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#ECR ECR Minerals – TR-1: Notification of Major Holdings

ECR

TR-1: Standard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
 
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: ECR Minerals Plc
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)
Non-UK issuer  
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments  
An event changing the breakdown of voting rights  
Other (please specify)iii:  
3. Details of person subject to the notification obligationiv
Name Phil Hall
City and country of registered office (if applicable)  
4. Full name of shareholder(s) (if different from 3.)v
Name Phil Hall
City and country of registered office (if applicable)  
5. Date on which the threshold was crossed or reachedvi: 21.06.2022
6. Date on which issuer notified (DD/MM/YYYY): 22.06.2022
7. Total positions of person(s) subject to the notification obligation
  % of voting rights attached to shares (total of 8. A) % of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B) Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached 6.20% N/A 6.20% 1,064,646,551
Position of previous notification (if

applicable)

5.40% N/A 5.40%  

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)

Number of voting rightsix % of voting rights
Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYYDKX57 66,000,000   6.20%  
         
         
SUBTOTAL 8. A 66,000,000 6.20%
 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights
         
         
         
    SUBTOTAL 8. B 1    
 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Physical or cash

settlementxii

Number of voting rights % of voting rights
           
           
           
      SUBTOTAL 8.B.2    
 

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii  
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)
 
Namexv % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
Phil Hall 6.20% N/A 6.2%
       
       
       
       
 
10. In case of proxy voting, please identify:
Name of the proxy holder  
The number and % of voting rights held  
The date until which the voting rights will be held  
 
11. Additional informationxvi
 

 

Place of completion United Kingdom
Date of completion 22 June 2022

 

 

Annex: Notification of major holdings (to be filed with the FCA only)
 
A: Identity of the person subject to the notification obligation
Full name (including legal form for legal entities)  
Contact address (registered office for legal entities)  
E-Mail  
Phone number / Fax number  
Other useful information

(at least legal representative for legal persons)

 
   
B: Identity of the notifier, if applicable
Full name  
Contact address  
E-Mail  
Phone number / Fax number  
Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)  
 
C: Additional information
 

 

 

Please send the completed form together with this annex to the FCA at the following email

address: Majorshareholdings@fca.org.uk. Please send in Microsoft Word format if possible.

 

Notes

 

i Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings.

 

ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK issuer.

 

iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.

 

iv This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in DTR5.2.1 (b) to (h)/ Article 10 (b) to (h) of Directive 2004/109/EC; (c) all parties to the agreement referred to in Article 10 (a) of Directive 2004/109/EC (DTR5.2.1 (a)) or (d) the holder of financial instruments referred to in Article 13(1) of Directive 2004/109/EC (DTR5.3.1).

 

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for a specific method how to notify cases of acting in concert.

 

In relation to the transactions referred to in points (b) to (h) of Article 10 of Directive 2004/109/EC (DTR5.2.1 (b) to (h)), the following list is provided as indication of the persons who should be mentioned:

 

– in the circumstances foreseen in letter (b) of Article 10 of that Directive (DTR5.2.1 (b)), the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;

 

– in the circumstances foreseen in letter (c) of Article 10 of that Directive (DTR5.2.1 (c)), the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person or legal entity lodging the collateral under these conditions;

 

– in the circumstances foreseen in letter (d) of Article 10 of that Directive (DTR5.2.1 (d)), the natural person or legal entity who has a life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created;

 

– in the circumstances foreseen in letter (e) of Article 10 of that Directive (DTR5.2.1 (e)), the controlling natural person or legal entity and, provided it has a notification duty at an individual level under Article 9 (DTR 5.1), under letters (a) to (d) of Article 10 of that Directive (DTR5.2.1 (a) to (d)) or under a combination of any of those situations, the controlled undertaking;

 

– in the circumstances foreseen in letter (f) of Article 10 of that Directive (DTR5.2.1 (f)), the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;

 

– in the circumstances foreseen in letter (g) of Article 10 of that Directive (DTR5.2.1 (g)), the natural person or legal entity that controls the voting rights;

 

– in the circumstances foreseen in letter (h) of Article 10 of that Directive (DTR5.2.1 (h)), the proxy holder, if he can exercise the voting rights at his discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies).

 

v Applicable in the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC (DTR5.2.1 (b) to (h). This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in Article 10 of that Directive (DTR5.2) unless the percentage of voting rights held by the shareholder is lower than the lowest notifiable threshold for the disclosure of voting rights holdings in accordance with national practices (e.g. identification of funds managed by management companies).

 

vi The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect.

 

vii The total number of voting rights shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended.

 

viii If the holding has fallen below the lowest applicable threshold in accordance with national law, please note that it might not be necessary in accordance with national law to disclose the extent of the holding, only that the new holding is below that threshold.

 

ix In case of combined holdings of shares with voting rights attached “direct holding” and voting rights “indirect holding”, please split the voting rights number and percentage into the direct and indirect columns – if there is no combined holdings, please leave the relevant box blank.

 

x Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends.

 

xi If the financial instrument has such a period – please specify this period – for example once every 3 months starting from [date].

 

xii In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta-adjusted basis (Article 13(1a) of Directive 2004/109/EC) (DTR 5.3.3.A).

 

xiii If the person subject to the notification obligation is either controlled and/or does control another undertaking then the second option applies.

 

xiv The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be presented also in the cases, in which only on subsidiary level a threshold is crossed or reached and the subsidiary undertaking discloses the notification as only thus the markets get always the full picture of the group holdings. In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains have to be presented chain by chain leaving a row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, F etc.).

 

xv The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves.

 

xvi Example: Correction of a previous notification.

 

 

Power Metal Resources #POW – Highlights of Historical Data Compilation Over Soaring Bay Uranium Property south of the Athabasca Basin; Further Prospective Land Staked.

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update on its Soaring Bay Uranium Property (“Soaring Bay” or the “Property”). Soaring Bay is part of the larger uranium portfolio that includes seven 100% owned interests (Table 1) now covering an area of 450.01km2 (45,001 hectares) located in northern Saskatchewan, Canada.

Highlights Include:

·    Soaring Bay footprint increased by 71% to 79.07km2 following additional staking of adjacent uranium-prospective ground.

·    Anomalous Radon-222 soil gas results identified over 700m in strike length extending into new staked ground.

·    Historical review has identified multiple occurrences of radioactive pegmatites with scintillometer results up to 15,000 counts per second (“CPS”).

·    Increased area also includes two highly anomalous U-in-lake results, underlining the properties’ general prospectivity.

·    Government data records four uranium occurrences on the Property with results returning 0.11 – 0.8% Uranium (“U”).

A map highlighting results from the historical data compilation completed over the Soaring Bay Property, and further prospective ground recently staked can be found below at the following link:

https://www.powermetalresources.com/soaring-bay-property-overview/

Soaring Bay Uranium Property Overview

–      The Soaring Bay Property is located in northern Saskatchewan, Canada, approximately 100 km south of the Athabasca Basin. Saskatchewan ranked third in the most recent 2020 Fraser Institute Investment Attractiveness Index rankings of global mining jurisdictions.1 Following a review of the historical information compiled by Power Metal, further prospectivity outside of the Property claim boundary was identified and as a result, an extra 32.77km2 (3,277-hectares) has been staked bringing the Property’s total land holding to 79.07km2 (7,907-hectares).

–      Historical work on the Property, collated by Power Metal, has identified anomalous Radon-222 results located along a prominent 700m long structural lineament, multiple anomalous and generally elevated U-in-lake sediment results, and highly elevated scintillometer results (up to 15,000 CPS) from multiple outcrop occurrences. The licence area of Soaring Bay was extended to capitalise on these various features, further increasing overall prospectivity. Radon-222 (222Rn)  is a naturally occurring radioactive gas.

–      The Property is centred around four Saskatchewan Mineral Deposit Index (“SMDI”) uranium occurrences which were discovered during historical small-scale excavations on the Property. Samples of up to 0.92 % U3O8 (0.8% U) were recovered from historical trenches. In addition, two SMDI copper occurrences are present within the Property.

–      The Soaring Bay Uranium Property is considered prospective for intrusive and pegmatite-hosted uranium mineralisation, and, although being largely untested, rare-earth element mineralisation.

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

“Work on our uranium interests has accelerated with further support in-house to take this important area of our business forward. 

We have seven properties surrounding the Athabasca Basin in Saskatchewan Canada and, following technical review of our data compilation, the Soaring Bay Uranium Property has delivered an exciting set of results.

The 12km structural feature identified, with anomalous soil gas Radon is a great find.  This included 700m of anomalous readings some of which fell outside of the Property footprint.  Fortunately, we were able to secure the additional ground, which remained un-staked, to cover this highly anomalous area in full.

Work continues at pace on our Athabasca uranium interests and further updates are expected in the near future.”

FURTHER TECHNICAL INFORMATION

Power Metal recently completed an in-depth historical data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historical work programmes completed across the various Properties, including the Soaring Bay Uranium Property.

A total of 5 historical reports were digitised from work programmes covering at least some part of the Soaring Bay. These date from 1970-1980 and include ground exploration, trenching and lake sediment sampling, with no exploration occurring within the last 40 years.

Soaring Bay Compilation Highlights

–      Anomalous Radon-222 soil gas readings ranging between 33 and 244 CPS (area background average: ~1-2 CPS) located along a prominent 12km long northwest-southeast oriented fault. including highlight results of 70, 85 and 244 CPS, representing 96th percentile compared to other structural features analysed locally.2 The anomalous results (>96th percentile) extend for a combined 700m along the 12 km long structural feature; the expanded licence has increased Power Metal’s holding of this structural feature from 1.6 km to 5.6 km.

–      Radon-222 anomalies can be an important indicator for uranium mineralisation as Radon-222 is a daughter product of the uranium-235 decay chain.  As a naturally occurring radioactive gas it can migrate to the surface and concentrate within faults, providing a possible vector towards sites of uranium mineralisation. Due to Radon-222’s short half-life (3.8 days) occurrences of strong radon anomalism commonly suggest a local source to the causative uranium mineralisation. The 3276.8-hectare extension staked by Power Metal encompasses the entire 12 km long fault and all reported anomalous elevated Radon-222 soil gas results are concentrated over the 700m strike length.

–      The Property covers four Geological Survey of Canada (GSC) lake sediment results. With respect to regional data, all are elevated (>80th percentile), and two are considered highly anomalous 37 ppm (98.5th percentile) and 69 ppm U (99.5th percentile). These two anomalous values were covered by the new staking, further underlining the prospectivity of the expanded licences.

–      Historical geological mapping, trenching and prospecting has highlighted the presence of multiple radioactive outcrop occurrences over the Property. In the southwest, a pegmatite returned a reading of up to 7,000 CPS, with other occurrences of 5,000 CPS located within close proximity.2 In the west of the Property, an isolated pegmatite yielded values of up to 15,000 CPS 2, which was acquired through the 3,276.8-hectare extension staked by Power Metal. In addition, the SMDI records four uranium occurrences on the Property with results ranging from 1,500 to 10,000 CPS, and 0.14 to 0.92 % U3O8 (0.11 – 0.8% U).3 Previous work has also suggested that the pegmatite occurrences may also be prospective for rare-earth element (REE) and molybdenum (Mo) in addition to uranium mineralisation.2

–      A historical airborne radiometric survey identified several elevated radiometric readings (between 400 and 900 CPS) across the Property.2 These anomalies are coincident with the identified 12km long structural feature and the four previously identified SMDI uranium occurrences.

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Saskatchewan uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area

(Hectare)

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1,530

MC00015152

1,886

MC00015647

725

MC00015648

1,129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

MC00015874

748

MC00015875

2,529

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1,323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

MC00015824

528

Total Licence Holding Area

45,001

 

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 24 March 2022

GLOSSARY

Counts Per Second: Measurement of the amount of ionising radiation. with each ‘Count’ being ionising radiation entering a Scintillometer. Higher readings are generally indicative of radioactive material within the sample being tested.  Natural background radiation varies depending on regional geology, or other radioactive sources, but is typically between 2 – 10 CPS.

Reference Notes:

1 https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf

2 Sawyer D.A. (Great Plains Development Company of Canada Ltd) Marling Oil Corporation): Compilation of Field Investigation on G.P. #10 (74EB03-0001)

3 https://applications.saskatchewan.ca/mineral-deposit-index

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

NOTES TO EDITORS

Power Metal Resources plc – Background

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

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

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

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

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

 

Power Metal Exploration Programmes Underway/Results Awaited

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

Project

Location

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Athabasca Uranium

Canada

100%

Data compilation across uranium properties

Interpretation results from 2 of 7 properties.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Technical Review of exploration results & define next exploration steps.

Ditau Project

Botswana

50%

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

Field updates and receipt & review of laboratory assay results.

Kalahari Copper Belt

Botswana

50%

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

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

Molopo Farms

Botswana

53%

Review of recent exploration findings.

Determine next exploration steps and action plan.

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Receipt & review of laboratory assay results.

Haneti Project

Tanzania

35%

Diamond drill programme completed

Receipt & review of laboratory assay results.

Victoria Goldfields

Australia

49.9%

Diamond drill programme underway

 

Field updates and receipt & review of laboratory assay results.

Paterson Projects

Australia

83.33%

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

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

 

 

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

Selta Project

Australia

83.33%

Field reconnaissance work now underway, including mapping and sampling.

Field updates.

 

Power Metal Resources #POW – Historic Data Compilation over the Reitenbach Uranium Property Delivers Exciting Results

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its Reitenbach Uranium Property (“Reitenbach” or the “Property”), which is part of the larger uranium portfolio which includes seven 100% owned interests (Table 1) covering an area of 417.24 km2 (41,724 hectares), surrounding the Athabasca Basin in northern Saskatchewan, Canada.

A map highlighting some of the highlight results from the historic data compilation completed on the Reitenbach Uranium Property can be found at the following link:

https://www.powermetalresources.com/reitenbach-property-overview/

Reitenbach Property Overview

–      The Reitenbach Property covers a total of 14,646-hectares (c. 146km2) located in northeastern Saskatchewan, Canada. Saskatchewan ranked third in the most recent 2020 Fraser Institute Investment Attractiveness Index rankings of global mining jurisdictions.1

–      The Property is centered around seven Saskatchewan Mineral Deposit Index (“SMDI”) uranium occurrences, and covers a highly anomlous lake-sediment sample of 130 parts per million (“ppm”) Uranium (“U”), the 11th highest (99.9th percentile) lake uranium assay in the Geological Survey of Saskatchewan lake sediment analysis database (“GSSSD”) of 13,195 individual lake sediment samples from the Precambrian Shield area of Saskatchewan. An additional licence was staked recently in order to better cover this highly prospective area (see linked Figure 1)2

–      Reitenbach is in close proximity, or has continguous claim borders with several publically listed uranium companies including Forum Energy Metals Corp., Cameco Corp., and Appia Energy Corp.

–      The Property is prospective for both porphyry-style (incl. thorium-molybdenum-rare-earth element) and metasedimentary-hosted uranium mineralisation.

–      The Company is reviewing multiple strategic outcomes for the Property, including the potential outright sale of the asset. Further updates in respect to the Property are expected in the coming weeks.

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

“Power Metal has seen considerable interest in the Company’s uranium properties surrounding the Athabasca basin, and we see significant value creation potential through the disposal of certain interests either through direct sale to third parties or the creation of new listings in the London markets.

We are therefore accelerating our property review work to assemble in-depth datarooms for each property.  The review of historical data and exploration results of the Tait Hill property were announced previously and Reitenbach Property is covered in today’s announcement.

Recognising the importance of uranium to our business, we have recruited an additional uranium focused team member who is working with us now to advance our uranium focused interests.

Further updates will follow as material developments occur.”

FURTHER TECHNICAL INFORMATION

Power Metal recently completed an in-depth historical data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties, including the Reitenbach Uranium Property.

A total of 10 historic reports were digitised from work programmes covering at least some part of the Property. These date back to 1969, with only one work programme (2007 airborne survey) completed since 1979. As a result, the Property has seen minimal recent exploration.

Reitenbach Compilation Highlights

–      Multiple historic operators noted that the Property has the potential to host either low-grade, large-tonnage porphyry-style uranium mineralistion, or higher-grade, lower-tonnage sediment-hosted mineralisation within unexposed metasedimentary rocks. Two reports highlighted the similarities between Reitenbach and the Rossing Uranium mine (“Rossing”) in Namibia, owned by the China National Uranium Corporation Limited, known as the world’s longest running open-pit uranium mine.3,4,5 The average grade mined from Rossing in 2020 was 335ppm U.3

–      The Reitenbach Property is noted as having less than 1% of exposed outcrop, making traditional ground-based exploration difficult. As a result, historic operators have relied heavily on airborne geophysics and boulder sampling, a technique typically used in northern Saskatchewan where mineralised boulders are mapped in order to vector towards a covered outcrop source of uranium mineralisation. Lake sediment results were originally used as a first pass method in order to determine areas with relative uranium enrichment to be targeted for further exploration.

–      Several high-priority radiometric anomalies were identified on Reitenbach from multiple historic airborne surveys. The majority have now been digitised and can be found on the map available through the link above.

–      Historic results highlighted a NE-SW trending boulder train located in the southern part of the Property, with results up to 5,720ppm U (incl. a result of 2,520ppm U). This area is coincident with both:

1)    the regionally important Needle Falls Shear Zone (“NFSZ”), it is noted that 200km to the SW along the NFSZ is the Duddridge Lake uranium deposit; and

2)    the 130ppm U GSSSD result, the 11th highest lake sample uranium result in the entire province. Further work is required in this area to determine the bedrock source of this uranium mineralisation.4 An additional licence was staked recently in order to better cover this highly prospective area (see linked Figure 1).

–      In the northern part of the Property, at least 8 historic boulder samples grading >250ppm U were digitised, including highlight results up to 2,320ppm and 2,883ppm U. Notably, a 1977 lake sediment sampling programme which oversaw the collection 3,042 total lake sediment samples covering an area of approximately 2,800km2 (including the Reitenbach Property area), returned two extremely anomalous results of 508ppm, and 452ppm U. Both of these results are located within Reitenbach, and they represent the highest two results from the entire survey.5

The Company’s interpretation work continues to uncover exciting findings within the historical dataset from our Athabasca uranium portfolio in Saskatchewan, Canada.

With the fully digitised historical dataset now held by Power Metal, we can continue to add value to the uranium portfolio through our interpretation work.  We anticipate additional updates to the market  highlighting our findings in the coming weeks.

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Saskatchewan uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area – Hectare

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1,530

MC00015152

1,886

MC00015647

725

MC00015648

1129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1,323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

AC00017691

528

Total Land Holdings

41,724

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 10 November 2021

Reference Notes:

1:             https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf

2:             https://geohub.saskatchewan.ca/datasets/gsc-lake-sedimentanalyses/explore?location=57.252950%2C-105.528550%2C6.69

3:             https://www.rossing.com/shareholding.html

4:             Robert J., Munday (Sasktchewan Department of Natural Resources): Ground Evaluation of Airborne Radiometric Anomalies in Crown Reserve 619, Northern Saskatchewan, During Summer 1975 (64L-0018)

5:             David A. Harrigan (Saskatchewan Mining Development Corporation): Final Report – 1977 Field Season Wollaston East Project – SMDC Permits 7-10, CBS 4907 NTS 64 L-1, 2, 7, 8 (64L-0012)

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

NOTES TO EDITORS

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

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

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

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

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

Power Metal Exploration Programmes Underway/Results Awaited

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

Project

Location

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Laboratory assay results of samples collected

Ditau Project

Botswana

50%

Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals

 

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

Kalahari Copper Belt

Botswana

50%

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

Field programme findings and defined drill targets for near term drilling

Molopo Farms

Botswana

53%A

Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme

Results from various work activities underway as part of the Kavango Option

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Laboratory assay results awaited

Haneti Project

Tanzania

35%

Diamond drill programme underway

Results from field programme including drill programme underway

Victoria Goldfields

Australia

49.9%

Ongoing exploration across +1500km2 of granted exploration licences

 

Results from field programme including drill programme underway

Wallal Gold/Copper Project

Australia

83.33%B

Passive seismic and 2D seismic processing work programme completed.

Ground reconnaissance work underway.

Results awaited

A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

B assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

#POW Power Metal Resources – Uranium Portfolio Update – Athabasca Basin

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its uranium portfolio which includes seven 100% owned interests (the “Portfolio” or “Properties”) covering 411.96km2 surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Further information in respect of the Properties, including a location map may be viewed in the website link below:

https://www.powermetalresources.com/project/athabasca-basin/

 

Portfolio Updates:

–    Power Metal has completed an in-depth historic data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties.

–    Power Metal recently retained a UK-based geological consultant with extensive Athabasca Basin experience to help push forward the Company’s various initiatives and projects within the exciting uranium space. The consultant previously completed a M.Sc. thesis from the University of Ottawa where they researched the geochemistry, alteration, and structural geology of one of the many world-class unconformity-related uranium deposits located within the Athabasca Basin.

–   Several extensive historical datasets were successfully procured, the data from which, combined with the results obtained from the recently completed Phase I work programme, will allow the Company to begin planning various 2022 exploration initiatives across the Portfolio.

–    Further maps and highlights from across the Portfolio will be released by the Company in the coming months. Select findings from the historic data compilation programme for the Tait Hill Property are however highlighted below, demonstrating the information gathered for one property.

–     Reflecting the interest shown from third parties in the Properties, a dataroom is being prepared to provide a focal point for those parties wishing to undertake due diligence review.

 

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

“Our move into uranium exploration has been planned for some time and commenced with the September 2021 staking surrounding the Athabasca Basin. The staking undertaken was highly selective, focusing on areas where historical recorded work had demonstrated uranium mineralisation or where other geological features suggested that ground would be prospective.

Although selective, the seven properties are clearly attracting some interest and we are looking at potential commercialisation options alongside planning for proactive 2022 exploration programmes.

To maximise any commercial outcome, and to optimise exploration we have gathered as much data as possible in respect of the Properties, and the information gleaned is, in our view, highly valuable.”

 

Tait Hill Property (“Tait Hill” or the “Property”) Data Compilation Highlights

–   All data from an high-resolution airborne magnetic, electromagnetic, and radiometric survey flown by Terraquest Ltd., on behalf of Canalaska Uranium Ltd., was obtained by Power Metal. The 2008 high-resolution survey included 4,290 total line-km flown at 150m line-spacing which covers the entire modern day Tait Hill Property.1

–      Detailed analysis was undertaken by Canalaska Uranium Ltd., for various radiometric products produced by the airborne survey including uranium (U), thorium (Th) and potassium (K). Specifically, isolated points in the dataset which have high U/Th ratios relative to background, are considered good candidates for uranium-rich surface showings and should be prioritised during future work programmes.1 A total of 11 unique points were identified by the survey within the Tait Hill Property.

–   The airborne survey (1st vertical derivative product) highlights multiple northwest-southeast trending magnetic high features which transect the Property. Mapping over the area determined that they correspond to uranium-rich granite and pegmatitic dykes with anomalous scintillometer readings ranging from 350 to 2,500 counts per second (“CPS”). Further investigation is warranted along these structures which are mapped for a combined 16km through the Property.2

–    Several zones of uranium-rich mineralisation were identified in the historic results from Tait Hill including rock samples up to 15,150ppm (1.52%), 7,653ppm, and 6,610ppm U, as well as uranium in soil samples up to 14,358ppm (1.44%), 7,049ppm, and 6,692ppm.2,3

–     The rock sample that returned 15,150ppm U was taken immediately west of Tait Lake, and was located along a northeast-southwest oriented uranium-rich boulder train which follows the general direction of ice movement in the region (southwest). It was recommended that additional work be completed on this boulder train as further work may lead to the possible source area for these uranium-rich boulders.2

–      A new high-priority zone was identified during the 2008 field campaign which was named the ‘NE Shearika Zone’. Here, several uranium-rich rock samples (including 7,654ppm, 6,611ppm, 3,633ppm, and 1,609ppm U) were collected along a sharp contact zone between a granitic intrusion (magnetic high) and the surrounding meta-sedimentary rocks (magnetic low). This contact zone is traced for over 3km within the Tait Hill Property.3

A map highlighting some of the results from the historic data compilation completed on the Tait Hill Property can be found at the following link:

Tait Hill Historic Data Compilation Map|Power Metal Resources plc (LON: POW)

 

Reference Notes:

1:             Operations Report for Canalaska Uranium Ltd., High Resolution Magnetic, XDS VLF-EM & Radiometric Airborne Survey Grease River Project Northern Saskatchewan: April 15, 2008

2:             Canalaska Uranium, Report on the 2007 Exploration Programme Grease River Project: July, 2008

3:             Canalaska Uranium, Report on the 2008 Exploration Programme Grease River Project: March, 2009

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

#POLB Poolbeg Pharma – Poolbeg to develop oral vaccine delivery platform

16 December, 2021- Poolbeg Pharma (AIM: POLB, ‘Poolbeg’ or the ‘Company’) a clinical stage infectious disease pharmaceutical company with a capital light clinical model, has signed a binding term sheet, encompassing all commercial terms, with AnaBio Technologies (AnaBio), with a full licence and collaboration agreement to follow.

The partnership allows Poolbeg exclusive access to AnaBio’s microencapsulation and nanoencapsulation technologies, IP and expertise for oral vaccine applications. Poolbeg will utilise this technology in conjunction with its own expertise in infectious diseases, vaccine development and its associated technologies to develop an oral vaccine delivery platform. Poolbeg will also investigate using its proprietary Vaccine Discovery Platform in conjunction with this jointly developed oral vaccine delivery platform.

Oral vaccines for diseases such as polio have been used successfully for decades by delivering antigens to specific areas of the gut with the objective of stimulating ‘mucosal immunity’, which prevents pathogens infecting the body. Oral vaccines offer an efficient method of administration, reducing significant challenges for distribution and administration addressing the gaps in supplying the global community as well as addressing needle-phobia.

Microencapsulation is key to delivering drugs to the gut and results in prolonged absorption profiles. Microencapsulation also helps to ensure the right dose of a product is absorbed by the body. Preliminary data has shown that AnaBio’s platform may be combined with dual nanotechnology to create a two-step delivery process with enhanced uptake to specific cells. This technology platform can be used to encapsulate a wide range of drugs including molecules such as proteins, peptides, DNA and RNA. As a result of the pandemic, mRNA vaccines have been one of the standout success stories in the fight against COVID-19.

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said: “As we have seen in the COVID-19 pandemic, the success of global vaccination drives is dependent on the effective uptake of vaccines. Oral vaccines are highly attractive due to their improved stability profiles, ease of administration, generation of mucosal immunity and being preferable to needle-phobic patients.

“The pharma sector is increasingly recognising that oral vaccines can act as standalone regimens or as boosters to injected vaccines which can struggle to generate mucosal immunity. By working with the experts at AnaBio and accessing its advanced micro and nano encapsulation technology, this places Poolbeg in a prime position to develop products for the oral vaccine market with vaccines for enteric (gut) and respiratory pathogens.”

Aidan Fitzsimons, PhD, CEO of, AnaBio Technologies, said: “The global pandemic has led to a major acceleration in vaccine development based on a deeper understanding of how to create and maintain immunity to disease; including the importance of mucosal immunity in addition to blood immunity.  We believe that our patented microencapsulation technology designed to deliver intact active pharmaceutical ingredients (APIs) to specific sites within the body, combined with Poolbeg’s innate knowledge of viruses, could enable us together to create effective oral vaccines and make a significant impact on the vaccine market.”

– Ends –

Enquiries

 

Poolbeg Pharma Plc

Jeremy Skillington, CEO

Ian O’Connell, CFO

 

+353 (0) 1 644 0007

finnCap Ltd (Nominated Adviser & Joint Broker)

Geoff Nash, James Thompson, Charlie Beeson 

 

+44 (0) 20 7220 0500

Arden Partners PLC (Joint Broker)

John Lewellyn-Lloyd, Louisa Waddell

 

+44 (0) 207 614 5900

J&E Davy (Joint Broker)

Anthony Farrell, Niall Gilchrist

 

+353 (0) 1 679 6363

Instinctif Partners

Melanie Toyne Sewell, Rozi Morris, Tim Field

+44 (0) 20 7457 2020

poolbeg@instinctif.com

#ECHO Echo Energy – Operational Update

echo

Echo Energy, the Latin American focused energy company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina for Q4 2021 to 30 November 2021.

 

Daily operations across the asset base in Santa Cruz Sur and the delivery of produced gas to industrial customers under contract have continued uninterrupted during the first two months of Q4 2021. Production over the period from 1 January 2021 to 30 November 2021 reached an aggregate of 523,735 boe net to Echo, including 74,605 bbls of oil and condensate and 2,695 mmscf of gas.

 

As a result of the completion of capacity increasing infrastructure works, gas production in November 2021 averaged 7.1 MMscf/d net to Echo, an increase over the 6.7 MMscf/d net production rate during the previous month.

 

Net liquids production in the first two months of Q4 2021 averaged 255 bopd, and is an increase of 31% over Q1 2021   levels prior to the commencement of production optimisation and the bringing of shut in wells back on line. The benefit of both infrastructure maintenance and the previously announced commercial focus on high-quality blends at Santa Cruz Sur has also led to an increased frequency of oil sales during Q4 2021 to date, with total liquids sales net to Echo in  quarter four to date of 16,855 bbls (Q3 2021 total of: 15,050 bbls).  This increase in liquids production has helped to offset the expected natural decline in gas production over the year.

 

The Company looks forward to updating shareholders on production levels on a quarterly basis going forward.

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Consulting (IR & PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900

Shore Capital (Corporate Broker)

+44 (0) 20 7408 4090

#POW Power Metal Resources – Katoro Gold Update – Haneti Nickel Project

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio,  draws  investors’ attention to the announcement issued today by Katoro Gold plc (LON: KAT)(“Katoro Gold”)(“Katoro”).

The Katoro announcement may be viewed through the following link:

https://polaris.brighterir.com/public/katoro_gold/news/rns/story/wklg9dx

 

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

“Power Metal is eager to see drilling commence at the Haneti Project targeting a large scale nickel and platinum group element (PGE) discovery.  The Company is therefore pleased to see our partner Katoro Gold raise money for this purpose.

We look forward to further announcements with regard to the planned drill programme and are working with Katoro in this regard.”

POWER METAL – HOLDING IN KATORO

Power Metal Resources currently holds 10,000,000 Katoro shares and 10,000,000 warrants in Katoro Gold exercisable at 1.25p    (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).    

POW also has a direct 35% interest in the Haneti Project in Tanzania.

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

#KAV Kavango Resources Plc – KSZ TA2DD002 Downhole EM Conductor Identified

kav

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to report the Company has successfully completed an initial downhole electromagnetic (“DHEM”) survey on Hole TA2DD002 to a depth of 780m. The DHEM survey has identified the upper edge of a conductive anomaly in the Proterozoic gabbro (the “Conductive Anomaly”).

The Company and external consultants have completed preliminary analysis of data gathered from the DHEM survey and also reinterpreted existing data from previous airborne surveys conducted by Kavango.  The original modelling from this airborne data guided the decision to continue drilling Hole TA2DD002 into the Proterozoic.

Hole TA2DD002 was the second hole of the current drill campaign in the Company’s Kalahari Suture Zone (“KSZ”) Project.

Highlights

  •  DHEM survey of TA2DD002
  1.  TA2DD002 completed to a depth of 1,001m, within 1 degree of original target
  2.   350m of continuous altered Proterozoic-age core recovered from 651m to 1,001m, the single largest amount ever retrieved from the KSZ
  3.  Initial DHEM completed in early October to a depth of 780m (using the available winch)
  4.  Spectral Geophysics (“Spectral”) has secured a 1,500m winch to complete a follow up DHEM survey to the bottom of TA2DD002
  •  Preliminary analysis of DHEM survey suggests:
  1.  Late-time data from 760m to 780m indicates the Conductive Anomaly  exists within 300m of the DHEM survey’s completion
  2.   The Conductive Anomaly appears to reside within the Proterozoic gabbro
  3. Kavango will provide images of the DHEM interpretation on its website
  4.  Reinterpretation of Kavango’s aeromagnetic model (the “Aeromagnetic Model”)
  5.   The Aeromagnetic Model was completed in 2020, using data from the Company’s regional airborne surveys flown in 2018 and 2019
  6.  The Aeromagnetic Model accurately predicted the intersection of TA2DD002 with the Proterozoic gabbro at 650m
  7.   Reinterpretation of the the Aeromagnetic Model confirms that:

 

I.  Proterozoic rocks are the source of the main magnetic anomaly identified from aeromagnetic surveys

II.  The extent of Proterozoic can be mapped using aeromagnetic surveying

 

Next steps:

–  Spectral to conduct DHEM survey to the end of TA2DD002

–  DHEM survey to be conducted on KSZDD001, once Target Depth has been reached (drilling operations are ongoing here)

–  Thorough analysis of all DHEM data, to include consultation with independent experts

–  Updating of the Company’s magenetic susceptibility model, to take into account latest drilling results, with a particular focus on confirming potentially shallower Proterozoic depths

–  A full update will be provided, on completion of the updated geophysical modelling of the northern (Hukuntsi) section KSZ

–  Kavango to host a shareholder webinar to present full results with supporting images and maps (details to be confirmed)

 

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

“Hard work, intelligent application of geophysics, skilled drilling and a bit of luck have brought us to this point.

While the Proterozoic is now our primary exploration focus in Target Area A, it is important to note that the Karoo remains our main focus in Target Area B (where we are currently drilling Hole KSZDD001).

There is still much for us to do, but we have definitive exploration leads, backed by physical core data from the ongoing drill campaign . This data should help constrain future modeling and will hopefully significantly improve results   to guide our evolving exploration strategy in the KSZ.

Now that Spectral Geophysics has secured a winch that is long enough to carry the probe to the bottom of TA2DD002, we eagerly await the outcome of the 1,000m downhole electromagnetic survey. We will report more on this, once we have completed thorough analysis of any data we gather. “

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

For further information please contact:

Kavango Resources plc 

Ben Turney

bturney@kavangoresources.com  

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

#POW Power Metal Resources – FDR Australia – Wallal Project Final Licence Grant

pow

 

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

HIGHLIGHTS:

–  Power Metal now confirms that the final licence application at the Wallal project E45/5853 (Wallal West 1) has now been granted.  The granted licences are:

E45/5853 – Wallal West 1
E45/5816 – Wallal Main
E45/5880 – Wallal West 2

–  The Wallal West 1 licence fully encompasses the Western magnetic anomaly, which measures 5km by 5km, and is cross-cut by a northwest-southeast trending inversely magnetised dyke.

–  The granting of Wallal West 1 means that the entire Wallal Project land package has successfully been granted, which covers the Western, Eastern and Border anomalies.

–  The Company now turns its focus to advancing exploration on the fully granted Project, progressing it to a drill-ready stage – which includes the Phase I passive seismic and 2D seismic reprocessing work programme currently underway with results expected shortly.

–  In addition, with the successful award of AU$165,000 in co-funding monies from the Western Australia government for a drilling programme targetting the Eastern and Border anomalies, the initial administrative preparations have begun for the planned 2022 Q1 drilling campaign.

 

–  Power Metal is progressing with the acquisition of the holding vehicle of the Wallal Project as outlined in the “Background” section below. A further announcement will be made in this regard shortly.

 

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

“With the grant of the final licence announced today, this exciting project takes another great leap forward. This news means Power Metal shareholders now have exposure to the complete Wallal Project as a granted package.

In our view the Wallal Project is a major strategic gold-copper exploration opportunity with the potential to host the large scale discoveries Power Metal is seeking within its portfolio.

Our Exploration Update on 13.09.21 outlined the important geological and geophysical similarities of the Wallal Project to Greatland Gold’s Havieron project, within the Paterson region.

Therefore we are to now turning our full attention towards advancing exploration and specifically towards the initial preparations for a deep-drilling campaign which is planned for early 2022.  This will represent the first drill programme ever completed targeting these substantial geophysical anomalies.”

 

BACKGROUND

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

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

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

 

On 30 September 2021 Power Metal announced the granting of the Wallal Main and Wallal West 2 licences and this may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/fdr-australia-grant-of-wallal-licences/15156169

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

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

 

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

#KAV Kavango Resources Plc- KCB: EMP Awarded & Operational Update

 

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the Company has been awarded an Environmental Management Plan that covers all of its Prospecting Licences (“PLs”) in the Kalahari Copper Belt (the “KCB”). These interests include PLs held within the Kanye Resources Joint Venture (“JV”) and the LVR JV.

Highlights

Ø Environmental Management Plan awarded

–  EMP covers all the Company’s Prospecting Licences (“PLs”) in the KCB

–  EMP valid for 2 years

Ø Final phase of field exploration underway, towards initial target selection

–  Re-logging of data from historic drill holes

–  Ground magnetic survey underway on the southern limb of the Acacia target, in the South Ghanzi Project (part of Kanye Resources)

–  Work underway to optimise future soil-sampling programmes, to account for changing ground conditions across the Company’s PLs

–  Initial drill strategy being finalised

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

“We would like to thank the Department of Environmental Affairs for the award of our Environmental Management Plan in the Kalahari Copper Belt. This is an important next step for the Company.

As operator of 12 prospecting licences, which cover over 6,300km2 of prospective ground for possible major copper/silver deposits, Kavango is now permitted to conduct drilling operations here for the next two years.

Our primary focus is currently on the promising Acacia target in the South Ghanzi Project. Work is ongoing on Acacia to optimise target definition, to maximise our chances of success.

This is a critical period for Kavango and we eagerly anticipate the next phase of exploration. “

 

Kavango’s interests in the KCB Kavango’s PLs in the KCB include:

The Kanye Resources JV

Ø 50 % working interests in 10 prospecting licenses held in a Joint Venture with Power Metal Resources (LSE:POW), which cover 4,257km 2 . Kavango is operator.

The LVR JV

Ø Earning in a 90% interest in prospecting licenses PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd (“LVR”), which cover 1,091km 2 . Kavango currently owns 25% of the LCR JV. Kavango is operator.

 

KCB Operational Update

Kavango has commenced a ground magnetic survey of the southern limb of the Acacia target (the “Ground Survey”), in the South Ghanzi Project (part of Kanye Resources). This survey will help tighten the Company’s interpretation of the electromagnetic (“EM”) data it acquired from the airborne surveys flown in the spring.

The Ground Survey will be conducted over a 14km by 4.5km block and will cover 676.5 line kilometers, including 634.5km of traverse lines and 42km of tie lines. Line spacing will be 100m and readings will be taken continuously.

In parallel to this, Kavango has also commenced a detailed sampling exercise to confirm the geochemical anomalies the Company has identified across its PLs in the KCB.

Acacia (in PL036/2020, as part of the Kanye Resources JV) is now the Company’s highest priority target for possible drilling in the KCB. Kavango anticipates the ground magnetic survey and further soil sampling will enable the Company to confirm initial drill collar locations.

The Company expects to commence “fence” lines of shallow drill holes. This will likely involve a combination of reverse circulation and diamond drilling. This drilling will act as a geological orientation exercise and should act as a precursor to a much more comprehensive, subsequent drill campaign. The “fence” drilling will also enable the Company to assess structural trends and any associated geochemical and/or EM anomalies.

In parallel to this, Kavango has also started work on re-logging regional historic drill hole data. At this stage, the Company is keen to deepen its understanding of the local stratigraphy, lithology and geology in its main areas of interest.

 

Further updates will be provided in due course.

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

For further information please contact:

Kavango Resources plc   

Ben Turney

bturney@kavangoresources.com  

  First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

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