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Power Metal Resources #POW – Haneti Project – Drill Mobilisation

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update confirming mobilisation of the maiden drill programme targeting the discovery of nickel and platinum group metals (“PGM”) at the  Haneti Nickel Project in Tanzania.

Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold plc (LON:KAT)(“Katoro”).

 

HIGHLIGHTS:

  • Drill contract now signed with Amazon Drilling Limited, Morogoro, Tanzania.
  • All phases of pre – deployment activity, notably liaison and coordination with the Ministry of Mining as well as the relevant regional local and village authorities was conducted and completed.  We thank the Ministry, all authorities and the communities for their help and support.
  • Drilling rig and supporting personnel and equipment have been fully prepared and are now mobilising to the first drill location subject to any changes in Covid-19 restrictions.
  • Maiden drill programme will involve 2,000 metres of Rotary Air Blast (“RAB”) drilling with a planned 50 holes to circa 40 metres depth.
  • The RAB holes will be drilled on profiles across the three target areas in order to provide enhanced information of the subsurface shape and orientation of the ultramafic bodies being targeted and allowing for the optimisation of a planned follow-on diamond drill programme.
  • Power Metal’s pro-rata costs contribution in respect of the programme are fully covered from existing cash resources.
  • Images from Haneti may be viewed on a new Gallery section of the Company’s website through the following link:

https://www.powermetalresources.com/p/230/haneti-project-gallery 

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

“Mobilisation for the maiden drill programme at Haneti has been a long anticipated event and I am extremely pleased to confirm this is now underway.

Across a project covering some 5,000 km2, we are focusing here on an initial three target areas which are part of an 80km long ultramafic belt which is prospective principally for nickel sulphide and PGM mineralisation.

For Katoro and Power Metal this is a notable event, delivering on the promise of maiden drilling at Haneti and seeking a major metal discovery.

Power Metal are delighted to have a significant exposure to the Haneti Project which is now our third project interest where drill programmes are underway.”

HANETI PROJECT – NICKEL SULPHIDE AND PGM TARGETS – FURTHER INFORMATION

PROJECT OVERVIEW

The Haneti Nickel Project covers an area of approximately 5,000 km2 in central Tanzania approximately 88 km north of the capital city Dodoma. It comprises tenements (prospecting licences, offers and applications) prospective for nickel, PGMs and gold.

One of the key exploration objectives for the JV partners at Haneti is to delineate the potential for economic nickel mineralisation on the linear dyke-like, Haneti-Itiso Ultramafic Complex (“HIUC”) which sporadically crops out over a strike length of 80 km through the centre of the tenement holding. The HIUC mainly comprises serpentinites (metamorphosed ultrabasic rocks such as dunite and peridotite), with metabasic rocks such as metagabbro and metadolerite and is being targeted for a Chonolith-Type Nickel exploration model.

RAB DRILL PROGRAMME

An initial three target areas have been selected for RAB drilling; Milhanza Hill; Mwaka Hill; and Igari Hill. These targets are based on the recommendations of the 2012 airborne electromagnetic (“AEM”) geophysics survey, the detailed field programme undertaken in 2013 and further supplementary exploration findings.

The planned 2,000m RAB drilling programme will consist of approximately 50 holes drilled on linear fences across the targets. The programme will seek to verify the existence of near surface nickel sulphide mineralisation at each target whilst increasing the geological understanding such that the orientation and the meterage of a planned follow-up diamond drill programme can be optimised to confirm the scale of any nickel sulphide mineralisation.

The drilling will be conducted by an experienced Tanzanian company in line with international best practice and in accordance to health and safety and Covid-19 precautions.

HISTORIC NICKEL EXPLORATION

The Haneti area was first explored in 1931 by a private prospector who collected a nickel‐rich magnetite sample at Mihanza Hill. Later trenching uncovered a few discontinuous green‐stained veins rich in nickel‐silicates and containing several percent nickel.

In the early 1960s the Geological Survey of Tanzania carried out mapping, pitting, soil sampling, trenching and rock chip sampling of ultramafic outcrops on the Zoani, Mindii and Mihanza hills, within the HIUC belt. 

Further geological mapping and sampling was undertaken in 2006, 2007 and in 2013.

An AEM geophysics survey was completed over the Mihanza and Mwaka Hill anomalies in 2012 with further geophysics flown in 2015.

A study commissioned with a consultant expert in ultramafic geochemistry in 2015 identified the nickel, copper, platinum, palladium anomaly at Mihanza Hill as a drill ready target. This report suggested that the Itiso‐Haneti Ultramafic body may fit the Chonolith-Type Nickel exploration model which would imply that the main ultramafic belt may have small discrete sulphide bodies associated with it.

In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic subcrop.

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.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Project Portfolio Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide a project portfolio update for shareholders.

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

“Power Metal has built a diverse portfolio of interests and has multiple projects in the active exploration phase.  The latest position for all our project interests is outlined below, together with details of targeted near-term news flow across our business.

To assist investors and shareholders keep track as we push ahead with multiple exploration programmes we continue to enhance our communications tools embracing both public and investor relations disciplines.  The Company’s corporate website is being updated at present and a new website is to be launched in the coming month.  We are also looking to launch or enhance project level websites where appropriate.

We work hard to keep our corporate presentation fully up to date with each Company announcement, so it should remain a primary tool for shareholders wishing to learn more.  Today we are also launching  a Project Dashboard for shareholders which will be held on our website and contain an updated overview of each project, its status and near-term plans.

Power Metal are seeking large scale metal discoveries through active exploration, much of which is currently underway or about to commence.  Given the level of activity it’s important we remain open to feedback.  Therefore, should shareholders have any questions, or suggestions, please let us know via info@powermetalresources.com.”

Project Information Sources for Shareholders:

Further details in respect of Power Metal’s nine project interests can be found on the Company’s website https://www.powermetalresources.com/s/30/projects

The Company maintains a frequently updated Corporate Presentation which provides an overview of each project and additional corporate information and this may be viewed through the following link:

https://www.powermetalresources.com/p/193/presentations

Recognising the breadth of the Company’s projects, and the ongoing active exploration across numerous projects, Power Metal have today launched a Project Dashboard.  This provides an updated list of Company’s projects, their current status and each project’s targeted near term newsflow.

The Dashboard is now embedded into the Company’s website and a pdf copy may be downloaded through the following link:

https://www.powermetalresources.com/Uploads/8668-POW_Project_Summary_Updated.pdf

The latest project status and targeted news flow is also outlined below.  Shareholders should note that the targeted outcomes and plans may be impacted by a variety of factors, of which readers will be aware the continuing Covid-19 pandemic remains a material factor.  Power Metal works with its in-country partners to mitigate and manage all risks proactively and efficiently to ensure where possible the safe continuation of ground operations.

Power Metal Project Status and Targeted News Flow:

PROJECTMETALPOWINTERESTCURRENT STATUSTARGETED KEY NEWS 2020
     
AUSTRALIAVictoria Goldfields Joint Venture Gold49.9%12 applications over (2,188 km2.) Completed historic project reports, exploration planning and NI 43-101. Potential grant of exploration licences, starting with first 3 priority applications, then launch of exploration programmes.Progress updates for listing on North American stock exchange.
BOTSWANADitau Camp Project Rare Earths50%2 licences (1,386km2) Rare earths potential established from recent exploration work.Commence orientation study to assist in the characterisation and exploration vectoring for the Ditau Project carbonatite ring-structures potentially hosting rare earths.
BOTSWANAKalahari Copper Belt Project CopperSilver50%2 licences (1,386km2) southwest of Sandfire Resources’ T3 and A4 Dome copper-silver discoveries.Exploration results from soil sampling, then ground magnetic surveying, and possibly airborne electromagnetic surveying, leading into drill target development.
BOTSWANAMolopo Farms Complex Project NickelCopperPGMsUp to 50.96%3 licences (1,780km2) with multiple targets identified from electromagnetic survey and ground geophysics. Planned launch of maiden drill programme and thereafter delivery of results from drilling to the market including on-site findings and laboratory assays.
CAMEROONCobalt Blue Project CobaltNickel100%4 licences adjacent to, or within 50km of the Nkamouna/Nada cobalt/nickel deposit.  Announce findings from review of exploration strategies and potential commercialisation options.
CANADASilver Peak Project Silver 30%Mineral claims over historical Eureka-Victoria Silver Mine and high grade, intrusion related, polymetallic Ag-Pb-Zn-Cu veins.Planned launch of drill programme targeting high grade silver veins and following channel sampling in September 2020 which highlighted bonanza grade of up to 14,937g/t (482 oz/t).
DRCKisinka Project CopperCobalt70%Exploration licence of 41 carrés miniers (each 84.95 ha) with a 6.8km copper anomaly identified.Copper/cobalt assay results pending from 2020 pitting programme.C onversion of the licence to a Permis d’Exploitation (production license) with a 25 year life.
TANZANIAHaneti Project NickelCopperPGMsGold etc35%Large polymetallic land package of c5,000 km2  including 80km long ultramafic complex with drill ready nickel sulphide/PGM targets.Planned launch of maiden drill programme and thereafter delivery of results from drilling to the market including on-site findings and laboratory assays
USAAlamo Gold Project GoldUp to 75%Package of mining claims covering c766 acres prospective for gold following the discovery of native gold nuggets near surface.Planned follow on exploration programme after initial short reconnaissance survey conducted successfully in August 2020.

REGULATORY STATEMENT

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Haneti Project Nickel Drill Programme – Pre-Mobilisation

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update with respect to the planned drilling programme targeting the discovery of nickel and platinum group metals (“PGM”) at the Haneti Project (“Haneti”) in Tanzania.

Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold plc (LON:KAT)(“Katoro”).

HIGHLIGHTS:

·   Pre-drill rig mobilisation now underway to finalise preparations for the maiden drilling programme targeting potential nickel sulphide and PGM mineralisation.

· Technical team mobilising to site shortly to liaise with the Tanzania Ministry of Minerals and regional/local government, prepare equipment for mobilisation and arrange ground operational staffing.

· The drill contractor availability has now been confirmed and the key objective is for mobilisation of the drilling rig and field team to site as soon as possible, subject to applicable Covid-19 related restrictions.”

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

“Reaching the pre-mobilisation phase at Haneti is a significant step forward, as the technical team prepares to arrive in-country and final site-based preparations are made for drill rig.

As previously stated Haneti is a considerable opportunity in terms of size and geological potential.  This significant drill programme will be focused principally on possible nickel sulphide and PGM targets within the 80km strike length of prospective ultramafic complex.

In addition to the potential nickel and PGM sulphides being targeted by the forthcoming drilling programme the 5,000km2 Haneti Project area is also prospective for a range of other deposit / commodity types including nickel laterites, copper, gold, lithium and rare earth deposits.

There is a clear appetite for large-scale nickel sulphide projects amongst large and mid-tier organisations at present, and therefore it makes commercial sense for the joint venture to focus initially on the nickel sulphide exploration opportunity.  Later we expect to examine in further detail the other exploration opportunities, of which there are many, at the project.”

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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:

P ower Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Increase in Haneti Project Interest

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update in respect of the Haneti Project (“Haneti”) .

BACKGROUND

Previously Power Metal held a 25% ownership interest in Haneti with 75% held by Katoro Gold plc (LON:KAT)(“Katoro”).  As announced on 15 March 2019, the Company also held an option to increase its interest to 35% by payment to Katoro of £25,000 in cash by 31 August 2020.

INCREASE IN PROJECT INTEREST EXECUTED

The Company announces that today it has exercised that option, paid £25,000 to Katoro, and now has a 35% interest in Haneti.  Therefore the ownership structure of Haneti is now Katoro 65% and Power Metal 35%.

Katoro and Power Metal are now working together to make the necessary changes of ownership in the project holding companies and also in underlying joint venture documentation.

Both parties must meet their proportionate expenditure commitments of future costs to maintain their percentage interest or will dilute in accordance with standard industry dilution provisions.

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

“Haneti is a considerable opportunity in terms of size and geological potential.  The focus to date has been largely the nickel sulphide potential, which is understandable given the drill ready targets at Mihanza Hill and Mwaka Hill.

“However, alongside the drill ready targets, the full impact of the 80km potential strike length and the polymetallic opportunities across a 5,000 sq km strategic project footprint, mean that Haneti is a project capable of delivering discoveries in nickel sulphide (and laterite), copper, platinum group metals, gold, lithium and rare earths.

“As Katoro has highlighted, there is significant interest in Haneti from larger companies, and with good reason, given the size and diversity of opportunity.

“Taking all factors into account we felt it was important to exercise the option to increase our interest with immediate effect to 35% and so we have done so.”

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including gold exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Haneti Project: Nickel Sulphide Drill Programme Finalised

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to  announce details of the planned confirmatory drilling programme targeting nickel sulphides at the Haneti Nickel Project in Tanzania (“Haneti” or the “Project”).

HIGHLIGHTS:

Haneti Project

The Haneti Nickel Project covers an area of approximately 5,000 km2in central Tanzania and comprises tenements (prospecting licences, offers and applications) prospective for nickel, platinum-group-elements and gold.

The main prospective belt of rocks within the Haneti Project is the linear dyke-like, Haneti-Itiso Ultramafic Complex (“HIUC”), which sporadically crops out over a strike length of 80 km.

Exploration Rationale

The JV partners being Power Metal & Katoro Gold Plc (“Katoro”) are to undertake a phased exploration programme to assess the potential for nickel sulphide mineralisation within the HIUC.

Confirmation of targeted geological structures and the discovery of a new nickel sulphide deposit or deposits would generate considerable commercial value for the JV partners.

Exploration work will align with and complement discussions with third parties, who have expressed interest in the Haneti Project.

Drill Programme

First stage exploration programme verifying and drill-testing potential chonolith-type nickel sulphide mineralisation within the HIUC.

A short shallow (100m) rotary air blast drill programme will seek to verify three near-surface targets ahead of a confirmatory deep (300m) diamond drilling programme.

Airborne geophysics over the wider project area will seek to delineate additional deep-seated targets.

Programme Funding

Based on the outlined drill programme the proposed Power Metal contribution is to be funded from existing working capital, and an amount covering this has already been allocated in the Company’s USD account.

 

CHIEF EXECUTIVE OFFICER’S STATEMENT

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented: “The Haneti story is one I have been following for many years and it was a great opportunity to take a project interest for Power Metal shareholders in 2019.

We have now moved the Haneti JV forward and prepared a nickel sulphide targeting drill programme, through which we aim to advance our understanding of the geological characteristics of the Project and, potentially, make a new nickel sulphide discovery.

We are being disciplined with a two-stage drill programme using shallow rotary air blast drilling to verify the proposed targets for a follow-on deeper diamond drill programme.

The next step is a practical one, as we make preparations for the launch of the drill programme, and we look forward to announcing mobilisation which will be an exciting point for both JV partners.” 

HANETI PROJECT OWNERSHIP STRUCTURE

Power Metal currently holds a 25% interest in the Project with a 75% interest held by JV partner Katoro Gold plc (LON:KAT).

Power Metal also holds an option to increase its interest in the Project from 25%% to 35% through a payment to Katoro Gold of £25,000 by 31 August 2020.

PROJECT OVERVIEW

The Haneti Nickel Project (“Haneti”) covers an area of approximately 5,000 km2 in central Tanzania approximately 88 km north of the capital city Dodoma. It comprises tenements (prospecting licences, offers and applications) prospective for nickel, platinum-group-elements and gold.

One of the key exploration objectives for the JV partners at the Haneti Project is seeking to delineate the potential for economic nickel mineralisation in central Tanzania.

HANETI GEOLOGY AND NICKEL PROSPECTIVITY

The main prospective belt of rocks within the Haneti Project is the, linear dyke-like, Haneti-Itiso Ultramafic Complex (“HIUC”) which sporadically crops out over a strike length of 80 km and mainly comprises serpentinites (metamorphosed ultrabasic rocks such as dunite and peridotite), with metabasic rocks such as metagabbro and metadolerite.

Geologically the Haneti tenements straddle the boundary between the Archaean Dodoman Craton to the south‐west and gneisses of the Palaeo‐Proterozoic Usagaran Orogenic Complex to the northeast.

Bordering the Haneti block to the west, a new greenstone belt, the Londoni Greenstone Belt has been recognised in recent years within the Archaean Dodoman System. This greenstone geology extends southeast into the Haneti project where work on third party mining claims that occur within the Haneti prospecting licence Offer area, PLA 1162, has reported positive results.

HISTORIC EXPLORATION

The Haneti area was first explored in 1931 by a private prospector who collected a Ni‐rich magnetite sample at Mihanza Hill. Later trenching uncovered a few discontinuous green‐stained veins rich in Ni‐silicates and containing several percent nickel.

In the early 1960s the Geological Survey of Tanzania carried out mapping, pitting, soil sampling, trenching and rock chip sampling of ultramafic outcrops on the Zoani, Mindii and Mihanza hills, within the HIUC belt. 

Further geological mapping and sampling was undertaken in 2006, 2007 and in 2013.

An airborne electromagnetic (“AEM”) geophysics survey was completed over the Mihanza and Mwaka Hill anomalies in 2012 with further geophysics flown in 2015.

A study commissioned with a consultant expert in ultramafic geochemistry in 2015 identified the nickel, copper, platinum, palladium anomaly at Mihanza Hill as a drill ready target. This report suggested that the Itiso‐Haneti Ultramafic body may fit the Chonolith-Type Nickel exploration model which would imply that the main ultramafic belt may have small discrete sulphide bodies associated with it.

In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic subcrop.

PROPOSED EXPLORATION DRILL PROGRAMME

Three preliminary target areas have been selected for exploratory diamond drilling; Milhanza Hill; Mwaka Hill; and Igari Hill, based on the recommendations of the 2012 AEM survey, the detailed field programme undertaken in 2013 and further supplementary exploration findings.

In order to maximise the chances of intersecting mineralisation, the diamond drilling will be preceded by a 20 hole programme of confirmatory rotary air-blast (“RAB”) drilling.  This phase will consist of 2,000 metres of RAB drilling consisting of two drill fences, 10 x 100 metre spaced, 100 metre deep holes.

The RAB drilling will seek to verify the existence of near surface mineralisation whilst increasing the geological understanding such that the orientation and the meterage of the follow-up diamond drill holes can be optimised to confirm the scale of potential massive sulphide mineralisation.

All RAB drill samples will be subject to multi element and base metal analysis on three metre composites with select samples analysed for platinum group elements.

The exact number and meterage of diamond drill holes will be refined by the RAB drill studies however the initial plan is for a minimum of three, 300 metre deep diamond holes.

The diamond holes are planned to provide a full intersection through the ultramafic inclusion and to provide fresh rock samples for detailed geochemical, petrographic and isotope analysis.

The aim is to identify nickel sulphide mineralisation.

In addition, an airborne Versatile Time Domain Electromagnetic (“VTEM”)  geophysics surveywith the capability to generate targets at a depth of several hundred metres, is planned, to provide coverage of a greater proportion of the Haneti Nickel Project.

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MAusIMM, MIMMM, 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. 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including gold exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources plc #POW – Strategic, Operational and Financial Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to  provide a Strategic, Operational and Financial Update (the “Update”) to shareholders, following the Company’s £1,000,000 financing announced on 06 July 2020 (the “Financing”).

The Financing unlocked the potential of Power Metal, by providing the financial capability to push on with existing interests more innovatively and aggressively.

This announcement explains in more detail important elements of strategy, operations and financial management, in light of the funding raised.

HIGHLIGHTS

· Power Metal has two key strategic objectives:

1.  To make one or more major metal discoveries within its gold, base and strategic metal projects and then crystallise the value of such discoveries for shareholders’ benefit; 

2. To build its working capital and ‘balance sheet’ toward financial self-sufficiency and to reduce forward reliance on funding from the market to achieve its business objectives. 

· The Company currently has five main projects and two additional projects in the later stage of due diligence and commercial discussions. Each project has discrete operational targets which may lead to operational news flow, an outline of which is provided below .

· Following the Company’s Financing announced on 6 July 2020 the Company can confirm its total assets as at 10 July 2020 amounted to £3.04 million. Within total assets, cash, and tradable listed investments amounting to £1.7 million (including monies raised in the Financing).

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

“At Power Metal I am striving to build a diversified exploration business backed by a strong ‘balance sheet’ to drive the Company towards an ability to self-finance its own activities and break the dependency most juniors have on market financings.

I am keen for us to be bold and adventurous with reward weighted risk taking, but with solid underlying principles of risk management covering geopolitical, commodity, operational and financial considerations. In other words, combining boldness with risk management means diversification, which is what we have achieved.

Many companies put their business case forward focused around a single major project and concentrate their energies around that.  I understand this, but it’s not the Power Metal approach, where instead, in our view, we have numerous major projects, each of which is capable of delivering a transformational discovery and by virtue of this shareholder wealth.

It has not been easy building our diversified project portfolio during the challenging junior resource sector conditions of the last 18 months, but it may not have been possible but for those conditions that meant excellent opportunities remained available.

So now we find ourselves with a diverse and exciting portfolio of project interests, and with the support of shareholders and investors in the recent Financing, a considerable working capital position with which to drive forward those interests.  If we are fortunate in making a major discovery in just one of our projects, we could create significant value for our shareholders.

Now to practicality, and how we move forward. 

We have published below a step by step guide to our operational plans and our underlying financial position.  As shareholders will appreciate, not everything goes to plan, but I believe if we are transparent with the approach we are taking, and utilise the financial resources available to us, we will make our business model clearer and a more attractive investment proposition.

As a final note, all shareholders and investors are invited to provide feedback on Power Metal, and recommendations or suggestions to enhance what we do are always helpful.  Likewise if you have any questions please let us know through info@powermetalresources.com or my telephone number is below and at the bottom of all our market announcements.  If you have a question about our business, it will likely be shared by many others, so please ask, and that will also help us to further improve our investor information and market communications.

Thanks to all our shareholders for your interest and support.  As investors we are all focused on making money from our investments, however following a company’s story can also be an enjoyable part of the investing experience.  I believe Power Metal has a fascinating emerging story.

Now on with the work!”

STRATEGIC OBJECTIVES

Power Metal has two key strategic objectives:

To make one or more major metal discoveries within its gold, base and strategic metal projects and then crystallise the value of such discoveries for shareholders’ benefit.

The Company considers that each of its current projects has the potential to deliver a large-scale metal discovery.  The same belief also forms the basis around any selection of new projects brought into the portfolio. 

Projects will only remain in the Company’s portfolio while they demonstrate the ongoing potential, through exploration findings, to deliver a discovery, and only where the work programmes needed are comfortably within the available financial resources of the Company.

In the remainder of 2020, Power Metal has a number of stand-out opportunities that through exploration, could expose shareholders to a major metal discovery.  These include:

–    Molopo Farms Complex project Botswana, (“Molopo Farms Project”) (Following US$500,000 earn-in – 50.96% Power Metal) – drilling is planned for the coming months targeting major nickel – copper – platinum group metal (‘PGM’) targets;

–  Haneti Polymetallic project Tanzania, (“Haneti”) (up to 35% Power Metal) – exploration drilling plans are being developed to target major nickel – copper – PGM targets; 

–  Australia Gold JV – out of 11 licence applications in the Victoria Goldfields, proactive exploration may be undertaken in 2020 subject to license grants, local approvals and finalisation of targets following completion of the historic exploration and mining database, which includes specific drill target locations in priority licenses. 

To build its working capital and ‘balance sheet’ toward financial self-sufficiency and to reduce forward reliance on funding from the market to achieve its business objectives.

Power Metal is focused on building a large underlying working capital position with which it can move toward financial self-sufficiency and an ability to fund the central and project operational costs through its own financial resources, with reduced dependency on market financings.

This is not a model pursued proactively by many junior resource companies where a more traditional model of cash burn for exploration, then restore cash balances through placings, tends to apply.  Power Metal aims to do things differently.

There are three main ways in which Power Metal intends to build its ‘balance sheet’ working capital:

Adopting a dual approach of taking a position in project holding companies alongside direct project participation.

To date Power Metal have taken this approach three times with Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key”) – Molopo Farms Project, Katoro Gold Plc (“Katoro”) – Haneti and with Kavango Resources Plc (“Kavango”) – Ditau Camp Project*.

*Subject to the completion of successful due diligence 

The aim is that successful project development will drive the value of the ultimate holding company in which Power Metal has a stake, driving the value of our investment in that company higher.

The recent financing has enabled this option to be utilised for further potential transactions should opportunities arise.

Monetisation of existing project interests

Following acquisition of projects Power Metal plans to move each project forward corporately and technically.   From our portfolio certain interests may be vended to third parties or into new listings, in exchange for cash, equity and other forms of consideration which will build the Company’s working capital.

Investment in other junior resource sector opportunities

In the current climate there are opportunities for significant capital returns to be generated from investment in junior resource equity or related financial instruments.

Power Metal has created an internal fund for making investments  in other junior resource sector opportunities, which will be referred to as the Company’s “Junior Resource Fund, with a view to building the value of a portfolio of investments to add to working capital.  As the vast majority of the Company’s working capital is deployed to operating projects and associated investments in project holding companies, only a small amount of initial capital has been deployed for the Junior Resource Fund (up to a maximum in total of £75,000 representing less than 5% of Power Metal’s current working capital.)

 

OPERATIONAL PLANS AND KEY TARGETS

Power Metal provides the following overview of its five main projects and two projects under due diligence.

This includes a rationale for each project, the work underway and planned and the near-term targets for shareholders to monitor as the Company moves forward.

PROJECT

RATIONALE/WORK UNDERWAY/NEAR TERM TARGETS

Arizona US – Alamo Gold Project

(GOLD)

(Under Due Diligence)

Rationale:

Power Metal considers Arizona to be a robust mining jurisdiction.

This property is in west-central Arizona, an area with mineral potential though without the historically intensive exploration of other areas of Arizona or Nevada. The local team are experienced project finders, with a clear plan for the project and the potential for a major precious or base metals discovery leading to a commercial mine. 

If Power Metal can balance the risk/reward with the right transactional structure and expeditious exploration programmes, Power Metal consider this to be a viable complementary project in the portfolio.

Moreover, there is merit in building a North American gold business within the Company, including the Alamo and other projects, which would come through our established network in the USA and Canada. 

The Alamo Gold Project (“AGP”) opportunity is situated in west-central Arizona USA and originally identified as prospective for gold following the discovery of native gold nuggets (the “Nuggets”) near surface and in numerous locations within the project area. 

The geological environment supports further exploration to investigate the source of the nugget gold and the potential for a large mineralised gold system.

In addition, the region in which the project is situated is prospective for precious and base metals, with regional mines that have produced silver, lead, gold, copper and zinc.

The POW team visited the project during January this year and concluded the Alamo gold project was an interesting opportunity worth investigating further.  The then project footprint was too small so the Company funded an expansion of ground to cover the potential mineralised system.  This funding was part of a deal to extend the due diligence period during the Covid-19 lockdown.

Power Metal has since been engaging with the ultimate project owners and the vendors of an option giving a right to earn-in to (“RTEI”) the project.

If the discussions conclude successfully the final terms will include commencement of an immediate exploration programme which is important to all parties.

NEAR TERM TARGETS:

Successful negotiation and completion of transaction with commencement of project earn-in.

If transaction completed – launch of initial exploration programme.

Australia JV – Victoria Goldfields

(GOLD)

Rationale:

Power Metal has been reviewing strategic gold opportunities in the last year.  Attention focused on Australia, and specifically the Victoria Goldfields in late 2019.  In the first few months of 2020 there was an  increase in activity and interest relating to the Victoria Goldfields, driven by many factors, with the notable success of the Fosterville mine (owned by Kirkland Lake Gold (TSX:KL) and the significant success of the listing of Fosterville South (TSX-V:FSX) another junior gold exploration company focussed on the Victoria Goldfields.

As a result Power Metal joined forces in a joint venture (‘JV’) with Red Rock Resources plc (LON:RRR), and utilising their longstanding vehicle Red Rock Australasia (Pty) Limited set about submitting license applications.

Power Metal considers the Victoria Goldfields to be a highly attractive opportunity in a secure jurisdiction offering considerable potential for multiple gold deposit discoveries. This view is backed by the considerable interest in the area in what the Company believe amounts to a “Gold Rush” with a high volume of new license applications submitted  in 2020 to date.  There is now insufficient free land from which a strategic land package of substance can be constructed.

Power Metal holds a 49.9% interest in Joint Venture company Red Rock Australasia (Pty) Ltd (“RRAL”) with partners Red Rock Resources plc (50.1%). 

RRAL has submitted 11 license applications for tenements covering 1,839 sq km in the Victoria Goldfields of Australia, centred around long-established mining centres.

The JV is undertaking an immense amount of work to progress the applications in various work streams including:

–  Utilising a team of Victoria-based geologists and local experts to finalise a project database confirming the extent of gold mineralisation and historical production across all eleven licence application areas;

–  Using this database to develop a ‘ Geological Review and Development of Exploration Strategy’ report to furtherenhance and target expeditious exploration plans in readiness for licence grants;

–      Preparation of a National Instrument 43-101 Technical Report in respect of the land package;

–  Formation of a Technical Advisory Board including Victoria-based geologists to advise and co-ordinate on technical matters in connection with a possible listing and has appointed initial members.

RRAL is working proactively with our land management advisors and Earth Resources Victoria to seek the grant of priority licence application areas enabling RRAL to launch into ground exploration, subject to any appropriate local approvals.

The Company’s working capital position, applied through the JV, enables a variety of avenues to be developed in respect of this new project area.  Power Metal has funds for selected proactive initial exploration which is our primary interest focused on priority license areas. In addition, for the pursuit of actions that may increase and articulate the value of the license land package created.

We are focused on investing in Victoria fully by supporting active exploration programmes and engaging local staff to undertake that work.  This is demonstrated by our engagement with locally resident geologists to undertake our database preparation above.

There has been considerable interest in the work we are undertaking by other listed companies and with some we are considering potential transactions in respect of certain of the licence applications. 

RRAL is also working with advisors to review the potential to list the JV Company on a North American Stock Exchange which it appears could draw considerable support, properly value the JV interests and provide an additional amount of project level working capital to fund extensive exploration across the properties.

NEAR TERM TARGETS:

–  Granting of priority licences and commencement of ground exploration on high profile targets, including early drilling of areas where high grade gold has been identified and there is evidence of historic production.

 

–    Review the potential for commercial transactions over certain license interests to bring in additional project partners to fund and accelerate ground exploration.

 

–      Review the possibility of listing of some or all of the Victoria licence application interests on a North American Stock Exchange to demonstrate underlying value and access pools of project level working capital for accelerated ground exploration .

Botswana – Ditau Camp Project

(RARE EARTHS)

(Under Due Diligence)

Rationale:

Power Metal considers Botswana to be a premium destination for exploration in Africa, with transparency and good practice embedded at all levels.

The demand for sources of rare earths from secure jurisdictions make strategic rare earth projects inherently attractive.  The extensive alkali ring structures on the Ditau Camp Project (the “Ditau Project”), and the association with carbonatites make Ditau an interesting exploration target of some size and scale.

Moreover Power Metal has team members and advisors experienced in rare earths exploration enabling the Company to structure our exploration planning in an efficient and targeted manner.

The Ditau Project comprises two prospecting licences in Botswana covering a combined 1,385 sq km of ground in south-west Botswana.

Power Metal is currently conducting due diligence with current project owner Kavango Resources plc (LON:KAV).

Kavango has reported the Ditau Prospect is considered to host at least 10 alkali ring structures aligned along a SW trend. There is strong evidence that these structures are associated with post Karoo age Carbonatites that lie at shallow depths beneath 60 to 70m of Kalahari sand cover. Carbonatites are the primary source of Rare Earth Metals (REEs), niobium and other minerals

Power Metal and its technical advisers are now expediting the Ditau Camp project due diligence which if successful will see the Company holding a 51% interest and partner Kavango Resources plc (LON:KAV) holding 49%. 

The recent financing enables the Company to fully consider all the options in respect of this project, and to potentially accelerate ground exploration to further enhance the current geological understanding.

NEAR TERM TARGETS:

–  Complete due diligence and conclude a commercial transaction.

 

–  Launch ground exploration programme.

Botswana – Molopo Farms Complex Project

(Nickel Copper PGMs)

Rationale:

As noted above, Botswana is a leading African jurisdiction for exploration opportunities.  Power Metal team members have been following the progress of Kalahari Key Mineral Exploration (Pty) Limited and the Molopo Farms Project (the “MFC Project”) in Botswana for some time and have been impressed with the commitment, dedication and thoughtful geological approach taken to reach each stage and narrow down to drill-ready targets where we are today.

The Kalahari Key team, including a number of experienced geologists, are large shareholders in Kalahari Key Mineral Exploration (Pty) Limited where as shareholders their returns will come from a discovery that they feel confident the project may deliver.

Power Metal is backing the Kalahari Key team, an extensive amount of work and an application of geophysical targeting where the feedback has been that the high-profile targets absolutely justify the investment in drilling.

The MFC Project is a nickel-copper-PGMs project in south-west Botswana owned outright by Kalahari Key.  It is Kalahari Key’s single project focus at present.

Power Metal owns 18.26% of Kalahari Key, (the single project ultimate holding company).

By expending US$500,000 in 2020 to undertake the drill programme Power Metal will earn a 40% direct project interest in the MFC Project.  That will give Power Metal an effective economic interest of 50.96% in the MFC Project.  Power Metal has this spend commitment in the bank and foreign currency accounts, ready to deploy when required.

Kalahari Key has submitted the Environmental Management Plan (“EMP”) for the MFC Project to the Department of Environmental Affairs (“DEA”) and subject to approval being received Kalahari Key can complete final preparations including contractor selection and mobilisation. 

Drill targets and holes are well defined and the programme will seek the discovery of a major nickel sulphide deposit. Drilling is currently planned to commence in the coming months however this is subject to receipt of EMP approval, drill contractor finalisation and mobilisation arrangements.

NEAR TERM TARGETS:

–  Receipt of Environmental Management Plan approval.

 

–  Confirmation of drill programme arrangements and mobilisation.

 

–  Commencement of drilling.

Cameroon Project

(Cobalt – Nickel)

Rationale:

The Cameroon project licenses sit near or adjacent to the large scale Nkamouna cobalt-nickel deposit.

From a nearology perspective the project had some attractiveness whereby further exploration may demonstrate similar potential mineralisation to Nkamouna.

Being a large-scale project located in a remote and challenging location considerable financial resources would be required to prove up a deposit. 

That said Power Metal considered that by the application of reasonably targeted exploration, a greater understanding of our licenses could be achieved.  If our work programme demonstrated geological similarity to Nkamouna, this could considerably enhance the project’s valuation for the Company.

Note  : With respect to Nkamouna,   Geovic published an NI 43-101 compliant Mineral Resource   1    on the Nkamouna deposit with a total Measured, Indicated and Inferred Mineral Resource of 323mt of 0.21% cobalt, 0.61% nickel and 1.26% manganese   .

 1       Source: NI 43-101 Technical Report, Geovic Mining Corp by SRK Consulting, 02 June 2011 (viewable at Edgar Online)

Exploration work undertaken in 2019 identified elevated vanadium and titanium within the project area and also provided further information for targeting of additional exploration to seek cobalt mineralisation at higher elevations than previously, within thicker lateritic cover.

Review work is now to be accelerated to outline the next steps for the 100% owned project.

There is an argument, given the flexibility provided by the recent financing, to undertake a further reasonable cost programme in Cameroon. This would principally target cobalt mineralisation through additional pitting but also further investigate the vanadium and titanium anomalies. We are considering this at present.

There is also interest in Cameroon from other organisations who are more active in the country and there may be the possibility for corporate transactions including joint ventures and/or disposal of our interests. 

NEAR TERM TARGET: Launch of a further exploration programme, at reasonable cost and/or the completion of a commercial transaction in respect of the interests.

The DRC – Kisinka Project

(Copper – Cobalt)

Rationale:

The Kisinka project is located within the Democratic Republic of the Congo (‘DRC’) a known location for large scale copper-cobalt deposits and within an interesting region geologically within the DRC.

Review of the available project data in early 2019 indicated the potential to implement reasonable cost initial exploration programmes to test the geological structures and potential copper-cobalt mineralisation.

On a risk-reward basis, and given the local knowledge held by the members of the Power Metal team and their advisor network, it was considered viable to invest in initial exploration.

In mid-2019 Power Metal undertook a termite mound sampling programme at its Kisinka Project in which Power Metal has a 70% interest.  This programme demonstrated a 6.8km copper anomaly which has been followed up by a recently completed and successful pitting and mapping programme.

Following the confirmation and extension of the 6.8km copper anomaly recently and positive X-ray fluorescence (‘XRF’) results indicating the presence of copper and cobalt, the company is awaiting receipt of assay results. 

This will complete the exploration dataset from the H1 2020 programme and help drive the next steps, which are expected to involve geophysics and further pitting, leading to drilling of key targets.

The recent financing enables the company to accelerate this next programme should this be considered the best course of action.

NEAR TERM TARGET:

–  Receive and interpret assay results from the recent pitting programme.

 

–  Design and implement an early follow up exploration programme.

Tanzania – Haneti Project

(Nickel – PGMs – Gold – Lithium)

Rationale:

In 2019 the Haneti project (“Haneti”) provided Power Metal with exposure to a large strategic opportunity in the Haneti Itiso Ultramafic Complex at a time when large scale nickel projects were increasingly becoming of interest, particularly to larger size mining companies.

Katoro Gold and previous owner Kibo Mining plc spent a number of years developing their understanding of the large Haneti land package and geological system to the point of identifying two high profile targets for drilling.

As such the Company entered the Haneti project at a key point in its development and on the cusp of a value inflection as the project moved into drilling and the prospect of a major nickel sulphide discovery.

In May 2019, Power Metal exercised an option with Katoro Gold plc (LON:KAT) to acquire an initial 25% stake in the Haneti project.

The Haneti Project covers an area of circa 5,000 sq km and is a polymetallic system with identified potential for nickel (sulphide and laterite), Platinum Group Metals (‘PGMs’), copper, gold, lithium and rare earth elements (“REEs”).

The principle target zone is an 80 km long ultramafic belt with grades from surface sampling of up to 13.6% nickel and 2.33 g/t combined platinum and palladium.

Within the 80 km ultramafic belt is the principle target, Mihanza Hill, where 2015 geophysical work identified significant extensions to nickel sulphide prospective target rock formations and geochemical interpretation has identified prospectivity for chonolith type nickel-copper-PGM mineralisation.

Power Metal is working now with joint venture partner Katoro Gold plc (LON:KAT) in respect of operational plans for  Haneti which is 25% held by Power Metal, and 75% by Katoro Gold.  Power Metal may increase its holding to 35% by paying Katoro Gold £25,000 in cash by 31 August 2020.

Power Metal is now financed to a level where it can stand alongside Katoro Gold in a further exploration programme at Haneti and thus maintain its project interest.

Power Metal also notes the interest of third parties in respect of Haneti and therefore that third party involvement in the project, if occurring, could materially change the joint venture partners’ plans.

NEAR TERM TARGETS:

–  Work with Joint Venture partner Katoro to launch a maiden drill programme targeting the high-profile Nickel-PGM targets, including Mihanza Hill and Mwaka Hill, seeking a large-scale nickel sulphide discovery. 

 

–      Consider third party interest in respect of Haneti with a view to successful earn-in, joint venture or similar.

 

–  Subject to the above consider the ownership structure of the JV to maximise commercial outcome.

FINANCIAL REVIEW

Current Financial Position (unaudited)

Following the subscription financing of £1,000,000 announced on 6th July 2020 Power Metal had total assets of £3,036,970 as follows:

Total Assets

£

Intangible Assets (project related)

1,144,750

Listed Financial Assets

363,726

Unlisted Financial Assets

185,171

Trade and Other Receivables

66,680

Cash and Cash Equivalents (including £1m financing)

1,276,644

Total Assets

£ 3,036,971

 

The above ‘Total Assets’ data includes:

–  Intangible Assets and Unlisted Financial assets from the Company’s Interim Results release on 30 June 2020.

–  Listed Financial Assets based on the valuation of the underlying financial instruments on 10 July 2020.

–  Cash and Cash Equivalents drawn from bank and currency account balances on 10 July 2020, together with the 6 July 2020 net subscription financing included.

For normal day to day operations Power Metal relies upon its cash balances and listed investments to provide the resources to fund operations.  As at 10 July 2020 Power Metal had Listed Financial Assets of £363,726 and Cash and Cash Equivalents per above of £1,276,644, making £1,707,050 to deploy in business operations.

Power Metal has the ability to sell or joint venture or otherwise monetise its project interests to generate additional working capital to build its ‘balance sheet’ and to fund its business operations. That is an implicit part of the Company’s financial strategy as outlined above and will in the Company’s view be an important constituent in the building of the Company’s financial strength in the future.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

 

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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale discovery of precious or base metals.

The Company has a portfolio including key interests in Australia, Botswana, Cameroon, The DRC and Tanzania.  The interests represent large scale exploration projects targeting mainly cobalt, copper, gold, nickel and platinum group metals. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive metals exploration.

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