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Alan Green discusses Revolution Bars #RBG, First Class Metals #FCM and GreenX Metals #GRX on the Vox Market Podcast

Alan Green discusses Revolution Bars #RBG, First Class Metals #FCM and GreenX Metals #GRX on the Vox Market Podcast

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#GRX GreenX Metals – Samples from ARC Confirm up to 99.8% Native Copper


·  Laboratory XRF analysis of native copper samples from the ARC Project in Greenland show high purity consistently over 99% copper

·    Analysis also confirmed the presence of silver in one sample, and no significant deleterious elements in any of the three analysed historical samples

· Three native copper samples were collected in an area spanning 30km from the Discovery Zone, Neergaard Dal, and Neergaard South prospects within ARC

·  Current field work program now underway, with results to be released as they develop over the coming months


GreenX Metals Limited (GreenX or Company) and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) are pleased to announce the results of preliminary analysis on three historical samples of native copper nodules from the ARC Project (ARC or the Project) in Greenland. The samples were obtained from a recently opened government geological storage facility in Copenhagen. Three native copper samples found at Discovery Zone, Neergaard Dal, and Neergaard South within ARC were subject to advanced micro-XRF scanning, a more precise and comprehensive technology when compared to more common portable XRFs. The best analysis result was for a sample found immediately south of the Discovery Zone, which indicated median copper purity of 99.8%, with 255 g/t silver, 0.004% antimony and 0.000% arsenic. The samples from Neergard Dal and Neergard South indicated copper purity of 99.7% and 99.4% respectively, with low to no deleterious elements detected in any of the samples. The high quality of the analysed samples is comparable to blister copper, a product typically produced by smelting prior to being sent to a refinery.

Dr Jon Bell, Greenfields’ Technical Director commented: “We were confident that the native copper would be rich with low levels of deleterious elements, but we didn’t expect the results to be so spectacular. The non-destructive nature of this methodology means that we can start collecting metallurgical as well as grade information from early in the exploration cycle.”



Tertiary Minerals plc is pleased to announce that it has accepted a binding offer from Aurion Resources Ltd (“Aurion”) for the purchase of Tertiary’s royalty interests in the Kaaresselkä and Kiekerömaa Gold Projects in Finland.

The consideration payable on closing of a formal sale and purchase agreement is:

  • CAD$200,000, to be paid in cash, and


  • The issue to Tertiary of 83,333 common shares in Aurion Resources Ltd (the “Consideration Shares”).

The Consideration Shares will be subject to a statutory four month and one day hold period from closing. The agreement is also subject to acceptance by the TSX Venture Exchange.

The closing price of Aurion’s shares on the TSX.V exchange on Friday 5 August 2022 was CAD$0.68.


Commenting today, Executive Chairman Patrick Cheetham said:

“The proceeds of the sale will be applied to the Company’s exploration projects in Nevada, where we are awaiting assay results from trenching at the Brunton Pass Copper Project, and in Zambia where a successful drilling programme was recently completed at the Jacks Copper Project. The Company is building an attractive portfolio of exploration projects in Zambia and we are pleased to be generating these additional exploration funds from internal resources. We are also pleased to become a shareholder in Aurion once again at a time when its interests in the Risti and Helmi gold discoveries in Finland are delivering exciting exploration results close to Rupert Resources’ 4Moz Ikkari gold discovery.”



For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Caroline Rowe  
Peterhouse Capital Limited

Joint Broker

Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey  

#POW Power Metal Resources – Molopo Farms Complex Project – 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 update in relation to the Molopo Farms Complex Project (“Molopo” or the “Project”) targeting a large scale nickel-platinum group element (“PGE”) discovery in southwestern Botswana.




–  The Project is targeting nickel (Ni), copper (Cu) and platinum-group-element (PGE) mineralisation within the Molopo Farms Complex (“MFC”) of the Bushveld Large Igneous Province.


–  Airborne geophysics previously completed confirmed an exploration model focusing on magmatic feeder zones within the MFC.


–  Significantly, the previous drill programme which concluded in 2021 intersected nickel-sulphides downhole with individual grades up to 1.69% Ni including 0.55g/t platinum (Pt)  over 0.6m from 446.7m downhole 1.


–  Follow-up petrographical work undertaken identified primary nickel and copper sulphides (incl. pentlandite, bornite and chalcocite).



–  Spectral Geophysics have mobilised to the Project to conduct two electromagnetic geophysics surveys to facilitate the precision targeting of planned diamond drill holes for a drill programme expected to commence in the autumn.


–  Power Metal technical team have compiled all project data into a dataroom to underpin forward project development and which is available for third parties who have expressed an interest in potential engagement on the Project.


–  Final negotiations proceeding with Botswana drill contractors for the upcoming planned diamond drill programme at the Project.


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

“We are making very important progress as we look to reinvigorate the Molopo Farms Project, arguably one of the Company’s major exploration success stories from 2020/2021.

The main next step is planned diamond drilling focused on the discovery of economic nickel sulphides and following up on the highly positive results from the drill programme completed in early 2021.

To ensure we are optimising drill hole targetting, Spectral Geophysics have been engaged to conduct a geophysics programme, and whilst that continues we are making arrangements for the engagement of drill contractors.

Molopo is a priority exploration Project for Power Metal and I look forward to providing further updates to the market on our operational progress and drill plans.”


Power Metal has amalgamated and compiled all data received from previous operators and organised it into a singular dataroom. Third-parties that have previously expressed interest in the Project have been re-engaged by Power and have been supplied with the updated database.

The Company is in final stages of negotiation with two Botswana-based drill contractors and is looking to finalise and sign a contract within the next few weeks in advance of a diamond drilling programme currently expected to commence in the autumn.


Weekly technical meetings are being conducted between Power Metal and representatives from the project partner Kalahari Key Mineral Exploration (Pty) Ltd (“Kalahari Key” or “KKME”), in order to finalise the planned drilling campaign and deliniate future exploration works.

Spectral Geophysics has mobilised to the Project and has commenced a geophysical work programme which will include moving loop electromagnetic (“MLEM”) surveys over targets 1-14 and 1-6 located within prospecting licence area PL311/2016. The rationale for these surveys is as follows:

 Target 1-6 : previous 2020/2021 drill programme results returned nickel values up to 1.69% Ni with 0.55g/t Pt and 0.14g/t Au over 0.6m from 446.7m downhole, within layered ultramafic rocks of the Molopo Farms Complex 1,2. The ongoing MLEM survey will aid in the further refinement of the original electromagnetic (“EM”) geophysics anomaly that was targeted by drilling in 2021. The results from this survey will allow for optimum drillhole siting prior to the 2022 drilling programme.

 Target 1-14 : is defined by a broad strong EM anomaly which was targeted by a single hole 2020/2021 drill programme 2. That drilling intersected carbonaceous mudstones at depth 3 which, although highly conductive, were determined to be flat lying and therefore did not explain the anomaly which was indicative of a shallower, steeply dipping body. The MLEM survey will provide higher resolution and further refinement of the original EM response, aiding the effective siting of future drill holes.




Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key.  On 18 May 2022 Power Metal announced a conditional transaction that would see its interest  in Molopo increasing to 87.71% (the “Transaction”).  The announcement may be viewed through the following link:




As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.


Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.




1  Source: Company announcement: 24 September 2021

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x4919kw )


2  Source: Company announcement: 21 July 2021

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rng8onx )


3  Source: Company announcement: 16 November 2020

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w11ge3w   )



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

#POW Power Metal Resources – Victorian Goldfields JV – Potential Assessment

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to its joint venture (“JV”) subsidiary New Ballarat Gold Corporation Plc (“NBGC”), which is focused on the prolific Victorian Goldfields of Australia.

NBGC is a joint-venture held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources plc (50.1%).  NBGC has a 100% interest in Red Rock Australasia Pty Ltd (“RRAL”).

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

“The latest data and analysis from the exploration target report covering ELO007330 and the historical Ajax mine demonstrate the considerable potential for gold endowment at Ajax. As such, Ajax is clearly a significant part of the strategic direction for the NBGC business, and sits strikingly well with the recently acquired EL005535, which covers the former producing Berringa mine.

In a world where many of our exploration peers are seeking gold discoveries we are privileged to have within our footprint two high-grade former producing gold mines that the RRAL team consider to have been in the top tier of producing mines in Victoria.

As such, combined with RRAL’s significant exploration footprint of over 1,841km2, it also is project developer, with now two advanced opportunities within the portfolio.”


Following the announcement on 24 May 2022, noting the grant of the key licence EL007330 covering the historical Ajax mines, RRAL staff have continued to work on refining exploration targets on that licence.

Average mineralised lode thicknesses taken from the historical literature have been set in a wireframe model and combined with production and exploration information to create upper and lower tonnage and grade estimates. The results from this work were summarized in a report authored by Dave Holden titled, ‘Exploration Target, Ajax Line EL007330’ (the “Report”).

Exploration targets are a way to quantify the potential for any exploration project. They are not resources or reserves and are simply conceptual in nature. Determination of the targets requires broad assumptions as there is often not enough information to determine how much, if any, of the exploration potential will be converted to mineral resource category.

They are a best guess based upon largely historical data and give a sense of size and shape against which future exploration decisions and subsequent funding can be determined. In the exploration targets presented below no discount factor has been applied nor has any mining recovery or price sensitive factors been taken into consideration.

Drilling is required to assist in substantiating the accuracy of the targets. Once the initial programme designed to validate the models has been concluded, it may be possible to further refine the targets and apply discount factors to better reflect the probability of economic quantities present.




  • The Report highlights initial exploration targets for historical Ajax mines ranging from 254,318 to 1,422,443 tonnes, at a grade range of 6.4 g/t to 18.7 g/t gold (Au), such tonnes and grades being conceptual in nature.

  • Only near-term targets have been defined so far, with additional targeting likely along strike and down plunge extensions and potentially parallel reef systems to the east and at depth.

  • First phase of drilling at Ajax anticipated before end of 2022.


Lode Target plunge extent (m) width extent (m) Range Thickness (m) Tonnes Grade (g/t) Ounces (Au)
McMillans 600 150 lower 0.9 216,270 6.4 44,500
average 2 480,600 13.7 211,682
upper 3.7 889,110 21 600,281
Ajax 175 100 lower 0.3 14,018 6.4 2,884
average 1 46,725 12.2 18,327
upper 6.1 285,023 18 164,942
North 300 100 lower 0.3 24,030 6.4 4,944
average 0.75 60,075 8.7 16,803
upper 3.1 248,310 11 87,815
Weighted % totals






lower 0.8 254,318 6.4 52,328
average 1.8 587,400 13.1 246,812
  upper 2.8 1,422,443 18.7 853,037

  Source: Exploration Target, Ajax Line EL 007330, Report by D Holden, D Sharp and T Meehan, July 2022

Mt. Bute & O’Loughlins

  • Final results from the drilling programme covering the Mt. Bute and O’Loughlins prospects have been received and are summarised below.RRAL now moves to the evaluation and analysis of the assay results which will be integrated with the lithological and structural data collected by field geologists.

  • Mt. Bute drilling results have confirmed a coherent mineralised structure; technical assessment in preparation for second phase of exploration drilling now targeting an Intrusive Related Gold (IRG) prospect.


Ajax Mine


The recent grant of key licence EL007330 has provided RRAL with an advanced exploration prospect, being the Ajax Line of Prospects (“Ajax Line”) located near to Daylesford, Australia.

A location map for the Ajax mine may be viewed through the following link:



Investigations into the historical mines located along the Ajax Line is progressing quickly as the technical team moves towards the commencement of a drilling programme aimed at validating the significant quantity of historical data covering its first near-mine exploration target.

This target has been further refined following the collection of historical mine plans and workings which were then incorporated into a 3D model. The model was further augmented  with historical mapping and production data catalogued by the Geological Survey of Victoria, from the start of mining through to the first closure around the 1930s.  Untested down-plunge mineralisation has been identified through this process and high-priority target zones have been generated .

The Report ‘Exploration Target, Ajax Line EL007330’ by Dave Holden is available on the Company’s website ( https://www.powermetalresources.com/ajax-report/ )  or via  the link below:




The historical Ajax mines worked a series of nine stacked reverse fault hosted lodes that dip between 45o and 90o to the west (Whitelaw and Baragwanath, 1923).[1] The faults strike oblique to bedding and consists of laminated quartz that is highly mineralised in places. Mineralisation appears to occur in ‘shoots’ within these fault systems which have been identified to potentially correspond with favourable lithology. In the case of the Ajax line, the shoots are associated with sandstone containing thinner beds of shale (Whitelaw and Baragwanath, 1923). These lodes have a variable thickness along strike. The following lode thickness in the Ajax mine have been described and summarised by Whitelaw and Baragwanath, 1923, below:

  • Ajax Lode: 1-6 feet (0.3-1.8m)
  • McMillans Lode: 3-10 feet (1-3m)
  • North Lode: 1-4 feet (0.3-1.2m)

At the Nuggetty and North Nuggetty Ajax mines, sub-horizontal tensional veins, known locally as ‘flat makes’ occur. These veins are up to 90m in width, 2m thick, and were mined for 340m in a north-south direction (Baragwanath, 1923). These veins border the west dipping faults and probably formed in a response to movement along them (Mahar, 2002).[2] At the Ajax line, these veins increase in abundance where the lithology is dominated by thicker sandstone beds (Mahar, 2002). It is also worth noting that there is potential for local gold enrichment at the intersection of the east and west dipping faults at Ajax (Whitelaw and Baragwanath, 1923).

The ‘flat makes’ have not been included in the exploration target, however, they are seen as unmeasured but could represent possible positive additions to the existing target description described herein. This breakdown between the west dipping faults and ‘flat makes’ and their individual contribution to production is an important task that the technical team is focussing on as more data is recovered from the literature and implemented into the 3D model.

It may be noted that the previous diamond drilling has indicated that mineralisation extends into surrounding sandstone wall rock containing little to no quartz veining. Petrographic examination of the sediments revealed visible free gold associated with disseminated pyrite aggregates containing an assemblage of arsenopyrite, sphalerite and galena (Bravo, 2001).

In effect the zones suggest the lodes may be wider than estimated for the exploration target outlined in the Report.  It also suggests that material stripped from within the earlier workings during any plans to re-enter the former mines could be of economic interest.



Total gold production from the Daylesford goldfield to date is estimated to be in excess of 1.29m ounces with primary gold production amounting to 795,254 ounces.[3] Most of this gold production has come from the Ajax and Cornish lines, with the Ajax line producing around 312,789 ounces of gold at average grade of 14.8g/t and the Cornish line producing 182,000 oounces at an average grade of 10.8g/t. The deepest mine within the Daylesford goldfield was the Ajax Mine at 370.6m. Outside of the two main lines, several other mines produced significant amounts of gold including the Rising Star Mine (78,458 oz), Maxwell Consolidated (21,989 ounces) and the Specimen Hill Mine (35,801 ounces).[4]


Exploration Targets


Determination of the exploration target outlined in the Report relied primarily upon detailed descriptions of development and production as recorded by the state of Victoria’s mining authorities of that time period.  This information has been detailed for every reported drive shaft and stope. It has been over 20 years since any exploration drilling was conducted on the Ajax line of workings and even then, only two drillholes have targetted beneath the historical workings.

The width of the targets has been calculated based on average lode thicknesses detailed by Whitelaw and Baragwanath, 1923, as well as numerous Government Survey Bulletins and records. Refinement of the widths continues as every known historical working record is added to the 3D computer model.

The downdip extensions of these lodes were selected as targets due to the historical mining of the lodes being stoped as west dipping mineralised faults, also known as ‘west dippers’. The production on the welcome and nuggetty lode were primarily from the ‘flat makes’. Although they do provide upside for future targeting, following the down dip potential of endowed ‘west dippers’ are the preferred first stage exploration approach.

The exploration target discussed in the Report is derived from the approximations based upon the literature already reviewed which were determined to match well with the descriptions from Whitelaw and Baragwanth, 1923.

For the exploration target numerous level plans, longitudinal and cross-sections have been incorporated into a 3D model.  The outlines of workings were then digitized into the 3D model including the broad shape outlines of known stopes.

From the wireframe polygons of stopes and developments, the volume of the three main lode structures was calculated using Micromine mining software.  The combined images of the lode structures highlight the nature and extent of plunging shoots and these have been followed to a distance past the last known working.

Targeting at Ajax is based on following the down dip extension from the historical stoping on the ‘west dippers’. Ajax, North and McMillans were selected as primary targets due to the historical stoping occurring on the ‘west dippers’, whereas Nuggety and Welcome lodes had stoping on the east dipping structures.

For each structure included in the model a normal specific gravity (SG) of 2.67 g/cm3 was applied to generate a total tonnage. This SG correlates with the SG of quartz, which is the primary vein material at Ajax, and is comparable to the SG calculated for previous resource estimations completed at the nearby Ballarat mine.

From this, maxima and minima for the width of lodes have been calculated from the detailed work previously discussed as well as an average width applied.

A breakdown of the different lode styles is currently being considered as a way to further refine the exploration target. For the exploration target presented herein, however, this has not been included yet.  Research continues to correlate the survey production record back to the active mining. This information is all captured in the text of the Government Survey and mine reports and bulletins and over time, will be further integrated into the model to allow more constrained approximation for grade and volume equivalent to a post mining stope reconciliation.

Within the model, grade has been determined using a maxima derived from production records for the historical mines and  a minima that has been defined as the current avarege production grade from the nearby Ballarat mine.[5]  The Ballarat mine is seen as a strong analogue to the mineralisation at Ajax and assumes the lower grade target expected would compare to the actual grade from a larger producing mechanical mine where recovery and dilution has been incorporated.

The range is further validated with an average grade of a similar tenor to assays previously reported in both the underground workings and results from the Continent Resources exploration drilling completed in the 1990s.[6]

A detailed description including a table of the 1990s drilling is contained in the paper previously published on and accessible through the Company’s website titled “Licence Report: EL007330” with the title “Tenement Review and Exploration Strategy – EL007330” which is found at the following link ( https://www.powermetalresources.com/wp-content/uploads/2020/10/2020-09-16-4499-EL007330-Daylesford.pdf ). A more detailed description of the methodology used to calculate the Exploration Targets, and further information and diagrams, is contained in the Report.

Ongoing work will allow RRAL to determine the grade distribution and variation between lode styles and further constrain the maximum and minimum grades of the initial exploration target.

The e xploration target tabled below and referred to throughout this release is not to be considered as an estimate of a Mineral Resource or Ore Reserve.[7]  The potential quantity and grade is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the subsequent estimation of any Mineral Resource.


It is the intention of the Company to test and confirm the likelihood of the targets with upcoming drilling and the company intends to be in a position to confirm the nature and extent of the target on completion of the initial phase of drilling slated for late 2022.


Exploration Strategy and Time Frames

Phase 1 (ongoing): Literature Search and Data Collation. Since most of the mines on the Ajax line were operated by a large company that kept excellent records, a large amount of data relating to stoping and grades is publically available. The data from all these records will continue to be collated to give a further understanding of the grade distribution and average thickness of stopes for the different lodes and style. The breakdown of production levels between individual shear hosted lodes and flat makes will also be determined. Continent Resources completed an extensive data review in the late 1990’s. This data will be referenced where available.

Phase 2 (planned): Diamond drilling of preferred targets at a spacing yet to be determined followed by the creation of lithological models based on results achieved. This will assist in identifying favourable zones for mineralisation. The key outcome for the drilling will be to test the validity of the expulsion Target as it stands.  Variation to the expected outcome will also help drive an update to the target and delineate further drilling requirements.

Phase 3 (planned): Further infill drilling allowing for the established of a inferred mineral resource. Drill spacing to be determined once gold distribution and intersection repeatability have been determined from the Phase 2 diamond drilling programme and previous exploration drill programmes.


Mt. Bute Prospect Drilling Results

A total of three holes were drilled at Mt Bute. Results from drillhole MB22D001 were released on 13 June 2022 and can be found at the link below:


The results from the two remaining holes MB22D002 and MB22D003 are summarised below. In addition thin section analysis is also in progress over a number of mineralisation samples identified at Mt. Bute. The results have confirmed the presence of a coherent mineralised structure which further confirms the possibility of IRG mineralisation within the Victorian goldfields.

Hole MB22D002 Assay Table (Total Hole Depth 119.3m)

Hole ID Depth (m) from Interval (m) Gold (g/t)
MB22D002 8.80 1 0.87 Incl. 0.5m@1.57g/t
18.30 0.5 0.89
24.40 0.5 0.63
28.40 1.5 0.17
31.35 0.5 0.17
32.85 1 0.26
35.85 0.5 0.1
40.65 3.9 0.37
49.30 4.4 0.21
56.20 0.5 2.12
57.20 0.5 0.13
58.20 1 0.16
59.70 1.5 0.18
61.70 2 0.17
64.70 1 0.19
66.20 9.1 0.31
77.25 1 0.14
79.25 0.5 0.3
85.8 1 0.45
87.3 0.5 0.27
89.15 0.5 0.15
90.85 4.3 0.38
101.00 4.5 0.39 Incl 0.5@1.12g/t
113.4 0.5 0.18
115.4 0.5 0.24


TABLE Hole MB22D003 Assay Table (Total Hole Depth 101.5m)

Hole ID Depth (m) from Interval (m) Gold (g/t)
MB22D003 8.9 0.4 0.14
23.9 0.5 0.14
29.2 0.8 0.49
33.65 0.5 0.18
35.15 0.5 0.11
37.15 1.5 0.67 Incl 0.5m@1.06g/t Au
39.8 6.8 0.38 Incl 0.2@1.52g/t and 0.3@1.46g/t
47.5 0.5 0.23
48.5 0.5 0.33
50.65 0.4 0.14
51.55 0.5 0.15
52.55 0.5 1.29
56.4 0.95 0.17
58.45 0.5 0.11
59.45 0.25 0.41
62.6 1 0.26
64.1 0.5 0.30
66.1 2.15 0.43
68.75 0.5 0.44
69.75 0.5 0.17
70.75 0.5 0.15
71.75 0.5 0.14
73.3 0.3 0.11
74.6 0.45 0.20
75.35 0.4 0.13
76.25 3.35 0.46 Incl 0.4@1.68g/t
92.5 0.5 0.11

In total, 37% of all assays from MB22D002 assayed above 0.1 g/t Au, and 46% of all assays from MB22D003 assayed above 0.1g/t Au – indicating a significant thickness of low- to moderate-grade gold mineralised samples.

O’ Loughlins Prospect Drilling Results

Assays from the final drillhole at the O’Loughlin’s prospect (OL22D003) have also been received. No reportable results above 0.1g/t were encountered and as such the results have not been included in this announcement. Initial evaluation of the O’Loughlin’s drilling has defined a lateral extent of the main mineralised structure and additional field work including detailed mapping to the east of the drilled structure is planned.

Conceptually, the mineralisation appears to be a bedding parallel structure on the eastern limb of an anticline located away from the hinge zone. More significant mineralisation may exist closer to and within the hinge zone.  Applying this structural model will lead to better targeting at the prospect during the coming period.

New Ballarat Gold Corporation:

NBGC holds a strong land position comprising fourteen (14) granted exploration licences for a total of 1,841km2, located entirely within the prolific gold fields of Victoria, Australia – principally surrounding the mining centre of Ballarat, Australia. Five (5) licences for a total of 493km2 are still in the application stage.

The company has carefully assembled its property portfolio to comprise a broad range from robust exploration targets to near term resource potential – all of which remain largely untested by modern explorers.

With the first tenement within the portfolio granted only in 2021, NBGC has already conducted detailed exploration on multiple targets to date. This includes diamond drill programmes designed to test the O’Loughlin’s (520m) and Mt. Bute (340m) prospects, which commenced December 2021.

Granted Licences:

The fourteen granted and one purchased licence (EL005535) cover high priority areas, covering 1,841km2 as outlined below.

Licence Number Project Name Area (km2)






Blue Chip 74


Blue Sky 489


Blue Ribbon 8
EL007327 Dereel 60
EL007385 Sardinia   4
EL007329 Kilmore 484
EL007301 Pitfield/Mt. Bute 85
EL007328 Blue Yonder 164
State land within EL007271







State land within EL007271






State land within EL007271







EL007330 Daylesford



EL 007294



EL 5535

(228 net ha)







Licence Applications:

RRAL has applications in process for five other new gold exploration licence areas, covering 493 km2 in the Victoria Goldfields of Australia including:

License Application Number Project Name Area (km2)

(3 competing applications)


Outer Ballarat 142
EL007756 Monmouth 22
State land within EL007327



Dereel (2) [3]
EL007826 Ballarat East 4
EL007460 Kilmore West



*Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.

The following applications have been made in Western Australia, covering largely areas previously held by the Company at the time of its original listing.



Paterson 227
EL45/5885 Pilbara/Paterson 70





The technical information relating to the exploration results, Exploration Target and the Report in this announcement has been compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and a director of NBGC, and the Exploration Director of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM. Mr Holden consents to the inclusion of the technical information in the form and context in which it appears.


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

#SVML Sovereign Metals – June 2022 Quarterly Report

Expanded Scoping Study results confirm Kasiya as an industry-leading major source of critical raw materials

·        The Expanded Scoping Study (ESS) confirmed Kasiya as one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current alternatives

·        The ESS demonstrated outstanding results including:

o   a two-stage development (stage 2 self-funded) with full production at 24Mtpa operation producing 265kt rutile and 170kt graphite per annum with a 25 year mine life

o   exceptional economics including a post-tax NPV8 of US$1,537m and post-tax IRR of 36%

o   a large-scale operation with a low-cost profile resulting from the deposits near surface nature, grade, conventional processing and excellent existing infrastructure

o   conservative assumptions applied with long-term prices used discounted against current spot prices 

·        Natural rutile market is in structural deficit with current global supply estimated to decline 45% in the next three years with graphite demand set to soar as electric vehicle production is forecast to increase 12-fold by 2040

·        Highly strategic project and a potential major source of raw materials deemed critical to the decarbonisation of the global economy

MRE upgrade confirmed Kasiya as the largest rutile deposit ever discovered

·        1.8 Billion tonnes @ 1.01% rutile and 1.32% graphite (Indicated + Inferred) equating to 18 million tonnes contained rutile and 23 million tonnes contained graphite

·        The updated Mineral Resource Estimate (MRE) confirmed Kasiya as the world’s largest rutile deposit and one of the largest flake graphite deposits globally

Offtake MoU and Market Alliance with major Japanese trader

·        MoU (non-binding) signed with Mitsui & Co Ltd (Mitsui), one of the largest global trading and investment companies in Japan

·        The MoU establishes a marketing alliance and offtake for 30,000 tonnes of natural rutile per annum. The alliance will allow Sovereign to leverage off Mitsui’s extensive network and their market-leading understanding of the titanium industry and global logistics

Institutional Placement for A$15m

·        In May 2022, Sovereign completed a Placement raising A$15m at an issue price of A$0.67 from UK, European and North American institutional investors

·        The Placement was corner-stoned by Thematica Future Mobility UCITS Fund, a European green energy fund which offers exposure to companies to benefit from the transition to clean and sustainable energy solutions

PFS commenced with drilling underway and key consultants appointed

·        Pre-Feasibility Study (PFS) for Kasiya commenced with globally recognised consultants appointed.

·        12,000m drilling program commenced across Kasiya to upgrade higher-grade Mineral Resource areas to underpin conversion to Reserves as part of the PFS

Rutile market remains strong and robust

·        Demand for high-grade titanium dioxide feedstocks continued to remain strong, and along with supply shortages leading to continued rutile price appreciation, with contract prices of +US$1,500/t1 recorded in the quarter and spot price currently +US$2,200/t2



Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900


Nominated Adviser on AIM


RFC Ambrian


Bhavesh Patel / Andrew Thomson

+44 20 3440 6800



Joint Brokers



+44 20 3207 7800

Matthew Armitt


Jennifer Lee




Optiva Securities

+44 20 3137 1902

Daniel Ingram


Mariela Jaho


Christian Dennis

#GRX GreenX Metals – Quarterly Activities Report June 2022



GreenX continued preparations for a maiden field exploration program at the ARC Project in Greenland.

Field program to commence in coming weeks with deployment of five geological field teams.

Program will prioritise identified “walk-up” native copper and copper sulphide targets through a program of sampling, portable-core drilling and geophysics.

ARC is a significant, large-scale project (5,774km2 license area) with historical exploration results and recent analysis indicative of an extensive mineral system with potential to host world-class copper deposits.

GreenX expects strong news flow over the upcoming quarters from the field program and results from ongoing analysis of historical data.


International arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty continue at pace.

Statement of Reply for ongoing arbitration against Poland has been filed with a revised claim for compensation in the amount of £737 million (A$1.3 billion/PLN 4.0 billion) as prepared by external quantum experts.

Claim includes an updated assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko mines, and accrued interest related to any damages.

Next steps in the arbitration process are for Poland to lodge its final submission to the Tribunal (the Rejoinder) followed by a hearing to be conducted in front of the Tribunal.


Cash balance at 30 June 2022 of A$6.1 million to fund activities at ARC plus A$8.3 million available to continue pursuing GreenX’s dispute against the Republic of Poland.


GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 June 2022.


Subsequent to the quarter, GreenX announced the receipt of all the permits for the proposed 2022 field program at the Arctic Rift Copper Project (ARC or ARC Project), which will commence in the coming weeks. Five geological teams will be deployed in the field supported by All-Terrain-Vehicles. The field team and field equipment will be deployed by ship from Iceland and will access the ARC project via Independence Fjord.

Historical programs and latest analysis have identified a number “walk-up” native copper and copper sulphide targets that will be the priority for the upcoming field program including Discovery Zone, Neergaard Dal and the Knuth Fault. The field campaign is based on a program of sampling, mapping, portable core-drilling and geophysics including seismic, electro-magnetic and radiometrics. Portable XRF will be used in the field and the field team will have access to satellite internet for real time uploading of field results. The field program will be led in the field by Dr Jonathan Bell.

GreenX expects strong news flow over the upcoming quarters from the field program and results from ongoing analysis of historical data.

About ARC

ARC is an exploration joint venture between GreenX and Greenfields Exploration Limited (GEX). GreenX can earn 80% of ARC by spending A$10 million by October 2026. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.

GreenX and GEX consider the observed geological setting and features of ARC to be indicative of an extensive mineral system capable of hosting world-class copper deposits. The large scale of the mineral system, widespread copper anomalism, combined with dual mineralising events are analogous to the largest copper systems known worldwide. Accordingly, GreenX considers that ARC has the potential to be a globally significant metallogenic province.

Historical field programs identified widespread copper-silver occurrences at surface:

· geochemical sampling found that 80% of stream sediment samples contain native copper

· native copper is found in situ or as float, with individual clasts of native copper weighing up to 1 kg+

· high grade copper sulphides, grading up to 2.15% Cu and 35.5g/t Ag over 4.5m true width, are known from trench sampling of fault zones within sediments (see GreenX announcement dated 20 January 2022 entitled “New Copper Targets Identified at ARC”)

· assay results from individual samples are much higher grade, including: 


Very high-grade copper mineralisation identified at ARC is associated with the Minik Anomaly, a coincident magnetic-electromagnetic-gravity feature in an area where there is a change in oxidation state and widespread native copper in stream sediments. These features are presented as the footprint of a large-scale hydrothermal system. The frequency and size of the native copper clasts, and the high grade of the copper-silver sulphides that are exposed at the surface, bode well for the prospectivity of copper deposits and will be a will be a key focus of the first field campaign.

There are multiple targets and favourable geological settings considered to be prospective within the ARC project area, including the following.

· The highly anomalous basalt is a high priority target that has not previously been the focus of commercial exploration.  These basalts are the source of the native copper.

· The sulphide mineralised faults passing through these basalts into the overlying sediments have been subject to first pass exploration and shown to be rich in copper and silver. The high-grade sulphides in these faults will be the focus of further exploration.

· The permeable coarse-grained sandstone within the Jyske Ås Fm has high grade copper that is effectively unexplored. This stratiform mineralisation adds the potential for significant lateral extension of the known mineralisation exposed in the faults of the Discovery Zone. 

As such, the extensive ARC mineral system is known to be prospective for basalt, fault, and sedimentary rock-hosted (‘sediment-hosted’) mineralisation that despite the attractive grades, is virtually unexplored.


Financial Position

During the quarter, the Company completed the sales of land and buildings, previously held for sale, owned by the Company in Poland for the total receipt of A$1.9 million (before costs).

As at 30 June 2022, GreenX had A$6.1 million cash available plus A$8.3 million available to pursue its dispute against the Republic of Poland.


Subsequent to the quarter end, the Company reported that as part of the ongoing international arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties), GreenX had filed its Statement of Reply in the BIT arbitration.

This is the final material filing that GreenX will make for the BIT arbitration, with the next steps being for Poland to lodge their final filing (the Rejoinder) followed by a hearing to be conducted in front of the Tribunal.

Based upon revised external expert reports in response to Poland’s Statement of Defence, GreenX is now seeking compensation in the amount of £737 million (equivalent to A$1.3 billion or PLN 4.0 billion).

Details of the Claim

The Company’s international arbitration claims (Claim) against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings.

Both the BIT and ECT claim Tribunals have been constituted, with both Claims being registered with the Permanent Court of Arbitration in the Hague. The BIT and ECT claim proceedings proceed at pace, with the Company now having filed a revised claim for damages against Poland with the Tribunal in the amount of £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko mines, and accrued interest related to any damages. The Claim for damages has been assessed by external quantum experts appointed by GreenX specifically for the purposes of the Claim.

In July 2020, the Company announced it had executed the LFA for US$12.3 million with Litigation Capital Management (LCM). The facility is currently being drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim.

In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, has now been filed. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Claim.

GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko mines in Poland which effectively deprives GreenX of the entire value of its investments in Poland.

In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably. As of the date of this report, no amicable resolution of the dispute has occurred, since the Polish Government has declined to participate in discussions related to the dispute and accordingly the Company has formally proceeded with its Claim as discussed above.

GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland in the natural resources and energy sectors with damages claims ranging from US$120 million to over US$1.3 billion and includes Lumina Copper (Copper) and InvEnergy (wind farms).


Forward Looking Statements

This release may include forward-looking statements. These forward-looking statements are based on GreenX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

Competent Persons Statement

The information in this announcement that relates to Exploration Results for ARC is extracted from the ASX announcements dated 6 October 2021 and 22 January 2022 which are available to view at www.greenxmetals.com . GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcements; (b) all material assumptions and technical parameters underpinning the content in the relevant announcements continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.

To view this announcement in full, including all figures and illustrations, please refer to www.greenxmetals.com.

#KAV Kavango Resources – IOCG Target Conceptual Economic Viability Report

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to release an Independent Conceptual Economic Viability Report (the “Viability Report”) for the Iron Oxide Copper-Gold target (the “IOCG Target”) at the Great Red Spot  within Target Area B in the northern (Hukuntsi) section of the Kalahari Suture Zone (“KSZ”).

The IOCG Target at the Great Red Spot exhibits similar geophysical signatures to the Olympic Dam IOCG ore-deposit that is owned and operated by BHP in Australia. A full description of the IOCG Target can be found in the announcement made on 09 May (>>> link here).

Kavango commissioned the Viability Report to assess whether the IOCG Target would be an economically viable mine, should drill testing confirm mineralisation. The Viability Report was prepared by Executive Mining Group Ltd (“Executive Mining”), an established firm of mining executives with extensive experience in Africa.

The Viability Report is a conceptual study and should not construed as a definitive study and has been created to support further exploration of the IOCG Target, including future test drilling.

Executive Mining concludes that the IOCG Target would be economically viable at depths up to 2km below the surface, should sufficient bulk of mineralisation be discovered that is of sufficient grade.

Kavango plans to release an exploration plan for the IOCG Target in the coming weeks, which will describe the Company’s approach to testing this target thoroughly.

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

“The IOCG Target at the Great Red Spot is highly attractive because it is so large, and the geophysical indicators so compelling. Results from three separate surveying techniques (gravity, magnetics and CSAMT) appear to correlate with one another, while the established presence of magnetite from Hole KSZDD001 provides a further physical exploration lead.

To add further weight to ongoing pursuit of this deposit style at the estimated depths, we commissioned this Independent Conceptual Economic Viability Report by Executive Mining.

As this stage it is important to understand that the numbers presented are idealised. Until Kavango is able to drill test the IOCG Target we cannot know what the geological formations are nor whether any mineralisation is present.

The purpose of this report is to give Kavango confidence that the IOCG Target is worth pursuing. We’ve tried to be conservative with the input numbers, especially the estimated forward metal prices.

Clearly, as investors will see in the tables at the bottom of this announcement, this is a project of significant potential. We are very pleased with the results of the report and Kavango will continue further exploration of the IOCG Target, with a view to vectoring in on specific drill targets.”

Exploration Background

The Great Red Spot is a 5km x 8km magnetic body on the western margin of the Kaapvaal Craton, which Kavango interprets as a promising location for magmatic intrusions and mineralising systems. It lies at the nexus of 4 interpreted regional geological structures.

Kavango’s interpretation of available regional data leads the Company to conclude that the Great Red Spot is located in an enhanced position for the potential for multiple ore deposit models, including both the IOCG and Ni/Cu magmatic sulphide systems.

IOCG systems can host highly valuable copper, gold and uranium ores.  The large size and relatively simple metallurgy can produce extremely profitable mines. These systems are often multi-kilometre mineralised “overprints” of local host rocks. They can vary a great deal in their composition but do share several common characteristics.

IOCG systems are known as “alteration” systems, meaning that mineralisation formed during hydrothermal phase transitions. These hydrothermal phases are driven by deep magmatic intrusives that act as heat sources.  This means, an IOCG system can “overprint” the host rock lithology with both alteration and mineralization. 

The IOCG Target is a large-scale, 30 milliGal gravity anomaly that is coincident with a strong “crown-like” magnetic anomaly. Controlled Source Audio Magnetotelluric (“CSAMT”) surveys performed by the Company appear to indicate multiple zones of potential alteration. The IOCG Target is a second possible mineralisation style at the Great Red Spot, in addition to the nickel-copper sulphide model.

The Economic Viability Report Project Brief

Kavango provided Executive Mining with the following project brief:

–  Kavango is developing a geophysical target based on an Olympic Dam model (resources below).

–  This target probably lies deeper than the Olympic Dam orebody, which lies beneath 300m of cover rock and is mined down to 900m depth. 

–  Kavango wishes to assess this target viability from an economic perspective, based on its location in the Western Kalahari near the town of Tshane, Botswana.

–  The target lies within Proterozoic rocks, below ~650-950m of Karoo sediments and ~50m of Kalahari sediments.

–  The target zone for possible mineralisation is certainly below 1000m depth.

–  Kavango’s question is if an Olympic Dam type and scale of orebody could be economically viable if it was located at (i) 1000m, (ii) 1500m, or (iii) 2000m depth (3 cases), perhaps via the block caving or any other mining method?

–  Could the economies of scale of this very large target type enhance the economic viability?

–  Kavango is asking this question as a hypothetical, knowing that many variables such as rock type and rock competence are unknowns at this stage.  These must be assumed to be positive, for now.

–  It is important to demonstrate the Olympic Dam target type could be economically viable at the depths described. 

–  Resources (BHP Annual Report, 2018):

§ M, I & I: 10,100M t @ 0.78% Cu, 0.25kg/t U3O8, 0.33g/t Au, 1g/t Ag

§ Inc. Measured:

§ Open-cut Sulphides: 2,960M t @ 0.66% Cu, 0.21kg/t U3O8, 0.32g/t Au, 1g/t Ag

§ Underground Sulphides: 555M t @ 1.71% Cu, 0.50kg/t U3O8, 0.65g/t Au, 4g/t Ag

Viability Report Key Conclusions

–  Executive Mining confirms “the potential economic viability of mining an Olympic Dam lookalike IOCG deposit at depths greater than 1 km below the surface.”

–  Results are based on 2 grade scenarios and 2 CAPEX scenarios

–  1km orebody depth and 2km orebody depth modelled

–  Kavango’s forecast metal prices used for modelling:

–  Gold (Au) – $1,600/oz

–  Silver (Ag) – $18/oz

–  Copper (Cu) – $3.50/lb

–  Uranium (U3O8) – $28/lb

–  3 economic scenarios are presented using Kavango’s estimated grades, forecast metal prices and BHP’s reported mill feed grades (see tables below for full results):

–  Botswana government royalty of 3% applied

–  Discounted Cash Flow Rate of 10% applied

–  NPV10 estimates range from $3bn to $8.05bn*

–  Estimated Internal Rates of Return range from 17% to 31%*

–  Kavango will publish the Valuation Report on its website via the following link


*It is important to note these numbers are illustrative and represent an idealised interpretation should the IOCG Target conform to an Olympic Dam style collection of ore bodies. They should not be construed as a definitive study.

High Level Financial Evaluation Model Assumptions

Geology inputs include:

–  In plan view, the Olympic Dam Breccia Complex (ODBC) is irregular in shape, with hematite-granite breccia bodies arranged around the central barren haematite-quartz breccia core and a relatively long and narrow NW extension.

–  The halo of weakly altered and brecciated granite extends out 5-7 km from the core in all directions to an indistinct and gradational margin with the host granite.

–  The ODBC strike length of the hematite‐altered mineralised breccias within the complex is >5 km in a NW‐SE direction, and up to 3 km across. The ODBC locally extends to depths of >1.4 km ‐ the base of the complex has yet to be intersected by drilling.

–  Ore zones are a mixture of sub‐vertical elongate bodies varying from 100 to 300m wide, up to 1000m strike and in the basal units open at depth, and sub‐horizontal ‘ore’ is 50 to 100m thick with variable extents from 50 to 300m in width and length.

–  2 grade scenarios were tested:

Cu %

Au g/t

Ag g/t

U3O8 ppm


Olympic Dam BHP Mill Feed





Kavango Estimate






Metallurgy inputs included:

–  Mill feed at 10Mtpa.

–  Plant recoveries, Payable value after refining less treatment and external refining charges.

–  The plant CAPEX assumes a processing plant and refining capability to produce Cu, Au, Ag metal and U3O8 yellowcake.

–  Inputs used to derive the Net Smelter Revenue (NSR)

–  Plant Recoveries

§ Cu 92%

§ Au 64%

§ Ag 62%

§ U3O8 68%

–  Payable after refining

§ Cu 98.5%

§ Au 98.5%

§ Ag 98.5%

§ U3O8 100%

–  Treatment and refining charges

§ Cu $65/t

§ Au $5/oz

§ Ag $0.8/oz

§ U3O8 $0/t

Mining OPEX and CAPEX inputs included

–  The assumption of multiple block caves based on the described ODBC deposit mineralisation geometry.

–  A relatively constant mill feed grade based on the 2 grade scenarios described above.

–  A 3-year construction period including initial 1 km u/g shaft to access the ore body.

–  Adequate mining reserves to support a 30 year mine life (300 Mtonne of recoverable ore).


§ Block Cave Mining cost per tonne $12.00

§ Ore Recovery 90%

§ Plant processing costs per tonne $15/t

§ G&A per tonne $6/t

§ Sustaining CAPEX per tonne $10/t

–  UG Development CAPEX

§ Assume 2×2 deep shaft to access the ore body with multiple block caves producing ore at the agreed mill feed rate – US$3.5bn

–  Plant CAPEX

§ Assume similar requirements as Olympic Dam for recovery of all 4 metals. Copper smelter built on-site and uranium leach plan producing saleable grade yellowcake – US$1bn

Financial inputs include:

–  Consensus net metal prices were selected by Kavango based on a conservative approach, taking a long‐term view of historic trends and selecting a mid‐price of the ‘normal’ trading range, while capping spikes such as that seen for silver in 2011. A non‐inflation adjusted approach was used. The outlook for copper and uranium is considered to be exceptionally strong due to trends of electrification and decarbonisation. Significant upside potential is considered to remain when using these price assumptions:

–  Cu @ $3.50/lb; Au @ $1,600/oz; Ag @ $18/oz and U3O8 @ $28/lb.

–  The Financial model has been setup to calculate the NSR based on the metal price inputs and plant/refining recoveries with all ex‐plant processing costs. A Botswana metals royalty of 3% was used. As the final products are metal and yellowcake it is assumed the transport costs are incurred by the buyer and included in the net metal price.

–  The Financial model applies the OPEX costs and sustaining CAPEX against the NSR to generate the Pre-Tax Cashflow.

–  No Tax deductions have been applied.

–  The NPV and IRR are shown using a 10% DCF.

Presentation of Modelled Results

Kavango Olympic Dam lookalike Financial Model Summary

Option 1: Kavango Grades

Metal Prices

Cu $lb

Au $/oz

Ag $/oz

U308 $/lb





Mill Feed Grades





CAPEX US$billion





Botswana Royalty


Discount Rate %pa


NPV 30 years US$billion





Kavango Olympic Dam lookalike Financial Model Summary

Option 2: Reported BHP Mill Feed Grades

Metal Prices

Cu $lb

Au $/oz

Ag $/oz

U308 $/lb





Mill Feed Grades





CAPEX US$billion





Botswana Royalty


Discount Rate %pa


NPV 30 years US$billion





Kavango Olympic D am lookalike Financial Model Summary

Option 3: Kavango Grades with Higher UG Dev Capex

Metal Prices

Cu $lb

Au $/oz

Ag $/oz

U308 $/lb





Mill Feed Grades





CAPEX US$billion





Botswana Royalty


Discount Rate %pa


NPV 30 years US$billion





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


+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

#POW Power Metal Resources – Tati Project, Botswana – 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 in respect of the Company’s 100% owned Tati Project (“Tati” or the “Project”) located within the prolific Tati Greenstone Belt near Francistown, Botswana.

Collectively the Tati Project covers three individual prospecting licences (“PLs”) for gold and nickel mineralisation including PL126/2019, PL127/2019, as well as the newly acquired 16.14km2 PL049/2022 which covers the historic Cherished Hope gold mine.

A map highlighting the current licences and key features can be found on the Company’s website through the following link:

Cherished Hope Gold Mine

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

“It is particularly exciting to get on the ground at our newly granted prospecting licence PL049/2022 and the initial findings are extremely positive.  Not only have we identified extensive gold workings, but also two large sized fines dumps.

We will be back on site to undertake further mapping and sampling, including the fines dumps to assay test for gold as there may be sufficient gold grades remaining to consider processing the material to generate income to fund more extensive exploration.

Importantly we have moved to plan for the near term launch of reverse circulation drilling to test along-strike and the down-dip extent of the Cherished Hope mineralised quartz reef structures.

Further updates will follow in the near term on this exciting project where Power Metal has a 100% interest.”


–  A site visit has been successfully completed to the historical Cherished Hope gold mine which is located entirely within the newly acquired PL049/2022.

–  Ground mapping has shown the historical gold workings are significantly more extensive than previously understood, with at least 10 individual workings comprising a combination of vertical shafts and trial pits, extending over approximately 175m of strike-length.

–  Two fines dumps (representing waste material from the Cherished Hope gold mine) are located proximal to the historical workings.  A survey is required to determine the volume of fines material in each dump, against which, with sampling, the amount of contained gold may be estimated.

–  It is a common practice within the Tati Greenstone belt, to excavate and truck historical fines dump material to operational processing plants, as these modern plants are capable of extracting gold from lower grade material rendering historical waste as potentially economic.  This possibility is being investigated further as a potential source of low-cost near-term revenues to help fund more extensive and expeditious exploration activities.

–  The Cherished Hope gold mine and fines dumps cover only a small portion of the gold-in-soil anomaly which extends across the majority of PL049/2022 (see map linked above).

–  The Company is undergoing an in-depth review of the site visit report covering the newly acquired licence and is finalising next exploration steps. It is anticipated that this programme will include sampling of the fines dump material and a volumetric survey in order to determine an average gold grade range for each fines dump.

–  In addition, planning is underway for an early and low-cost reverse circulation (“RC”) drilling programme aimed at testing the along-strike and down-dip extent of the Cherished Hope mineralised quartz reef structures.

–  Further updates in regards of this programme will be announced to the market in due course.


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

#KAV Kavango Resources – Independent Valuation of Kanye Resources

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to publish the Independent Valuation (the “Valuation Report”) conducted by Afrasia Mining and Energy Investment Holdings Ltd (“Afrasia”) of the mineral exploration assets of Kanye Resources Proprietary Ltd (“Kanye”).

Following the announcement on 08 July 2022, Kavango will become the sole owner of Kanye on completion of the acquisition, which is conditional on publication of a prospectus relating to the new shares and warrants to be issued as consideration for the acquisition.

Kanye owns 100% working interests in:

  • 10 prospecting licenses in the Kalahari Copper Belt (“KCB”), which cover 4,257km2
  • 2 prospecting licences in the Ditau Camp Project that cover an area of 1,386km2


  • The Valuation Report covers solely the Kanye assets, comprising 10 Prospecting Licences in the KCB, and two PLs at Ditau.
    • Kavango’s KSZ PLs and the LVR earn-in PLs have not been reviewed in the Valuation Report
  • US$8.0m preferred value assigned to Kanye
    • Combination of market & cost approaches used
  • Valuation date 01 May 2022,
    • Subsequent work undertaken at Kanye’s KCB and Ditau projects not reflected
  • Valuation Report prepared in accordance with the SAMVAL code, by a designated Competent Valuator
  • Kavango will publish the Valuation Report on its website via the following link


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

“Today’s independent valuation report underlines the commercial rationale for the deal we recently struck to acquire the 100% working interest in Kanye Resources. The sound fundamentals of the transaction were nicely balanced for both parties.

Afrasia has undertaken a detailed piece of work which shows an established Preferred Valuation for Kanye of US$8.0m.

The valuation is based squarely on the current stage of our Kalahari Copper Belt and Ditau interests. This not only underlines the inherent value in our portfolio of our asset base versus the current market capitalisation of the company, but also highlights yet again the huge prospectivity of our licence area. If we can build on the momentum we have gathered across both projects and deliver success in the field, Kavango’s 100% ownership could prove to be a game-changer for the company.

Exploration work across the portfolio continues at pace, and I look forward to giving shareholders continued updates on our progress as the opportunities arise.”

Kanye Resources Independent Valuation Report Executive Summary

The Kanye Resources assets comprise the KCB project and the Ditau project, and are focussed on the exploration for and confirmation of Copper/Silver and Rare Earth Elements (“REEs”) respectively, with substantial exploration work already completed and new phases of work in progress.

The report released today has a base date of 1st May 2022 and been prepared by Afrasia and its Principal Competent Valuator (CV) and presents an independent financial valuation of the prospective Mineral assets of Kanye, generally consisting of 10 prospecting licences (“PLs”) clustered in two contiguous and adjacent groups within the south-central Kalahari Copper Belt (“KCB”) and a further two prospecting licences situated in the east-central section of the Kalahari Suture Zone (“KSZ”) at the Ditau camp (“Ditau”) also laying contiguous and adjacent to each other.

The geological setting is generally south along strike with Cupric Canyon’s Tier-1 Khomecau Copper Mine that began producing in July 2021 from a measured and indicated resource base of c.90Mt @ 2.2% Cu and an overall defined compliant resource of c.500Mt @ 1.4% Cu.

In between Kanye and Khomecau lies Sandfire Resources’ (ASX-SFR) Motheo Copper Project currently under construction with a compliant resource base of 53Mt @ 1.2% Cu, and Sandfire has numerous satellite projects in close proximity with defined compliant resources.

Kavango Resources Plc, parent company of Kanye has commissioned a Competent Persons Report (CPR) on the Kanye assets valued, while other assets in close proximity to the Kanye asset package have confirmed the high degree of prospectivity for the discovery and definition of mineral resources.

While no code compliant mineral resources and/or mineral reserves have yet been declared the draft CPR specific to the Kanye assets valued herein and currently being generated has been reviewed by the CV and is expected to be available for inspection by prospective investors in the near future.

It is important to note that there are a number of recent significant transactions in the public domain related with the greater KCB geographical area including both Botswana and Namibia as well as a number of active development projects with public valuations that can be related to specific prospective areas and/or licence packages of defined hectarage.

These public companies used as reference within the Market approach to the valuation detailed within the valuation report encompass projects under development that represent the key way-points along the value chain that can provide realistic and reasonable valuation estimates based on both a willing seller/willing buyer transactional basis and market capitalisation as defined by public investment markets.  Information and data on these public companies was recovered from the specific stock exchange reporting issuer data bases.

The Market Approach

This approach uses price and resource information from historical transactions for comparable mineral assets to determine a range of values per Hectare of prospective ground under Licence.  This method is widely used for valuation of exploration assets.

  • 10 comparable Botswana transactions were used as benchmarks for the KCB asset.
  • The Kanye KCB land package of 287 100 Ha was valued at US$6.02m using this method.
  • 9 market reference points were established for the Ditau asset. These are based on global comparable carbonatite projects, as there is insufficient data in Botswana.
  • the Kanye Ditau land package of 138 500 Ha is valued at US$2.58m

Considered on a consolidated Kanye basis, then the company asset value for Kanye can stated as the sum of the two, i.e., US$6.02m + US$2.58m = US$8.60m

The Cost Approach

This provides an indication of value by using actual expenditure on the asset to date, assuming this represents the value to a buyer who would pay no more for an asset than the cost to obtain an asset of equal utility. This is conservative in nature, in particular when used in an area such as the KCB, where ground is in limited supply and there is a competitive market with premiums being paid for acquisition. For this reason the Market approach is considered by Kavango as the most appropriate means of appraisal, although the Cost approach is stated here to provide a comparison.

  • Based on the actual expenditure costs incurred to the Valuation date Total US$2.27m
  • Additionally, assessment of budgeted and committed expenditures to each of the Kanye projects at KCB and Ditau, and that are already funded for the balance of 2022 amounts to a further US$1.59m.
  • In total therefore using the Cost Approach for Kanye the consolidated value assessed by the CV is US$3.86m

Valuation Report Conclusions

The following assessed values have been assessed:

  • Market Approach – US$8.60m
  • Cost Approach – US$3.86m

On this basis a Median value computes to US$6.23m.  However, given the following observations and market conditions;

  • The relative significance of the companies’ valuations assessed within the market approach utilised for this assessment,
  • The significant valuation increases and multiples observed as they progress along the value chain of development, and
  • Taking into account the projections of the mainstream base metals and REE analysts along with main resources investment banking community;

The CV assesses that the valuation will in reality reside at the upper end of the range between the Median value of the two approaches, i.e., US$6.23m and the Market Approach value of US$8.60m and therefore assigns a Preferred Value of US$8.0m.


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


+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

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