only of olivine and orthorhombic pyroxene bronzite. Harzburgite typically forms by the extraction of partial melts from the more pyroxene-rich peridotite.

Lopolith                                             A lense shaped intrusion of igneous rock.

Palaeoproterozoic Sedimentary        Sedimentary rocks deposited between 2,500 to 1,600 million years ago

Pyritic mudstone                               Mudstone containing elevated amounts of iron pyrite – with refence to nickle sulphide deposits, these represent important sources of sulphur.

Pyroxenite                                         Pyroxenite is an ultramafic igneous rock consisting essentially of minerals of the pyroxene group, such as augite, diopside, hypersthene, bronzite or enstatite.

Serpentinite                                       A metamorphic rock formed as a result of the low temperature anaerobic oxidation of ultramafic rock in the course of which density is reduced and volume increased by the addition of water, and nickel and other elements undergo remobilisation as a result of hydrothermal activity.

Transvaal Supergroup                      The Transvaal Supergroup is a group of rocks in northern South Africa and southern Botswana, situated on the Kaapvaal Craton, composed of sedimentary and volcanic ltiholgoies.

Olivine pyroxenites                           Olivine pyroxenites are a type of ultramafic igneous rock composed mainly of pyroxene minerals and olivine, with minor amounts of other minerals such as spinel and chromite.

Orthopyroxenites                               Orthopyroxenites are a type of ultramafic igneous rock that is composed mainly of orthopyroxene minerals. Orthopyroxenites are typically formed in the Earth’s mantle, either by crystallization from magma or by solid-state transformation of peridotite, another type of ultramafic rock. They are often associated with other mantle-derived rocks such as dunites, harzburgites, and lherzolites.

Ultramafic rock                                 An igneous rock in which has a very low silica content and in which more than 90% of the rock is composed of magnesium and iron-rich minerals like pyroxenes, amphiboles, and olivine.

Power Metal Interest

Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company, which holds a 100% interest in the Molopo Farms Complex Project.

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been reviewed and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified 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: