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Power Metal Resources #POW – Ditau Project – Drilling and Geophysics Update

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a drilling update in respect of the Ditau Camp Project (“Ditau”), located in southwestern Botswana. Ditau is considered prospective for carbonatite hosted rare-earth element (“REE”), base metal and possible precious metal mineralisation.

Ditau is held within a 50/50 Joint Venture (“Kanye Resources”) with London-listed Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator.

Project Background

The third diamond core drill hole of the programme, drill hole DITDD005 on the i1 Target is now complete, and the drill rig has relocated to the i8 target, where drilling has now commenced on hole DITDD006. The final siting of DITDD006 followed the completion of a Controlled Source Audio-Magnetotelluric (CSAMT) ground geophysical survey and survey data inversion modelling.

The CSAMT survey imagery has provided enhanced interpretative model of the geology and structural setting of the i8 Target beneath the Kalahari sands and sediments. Images highlighting the i8 Target with a CSAMT section overlay can be found at the link below:

Ditau drilling and AMT update – Power Metal Resources plc (LON: POW)

Additionally, Kanye has shipped the first batch of drill core samples from hole DITDD004 for testing at a certified laboratory in South Africa, with fast-track analyses requested.

Highlights:

–    Diamond core drillhole DITDD006 has commenced on the i8 Target:

–    CSAMT survey completed over i8 has provided an enhanced targeting model enabling drill collar location, hole dip and azimuth optimisation.

–    The i8 Target is highlighted by a circa 4km diameter ring structure which was interpreted from airborne magnetic survey data.

–    This target was the subject of 5.5-line km of CSAMT surveying, using both high and low frequency configurations.

–    Inversion processing of the CSAMT data over the i8 Target, which was completed by an external geophysical consultant, has shown bedrock signatures below the i8 Target magnetic anomaly that are significantly different from the surrounding flat lying signatures which are interpreted to be sedimentary country rock. 

–    These geophysical signatures appear disturbed in dip and vertical position and are interpreted to relate to an intrusive body.  These signatures are significantly different to those seen in the CSAMT survey for the i10 and i1 Targets.

–    Drillhole DITDD006 is targeting the ring of the magnetic geophysics high, where it is coincident with resistivity geophysics high features, near the edge of the i8 Target.

–    Drillhole DITDD005, targeting the i1 Target, is now complete with a final down-hole depth of 343.9m.

–    DITDD005 intersected extensive conglomerate with a measurable magnetic mineral content.

–    The interpretation of these findings is to be aided by an expanded CSAMT survey programme – which includes additional line-km over the i1 target.

–    Update in respect of Drillhole DITDD004, targeting the i10 Target:

–    DITDD004 intersected thick successions of highly magnetic brecciated rock units, confirmed by magnetic susceptibility readings on drill core, with the magnetism interpreted as being related to hydrothermal alteration processes.

–    First batch of drill core samples have been cut and shipped for multi-element analyses (including select fire-assays), at a certified laboratory located in South Africa, with fast-turnaround ‘rush analysis’ requested.

–    Further sample batches from hole DITDD004 will be dispatched during the coming weeks.

–    A separate batch of samples for petrographic analysis are currently in preparation.

–    High frequency CSAMT geophysics survey underway on the i10 Target, with the purpose of augmenting the existing AMT survey dataset, to assist further modelling and interpretation of the range of lithologies intersected in the DITDD004 drill hole.

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

“The Ditau drilling is moving at significant pace through the key targets and today we announce the commencement of hole DITDD006, which is located on the i8 Target, the third main area being tested as part of this ongoing programme. As you will see from the AMT images linked above, the i8 target is particularly interesting.

Photographs of the drill core from  hole DITDD004  are now available to view in the Gallery section of the Company’s website, the core samples have been submitted to the assay laboratory in South Africa and the results  are eagerly anticipated with the faster-turnaround ‘rush’ analytical service requested.

There is an intensely active period underway in the Kanye JV and I look to providing further updates to the market in the near future.”

Target I8

The inversion modelling  of the CSAMT and aeromagnetic survey data has led Kanye to conclude that the i8 Target anomaly could be caused by a buried intrusive body, approximately 4km in diameter.  The inversions modelling, undertaken by an external geophysical consultant, shows ‘intrusive’ signatures below a magnetic ring anomaly, that are significantly different to the surrounding flat lying ‘sedimentary’ signatures.

The CSAMT survey has detected signatures that appear disturbed in their dip and vertical position. There is also possible thrust faulting that has been identified by the inversions.

The area of disturbance is radially symmetric with the aeromagnetic ring structure and is interpreted to be a possible intrusion. Further, there are CSAMT signatures that are coincident with the outer magnetic ring that are protruding high into the resistivity section, further suggesting the possibility of an intrusive body.  This signature is significantly different from that interpreted from preliminary CSAMT data collected on the i10 and i1 Targets.

The target conforms to an idealised model for a carbonatite.  The composition of this is now being tested by drillhole DITDD006, planned to a depth of 400m. 

Background to Targeting

Kanye has identified 12 geophysical structures/targets at Ditau (i1 through i12 Targets), which could be possible carbonatites and/or intrusive complexes that may host carbonatites. Nine of these targets are particularly well defined.

There are two target types at Ditau:

1)    Discrete kilometre-scale carbonatite pipe targets; and

2)    Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives.

The 12 Ditau geophysical targets are not known to have been tested for REEs historically. Kanye identified these targets, which range in size from circa 2km to 18km in diameter, using modern geophysical interpretative techniques. Kanye has used combined and integrated Airborne Magnetics, Ground Magnetics and CSAMT surveys in the exploration of the Project and for drill targeting.

Recently completed and inverted CSAMT surveying of the i8 Target, using both high and low frequency configurations, has resulted in high resolution of the basement below the Kalahari sand and sediment cover, providing enhanced target definition. As a result, Kanye is now running both high and low frequency CSAMT surveys over the i1 and i10 Targets to further enhance the interpretation of these, post drilling.

Completed Holes

A total of three drillholes for a combined core length of 1,037.3m have now been completed as part of the 2022 drilling programme. Mindea Exploration and Drilling Services (Pty) (“Mindea”) is conducting the drilling. Analytical results will be provided once assays are received, compiled, and interpreted.

2022 Drill Programme Summary Table (WGS 84 UTM Z34S):

Target

Drillhole

UTM E

UTM N

Azimuth (°)

Inclination (°)

Final depth

i10

DITDD003

640350

7231120

000

-80

300.1m

i10

DITDD004

640350

7230500

000

-80

393.3m

i1

DITDD005

650000

7246515

000

-80

343.9m

i8

DITDD006

654100

7233400

180

-80

In progress

 

POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with London-listed Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator.

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

NOTES TO EDITORS

Power Metal Resources plc – Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work. 

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

 

Project

Location

Current

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Athabasca Uranium

Canada

100%

Data compilation across uranium properties

Interpretation results from all Properties complete. Next steps upcoming.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Technical Review of exploration results & define next exploration steps.

Ditau Project

Botswana

50%

Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements.

Field updates and receipt & review of laboratory assay results.

Kalahari Copper Belt

Botswana

50%

Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

Field programme findings and defined drill targets for near term drilling.

Molopo Farms

Botswana

53%#

Review of recent exploration findings.

Determine next exploration steps and action plan.

Victoria Goldfields

Australia

49.9%

Diamond drill programme completed.

 

Field updates and receipt & review of laboratory assay results.

Paterson Projects

Australia

82.78%*

Wallal passive seismic and 2D seismic processing work programme completed.

Review of historical data and target generation for Ripon Hills & Braeside West projects.

 

Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling.

Selta Project

Australia

82.78%*

Lithium review underway including desktop and field mapping and sampling.

Findings from lithium review exploration programme.

* Reducing to 62.12% after Completion of the Pre-IPO Financing

# subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%

Kavango Resources #KAV – Ditau drilling and AMT update

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) has successfully completed hole DITDD005 on the “i1” target (“Target i1”) at the Ditau Camp Project (“Ditau”). The Company has now moved the drill rig to the “i8” target (“Target i8”), Hole DITDD006, following the completion of a Controlled Source Audio-Magnetotelluric (CSAMT) ground geophysical survey and inversion model.

The CSAMT survey has provided enhanced resolution of the bedrock beneath the Kalahari sands and sediments of Target i8. As a result of the upgrade in Target i8, based on this newly acquired data, drilling has commenced here.

Kavango has provided an inversion of the Target i8 Aeromagnetic data with an CSAMT section overlay on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns15june2022

Meanwhile, Kavango has also shipped the first batch of samples from Hole DITDD004 for testing at a certified laboratory in South Africa, with ‘rush analyses’ requested.

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW)

Highlights

–    Drillhole DITDD006 has commencement on target i8.

–    Enhanced CSAMT survey completed that has provided additional bedrock resolution, resulting in prioritisation of this drillhole on the i8 target

–    Target i8 is a ~4km diameter ring structure interpreted from airborne magnetic survey data

–    This target has been the subject of 5.5-line km of CSAMT surveying, using both high and low frequency configurations

–    Interpretation of the inversion of the CSAMT for Target i8, by an external geophysical consultant, has shown bedrock signatures that are significantly different from the surrounding flat lying signatures, which are interpreted to be sedimentary country rock. 

–    The CSAMT survey has detected signatures that appear disturbed in dip and vertical position, inferring a phase of an intrusive.  These signatures are significantly different from that interpreted from preliminary CSAMT data for targets i10 and i1.

–    Hole DITDD006 will target the ring/magnetic high, coincident with the upwards protruding resistivity highs, at the edge of the i8 target

–    Drillhole DITDD005 completed; final depth 343.90 m

–    This targeted Target i1

–    DITDD005 intersected extensive conglomerate with a measurable magnetic mineral content

–    Interpretation is to be aided by an expanded CSAMT programme

–    Drillhole DITDD004 update

–    DITDD004 intersected extensive high magnetic mineral content confirmed via magnetic susceptibility readings, possible breccias and overprinting  hydrothermal alteration

–    First batch of samples has been cut and shipped for multi-element analyses, including some fire assays, to a certified laboratory in South Africa, with ‘rush’ analysis requested

–    Further batch will be dispatched during June

–    Separate batch of petrology samples are in preparation

–    Low frequency AMT survey underway aimed at augmenting existing high frequency CSAMT data, to assist interpretation of the range of lithologies identified at this target

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

“I would like to thank our team and our drillers, Equity Drilling/Mindea, for making rapid progress at Ditau, which has enabled us to begin drilling the fourth hole of this campaign in  fewer than two months since we started.

All our hard work to improve the company over the last 18 months is paying off handsomely. We are seeing this both in the acceleration of our work programmes and our deployment of enhanced technology in the field.

Our recent CSAMT surveys illustrate perfectly how much progress Kavango has made.

Our team has identified a possible intrusive body at i8 using CSAMT. This development has guided our exploration in real-time. We  will now test the i8 Target by drilling hole DITDD006.

Kavango has proven the effectiveness of the CSAMT technique at Ditau. As such, we have decided to perform further surveys on the recently drilled i10 and i1 targets. We are hopeful this data, together with what we learn from the drill cores, will sharpen future targeting in our hunt for economic mineralisation.”

Background to targeting

Kavango has identified 12 geophysical structures/targets at Ditau (targets i1 through i12), which the Company believes could be possible carbonatites and/or intrusive complexes that may host carbonatites. 9 of these targets are particularly well defined.

There are two target types at Ditau:

1)  Discrete kilometre-scale carbonatite pipe targets, and

2)  Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives.

The 12 Ditau geophysical targets are not known to have been tested for REEs, historically. Kavango identified these targets, which range in size from ~2km to ~18km in diameter, using modern geophysical interpretative techniques. Kavango has used combined and integrated Airborne Magnetics, Ground Magnetics and Controlled Source Audio-Magnetotelluric (“CSAMT”) surveys in the exploration of the property and for drill targeting.

Recently completed and inverted CSAMT surveying of Target i8, using both high and low frequency configurations, has resulted in high resolution of the basement below the Kalahari sand and sediment cover, providing target definition. As a result, Kavango is now running both high and low frequency CSAMT surveys over Target i1 and Target i10 to enhance the interpretation of these, post drilling.

Target i8

A combination of inversions from CSAMT and Aeromagnetic data has lead Kavango to conclude that Target i8 could represent an intrusive body, approximately 4 km in diameter.

Interpretation of the inversion of the CSAMT for Target i8, by an external geophysical consultant, has shown bedrock signatures that are significantly different from the surrounding flat lying signatures, which are interpreted to be sedimentary country rock.

The CSAMT survey has detected signatures that appear disturbed in dip and vertical position. There is also possible trust faulting.

The area of disturbance is radially symmetric with the aeromagnetic ring structure and is interpreted to be a possible intrusion. Further, there are CSAMT signatures that are coincident with the outer magnetic ring, that are protruding high into the resistivity section, inferring a phase of an intrusive.  This signature is significantly different from that interpreted from preliminary CSAMT data for targets i10 and i1.

The target conforms to an idealized model for a intrusive.  The composition of this is now being tested by drilling of hole DITDD006, planned to a depth of 400m.

Completed holes

A table summarising the holes completed at Ditau under the 2022 program is provided below. Analytical results will be provided once assays are complete.

Target

Drillhole

Planned
UTM E

Planned
UTM N

Planned azimuth

Planned inclination

Final depth

i10

DITDD003

640350

7231120

000

-80

300.14m

i10

DITDD004

640350

7230500

000

-80

393.29m

i1

DITDD005

650000

7246515

000

-80

343.90m

i8

DITDD006

654100

7233400

180

-80

In progress

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea Exploration and Drilling Services (Pty) (“Mindea”) is conducting the drilling, on a part-cash, part-equity basis.

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc 

Ben Turney

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson             

SI Capital Limited (Joint Broker)     

+44 1483 413500

Nick Emerson

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists.  Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralisation and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.

NOTES TO EDITORS

THE DITAU CAMP PROJECT

The Ditau Camp Project comprises two Prospecting Licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical analyses by Kavango in the two PLs have identified 12 “geophysical structures” of which 9 have clear indications of being “ring structures”.

The “ring structures” have the potential to host carbonatite and other intrusive rocks.

Carbonatites are the principal source of rare earth elements (“REEs”) including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and Copper.

Mafic intrusives have potential to host base and precious metals, as seen in the Molopo Farms Project, Selebi Phikwe and Tati Nickel deposits in Botswana.

Power Metal Resources #POW – Ditau Camp Project – Drilling Programme Update

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 Ditau Camp Project (“Ditau” or the “Project”) located in southwest Botswana. Ditau is considered prospective for carbonatite hosted rare-earth element (“REE”), base-metal and possible precious-metal mineralisation.

Ditau is held within a 50/50 Joint Venture (“Kanye Resources” or “Kanye”) with London-listed Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator.

DITDD004, the second hole in the Ditau drill programme has been successfully completed to a downhole depth of 389m.

DITDD004 was drilled into the i10 Target, a discrete 2.2km diameter magnetic anomaly that Kanye Resources had previously modelled as a possible carbonatite. DITDD004 appears to have intercepted the magnetic anomaly within the drillhole from 293m to 321m downhole depth.

Kanye Resource’s field team has taken preliminary magnetic susceptibility readings on the core recovered from DITDD004. The field team recorded highly elevated magnetic susceptibility readings between 293m and 321m (the “Zone of Interest”) – a combined 28m of core length. These readings from the Zone of Interest coincide with a visibly altered section that Kanye Resources will immediately cut half-core samples from and send to the assay laboratory for multi-element analysis.

The core from DITDD004 contains visible siliceous and haematitic zones, with local pervasive pyrite manifested both as disseminations and in veins. Extensive fracturing (brecciation) is observed throughout the Zone of Interest and elsewhere in the hole.

Power Metal has provided select core images from the Zone of Interest on its website:

https://www.powermetalresources.com/drill-update-ditdd004/

A 1km Audio-Magnetotelluric (“AMT”) survey will be performed over the i10 Target in the coming weeks. Kanye Resources hopes that data from this will help further define the shape and form (morphology) of the Zone of Interest.

Mindea Exploration and Drilling Services Pty (“Mindea”) will now mobilise the diamond core drill rig to Target i1 at Ditau. Target i1 is the largest of three geophysical targets Kanye Resources plans to drill during the current campaign. A further update will be released shortly in respect of this drillhole.

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

“The core extracted from hole DITDD004’s Zone of interest, spanning a combined 28m, is fascinating from a geological perspective and we are eager to see the results from further analysis thereon – including laboratory multi-element assays.

The magnetic modelling undertaken to develop this target appears to be reliable, which is also particularly encouraging for DITDD004 and future drill holes within Ditau.

I look forward to reporting further plans and progress over the coming weeks.”

Operational Summary

–    DITDD004 is the second hole to target the i10 Target

–    The i10 Target is a discrete circular geophysical anomaly which is roughly 2.2km in diameter.

–    Kanye Resources has extensively modelled the i10 Target using various inversions of Aeromagnetic (“AEM”) and AMT geophysical datasets.

–    Kalahari sediment thickness was determined to be 105m based on the first hole drilled (DITDD003) which is consistent with the estimated thickness based on the AMT modelling completed.

–    An additional 16.1 line-km of AMT geophysical surveying is now planned with coverage over multiple drill target areas including:

–    1.0 line-km over the i10 Target;

–    5.5 line-km over the i8 Target; and

–    9.6 line-km over the i1 Target.

The plan is to collect high-frequency AMT profiles over near-surface potential carbonatite targets with the ultimate goal of better resolving the location of breccia zones and intrusive sills/dykes intersected in drillhole DITDD003.

AMT surveys can aid geophysicists and geologists in mapping subsurface geological structures and layers; further identifying potential areas for mineralisation which allows for the refinement of drill targeting.

To date, Kanye Resources has identified 12 geophysical targets at the Ditau Project (i1 through i12), which are believed to be caused by possible carbonatites and/or intrusive complexes that may host carbonatites. Carbonatites account for the primary source of mined rare-earth elements; and REEs are vital component materials in many high-tech industries.

As part of the ongoing exploration programme, Kanye Resources is planning to drill test three geophysical targets (i10, i1 and i8).

GLOSSARY

Siliceous – Rich in silica, with reference to the geology at Ditau, this can be a sign of hydrothermal alteration.

Haematitic – A rock formed principally of iron oxide, often associated with hydrothermal alteration.

Pervasive – The replacement of most, if not all, of the original minerals in the rock by later alteration.

Dissemination – when an ore (or mineral) is present within a rock as small particles distributed uniformly throughout the rock.

Brecciation –  Texture formed of broken angular fragments of a rock, often signalling  intense hydrothermal alteration.

Intrusive Sill – Body of igneous rock forced horizontally into a rock.

Intrusive Dyke – Body of igneous rock forced vertically into a rock.

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

NOTES TO EDITORS

Power Metal Resources PLC – Background

Power Metal Resources PLC (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work. 

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

 

Project

Location

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Athabasca Uranium

Canada

100%

Data compilation across uranium properties

Interpretation results from all Properties complete. Next steps upcoming.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Technical Review of exploration results & define next exploration steps.

Ditau Project

Botswana

50%

Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements.

Field updates and receipt & review of laboratory assay results.

Kalahari Copper Belt

Botswana

50%

Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

Field programme findings and defined drill targets for near term drilling.

Molopo Farms

Botswana

53%

Review of recent exploration findings.

Determine next exploration steps and action plan.

Haneti Project

Tanzania

35%

Diamond drill programme completed

Receipt & review of laboratory assay results.

Victoria Goldfields

Australia

49.9%

Diamond drill programme underway

 

Field updates and receipt & review of laboratory assay results.

Paterson Projects

Australia

83.33%

Wallal passive seismic and 2D seismic processing work programme completed.

Review of historical data and target generation for Ripon Hills & Braeside West projects.

Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling.

Selta Project

Australia

83.33%

Field reconnaissance work complete, which included mapping and sampling.

Finalising data review from field programmes.

 

Kavango Resources #KAV – Ditau DITDD004 completion

Kavango Resources plc (LSE:KAV) is pleased to announce successful completion of exploration hole DITDD004.

DITDD004 was drilled to a depth of 389m into the i10 Target, a discrete 2.2km diameter magnetic anomaly that Kavango had previously modelled as a possible carbonatite. DITDD004 appears to have intercepted the magnetic anomaly at the projected target depth.

Kavango’s field team has taken preliminary magnetic susceptibility readings on the core recovered from DITDD004. The team observed highly elevated magnetic readings between 293m and 321m (the “Zone of Interest”). These readings from the Zone of Interest coincide with a visibly altered section of rock that the Company will immediately cut half-core samples from and send for whole rock analysis.

The core from DITDD004 contains visibile siliceous and haematitic zones, with pyrite seen both as dissemination and in veins. Extensive fracturing (brecciation) is observed in the Zone of Interest and elsewhere in the hole.

The Company has provided photos of the Zone of Interest on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns18may2022

A 1km Audio-Magnetotelluric (“AMT”) survey will be performed over the i10 Target in the coming weeks. Kavango hopes that data from this will help further define the shape and form (morphology) of the Zone of Interest.

Mindea Exploration and Drilling Services Pty (“Mindea”) will now mobilise the diamond core drill rig to Target i1 at Ditau. Target i1 is the largest of three targets Kavango plans to drill in the current campaign. A further update will be released shortly.

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

“We are encouraged to have intercepted the primary target at the projected depth. Once again, Kavango’s magnetic modelling is proving to be an accurate vector for drill targeting. Of course, a magnetic model can only tell us so much from surface, but in this instance the drill core we’ve recovered is visibly attention-grabbing. 

The Zone of Interest is a compelling exploration lead. At this stage we are considering a number of options as to what this 28m intersection of core may represent.

We will report results to the market, as we receive them.

In the meantime, we look forward to commencing drilling on the i1 target”

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea is conducting the drilling.

Further information in respect of the Company and its business interests is provided on the Company’s website atwww.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc                                                                                     

Ben Turney

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson             

SI Capital Limited (Joint Broker)                                                                          

+44 1483 413500

Nick Emerson

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Mr. John Lauderdale B.Sc., C. Geol., Group Consulting Geologist.  Mr. Lauderdale is a Chartered Geologist and Fellow of The Geological Society of London, a Fellow of The Geological Society of South Africa, and a Member of the Society of Economic Geologists.  Mr. Lauderdale has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

NOTES TO EDITORS

THE DITAU CAMP PROJECT

The Ditau Camp Project comprises two Prospecting Licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical and geochemical analyses by Kavango in the two PLs have identified 12 “geophysical structures” of which 9 have clear indications of being “ring structures”.

The “ring structures” have the potential to host carbonatite and other intrusive rocks.

Carbonatites are the principal source of rare earth elements (“REEs”) including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and Copper.

Mafic intrusives have potential to host base and precious metals, as seen in the Molopo Farms Project, Selebi Phikwe and Tati Nickel deposits in Botswana.

Kavango Resources #KAV – May 2022 Interview with CEO Ben Turney & COO Brett Grist

Kavango Resources #KAV – May 2022 Interview with CEO Ben Turney & COO Brett Grist. Alan Green talks to Ben and Brett about the latest developments at the Ditau Farms REE project and the latest drilling results, before turning to developments at the group’s vast Kalahari Suture Zone project (KSZ) and the recent petrology reports from the drill core samples. We then discuss the Kalahari Copper Belt licenses and likely developments for 2022 before summarising with some key value inflection points that investors can expect in the coming months.

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