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#MSMN Mosman Oil & Gas – Stanley-5 well update

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the Stanley-5 well in Polk County, East Texas.

The well is now scheduled to be drilled after the current well at Winters is completed and the rig is relocated the short distance to Stanley-5.

Stanley-5 is a development well targeting the Yegua formation, at approximately 5,000 feet. Following the acquisition of Nadsoilco LLC in July this year, Mosman’s interest in this well will be c36.5%. Mosman will fund its share of the USD 350,000 drilling costs from existing cash resources.

 

John W Barr, Chairman, said: “Mosman is pleased with the current drilling activity that we had planned for this year to achieve the strategic objective of increasing production.”

Qualified Person’s Statement 

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.

Enquiries:

Mosman Oil & Gas Limited 

John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

#POW Power Metal Resources – New Copper Anomalies Identified – Garfield Nevada

 

Positive Findings from Satellite Imagery Analysed over Garfield Property; Additional Claims Staked to Cover New Target Areas

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results from recently completed satellite imagery analysis over the Garfield Property (“Garfield” or the “Property”) located in the prolific Walker Lane Mineral Belt in Nevada, USA.

HIGHLIGHTS:

–  Analysis of Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) and European Space Agency Sentinel-2 datasets has been undertaken by global image processing expert Dr. Neil Pendock from Dirt Exploration based out of Cape Town, South Africa.

–  This analysis identified two strong anomalies, prospective for copper mineralisation, as evidenced by detailed mathematical analysis of spectral end members that correlate with known copper mineralistion in the area.

–  The new anomalies are located over 1km and 1.5km away from the main Garfield showings, expanding the potential copper mineralisation footprint significantly.

–  Additional claims have now been staked to cover the identified anomalies, increasing the claims held at the Property from three to eleven claims.

–  The Power Metal technical team is reviewing other strong anomalies near to the newly expanded Property which were identified by the satellite imagery analysis.

A map highlighting the newly acquired ground, as well as the copper anomalies identified by the analysis can be found at the following link:

https://www.powermetalresources.com/garfield-project/  

 

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

“Power Metal is grateful to Dr Pendock for his work which has led to the identification of prospective copper anomalies at our 100%-owned Garfield Property

This has been achieved by deploying the latest satellite imagery analysis techniques, undertaken at reasonable cost and is a material outcome from initial exploration work.

Given the findings we have intensified our exploration activities at Garfield and look forward to further updating shareholders with the outcomes from this exploration work.”

 

WORK UNDERTAKEN

Analysis of various datasets including Japanese Aster and European Space Agency Sentinel-2 was undertaken.  These datasets offer high spatial resolution visible/near infrared (VNIR), shortwave infrared (SWIR) and longwave infrared (LWIR) imagery.

The analysis was completed by global image processing expert Dr. Neil Pendock from Dirt Exploration based out of Cape Town, South Africa. As a result of the findings, additional staking has now been completed which cover two anomalies identified by the satellite analysis.

The Japanese Aster thermal camera (longwave infrared) allows for remote mapping of mobile metal ions within the earth’s upper unconsolidated bedrock and loose soil (regolith) using the emissitivity properties of minerals within the regolith.

This type of analysis is extremely well suited to Nevada, and specifically within the Walker Lake Mineral Belt (WLMB) due to the lack of vegetative cover over most of southwestern Nevada.

Detailed spectral analysis of approximately 380,000-hectares within the WLBM, cross-referenced with hundreds of known mineral occurrences mapped by the United States Geological Survey, allows for the determination of several spectral end-members which are well correlated with copper deposits within the area.

Specifically, spectral end-members represented by the minerals Serpentine (weathering product of ultramafic mireals) and Jarosite (formed by the oxidation of iron sulfides) were determind to have a strong correlation with known copper deposits within the WLMB. Serepentine is a weathering product of ultramafic minerals, and is a well known mineral associated with skarn-type mineralisation, which the Garfield Property is highly prospective for.

By amalgamating the various spectral endmembers associated with copper deposits in the region, areas highly prospective for copper mineralisation, including skarn-type mineralisation, were mapped across Garfield and within the surrounding areas.

Two strong anomlies (shown as warmer colours on map) were identified over 1km (Anomaly A), and 1.5km away (Anomaly B) from the main Garfield showings. Historic rock sampling proximal to these anomalies returned up to 2.6% Copper, and 5.53% respectively – further proving up the accuracy of the analysis completed. Interestingly, the copper indicators at the newly discovered Anomaly A and B are much stronger than dispalyed at the original Garfield showing, suggesting mineralisation may be stronger and more prospective in these newly acquired areas.

Claims have now been staked to cover these areas identified, and the company is reviewing other strong anomalies near to the newly expanded Property which were identified by the analysis which lie on ground currently open for staking.

 

OWNERSHIP STRUCTURE – GARFIELD PROPERTY

Power Metal’s wholly owned subsidiary Golden Metal Resources Limited, a UK company (“Golden Metal UK), holds a 100% interest in the Garfield Property through its wholly owned Nevada operating company, Golden Metal Resources LLC.

Golden Metal UK is currently seeking a listing on the London markets.

The acquisition of a 100% interest in the Garfield Property was announced on 17 June 2021, details of which can be found below:

https://www.londonstockexchange.com/news-article/POW/acquisition-of-gold-copper-projects-nevada-usa/15020989

 

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

#TYM Tertiary Minerals plc – Pyramid Silver Discovery Extended

Tertiary Minerals plc (AIM: TYM) is pleased to report an update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from the Company’s recently completed Phase 2 trenching has extended the strike and width of recently discovered silver mineralisation at North Ruth.

Highlights:

· The second phase of trenching has confirmed and extended the existing discovery;

· Silver and gold mineralisation has now been shown to extend over a strike extent of at least 530m;

· Trench 1 EXT, an extension to trench 1, revealed a zone width of up to 59 metres;

· Grades as high as 595g/t silver (17.35 ounces/ton) and 0.66g/t gold were intersected. 

Commenting today, Managing Director Patrick Cullen said: “The results reported today from Pyramid highlight a significant zone of silver mineralisation with a target strike length of at least 530 metres.”

“We have also delineated a zone up to 50 metres thick at surface, with some high-grade silver results and significant complementary gold.”

“North Ruth is an attractive drill target and we look forward to reporting further progress on this exciting discovery.”

Results:

Thickness

Silver

Gold

From

To

(m)

(g/t)

(oz/ton)

(g/t)

(m)

(m)

Trench 1 EXT

58.98

73.39

2.14

0.13

23.62

82.60

Includes

3.35

218.45

6.37

0.25

27.43

30.78

Includes

2.13

595.00

17.35

0.66

72.85

74.98

Trench 7

2.44

64.39

1.88

0.47

22.40

24.84

Trench 8

26.80

37.16

1.08

0.12

19.51

46.33

Includes

6.09

101.50

2.96

0.26

31.09

37.19

Trench 8

6.09

1.10

0.03

0.73

85.344

91.44

A summary of significant results1 is shown in the table above. The location of the trenches and intersections outlined in this news release are shown on Maps 1 and 2, which may be accessed here http://www.rns-pdf.londonstockexchange.com/rns/0147P_1-2021-10-13.pdf or on the Company website. Further detailed information may be found below.

For more information please contact:

Tertiary Minerals plc:

Patrick Cullen, Managing Director

+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 – Tati Project Botswana – Drill Programme Commences

 

pow

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that the company’s inaugural drilling programme is now underway on the Tati Project located in the Tati Greenstone Belt near Francistown, Botswana (the “Project”).  The Project is targeting large scale gold and nickel discoveries.

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

“The launch of this inaugural drill programme at the Tati Project in Botswana is a great step forward for the Company.  The stunning pace of ground exploration at the Project has been matched by the positive findings to date and notably several multi-kilometre geochemical anomalies.

Drilling at such an early stage demonstrates our confidence in the Project and our sense of urgency to better understand the geology of several high-priority target areas. With successful exploration, Tati Project could become one of the leading projects in our portfolio.”

 

Highlights:

 

 

Drill Programme

Approximately 1,000m of reverse circulation (“RC”) drilling is planned across multiple target zones which is being undertaken by Power Metal’s drill partners Equity Drilling Ltd and Mindea Exploration and Drilling Services (Pty) Ltd.

All drill holes as part of this programme are planned for depths between 50 – 100m. RC drilling provides a inexpensive, and rapid testing method which is well suited for an early-stage drilling campaign.

The RC chip samples collected will be sent to Intertek Group plc’s laboratory located in Perth, Australia, for Fire Assay and multi-element analysis

 

Exploration to Date

Exploration on the Project has advanced at a rapid pace to its current stage since Power metal exercised its option to acquire a 100% interest in the Project on 28 July 2021.

To date, exciting multiple kilometre-scale arsenic, gold and nickel, as well as magnetic anomalies have been identified by geochemical sampling and ground-based geophysical surveys.

 

 

 

Rationale for Early Drilling

Kalahari sands which blanket the majority of the Project have precluded widespread geological mapping and prospecting, as a result the Company has decided to launch the drilling campaign in order to obtain bedrock RC chip samples from the various target areas below Kalahari sand cover.

The main goal of the drill programme is to test for the presence of the geological formations which host many of nearby historic and currently operating gold and nickel mines within the Tati Greenstone Belt.

The laboratory assay results, combined with geological logging of the RC bedrock samples will provide the company important geological information which will help guide future exploration and drilling campaigns on the Project.

PROJECT BACKGROUND

Power Metal exercised an option to acquire a 100% interest in the Project on 28 July 2021, through its local wholly owned operating subsidiary. Details of the option exercise can be found below.

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-option-exercised/15075700

PHASE I EXPLORATION

 

A total of 1,107 soil samples and 49 rock samples were collected across five select areas as part of the Phase I programme at the Project which was orginally announced by the Company on 28 June 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-commences/15036117

The first batch of results were analysed utilising a portable field X-ray Fluorescence (“XRF”) spectrometer, and from this work multiple large scale nickel and arsenic soil anomalies were announced by the Company on 19 August 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-anomalies-confirmed/15104018

The second batch of results including 380 soil samples from Grid 1 (or the “Sikukwe Zone”), and 49 rock samples which were analysed by fire assay for gold at Intertek Group plc’s laboratory located in Perth, Australia. The results of this programme were announced by the Company on 14 September 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-gold-anomaly-confirmed/15133545

PHASE II EXPLORATION

The phase II geophysics programme is nearing completion with surveys now finished on Grids 3, 4 and 5. A final survey over the Sikukwe Zone will be completed within the coming days. The preliminary results and findings from this Phase II exploration have been used for the planning of the ongoing RC drilling programme.  Further information in respect of the Phase II programme is available in the Company’s announcement dated 26 August 2021:

 

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15112960

 

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

#MSMN Mosman Oil & Gas – Spud of Winters-2 Well

MSMN

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces the spud of the Winters-2 well in Polk County, Texas.

The Winter-2 well is now drilled to 1,445 feet with surface casing cemented. The intention is to drill to target depth in the next week. Casing has been purchased in preparation to complete the well. Any production flow rates will be announced when they are available.

Nadsoilco LLC, (“Nadsoilco”) holds a c29% interest and is the Operator of the Winters lease. Nadsoilco is a 100% owned subsidiary of Mosman.

Nadsoilco is Operator of this well and has an effective c.23% working interest in this well.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute

inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

       NOMAD and Broker

       SP Angel Corporate Finance LLP

       Stuart Gledhill / Richard Hail / Adam Cowl

       +44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

        Joint Broker

        Monecor (London) Ltd trading as ETX Capital Thomas Smith

        020 7392 1432

#POW Power Metal Resources – Quarterly Business Operational Update

pow

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the September quarterly business operational update for shareholders.

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

“We consider Power Metal to be a global project with thirteen project packages across three continents and targeting nine precious, base and strategic metals.

At the heart of our business is resource prospect generation, targeting district scale resource opportunities for internal development or value crystallisation.

Look below and you will see the results of our work to date and the potential the Power Metal business offers.

As a longstanding private investor and public company director in the junior resource space I often encounter the frustrations and the jubilations offered by a cyclical market.

Our duty, notwithstanding market conditions, is to remain focused, to continue to build and, above all, to justify shareholders’ trust in Power Metal through quantifiable delivery.”

 

Note: in addition to the material presented below, investors are guided to the Power Metal corporate presentation which is available on the Company’s website through the following link:

https://www.powermetalresources.com/presentation/

PROJECT OPERATIONS UPDATE

The tables below provide the latest status of each project within the Company’s portfolio and include:

–  Exploration project updates from African, North American and Australian interests;

 

–  Corporate development updates for project packages advancing towards spin-out into their own listed vehicles as part of the Company’s crystallisation objectives;

 

–  Further updates in respect of Power Capital Investments Ltd, the Company’s wholly-owned new project incubator;

 

–  Additional management and financial information for shareholders.

African Exploration Projects

Project

Latest Position

Molopo Farms Complex Project

Botswana

(Nickel – Platinum Group Elements (PGEs))

POW: Effective Economic Interest 50.8%

Work continues on technical analysis following the drill programme completed in early 2021. Significant nickel sulphides have been identified in the drill core with assays up to 1.7% nickel and 0.55g/t platinum.  Further selected samples are to be assayed for additional nickel sulphide and PGE content.

Discussions are in process with regard to corporate developments in respect of the Molopo Farms Complex interest together with next stage exploration including additional drilling.

Key Potential Value Drivers: Confirmation of further nickel sulphide and platinum group elements (PGEs) from assay testing, outcome(s) from corporate discussions and launch of next stage exploration.

 

 

South Ghanzi Project

Botswana

(Copper – Silver)

POW: 50%

 

 

South Ghanzi Project is held within Kanye Resources plc, a joint venture vehicle 50% held by Power Metal and 50% by partners Kavango Resources plc (LON:KAV) who are the operators of the project.

 

Drill target refinement continues at the South Ghanzi Project, together with initial exploration at the recently acquired South Ghanzi Extension Licences and the Mamuno Licences.  Together, the ground footprint in the Kalahari Copper Belt (KCB) totals 4,257km2.

 

Approval of the Environmental Management Plan (EMP) for South Ghanzi is being sought to enable drilling to be undertaken.

 

Further consideration is being given by the joint venture partners with regard to the planned IPO of Kanye Resources plc and an update in this regard will be provided in due course.

 

Key Potential Value Drivers: Approval of the EMP, drilling of South Ghanzi targets and initial exploration findings from the recently acquired KCB licences.

 

 

Ditau Camp Project

Botswana

(Rare Earths)

POW: 50%

 

Ditau Camp Project is also held within the Kanye Resources plc joint venture as outlined above.

To date three specific targets have been identified for drilling, which is expected to commence in Q4 2021.

Further exploration work is continuing on the ground including ground based geophysical surveys.

Key Potential Value Drivers: Drilling of Ditau targets and results from ongoing exploration.

 

 

Tati Project

Botswana

(Gold – Nickel)

POW: 100%

 

 

The company recently completed its Phase I and Phase II work programmes, which included high-resolution soil sampling (1,107 samples collected), mapping and prospecting (49 rock samples collected), as well as ground-based geophysics including high-resolution magnetic and radiometric surveys.

 

The results have highlighted five target areas across the two licences, which are defined by kilometre-scale geochemical anomalies that are coincident with various geological structures that were highlighted by the ground geophysical surveys.

 

The company is now in the preparatory stage for an inaugural drilling campaign, which will include roughly 1000m of reverse circulation (RC) drilling across the various target areas.

 

Drilling is expected to commence during the first week of October subject to final preparations.

 

Key Potential Value Drivers: Results of ongoing exploration including drill results.

 

Kisinka Project

The DRC

(Copper – Cobalt)

POW: 70%

Next stage exploration is drill testing of the 6.8km copper-cobalt geochemical anomaly identified from previous exploration programmes.

Preparations are continuing for drilling including target refinement and sourcing of appropriate contractors.

Drilling is expected to commence in Q4 2021.

Key Potential Value Drivers: Drill testing of copper-cobalt targets.

 

Haneti Project

Tanzania

(Polymetallic)

POW: 35%

 

The next stage of exploration is deep diamond drill testing at Haneti targeting nickel sulphide – PGE mineralisation.

 

Final preparations are underway for this drill programme which is targeted to commence in Q4 2021.

 

Key Potential Value Drivers: Drill testing of nickel sulphide – PGE targets.

 

North American Exploration Projects

Project

Latest Position

Silver Peak Project

British Columbia, Canada

(Silver)

POW: 30%

Assay results are currently pending from the recently completed summer drill programme.

Work continues on a potential IPO of the Silver Peak project as well as the consideration of a number of alternative commercialisation opportunities.

Key Potential Value Drivers: Pending assay results and confirmation of selected commercialisation approach.

 

 

Alamo Project

Arizona, USA

(Gold)

POW: Earn-in to 75%

 

 

The Notice Level Plan of Operations permit which was required to commence the next phase of exploration has been received.  In line with recently introduced provisions an additional cultural and biological assessment is being undertaken which we expect to be completed by the end of October and thereafter work will commence.

 

The work programme is expected to include trenching on one area of the Alamo Project, with associated sampling, assaying and mapping and thereafter potential drilling of a number of short percussion holes to test for gold and silver mineralisation.

 

Key Potential Value Drivers: Launch of next stage exploration and associated results.

 

 

 

Athabasca Uranium

Satskatchewan, Canada

(Uranium)

POW 100%

 

 

241km2 of ground has been staked surrounding the Athabasca Basin in Saskatchewan, Canada.

 

In total 7 property packages have been assembled, all of which are prospective for uranium mineralisation.

 

Work is being undertaken to assemble detailed project information and to determine next steps for the newly acquired properties.

 

Key Potential Value Drivers: Publication of full property information, uranium prospectivity analysis and launch of Phase I work programme.

 

 

 

Authier North

Quebec, Canada

(Lithium)

POW earn in to 100%

 

 

A programme of detailed soil sampling, prospecting and rock sampling has recently completed.

 

The programme was designed to test for the extensions of a lithium-bearing pegmatite dyke down dip to the north, and along strike to the east from the adjacent Authier Lithium Property.

 

The Authier Lithium Property is owned by Sayona Mining Limited and is scheduled to go into production in 2023. The results from the recently completed programme will be released to the market once received, compiled and interpreted by Power Metal personnel.

 

Key Potential Value Drivers: Results from the exploration programme now completed.

 

 

Disposal/Spin-Out Vehicle Packages *

* Please note other project packages within the Power Metal portfolio are also in earlier stages of spin-out preparations in addition to those listed below.

Project

Latest Position

 

New Ballarat Gold Corporation

Victoria, Australia

(Gold)

POW: 49.9%

 

Power Metal has an interest in 49.9% of New Ballarat Gold Corporation plc (“NBGC”) held in joint venture with 50.1% held by Red Rock Resources plc (LON:RRR).

Through its Australian operating subsidiary, Red Rock Australiasia Pty Ltd, NBGC has a strategic land  footprint in the Victoria Goldfields, Australia.  The footprint comprises 1,458m2 of ground under 9 licence applications and 7 granted licences covering 848km2

Extensive exploration is continuing, combining desk-based research with field exploration.  Drill targets have been identified following additional discoveries of historic mine workings within the granted licence area. A diamond drill programme has been scheduled for the end of the year.

The joint venture partners are working together to expedite a listing of NBGC on the London capital markets.  The new board of NBGC has been selected in readiness for listing and NBGC has appointed all key advisors in this regard.

Key Value Drivers: Material findings from ongoing exploration, further licence grants and the listing of NBGC on the London capital markets.

 

 

Golden Metal Resources

Nevada, USA

Gold – Base Metals

POW – Various interests (see right column)

POW 100%

 

 

During Q2/Q3 2021 Power Metal assembled a strategic package of exploration and development interests in Nevada USA under the corporate vehicle Golden Metal Resources Ltd (“Golden Metal”). Golden Metal’s project portfolio includes:

–  Golconda Summit – an exploration property targeting high grade near surface gold, where Power Metal has a right to earn-in to a 100% interest.

 

Permit has now been received allowing a trenching, sampling and mapping work programme to be undertaken. Final preparations are in hand and exploration is expected to commence at Golconda Summit in October.

 

–  Garfield/Stonewall – two 100% owned exploration properties targeting gold-silver mineralisation. 

 

Initial exploration now launched includes the processing of various Aster and Worldview-3 hyperspectal satellite imagery datasets over the Garfield Property, which will allow for the remote mapping of various iron and hydrothermal alteration minerals.

 

–  Pilot Mountain – an option to acquire a 100% interest in an advanced exploration and development property with a substantial JORC compliant tungsten, copper, silver and zinc resource.

 

Due diligence is fully underway to enable option exercise to proceed by the date of option expiry on 29/10/2021.

Golden Metal is seeking a listing on the London capital markets and is currently assembling its advisory team to complete the listing documentation.

Key Value Drivers: Positive findings from exploration work at Golconda Summit and Garfield properties and the listing of Golden Metal on the London capital markets.

 

 

First Development Resources

Western Australia

(Gold – Copper)

POW: Conditional Acquisition 75%

 

 

 

Power Metal is to acquire a 75% interest in First Development Resources Pty Ltd (FDR Australia), an Australian company holding five exploration interests in the Paterson Region of Western Australia.

Initially the licences included one granted exploration licence and four licence applications.

Power Metal has received confirmation that two additional exploration licence applications have now been granted (Wallal Main E45/5816 and Wallal West 2 E45/5880), two of the three strategic Wallal Project licences, with the remaining licence (Wallal West 1 E45/5853) expected to be granted imminently.

The Wallal Project is the focus of ongoing exploration work including 2D seismic geophysics reprocessing and a passive seismic survey which is intended to help refine drill targeting within the Wallal Main Licence area.

Drill targets comprise magnetic bullseye targets of similar geological nature to that drill tested by Greatland Gold plc leading to the discovery of the Havieron deposit in the Paterson Province.

The acquisition which is now proceeding will trigger the acquisition of FDR Australia by First Development Resources Limited, which Power Metal plans to list on the London capital markets.

Key Potential Value Drivers: Licence grants, formal acquisition of FDR Australia, listing in London and deep drill testing of magnetic bullseye targets.

 

First Class Metals

Schreiber-Hemlo, Ontario, Canada

(Gold – Base Metals)

POW c.38%

 

 

Power Metal announced the disposal of its Schreiber-Hemlo interests to First Class Metals (“First Class”) on 07/09/2021 for consideration of £1mn.  With the shares received on the disposal, and following a subscription by Power Metal of £28,764 at £3/share in the pre-IPO raise, Power Metal currently has an interest of c.38% in First Class (after reflecting the c.£400,000 pre-IPO raise undertaken by First Class).

First Class is seeking a listing on the London capital markets and provided an update to shareholders on 27/09/2021 confirming considerable progress from both from exploration and corporate perspectives.

Power Metal is working with First Class to support their listing plans and looks forward to reporting further progress in this regard. On listing Power Metal will be a significant shareholder in First Class.

Key Potential Value Drivers: Exploration updates from the Schreiber-Hemlo interests and listing of First Class on the London capital markets.

 

New Opportunities

Project

Latest Position

 

Power Capital Investments Limited

Global Resource Project Incubator

(Multi-Commodity)

POW: 100%

 

 

Power Capital Investments  (Power Capital) is currently in the early stages of three potential new projects namely:

–  Gold exploration in Europe where Power Capital has a signed agreement with a third party.  To date assay testing of samples has been undertaken demonstrating high-grade gold mineralisation in hand samples. Currently Power Capital is funding the third party to lodge licence applications covering the area of interest.  Thereafter the plan is to launch additional exploration programmes.  Power Capital may earn-in to a 50% interest by expending €100,000 on exploration and corporate costs.

 

–  Consideration of an African rare earths initiative with a specialist  geological team employing new technology to identify rare earth deposits in Africa.

Limited information will be provided in respect of the above Power Capital projects to preserve commercial sensitivity, notably where work is needed to secure exploration licences or to protect commercial partners.

At present none of the Power Capital projects above are considered material in the context of the Power Metal business overall.  Should they become so, further disclosures may be necessary.

NOTE: A maximum investment level of £100,000 per opportunity has been established and a minimum 50% Power Capital holding interest in any opportunity following Power Capital’s investment.

Key Potential Value Drivers: Advancement of any Power Capital investment into full Power Metal project status or spin-out IPO opportunity.

 

Management and Financial

 

Project

Latest Position

 

Board

 

Further to the announcement of 21 September 2021, Andrew Bell, Chairman of Power Metal stepped down from the board yesterday to focus on the large spin-out IPO of NBGC (see above).

Current Non-executive director Scott Richardson Brown is to become Interim Chairman pending the appointment of a new Chairman in due course.

 

Senior Management

 

The Company operates a hub and spoke operational management style coordinating and controlling global exploration operations from its UK Head Office.

In 2021 with the growth of our business portfolio, and the success of exploration and commercial ventures, we have built the Head Office team with exploration management, commercial management and financial and administrative support.

We are also seeking to optimise resources, and our Head Office team will be deployed to support spin-out vehicles, managerially and administratively, helping to reduce the operational costs to Power Metal of new team members.

 

Financial Position

 

Power Metal has a growing balance sheet which, as with many other exploration companies, has a core of capitalised exploration costs for ongoing exploration projects.

Power Metal can monetise its operational interests as demonstrated by the disposal of the Schreiber-Hemlo business interests (see above).

And importantly, Power Metal is planning to spin-out other business interests into listed vehicles, and any new listings will add materially to the Company’s balance sheet.

Excluding all of the above the Company also holds working capital, comprising cash and currently listed (tradable) investments, which funds day to day operations.  As at 24/09/2021 this amounted to working capital of £2.51million.

 

Audit and Compliance

 

As the financial year comes to a close Power Metal is working with One Advisory, its financial and compliance service partner, to prepare for the annual audit, with financial results for the year ended 30 September 2021 expected to be published in February 2022.

As a responsible exploration company Power Metal is further bolstering its Environmental, Social and Governance initiatives and will be publishing further information in the coming months covering the various measures implemented.

In 2020 the Company undertook a Finance, Administration and Compliance Protocols and Procedures Review to further improve its underlying Governance and is now further bolstering this with detailed business process mapping across the Company.  These measures are considered necessary as the Company expands in size, scale and breadth of corporate and exploration activities.

 

 

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

#Echo Echo Energy – Successful Loan Restructuring

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to announce that it has successfully agreed the restructuring of the Company’s £1.0 million loan originally provided to the Company in March 2017 and now held by Spartan Class O (the “Lender”), a sub-fund of Spartan Fund Limited SAC (the “Loan”) with the Lender.

The terms of the amendment to the Loan (the “Amendment”) are as follows:

· Maturity extended by 2 years such that the then outstanding remaining principal and accumulated accrued interest will mature on 8 March 2024 (“Maturity”) following four quarterly cash prepayments of £25,000 commencing on 31 March 2023.

· Interest reduction such that all Loan interest will be accrued and paid on Maturity at a reduced rate of 8% per annum from Amendment (previously 12% per annum) on outstanding principal on a non-compounding basis.

· 15% of the remaining £850,000 Loan principal, representing £127,500, has now been converted into 10,200,000 new Echo ordinary shares (the “Conversion Shares”) at an effective issue price of 1.25p – a premium of 108% to the closing mid market price per Echo ordinary share on 30 September 2021.  

· Conversion Shares to be locked-in for a period of 6 months from Admission (as defined below).

Prior to the Amendment the full Loan, together with interest, had been due to mature on 8 March 2022 – with quarterly cash repayments of £50,000 prior to that maturity date.  

In connection with the Amendment, the Lender has been issued with 3,096,429 warrants to subscribe for new ordinary shares in the Company at a price of 0.7 pence per new ordinary share, exercisable from the date of grant and with an expiry date of 30 September 2022.

Application has been made for the Conversion Shares, which rank pari passu with the Company’s existing ordinary shares, to be admitted to trading on AIM. It is expected that admission of the Conversion Shares, will occur at 8.00 a.m. on 7 October (“Admission”).

Following Admission, the Company’s issued ordinary share capital will comprise 1,309,013,085 Ordinary Shares, none of which are held in treasury. Therefore, following Admission, the total number of ordinary shares with voting rights in the Company will be 1,309,013,085 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Martin Hull, Chief Executive Officer of Echo Energy, commented: “The successful restructuring of the loan represents an important and positive step for the business as we continue to make great progress in 2021 both commercially and operationally. It materially reduces the near term cash outflow by delaying maturity whilst additionally reducing ongoing debt servicing costs, further strengthening our financial platform. These steps free additional resources to support our ongoing strategy of reinvestment in rapid payback production growth opportunities at a time of commodity price strength, reinforced by our attractively priced gas contracts. By investing in Echo at a more than 100% premium to the prevailing share price and agreeing to the lock up period, not only are the Lenders strengthening the balance sheet but also demonstrating confidence in the business and its strategy. 

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Consulting (IR & PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900

Shore Capital (Corporate Broker)

Jerry Keen

+44 (0) 20 7408 4090

#ECR ECR Minerals Plc – Appointment of Independent Non-Executive Director

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the appointment of Dr Trevor George Davenport (“Trevor” “Dr Davenport”) as a Independent Non-Executive Director of ECR Minerals plc, with immediate effect.

Dr Davenport obtained a BSc (Hons) Geology at Southampton University, subsequently attaining his MSc in Mining Geology and Mineral Exploration in 1967, and a PhD in Geology & Exploration Geochemistry at Leicester University in 1970. In 1971 he attained the title of Chartered Engineer after becoming a Member of The Institute of Mining and Metallurgy.

Trevor started off working as a trainee mining engineer in the South Africa gold mines in 1958 before starting university. Trevor has 63 years of experience working in the geological and mining industry. Trevor’s experience includes working as an underground miner, exploration geochemist, exploration and mine geologist and as a lecturer to post-graduate mining geology students at the University of Leicester. Trevor has experience in exploration for and mining of gold, copper/nickel, lead/zinc/silver, bauxite, chrome and diamonds. Trevor’s experience includes working in Ireland, Canada, Montana (USA), Portugal, Romania, Uzbekistan, Tajikistan, Burma, Ghana, Botswana, Guyana and South Africa.

Trevor was a director, the exploration manager and chief geologist for Nelson Gold’s, Zeravshan Gold Company in Tajikistan from 1994 until end of 1996.

From 2004 until 2011 he was Non-Executive Chairman and director of Kryso Resources Plc. After this he was consulting for Kryso Resources at the time of the takeover of control of the company by China Nonferrous International Mining Co. Ltd in 2011. Today Dr Davenport is a director at Brix Investments Limited and is also President of the Alderney Society and a director of the Alderney Journal.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am delighted to announce the appointment of Trevor Davenport to the board of directors. I have known Trevor for over 26 years since I first started working in the mining industry, and I know his extensive knowledge in exploration of numerous gold and other mineral deposits and his experience will be an excellent addition to our knowledge base.”

“ECR Minerals is at a pivotal stage of its evolution. With Trevor’s experience and understanding of our assets in Victoria together with our newly acquired property assets, ECR is ideally positioned for the next phase of growth.”

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.

Trevor George Davenport (aged 81) is currently a Director of Brix Investments Limited; and a director of the Aldernay Journal.

Previous Appointments (directors and partnerships) in the last five years : none

Trevor does not hold any ordinary shares in the Company.

There is no further information regarding Trevor Davenport required to be disclosed pursuant to AIM Rule 17 and Schedule Two (g) of the AIM Rules for Companies.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc

Tel: +44 (0) 20 7929 1010

David Tang, Non-Executive Chairman

Craig Brown, Director & CEO

Email: info@ecrminerals.com

Website: www.ecrminerals.com

WH Ireland Ltd

Tel: +44 (0) 207 220 1666

Nominated Adviser

Katy Mitchell

SI Capital Ltd

Tel: +44 (0) 1483 413500

Broker

Nick Emerson

Novum Securities Limited

Tel: +44 (0) 20 7399 9425

Broker

Jon Belliss

Blytheweigh

Tel: +44 (0) 207 138 3204

Public Relations

Tim Blythe

#POW Power Metal Resources – FDR Australia – Grant of Wallal Licences

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

 

 

 

Power Metal now confirms that two licence applications have now been granted.  The granted licences are:

 

–  E45/5816 – Wallal Main

–  E45/5880 – Wallal West 2

The Wallal Main licence is host to two magnetic bullseye anomalies (Eastern Anomaly and Border Anomaly) which are currently the highest priority exploration targets for a planned future deep drilling campaign.  The third licence application forming the Wallal Project, Wallal West 1 (E45/5853) is expected to be granted shortly. This licence application includes the third magnetic bullseye Western Anomaly.

The grant of the Wallal Main licence was a key event which now allows for completion of the acquisition of First Development Resources Pty Ltd (FDR Australia) by First Development Resources Limited (FDR UK) in which, post acquisition, Power Metal will hold a 75% interest.

Power Metal will now move to undertake transaction completion and a further announcement will be made in this regard shortly. In addition, preparations to seek a listing of FDR UK in the London capital markets will now accelerate.

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

“With the grant of licences announced today, one of our most exciting projects takes a great leap forward. Power Metal shareholders now have exposure to a major gold-copper exploration project in the Paterson region of Western Australia.

We are seeking major gold-copper discoveries and I would ask investors to review our recent exploration update linked below, to see the potential the Wallal Project offers.”

Note:

The grant of Wallal Main was confirmed this morning and the quarterly report we have prepared for release today will need to be amended accordingly with this important news and its significant impact on our business plans.  As a result the Power Metal Quarterly Business Operational Update will now be released on 1 October 2021.”

BACKGROUND

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

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

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

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

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

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Kavango Resources #KAV – Drilling Update

 

Kavango Resourkavces plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Kavango’s senior geologist on site has reported that diamond drilling on Hole TA2DD002 intersected what appears to be sulphide and chromite mineralisation in pyroxenite at 651m from surface.

Hole TA2DD002 is currently being drilled in the northern (Hukuntsi) section of the Company’s project in the Kalahari Suture Zone (“KSZ”).

Highlights

Ø The geological diamond drill Hole TA2DD002 was designed to intersect the Proterozoic (Tshane Complex) mafic/ultramafic intrusion that lies beneath Karoo sediments intruded by gabbros to obtain supplementary geophysical and geological data

Ø Kavango previously estimated that the Proterozoic rocks would be intersected at between 600m and 700m

Ø The principal objectives of the hole were to collect physical data from the Karoo and Proterozoic intrusives to support and refine Kavango’s 3D geophysical model of the KSZ in the Hukuntsi Section

Ø At 651.78 the drill passed from Karoo tillites (glacial sediments) through an unconformable contact into fresh Proterozoic pyroxenite (ultramafic magmatic rock)

Ø Visual inspection of core has been carried out by the Company’s senior geologist at the drill site

Ø The very coarse (pegmatitic) pyroxenite appears, on visual inspection, to contain disseminated chalcopyrite (copper sulphide) and chromite, as well as section of coarse anorthosite

Ø Hole TA2DD002 is currently at 701m and remains in Proterozoic ultramafic magmatic rocks

Ø On completion of the hole, core samples will be cut and samples sent to an internationally accredited laboratory in South Africa for a suite of relevant assays.

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

“We made immediate contact with ultramafic magmatic rocks and visible sulphides, as the Proterozoic was intersected at 651m . The presence of chalcopyrite (copper sulphide) is an indicator of further potential mineralisation in the system, though quantities and grades are yet to be determined.

While this is an encouraging development in our efforts to prove the concept of the Kalahari Suture Zone, important steps remain for us to evaluate thoroughly what we have discovered.

We expect to continue drilling Hole TA2DD002 further into the Proterozoic structure and are in discussions with Mindea and Equity Drilling about the further depth that can realistically be achieved. Once drilling is complete on Target Area A we will mobilise the rig to Target Area B. In parallel to this we will send core samples collected from Target A for relevant assays and whole rock analysis.”

————————————————————————————————————-

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 additional 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 information in this press release that relates to “geological and/or geophysical results” for the KSZ Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.

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