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#GRX GreenX Metals Limited- Result of AGM
GreenX Metals Limited (GreenX or the Company) advises, that the 2022 Annual General Meeting (AGM) of the Company was held today, 16 November 2022, at 10.00am (AWST).
The resolutions voted on were in accordance with the Notice of AGM previously advised to shareholders.
All resolutions were decided on and carried by way of a poll.
In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and the proxies received in respect of each resolution are set out over page.
The Company has also released a new Constitution which will be available to view at www.greenxmetals.com.
For further information please contact:
Dylan Browne
Company Secretary
+61 8 9322 6322
|
Resolution |
Number of Proxy Votes |
Number of Votes cast on the Poll |
Result |
|||||
|
For |
Against |
Abstain |
Proxy’s Discretion |
For |
Against |
Abstain |
||
|
1. Remuneration Report |
3,645,078 |
6,500 |
15,062,316 |
25,000 |
3,670,078 |
6,500 |
15,062,316 |
Carried on vote by poll |
|
2. Re-election of Mr Mark Pearce as a Director |
18,711,578 |
– |
2,316 |
25,000 |
18,736,578 |
– |
2,316 |
Carried on vote by poll |
|
3. Adoption of New Constitution |
18,711,578 |
– |
2,316 |
25,000 |
18,736,578 |
– |
2,316 |
Carried on vote by poll |
|
4. Approval of Additional 10% Placement Capacity |
18,511,578 |
200,000 |
2,316 |
25,000 |
18,536,578 |
200,000 |
2,316 |
Carried on vote by poll |
#POW Power Metal Resources – Tati Project Botswana Final Drill Assay Results
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces final results from the Company’s recently completed drilling programme on the 100% owned and operated Tati Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.
Assay results from the first three holes which included the bonanza intercept 1m of 47.1g/t gold (“Au”) from 6m downhole depth in reverse circulation (“RC”) drillhole CHRC0003, were previously announced to the market on 3 November 2022 and can be found at the link below:
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Tati is becoming a significant Project for Power Metal – with only 175m strike distance of an 8km long gold-in-soil anomaly drill tested and extensive high-grade gold confirmed from the RC drilling.
Naturally the 47.1g/t Au and 40.6g/t Au grades peak excitement, which they should, however more important is the continuity of gold mineralisation over the 175m strike drill tested thus far, which bodes well for the significant amount of the anomaly yet to be tested. That drill testing is now a priority for Power Metal.
Complementing the extremely exciting gold exploration results we have to note the practical advantages of the Tati Project.
The gold mineralisation identified to date is near surface, significantly de-risking any mining proposition. And the Project is centred on the former working gold mine, Cherished Hope, with gold fines dumps available for processing at a local processing site, potentially generating revenue for further exploration and development of the Project.
The processing site for the fines dumps is located within 20 minutes by road from the Project, and clearly also presents an avenue for processing of gold from the newly discovered mineralised areas, subject to undertaking commercial agreements and local regulatory approvals.
All told the Tati Project is making major progress and the Company intends to accelerate its activity to undertake RC drilling to more fully test the very large Au-in-soil anomaly, prove up more extensive gold mineralisation and in parallel develop avenues for future gold production from the Project.”
Highlights:
– A total of nine RC holes totalling 490m were completed at Tati as part of the August 2022 exploration programme – representing the first ever known drilling programme carried out on prospecting licence (“PL”) 049/2022. Complete assay results have now been received for the remaining 6 holes and are presented herein.
– In addition to multiple high-grade gold intersections reported from the first three RC drillholes, significant near-surface dolerite and quartz reef hosted gold mineralisation was successfully intersected in 5 of the 6 remaining holes. Key down-hole intersections (>1g/t Au) include:
§ Hole CHRC0004
Ø 1m @ 1.36 g/t Au from surface
Ø 2m @ 1.81 g/t Au from 2m
Ø 1m @ 1.56 g/t Au from 5m
Ø 1m @ 2.53 g/t Au from 36m
§ Hole CHRC0005
Ø 1m @ 1.13 g/t Au from 22m
Ø 2m @ 1.78 g/t Au from 52m
§ Hole CHRC0006
Ø 2m @ 23.17 g/t Au from 25m, including
§ 1m @ 40.63 g/t Au from 26m
§ Hole CHRC0007
Ø 1m @ 4.80 g/t Au from 1m
Ø 2m @ 6.59 g/t from 5m, including
§ 1m @ 11.27g/t Au
Ø 1m @ 1.55 g/t from 13m
Ø 1m @ 11.16g/t from 54m
§ Hole CHRC0009
Ø 2m @ 2.11 g/t Au from 49m
– Drilling intersections have confirmed gold mineralisation over a strike length of 175m, with mineralisation remaining open towards the northwest, southeast and downdip.
– Significantly, the Q3 2022 drilling area is located along a major northwest-southeast oriented regional shear that is thought to be the control of gold mineralisation observed within the area.
– Along this major regional shear is a coincident Au-in-soil anomaly that extends for a strike distance of approximately 8km, and which is located entirely within the 100%-owned Tati Project. The majority of this geochemical anomaly remains underexplored, with additional mineralisation identified by Power Metal circa 6.5km to the northwest including Q1 2022 RC drillhole TGRC00017 which returned 3m of 5.17g/t Au from 9m 1, as well as the undrilled GoldSource Zone where rock sampling of a northwest-southeast oriented quartz reef returned up to 26.5g/t Au 2.
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:
The maps presented above will also be uploaded to the Tati Project page on the Company’s website found at the link below:
One metre RC chip samples were riffle split and sent for analysis by Intertek Genalysis in Perth Western Australia, by 50g fire assay with inductively coupled plasma mass spectrometry (ICP-MS) analysis (method FA50/MS). High grade samples were additionally analysed by 50g fire assay with inductively coupled plasma optical emission spectroscopy (ICP-OES) (method FA50/OE). Significant assay results are presented in Table 1, drill collar locations are set out in Table 2.
Table 1: Full Assay Results for Downhole Intersections >1g/t Au
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppb) |
Au (g/t)* |
Note |
|
CHRC0001 |
21 |
22 |
1 |
2,154 |
||
|
24 |
25 |
1 |
1,344 |
|||
|
33 |
34 |
1 |
12,490 |
10.2 |
||
|
CHRC0002 |
10 |
15 |
5 |
N/A |
Mined out void |
|
|
15 |
16 |
1 |
5,572 |
|||
|
CHRC0003 |
0 |
1 |
1 |
1,816 |
||
|
1 |
2 |
1 |
1,261 |
|||
|
5 |
6 |
1 |
1,251 |
|||
|
6 |
7 |
1 |
44,821 |
47.1 |
||
|
7 |
8 |
1 |
1,360 |
|||
|
CHRC0004 |
0 |
1 |
1 |
1,362 |
||
|
2 |
3 |
1 |
1,911 |
|||
|
3 |
4 |
1 |
1,716 |
|||
|
5 |
6 |
1 |
1,560 |
|||
|
36 |
37 |
1 |
2,377 |
2.526 |
||
|
37 |
39 |
2 |
|
|
Mined out, poor return |
|
|
CHRC0005 |
22 |
23 |
1 |
1,155 |
1.13 |
|
|
52 |
53 |
1 |
1,262 |
|||
|
53 |
54 |
1 |
2,641 |
2.296 |
||
|
CHRC0006 |
25 |
26 |
1 |
8,761 |
5.721 |
|
|
26 |
27 |
1 |
41,037 |
40.625 |
||
|
CHRC0007 |
1 |
2 |
1 |
1,546 |
4.802 |
|
|
5 |
6 |
1 |
1,762 |
1.915 |
||
|
6 |
7 |
1 |
10,933 |
11.272 |
||
|
13 |
14 |
1 |
1,695 |
1.546 |
||
|
54 |
55 |
1 |
12,166 |
11.157 |
||
|
CHRC0008 |
No Significant Values |
|||||
|
CHRC0009 |
49 |
50 |
1 |
2,514 |
|
|
|
50 |
51 |
1 |
2,608 |
1.707 |
*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g Fire-Assay)
Table 2: Tati 2022 Drill Programme Collar Table
|
Drill Hole ID |
Dip |
Azimuth |
Depth (m) |
Northing* |
Easting* |
|
CHRC0001 |
45° |
28° |
40 |
564875 |
7650896 |
|
CHRC0002 |
45° |
35° |
30 |
564856 |
7650925 |
|
CHRC0003 |
45° |
31° |
30 |
564842 |
7650942 |
|
CHRC0004 |
45° |
35° |
60 |
564818 |
7650929 |
|
CHRC0005 |
45° |
52° |
80 |
564797 |
7650937 |
|
CHRC0006 |
45° |
44° |
50 |
564798 |
7650936 |
|
CHRC0007 |
45° |
44° |
70 |
564772 |
7650950 |
|
CHRC0008 |
45° |
35° |
30 |
564748 |
7650986 |
|
CHRC0009 |
45° |
48° |
100 |
564744 |
7650958 |
* Projection: UTM Zone 35S WGS84
Reference Notes
1. Company announcement, Tati Project Botswana – Drill Programme Results, 4 April 2022
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9klmer )
2. Company announcement, Tati Project Botswana – Large Scale Gold Anomaly Confirmed, 14 September 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w6pve9x )
QUALIFIED 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 Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
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 |
First Class Metals #FCM – Sunbeam: modernising a shining historical gold opportunity
First Class Metals #FCM – Sunbeam: modernising a shining historical gold opportunity.
Read the latest FCM report containing detailed analysis on the Sunbeam opportunity here FCM report V2
#POW Power Metal Resources PLC – Tati Project Botswana Initial Drill Assay Results
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces initial results from the Company’s recently completed drilling programme on the 100% owned and operated Tati Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The Tati Project now covers the formerly producing Cherished Hope gold mine and is within the underexplored Tati Greenstone Belt, where the Company is exploring for near surface, high-grade extensions of the Cherished Hope mine.
The successful intersection of high-grade gold in the three holes for which assay results have been received is very exciting, and the bonanza grade gold assay result already identified naturally inspires us to push ahead with further accelerated exploration work.
Further assay results from the remaining six holes, several of which intersected significant quartz reef intersections (up to 8m thick), are awaited with great interest.“
Highlights:
– A total of nine reverse circulation (“RC”) holes totalling 490m were completed at Tati as part of the August 2022 exploration programme – representing the first ever known drilling programme carried out on prospecting licence (“PL”) 049/2022. Complete assay results have now been received for the first three holes, with results from the six remaining holes expected in the coming weeks.
– Significant near-surface, dolerite and quartz reef hosted gold mineralisation was intersected in all three holes. Key down-hole intersections (>1g/t Au) include:
o Hole CHRC0001
Ø 1m @ 2.15 g/t Au from 21m
Ø 1m @ 1.34 g/t Au from 24m
Ø 1m @ 10.20g/t Au from 33m
o Hole CHRC0002
Ø 1m @ 5.57 g/t Au from 15m
o Hole CHRC0003
Ø 2m @ 1.54 g/t Au from surface
Ø 3m @ 16.77 g/t Au from 5m, including
§ 1m @ 47.17 g/t Au from 6m
– RC hole CHRC0002 was designed to target one of the thicker portions of the quartz reef structure, and due to a shallow dip chosen for the hole it ended up intersecting a mined-out void from 10-15m. The 1m @ 5.6g/t Au from 15m downhole intersection represents the footwall of the main quartz reef structure. The Company is considering steepening the dip and redrilling the section in order to test the entire section of this quartz reef.
– Results for the remaining six holes are pending, including CHRC0007 which returned the single largest quartz reef intersection from 11-19m (8m intersection) of the 2022 drilling programme.
A map highlighting the location of the Tati Project can be found at the link below:
https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/
One metre RC chip samples were riffle split and sent for analysis by Intertek Genalysis in Perth Western Australia, by 50g fire assay with inductively coupled plasma mass spectrometry (ICP-MS) analysis (method FA50/MS). High grade samples were additionally analysed by 50g fire assay with inductively coupled plasma optical emission spectroscopy (ICP-OES) (method FA50/OE). Significant assay results are presented in Table 1, drill collar locations are set out in Table 2.
Table 1: Assay Results for Significant Downhole Intersections
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppb) |
Au (g/t)* |
Note |
|
CHRC0001 |
0 |
1 |
1 |
688 |
||
|
1 |
2 |
1 |
411 |
|||
|
21 |
22 |
1 |
2,154 |
|||
|
22 |
23 |
1 |
226 |
|||
|
23 |
24 |
1 |
209 |
|||
|
24 |
25 |
1 |
1,344 |
|||
|
29 |
30 |
1 |
987 |
|||
|
33 |
34 |
1 |
12,490 |
10.2 |
||
|
CHRC0002 |
10 |
15 |
5 |
N/A |
Mined out void |
|
|
15 |
16 |
1 |
5,572 |
|||
|
CHRC0003 |
0 |
1 |
1 |
1,816 |
||
|
1 |
2 |
1 |
1,261 |
|||
|
2 |
3 |
1 |
105 |
|||
|
3 |
4 |
1 |
84 |
|||
|
4 |
5 |
1 |
105 |
|||
|
5 |
6 |
1 |
1,251 |
|||
|
6 |
7 |
1 |
44,821 |
47.1 |
||
|
7 |
8 |
1 |
1,360 |
|||
*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g Fire-Assay)
Table 2: Tati 2022 Drill Programme Collar Table
|
Drill Hole ID |
Dip |
Azimuth |
Depth (m) |
Northing* |
Easting* |
|
CHRC0001 |
45° |
28° |
40 |
564875 |
7650896 |
|
CHRC0002 |
45° |
35° |
30 |
564856 |
7650925 |
|
CHRC0003 |
45° |
31° |
30 |
564842 |
7650942 |
|
CHRC0004 |
45° |
35° |
60 |
564818 |
7650929 |
|
CHRC0005 |
45° |
52° |
80 |
564797 |
7650937 |
|
CHRC0006 |
45° |
44° |
50 |
564798 |
7650936 |
|
CHRC0007 |
45° |
44° |
70 |
564772 |
7650950 |
|
CHRC0008 |
45° |
35° |
30 |
564748 |
7650986 |
|
CHRC0009 |
45° |
48° |
100 |
564744 |
7650958 |
* Projection: UTM Zone 35S WGS84
QUALIFIED 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 Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
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 PLC – Kalahari Key Botswana – Acquisition 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 respect of the acquisition of an additional 58.7% interest in Kalahari Key Mineral Exploration PTY Limited (“Kalahari Key” or “KKME”) (the “Transaction”).
Kalahari Key has a single project 60% interest in the Molopo Farms Complex Project (the “Project’ or “Molopo Farms”) targeting a large-scale nickel – platinum group metal (“PGM”) discovery in southwest Botswana.
The conditional acquisition was originally announced on 18 May 2022 which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
HIGHLIGHTS:
– The Company has received written confirmation that all Botswana regulatory approvals required to enable the Transaction to proceed have now been received.
– Following receipt of the approvals the Company is now working with the Kalahari Key Board and advisers in Botswana to complete the Transaction.
– Following Transaction completion, Power Metal will hold an 87.71% interest in Kalahari Key which will hold a 100% interest in Molopo Farms.
– A further announcement to follow shortly including confirmation of the issue of equity consideration to Kalahari Key shareholders disposing of their interest to Power Metal.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:
“The receipt of all Botswana regulatory approvals for the Transaction is a significant event for the Company, and after the various administrative tasks are completed Power Metal will hold an 87.71% interest in Kalahari Key.
On behalf of Power Metal I would like to thank the authorities in Botswana and our advisers for their handling of the approvals process, and the Kalahari Key team who are working with us to complete the Transaction.
Shareholders will be aware we are currently undertaking the largest drill programme the Company has conducted at Molopo Farms and to complete the Transaction at this juncture is particularly significant.
Further announcements will follow with regard to Transaction completion and with operational updates from the Molopo Farms ongoing drill programme.”
Further information in respect of Molopo Farms may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
In addition photographs and videos from the Project are and will be available on the Company’s website gallery section, through the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Exploration Work Overview
Power Metal has multiple internal exploration programmes completed or underway, with results awaited. The status for each of the Company’s priority exploration projects is outlined in the table below.
|
Project |
Location |
Current POW % |
Work Completed or Underway |
Results Awaited |
|
Athabasca Uranium |
Canada |
100% |
Ground exploration programme complete at 3 properties. Preliminary planning for work in Spring/Summer 2023 is ongoing. |
Assay results from samples collected during fieldwork. |
|
Molopo Farms |
Botswana |
87.71%# |
T1-6 conductor target drilling underway. Further MLEM surveys planned over additional AEM targets identified. |
Drill programme updates and findings from further MLEM survey work. |
|
Tati Project |
Botswana |
100% |
RC drilling and sampling of mine dumps complete. |
Review of mine dumps sampling and assay results from RC drill programme. |
# following completion of administrative processes for share transfer and restructuring
Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required. These interests are summarised in the table below:
#GRX GreenX Metals Limited – Quarterly Activities Report September 2022
HIGHLIGHTS
· GreenX continued with its exploration work program to acquire up to 80% of the ARC copper project in Greenland:
o 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.
o In August 2022, laboratory XRF analysis of native copper samples from ARC showed 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 samples.
o Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.
o Results for the 2022 site visit to be released in the coming weeks.
· International arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty continue at pace:
o 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.
o 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.
o Following the lodgement of final substantive filings from both parties subsequent to the end of the quarter, the next step in the arbitration process is for the hearing to be conducted in front of the Tribunal.
o GreenX notes the recent success of AIM listed, Rockhopper Exploration plc’s Energy Charter Treaty claim against the Republic of Italy in relation to oil and gas licenses including a unanimous decision against the Republic of Italy to award €190 million in damages plus interest.
· Cash balance at 30 September 2022 of A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility 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 September 2022.
LABORATORY ANALYSIS OF HISTORICAL SAMPLES FROM ARC CONFIRMS UP TO 99.8% PURE NATIVE COPPER
During the quarter, GreenX and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) announced 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.
The results of the micro-XRF analysis are supportive of the potential quality of the mineralisation at ARC and will inform future field programs which will incorporate geochemical sampling, portable core drilling, and geophysics at high-priority targets within ARC. The Discovery Zone, where the highest-purity analysed sample was recovered, is the highest priority exploration target.
Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.
ABOUT ARC
ARC is an exploration joint venture between GreenX and Greenfields. 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:
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o 53.8% Cu and 2,480g/t Ag |
o 7.9% Cu and 53 g/t Ag |
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o 20.7% Cu and 488g/t Ag |
o 5.3% Cu and 112 g/t Ag |
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o 12.5% Cu and 385g/t Ag |
o 5.0% Cu and 304 g/t Ag |
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o 9.0% Cu and 112 g/t Ag |
o 4.0% Cu and 82 g/t Ag |
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.
CORPORATE
Financial Position
As at 30 September 2022, GreenX had A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.
DISPUTE WITH POLISH GOVERNMENT
During the quarter, 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 has made for the BIT arbitration, with the next step in the arbitration process, following the lodgement of Poland’s Rejoinder, is for the 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 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.
The 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 damages related to both the Jan Karski and Debiensko projects, 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 a Litigation Funding Agreement (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. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.
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 significant filing to be made by the Company, has now been filed in both Arbitrations. 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 Defence.
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 projects 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.
Furthermore, GreenX notes the recent success of AIM listed Rockhopper Exploration plc’s (Rockhopper) ECT claim against the Republic of Italy in relation to oil and gas licenses.
On 24 August 2022, Rockhopper announced that an ECT arbitration panel had reached a unanimous decision against the Republic of Italy to award Rockhopper €190 million in damages plus interest at EURIBOR +4% compounded annually from 2016 until the time of payment.
All costs associated with the Rockhopper arbitration were funded on a non-recourse (“no win – no fee”) basis from a specialist arbitration funder, similar to GreenX’s litigation funding arrangements. After payments due to the arbitration funder, Rockhopper expects to retain approximately 80% of the award.
#TM1 Technology Minerals – Global Battery Metals Exercises Leinster Option
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ), an international critical mineral exploration and development company focused on growth-oriented battery metal projects, has elected to exercise its first option with respect to the Company’s lithium North-West Leinster Property in the Republic of Ireland (“the Property”).
The Leinster Property is currently operated as an Earn-in Option between LRH Resources Limited (Ireland) (“LRH”) (a wholly-owned subsidiary of the Company) and GBML. The project is operated under an exclusive Earn-in and option agreement with GBML with no project expenditure required by the Company.
The agreement provides GBML with three staged options to acquire up to 90% of the Property as follows:
· First Option: to earn 17.5% equity by spending on the Property by 12 October 2022:
o (i) up to €85,000 (already spent) in expenditures on the Property, separate from the license fees
o (ii) up to €6,500 (already spent) in connection with all such license charges, fees and rents as may be required to keep the Property in good standing
· Second Option: to earn a further 37.5% equity by spending a further €500,000 (with credit given for overspend by GBML prior to 12 October 2022) within two years of the exercise of the 1st Option, and paying the Company €50,000 (i) in cash or (ii) GBML shares at market price and €5,000 in cash
· Third Option: If Option 2 is exercised, to earn a further 35% equity by spending a further €1,000,000 within two years of the exercise of the 2nd Option, and paying the Company €200,000 (i) in cash or (ii) GBML shares at market price and €20,000 in cash.
· GBML is required to maintain the applicable Option in good standing, and when GBML reaches 55% interest, pursuant to the terms of the Second Option, a joint venture between the Company and GBML will be formed. The joint venture terms include:
(i) each party having a right of first refusal on the other party’s shares;
(ii) each party having tag along rights in the event a party seeks to sell its shares (and the other party does not exercise its right of first refusal); and
(iii) each party’s interest shall convert to a 2% gross smelter royalty (the “GSR”) if its interest dilutes below 10%. The royalty payor of the GSR has a buy back right on one half of the GSR exercisable within a period of 12 months after its grant for an acquisition price of €1,000,000 payable in cash or GBML shares at market price.
The Leinster Property
The Leinster Property, located in the counties of Wicklow and Dublin, is focused on the exploration for lithium mineralisation within spodumene-bearing granite pegmatites. The Property consists of fifteen prospecting licences, termed ‘the North-west Leinster Block’, which cover a total area of approximately 477km2, and a new Prospecting Licence (“PL”), PL1597 which was awarded on 22 March 2022. All the Property prospecting licences were granted to LRH.
The Property lies on a 135km long zone of lithium-bearing pegmatites, centred on the Aclare and Moylisha deposits which were discovered during 1960’s and 1970’s and are currently being explored by the Ganfeng – International Lithium joint venture.
Lithium mineralization on the Property has been confirmed, with spodumene bearing samples from various prospects identified within the project area: Sorrel (1.6% Li2O equivalent); Tonygarrow (1.0% Li2O); Aghavannagh (1.78% Li2O). Lithium mineralization on PL1597 has also been confirmed, with spodumene bearing samples from two boulder trains identified, the results of which will be released in the near future.
The Company and GBML plan further work programmes on the Property (including PL1597) in Q4 2022, with geological mapping, lithogeochemical sampling, ground surveying, deep overburden sampling and limited diamond drilling where warranted.
As part of an on-going workflow, the Company continues to identify, fully assess and apply for other spodumene-pegmatite exploration opportunities along the district-scale Irish lithium belt.
Alex Stanbury, CEO of Technology Minerals, said: “I am pleased that Global Battery Metals will be exercising their first option at the Leinster Property. This news demonstrates the strength of our working relationship with Global Battery Metals and underlines their faith in the potential of this project and the Irish pegmatite belt.
“It also vindicates our strategy to move early-stage mining assets up the value chain and shows the value of Technology Minerals exploration work. We look forward to continuing to work closely with Global Battery Metals, as well as our other joint venture partners, to develop our portfolio of projects focused on the critical minerals needed to power the transition to net zero.”
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 4582 3500 |
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Global Battery Metals Ltd. |
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Michael Murphy BA, MBA, MSc., ICD, President & CEO |
+1 604-649-2350 |
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Arden Partners Plc |
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Ruari McGirr, George Morgan |
+44 207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Amy Stupavsky |
+44 20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
#GRX GreenX Metals – Notice of AGM
DATE OF ANNUAL GENERAL MEETING
GreenX Metals Limited (GreenX or the Company) advises that the Annual General Meeting (AGM) of the Company will be held at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia on Wednesday, 16 November 2022 at 10.00am (AWST).
Further information relating to the AGM, including the resolutions proposed and explanatory information in respect of such resolutions, is set out in the Notice of AGM which is available for download on GreenX’s website at: https://greenxmetals.com/investors/announcements/.
A Form of Instruction will be sent to all depository interest holders allowing them the opportunity to vote via proxy at the AGM.
For further information please contact:
Dylan Browne
Company Secretary
+61 8 9322 6322
#KAV Kavango Resources Plc – KCB – Drill Rig Mobilisation
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce that Mindea Exploration and Drilling Services Pty (“Mindea”) has mobilised the multi-purpose drill rig (the “Rig”) for the Company’s maiden drill campaign in the Kalahari Copper Belt (“KCB”).
PL082/2018 is one of Kavango’s most advanced prospecting following extensive surface exploration and geophysical surveying across the entire area.
The Rig has been mobilised to conduct a first phase drill programme on PL082/2018, where Kavango is targeting a potential analogue to Khoemacau’s Banana Zone deposit. The Banana Zone deposit sits immediately to the south of Ghanzi Ridge and exhibits similar geophysical characteristics to survey data acquired by Kavango over PL082/2018.
HIGHLIGHTS
– Drill rig mobilisation
– Mindea has deployed a rig capable of reverse circulation (“RC”) and diamond core (“DC”) drilling to PL082/2018
– Drill camp and first drill pad prepared
– First phase drilling programme
– Drilling to commence no later than 9 October
– Expected completion by early November
– Up to 6 holes (est. 1,250m) designed to test the Northern and Central anomalies (announced >>> 29 September 2022)
– CSAMT
– Kavango has also commenced a Controlled-Source Audio MagnetoTelluric (“CSAMT”) survey of up to 17 line-km over PL082/2018
– Goal is to map subsurface structures to optimise drill orientation
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“In keeping with our ambitions in the Kalahari Copper Belt, we have moved fast to mobilise the rig. The speed at which we are able to work demonstrates how much progress we’ve made over the past year.
PL082/2018 is our best immediate target in the KCB. It is our most advanced licence and demonstrates the best geology at surface, which we hope could prove to be telling.
We’ve achieved near total coverage across this licence in terms of geophysical surveying, geological mapping and soil sampling. While the CSAMT survey could yet still provide a new valuable data source, we are confident in the targeting work we’ve completed to date/
We expect this first phase drill programme will last around a month, with samples sent immediately for laboratory testing. Results from this will guide future drilling.
In the meantime, our team in the field has worked hard over the last week to finalise preparations. The drill camp is set up, the first pad is prepared, and the rig is on course to commence its work later this week.
Drilling is always the most exciting activity for any exploration company, and we look forward to what the next few weeks will bring.”
First phase drill programme details
Under the terms of its contract with Kavango, Mindea has mobilised its multi-purposed rig for a first phase drilling programme (the “Drill Programme”) on PL082/2018 in the KCB. Kavango has established an exploration camp in the drilling area and cleared the first drill pad.
The Drill Programme will consist of an initial 6 holes for 1,250m of drilling designed to test 2 discrete copper geochemical anomalies (the “Target Zones”), which are aligned with mapped underlying geology at PL082/2018 (announced >>> 26th August 2022).
The details of the Target Zones are as follows:
I) Central Zone (Cu: >30ppm, Max 118.8ppm)
– Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact
– The unit has been mapped to extend over the length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response
– Infill soil sampling (announced >>> 29th September 2022) confirmed elevated readings along the Target, further strengthening its prospectivity
II) Northern Zone (Cu: >30ppm, Max 39.7ppm)
– A robust anomaly occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines
– Previous work by Kavango identified an Airborne ElectroMagnetic (“AEM”) conductor, which coincides with the geochemical northern zone identified in this latest work
– Infill soil sampling confirmed that the Target extends over 9km of geological strike length and has a maximum width of 650m, which may comprise up to three separate parallel anomalies, with a peak value of 43ppm Cu (pXRF values)
Drilling is expected to complete by early November. Upon completion, samples will be sent to an internationally accredited laboratory for testing.
Kavango has so far identified 188 drill collar locations and aims ultimately to complete up to 37,600m or RC and diamond drilling (announced >>> 30th September 2022). These locations are centred on 14 priority target areas delineated across 4 of the Company’s 12 KCB licences, where field exploration is ongoing.
CSAMT details
Kavango has also initiated a CSAMT survey of up to 17 line-km within PL082/2018. The Company’s objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.
Further information in respect of Kavango 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
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#KAV Kavango Resources PLC – KCB maiden drill programme
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce its maiden drill campaign in the Kalahari Copper Belt (“KCB”).
The Company has signed a contract with Mindea Exploration and Drilling Services Pty (“Mindea”) for the first phase of drilling on licence PL082/2018. Kavango’s technical team believes this prospecting licence (“PL”) is a possible analogue to Khoemacau’s Banana Zone deposit.
HIGHLIGHTS
– Contract signed with Mindea for maiden KCB drill campaign
– Mindea to deploy a multi-purpose rig, capable of both diamond core (“DC”) and reverse circulation (“RC”) drilling
– First phase drill programme
– Up to 6 holes (est. 1,250m) on PL082/2018, as first phase of 37,600m drill strategy (announced >>> 28 September 2022)
– Drilling to commence no later than 9 October
– Expected completion by early November
– Samples to be sent to an internationally accredited laboratory for testing
– Drill Targets
– Two discrete copper geochemical anomalies, which align with mapped regional geology (announced >>> 26 August 2022)
– Northern Zone: 9km strike length with maximum width of 650m
– Central Zone: 27km strike length extending over length of PL082/2018
– Peak soil sample value of 118.8ppm Copper (“Cu”) (pXRF values)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Our technical team has worked extremely hard to maximise our chances of making one or more copper discoveries in the Kalahari Copper Belt. Our thorough exploration programme over the last 18 months has delivered 14 priority targets and I am now delighted to announce our maiden KCB drill campaign.
This is a significant achievement for Kavango. Following our successful drilling in the Kalahari Suture Zone and at Ditau in H1, we are on course to have drilled all three of our projects during 2022.
We are very happy to have partnered again with Mindea. Mindea has been active in the KCB over recent months with some notable successes. This work has recently paused, so we took advantage of that break to initiate drilling on PL082.
We are very fortunate that Mindea has been using a multi-purpose rig on its other job, as this is exactly what we need to optimise our programme as it develops. The timing has also worked out very well, allowing us to drill so soon after the latest positive exploration results from this licence.
Our technical team has done a superb job in identifying such significant drill targets. The alignment of coincident geological, geochemical and geophysical data sets is decidedly encouraging at this stage.
We now approach our first phase drilling on the KCB with a high degree of confidence and look forward to mobilising the rig as soon as we can.”
First phase drill programme details
Kavango has signed a contract with Mindea for a first phase drill programme, consisting of an initial 1,250m of drilling on PL082/2018 in the KCB.
Mindea has been active in the KCB over recent months, with a multi-purpose rig capable of both diamond core and RC drilling. Kavango has been able to take advantage of a pause in that programme to engage Mindea to mobilise the rig to PL082/2018 for the first phase drill programme. Kavango intends to use the same rig for future drilling in the KCB, subject to its availability.
The Company’s technical team believes that PL082/2018 is a possible analogue to Khoemacau’s Banana Zone deposit. The Banana Zone deposit sits immediately to the south of Ghanzi Ridge, and has been reported as having an estimated total mineral resource of 55.8Mt @ 1.1% Cu & 16.4g/t Ag.
The first phase drill programme will focus on testing two discrete copper geochemical anomalies (the “Targets”), which are aligned with mapped underlying geology at PL082/2018. The Company has validated and improved the definition of the Targets through a follow-up infill soil sampling programme (announced >>> 29th September 2022).
The details of the Targets are as follows:
I) Central Zone (Cu: >30ppm, Max 118.8ppm)
– Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact
– The unit has been mapped to extend over the length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response
– Infill soil sampling has confirmed elevated readings along the Target, further strengthening its prospectivity
II) Northern Zone (Cu: >30ppm, Max 39.7ppm)
– A robust anomaly occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines
– Previous work by Kavango identified an Airborne ElectroMagnetic (“AEM”) conductor, which coincides with the geochemical northern zone identified in this latest work
– Infill soil sampling confirmed that the Target extends over 9km of geological strike length and has a maximum width of 650m, which may comprise up to three separate parallel anomalies, with a peak value of 43ppm Cu (pXRF values)
Drilling is expected to commence by 9th October.
Kavango is also mobilising Controlled-Source Audio MagnetoTelluric (“CSAMT”) equipment to PL082/2018 and expects to complete up to 17 line-km of surveys. The Company’s objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.
Next steps
The first phase drilling programme at PL082/2018 initiates commencement of Kavango’s comprehensive KCB drill strategy (announced >>> 27 September 2022).
The Company has so far identified 188 drill collar locations across the KCB and aims ultimately to complete up to 37,600m of RC and diamond drilling. These locations are centred on 13 priority target areas delineated across four PLs (PL082/2018, PL036/2020, as well as the “Mamuno” licences (PL049/2020 and PL052/2020)).
Kavango will continue further field exploration across all 12 of its PLs in the KCB in parallel with any drilling. The Company expects to add more target areas and drill collar locations to its inventory as this work progresses.
About Mindea
Mindea Exploration and Drilling Services (Pty) LTD was formed in September 2019 by Equity Drilling Limited and Maureen Mokgaotsane (Geologist), Sebanka Lobatlamang (Geologist) and Eddie Babuseng (Attorney at Law) to provide complete exploration solutions to its clients in Botswana.
Mindea is currently operated under the Botswana Citizen Economic Empowerment Policy and is owned 51% by local shareholders and 49% by Equity Drilling. Over the coming years, it is expected that Botswana nationals will wholly own Mindea, with Equity Drilling continuing to provide strategic and technical support.
Mindea operates to strict international safety standards and deploys the latest equipment to its projects. Mindea is rigorous in its planning and site preparation.
Reflecting the quality of its operations, Mindea has recently been awarded a 3-year contract by Debswana to drill various national projects in Botswana. In addition to this, Mindea is a regular drill contractor for DeBeers.
Further information in respect of Kavango 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
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
