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Power Metal Resources #POW – Botswana Molopo Farms Complex – Second Diamond Drill Hole Commences

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce the commencement of the second diamond drill hole (KKME 1-6) at the Kalahari Key Mineral Exploration Pty Ltd Molopo Farms Complex Project, which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.

HIGHLIGHTS

  • The second hole (KKME 1-6) of a planned 2,505 metre four-hole programme commenced diamond drilling yesterday.
  • Hole KKME 1-6 is inclined at 60 degrees and has a planned down-hole target depth of 500m to the upper side of a conductive body modelled from geophysical survey data.
  • This second drill collar is located in the project’s Tshepo (Hope) Central Target Area, approximately 20km west-southwest of the programme’s first drill hole KKME 1-14 and along strike on the shear zone interpreted as the Molopo Farms Complex Feeder Zone.
  • The Tshepo (Hope) Central Target Area lies within the centre of the interpreted feeder zone inside the near-surface sub-crop of the Molopo Farms Complex in Licence PL311/2016.
  • An analysis of data from agricultural water boreholes in the vicinity shows that serpentinite ultramafic units can be expected directly under the Kalahari cover in this area.

CHIEF EXECUTIVE OFFICER UPDATE

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“I am pleased to report the second exploration hole, KKME 1-6, to test conductive targets within theMolopo Farms Complex feeder zone has now commenced.

This hole is designed to test Target 1-6 a conductive geophysical body within the Tshepo (Hope) Central Target Area, approximately 20km WSW of the previous hole KKME 1-14, which is located in the project’s Chipo (Gift) Northern Target Area.

We look forward to sharing further findings in due course.” 

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal currently has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets (the “Drill Programme”). On completion of the Earn-In, and on the basis of the current 18.26% shareholding in Kalahari Key, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

THE DRILL PROGRAMME

The Drill Programme is for an initial planned 2,505m across four diamond core drill holes with planned target hole depths varying from 525m to 710m.

The Drill Programme is designed to intersect four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics surveys.

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 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 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 – Botswana Molopo Farms Complex – Drilling Progress Update

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide a drilling update confirming completion of the first hole (KKME 1-14) at the Kalahari Key Mineral Exploration Pty Ltd (“KKME”) Molopo Farms Complex Project, which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.

HIGHLIGHTS

  • The first hole (KKME 1-14) of a planned 2,505 metre four-hole programme has been completed successfully and achieved target depth of 520 metres with near 100% core recovery.
  • The suite of rocks encountered in KKME 1-14 has successfully confirmed the proposition that the geology at the MFC Project is that of a feeder zone.
  • About 167 metres of ultramafic rock, a potential host for PGMs and nickel, has been encountered below an altered contact around 41 metres down hole. Samples to be prepared and assay tested.
  • Downhole geophysics to be undertaken at the end of hole to identify and clarify the conductive structures around and below the 520 metre hole depth.

CHIEF EXECUTIVE OFFICER UPDATE

Paul Johnson Chief Executive Officer of Power Metal Resources commented: “I am extremely pleased to report the programme has got off to a great start with successful completion of the first exploration hole KKME 1-14 down to the planned depth of 520m.

For the MFC Project we have successfully and significantly validated the geological proposition that the geology at the Project is that of a feeder zone.

We have some important work to undertake utilising the core from KKME 1-14 which includes field-based core review and sample preparation for assay testing. We are also to undertake downhole geophysics shortly to confirm the conductive structures at depth.

Whilst the analysis of the core and down hole geophysics is being carried out at KKME 1-14, and to keep the programme running efficiently, we will now move the drill rig to the second hole location where drilling is expected to commence imminently. Further details on this to follow shortly.

In summary, we are now full thrust into the MFC Project programme, and are already many steps forward from just a few weeks ago.  We have validated the geological model, successfully completed our first drill hole and have core from the 520m hole which we are now examining and will be testing.” 

DRILL PROGRAMME FURTHER INFORMATION

  • The first drill hole KKME 1-14 at the MFC Project has now attained a target depth of 520m.  The hole was completed safely and securely and has achieved near 100% core recovery.
  • KKME 1-14 was sited in the Jwaneng-Makopong Shear/Feeder zone to the east of the main Molopo Farms Complex intrusion. (The next two holes are planned to intersect the same zone within the main part of the intrusion.)
  • KKME 1-14 has successfully confirmed the geological proposition that the geology at Molopo Farm is that of a feeder zone.  In addition, the hole appears to confirm the geophysical modelling, with some precision in the identification of conductors at depth.
  • The drill core is now the subject of field-based analysis and after cutting and visual inspection, samples will be prepared for assay testing at an accredited laboratory in South Africa.  In addition, thin sections of rock will be taken for petrographic analysis.
  • The assay testing will confirm the composition of the drill core and metal content.  The petrographic analysis is an in-depth investigation of the chemical and physical features of the rock which will add considerably to our geological understanding of the area.
  • The drilling has confirmed the presence of ultramafic rocks of the Molopo Farms Complex along the Jwaneng-Makopong Shear/Feeder zone.
  • The outcome of the drilling includes the discovery of a serpentinite intrusion into the Transvaal strata.  This intrusion comprises 167 metres of ultramafic serpentinite in the drill core (the planned petrographic and chemical analysis of the core will allow a more exact lithological description).
  • The ultramafic serpentinite extended from 41m to 208m (with the top 20m highly weathered) within the drill hole.  Serpentinite is a potential host rock for PGMs and nickel and therefore the rock will be subject to assay testing.
  • The hole finished after passing through 25m of pyritic and graphitic mudstones from around 480m to 505m which could be the conductor identified from geophysical work or could overlie it.
  • The graphitic and iron sulphide mudstones (“Mudstones”) encountered towards the bottom of the hole died out with depth, while the geophysics carried out before drilling indicated an anomaly stronger with depth.
  • Moreover, the Mudstones should be a continuous unit (at the base of the Segwagwa Group) and yet the geophysical conductor target appears to be more confined.
  • As a result further investigation is required to confirm or eliminate the presence of other conductive structures around or below the end of hole.
  • A down-hole geophysical probe is now being deployed into the first hole to gather additional deep-seated data to supplement the surface derived Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysical modelling.
  • The down-hole geophysics work will detect any other conductive structures for 300m around and below the drill hole. This will provide detailed and more precise data to help identify the location of any other conductive structures that should be targeted with further drilling.
  • Should the geophysical probe results and modelling show the presence of a significant conductor below the current end of hole, we have the option of reinstating the rig to extend or deviate the hole.
  • Whilst analysis work is undertaken at KKME 1-14 and to ensure programme continuity we are making preparations to move the drill rig to the second drill hole location out of a planned four-hole programme at the MFC Project and further information in respect of this drill target will be provided shortly.

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal currently has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets (the “Drill Programme”). On completion of the Earn-In, and on the basis of the current 18.26% shareholding in Kalahari Key, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

THE DRILL PROGRAMME

The Drill Programme is for an initial planned 2,505m across four diamond core drill holes with planned target hole depths varying from 525m to 710m.

The Drill Programme is designed to intersect four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics surveys.

FINANCING OF THE EARN-IN

In respect of the US$500,000 Earn-in spend Power Metal has to date sent cash payments for initial expenses of US$133,641 to Kalahari Key, leaving a balance of US$366,359 (approximately £278,000) remaining.

This balancing amount is fully funded and covered by Power Metal existing working capital comprising cash and listed investments which as at 13 November 2020 was approximately £1,734,000.

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 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 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 – First Drill Hole at Molopo Farms Complex Identifies Possible Massive Sulphide Mineralisation

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide a drilling progress update on the Kalahari Key Mineral Exploration Pty Ltd Molopo Farms Complex Project, which is targeting prospective massive nickel sulphide and platinum-group metal mineralisation in Botswana.

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing cash resources.

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“We are pleased to provide a drilling update for our first drill hole at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation. 

The drill hole has now reached a depth of 445m and is now approaching the start of the target zone and the upper edge of the geophysically  modelled conductive body at around 505m depth.

As this is the first hole on the project into unknown geology the drilling has been proceeding cautiously to maintain the 100% core recovery, but with the rig now expected to average around 30m/shift we expect the hole to reach the start of the conductive target within the next few days.

We look forward to providing further updates as the programme progresses.”

DRILLING HIGHLIGHTS:

  • Drill Hole 1 at the MFC Project has now attained a depth of 445m at end of shift on Tuesday 10th November. As the hole has deepened the drilling has been proceeding cautiously as it is the first hole of the project and the drilling team are getting accustomed to the ground conditions whilst continually achieving 100% core recovery.
  • Hole 1 is now approaching the start of the target zone and should reach the upper side of the modelled Target 1-14 conductor at a depth of  approximately 505m, within the next few days.
  • In addition to recovering core samples from the target zone for assay at an accredited laboratory, the drill hole will be used by a down-hole geophysical probe which will gather additional deep-seated data to supplement the surface derived Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysical modelling.
  • The downhole geophysics should enable the conductive target model to be refined and will help determine whether the drill hole could be extended or deviated to gather more data.

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 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 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 – Further Investment in Kalahari Key Botswana

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce a further cash investment into Kalahari Key Mineral Exploration (Pty) Limited (“Kalahari Key”).  

Kalahari Key currently holds 100% of the Molopo Farms Complex project (“MFC Project”) which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.

Power Metal is currently earning into a 40% direct project interest in the MFC Project (the “Earn-in”) by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing cash resources.

In addition to the Earn-in, Power Metal has a current 18.26% shareholding in Kalahari Key.

Kalahari Key has undertaken a rights issue to raise money from existing shareholders (the “Rights Issue”). Power Metal has given notice to Kalahari Key that it will take up its rights to maintain, as a minimum, its 18.26% holding in Kalahari Key(1)

(1)   Power Metal’s percentage holding in Kalahari Key after their Rights Issue will depend on the take up of rights by other Kalahari Key shareholders, but will be 18.26% as a minimum.

The Rights Issue was undertaken at US$55 per ordinary share in Kalahari Key and Power Metal has subscribed for 1,771 Kalahari Key shares for a cash cost of US$97,405.  The cost of this participation is fully funded from existing Power Metal cash resources.

Assuming a Power Metal holding in Kalahari Key post Rights Issue of 18.26%, upon completion of the Earn-in, Power Metal will have an effective economic interest of 50.96% in the MFC.

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“With the drill programme under way in Botswana, and the geology identified from that programme to date in line with expectations, at Power Metal we are increasingly excited by the MFC Project and its potential for a company transformational discovery.

The work over recent years has identified multiple large-scale targets and it is clear the MFC Project offers district scale potential should the drill programme identify the targeted nickel sulphide and PGM mineralisation.

Therefore, it was clear that Power Metal should participate in the modest financing undertaken through the Rights Issue by Kalahari Key and the amount expended of US$97,405 (circa £75,250) is comfortably afforded from existing Power Metal working capital of approximately £1,700,000 (comprising cash and listed investments only).

This investment in one of our key projects, alongside other initiatives announced recently, are possible because of the strong financial position of Power Metal, aided recently by the incoming cash from the exercise of warrants.

As warrant exercise monies are received by Power Metal they bolster underlying working capital, but notably enable us to innovate and do more.  This is a pattern of business growth and advancement we intend to continue.”

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 – Molopo Farms Complex – Drilling Progress Update

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide a drilling progress update on the Kalahari Key Mineral Exploration Pty Ltd Molopo Farms Complex Project, which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing cash resources.

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“We are very pleased to provide a drilling update for our first drill hole at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation. 

The drilling is progressing well with the results thus far supporting the geophysical model, for an intrusion feeder zone which could host the potentially mineralised conductive bodies we are targeting with this drilling programme.

We look forward to providing further updates as the drill programme progresses.”

DRILLING HIGHLIGHTS:

· Drilling of Hole 1 at the MFC Project is progressing well with a depth attained of 283m at end of shift on Saturday 24th October. Monday work involved a drilling bit change following a Sunday rest day. The hole is cased to a depth of 17m with HQ diameter (63.5mm) core drilling to a depth of 150m and NQ diameter (46.7mm) core drilling thereafter.

· The drill hole intersected calcretes and serpentinite immediately below the 35m thick Kalahari cover and has then continued through ultramafic rocks, including harzburgite and dunite, which through core inspection are characteristic of the Molopo Farms Complex geology.

· Hole 1 on is now over halfway to the upper side of the modelled conductive body (target 1-14) which is expected to commence from a depth of approximately 505m.

· Drilling results thus far are supporting the, Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”), geophysical modelling with lithological boundaries seen in the core occurring very close to the modelled depth and lithologies intersected supporting the intrusive feeder zone exploration model.  Geological and structural logging of the drill core will allow the geological model to be further refined as the programme progresses.

· The drilling is utilising a Boyles BBS 56 rig with a 7 man drilling and support crew working on a single 12 hour drilling shift (06.00-18.00, 5.5 days / week). The phase 1 Drilling programme is for an initial planned 2,505m across four diamond core drill holes. Target hole depths vary from 525m to 710m.

· Photographs from site can be viewed at the company website  https://www.powermetalresources.com/gallery/7/molopo-farms-complex-botswana.

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 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 – Drilling Commences at Botswana Molopo Farms Complex

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update on the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide and  platinum-group metal (“PGM”) mineralisation in Botswana.

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing cash resources.

HIGHLIGHTS:

· Drilling has commenced for the first of four planned holes constituting the Phase 1 Drilling Programme at the Molopo Farms Complex Project in Botswana.

· The Phase 1 Drilling programme is for an initial planned 2,505m across four diamond core drill holes.  Planned target hole depths vary from 525m to 710m.

· Hole 1 has been designed to intersect the first of an initial four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics surveys.

· The drilling, logging and sampling is being overseen at site by an experienced independent geological consultancy in line with international best practice.

· Drilling and hole casing is commencing with a rotary tri-cone drill bit through the Kalahari sand cover before switching to a diamond core drill bit at HQ and NQ core diameters for drilling through the host lithologies.

· Core will undergo geological and geotechnical logging and photography ahead of appropriate core sampling and analysis by an accredited laboratory.

· Images from the drilling programme may be viewed through the following link: https://www.powermetalresources.com/gallery/7/molopo-farms-complex-botswana

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“We are very pleased to report the commencement of drilling at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation. 

The drilling is the culmination of a great deal of high quality technical work and studies undertaken by KKME including a helicopter magnetics and electromagnetics survey and targeted Time Domain Electromagnetic and Natural Field Audio Magneto Telluric (“NF-AMT”) ground geophysics surveys.

The technical work is being overseen by a respected independent geological consultancy who have good experience of working on this style of target mineralisation and within Botswana. 

We look forward to providing further updates as the drill programme progresses.”

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 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 – Botswana Molopo Farms Complex – Drilling Update

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update on the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide and  platinum-group metal (“PGM”) mineralisation in Botswana.

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing working capital.

HIGHLIGHTS:

·Drilling contract signed with experienced drilling company Discovery Drilling Contractors Africa (“Discovery”).   Discovery have a great deal of experience in Botswana including being instrumental in the drill out of the T3 Deposit now owned by Sandfire Resources.

· The Molopo Farms Complex is a major ultramafic-mafic layered intrusion straddling the southern border of Botswana with South Africa. It lies within the south-western part the large igneous province that includes the famous Bushveld Complex which contains the world’s largest reserves of PGMs.

· The Phase 1 Drilling programme is for an initial planned 2,505m across four diamond core drill holes.  Target hole depths vary from 525m to 710m and will test the first four of several high priority targets delineated as prospective for massive nickel sulphide mineralisation by airborne and ground geophysics survey data.

·Discovery have started mobilisation of equipment to site and the drilling is expected to commence shortly.

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“The build up to any one exploration drill programme is a monumental affair for any junior exploration company and at Power Metal we have multiple projects in the build up to exploration drilling.

The Power Metal approach is one of relentless drive in the search for potential new large-scale metal discoveries and we are driven by the desire to find multiple large-scale metal deposits. In part this is because we want to be proven right in our decision making, however we also seek the share price appreciation that comes with a major metal discovery. The Board of Power Metal and connected parties own 14% of Company stock and will benefit with all shareholders from successful exploration outcomes.

Maiden exploration drilling at the Molopo Farms Complex Project is a major event for Power Metal not least because our partners are targeting not just a possible large-scale metal discovery, but a district scale opportunity. Standing in our favour are the years of research of the Kalahari Key team backed by helicopter airborne electromagnetic surveys, ground geophysical surveys and Audio-Magnetotelluric (“AMT”) surveys that indicate particularly strongly that something of interest may lie beneath the sand cover of south-west Botswana and within the Kalahari Key licence area.

We will update the market with key developments as this exciting drill programme progresses.”

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 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 – Botswana Kalahari Copper Belt – Exploration Commences

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the commencement of exploration at the Kalahari Copper Belt Joint Venture (“KCB JV”) with Kavango Resources plc (LON:KAV)( “Kavango”).

HIGHLIGHTS

·    The KCB JV includes two prospecting licenses prospective for copper and covering 1,294.2km2, situated in the Kalahari Copper Belt in central west Botswana located directly to the southwest of Sandfire Resources’ T3 and A4 Dome copper-silver discoveries.  Power Metal has a 50% interest in the KCB JV.

·    Exploration now underway in the KCB JV will initially focus on soil sampling and geophysics to identify dome structures that are known to host potential copper deposits.

·    Geology of the area is well known and the JV will work quickly towards test drilling of shallow targets, once it has been able to develop a geological model.

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

“Power Metal is seeing a number of its projects launch exploration programmes and it is particularly positive to see the expeditious launch of exploration at the KCB JV in Botswana which is targeting a large scale copper-silver discovery.

The KCB JV is following an efficient, disciplined and methodical approach designed to build a geological model that can be tested through drilling at the earliest opportunity.

I look forward to providing further updates on this exploration programme.”

FURTHER INFORMATION:

Prospecting licences on the KCB

The KCB JV Project is located within an area of newly discovered sediment-hosted copper deposits, such as Cupric Canyon’s Zone 5 deposit and MOD’s T3 deposit, both of which are now being developed as mining operations. The KCB extends 1,000km by 250km from NE Botswana to central Namibia.

The KCB JV covers 1,294km2 over two prospecting licences, PL036/2020 and PL037/2020.  These lie in a highly prospective area immediately south of the district capital of Ghanzi and are along strike to the west of Sandfire Resource’s T3 and A4 Dome copper-silver discoveries.

The position of the KCB JV prospecting licences can be viewed on the Company’s website through the following link:

https://www.powermetalresources.com/p/226/kalahari-copper-belt-project

The KCB soil-sampling programme

Exploration across the Company’s interests in the KCB will initially focus on soil sampling and ground based geophysics, using Controlled-source audio-frequency magnetotellurics (“CSAMT”) to identify dome structures that are known to host potential copper deposits.

For the initial orientation programme, soil samples are being taken at 100m intervals on lines 4km apart. The first sample lines are intended to map out the soil geochemistry across undeformed sequences of the late Proterozoic Ghanzi Formation sediments.

Samples are being collected and sieved in the field and transported back to Kavango’s base camp to be tested for metal elements with a portable Niton X-ray Fluorescence Analyser (“XRF”).

Sieved samples reserved for check analysis (or duplicates) and for comparison will be sent for laboratory assay analysis to an accredited laboratory in South Africa.

Initial results are expected in Q4 2020

Geophysical surveying

Kavango’s geophysical team have identified a number of deformation zones within the KCB licences, which will be followed up once the orientation sampling has been completed.

Ground magnetic surveying will be conducted at 25m intervals over the deformation zones to supplement the regional data. This will be supplemented by CSAMT surveying over structural/geochemical anomalies.

If results warrant, an Airborne Electromagnetic (“AEM”) survey will be considered.

Project Drilling

Geology of the area is well known and the JV partners will work quickly towards test drilling of shallow targets, once it has been able to develop a geological model.

COMPETENT PERSON STATEMENT

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

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.

CONTACT INFORMATION

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 – Business Operational Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to  provide a Business Operational Update (the “Update”) to shareholders, outlining the current status of operations across the Company’s six existing projects and two projects under due diligence.

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

“Power Metal is an operationally diversified business with precious metal interests in North America and base metal interests in Africa.  The Company has multiple live exploration programmes running and significant corporate activity underway.

The summary below outlines where we are across each project, and the anticipated next steps or developments which, where material, will be notified to shareholders through regulatory news announcements.

Power Metal is at a key stage in its development and aided by our strong underlying financial position, we are pushing ahead proactively across the business, seeking to secure a large-scale metal discovery.” 

KEY HIGHLIGHTS

· Two significant drill programmes impending, in Botswana and Tanzania, targeting large-scale nickel sulphide targets and with current levels of local regulation allowing the Company to plan to commence drilling in 2020

· Significant advancement made in the Australia JV, with 2,188 km2 of ground under application in the Victoria Goldfields over 12 distinct project areas and a draft of the NI 43-101 technical report under review;

· Due diligence ground exploration programme underway at the Silver Peak project in Canada, where channel sampling for silver is the key focus and where exploration results are expected shortly and within the 30-day option period announced 17 August 2020;

· Reconnaissance survey completed successfully at the Alamo gold project in Arizona, USA reviewing the key areas where the bulk of gold nuggets were found in alluvium on the property. The findings have been received in a project report and are being reviewed currently.  A market update will follow including next stage exploration plans;

· Power Metal remains in a strong financial position with working capital comprising cash and listed investments of circa £1.6 million;

· Further specific updates will be provided for each project as material developments occur.

OPERATIONAL UPDATE

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

Note: all exploration and corporate work is subject to COVID-19 restrictions which may impact work programmes and timescales.  Power Metal and its partners are focused on the safety of operational teams and the conduct of programmes in line with local requirements in relation to COVID-19, and all applicable operational regulatory requirements.

PROJECTCURRENT OPERATIONAL STATUS
  
Australia JV – Victoria Goldfields(Gold)(POW holds a 49.9% interest in Australian JV Company Red Rock Australasia Pty Limited “RRAL”)Twelve licence applications have been submitted by RRAL covering 2,188 km2 in the Victoria Goldfields with three licenses having completed the mandatory 14 day public advertising period.  The JV team is working with Earth Resources Victoria to secure early grant of the advertised licenses to enable exploration to commence.Ten detailed historic exploration and target assessment reports now received from local consulting geologists (four reports have been released to the market and six are under review, and will be announced shortly).The NI 43-101 Technical Report covering seven key licenses is in final drafting stage and is expected to be received in final form in the coming week.  The findings of this report will be released shortly after receipt and following internal review. Receipt of the Technical Report will also allow the potential listing of some or all of the JV interests to be progressed to the next stage.In addition, liaison with various external parties is underway with a view to further potential corporate transactions, including external joint ventures, in respect of certain license applications. 
Botswana – Ditau Camp Project(RARE EARTHS)(Under Due Diligence)(Subject to due diligence POW may acquire a 51% project interest)Power Metal remains in due diligence and related discussions with Kavango Resources plc (LON:KAV), the current 100% project owner, with a view to crystallising a transaction in respect of the Ditau Camp project.For clarity the due diligence period in respect of the Ditau Camp Project ends on 30 September 2020.
Botswana – Molopo Farms Complex Project(Nickel Copper PGMs)(POW holds 18.26% of project holding company Kalahari Key and additionally may earn in up to a 40% project interest)Kalahari Key Mineral Exploration Pty Limited (“Kalahari Key”), the JV partner and current 100% project owner is making considerable progress in respect of planning for drill commencement at the Molopo Farms Complex Project (“MFC Project”).Drilling proposals have now been received from multiple contractors and a review is underway at present leading to contractor selection and thereafter, subject to rig availability, to confirmation of drill rig mobilisation at the earliest opportunity.The drill programme will be focused on high profile nickel sulphide targets within the Chipo area of the MFC project.
Cameroon – Cobalt Blue Project(Cobalt – Nickel)(POW holds a 100% project interest)Power Metal is continuing to review the exploration and corporate options in respect of the Cameroon project interests and will provide a further update as material developments occur.
Canada – Silver Peak Project(Silver)(Under Due Diligence)(POW may earn in to a 30% project interest)As part of the due diligence process Power Metal is funding an initial exploration programme at the Silver Peak project including channel sampling to help determine silver prospectivity.Initial results are expected from this programme in the next week and Power Metal will update the market upon completion of an internal technical review of findings.
The DRC – Kisinka Project(Copper – Cobalt)(POW holds a 70% project interest)The Company is awaiting the receipt of assay results from the pitting and mapping programme conducted earlier this year.  The results will help inform next stages of exploration on the ground at the 6.8km copper anomaly discovered within the Kisinka Project.The results so far justify the magnetic ground survey and electromagnetic (“EM”) survey the Company is currently planning in order to increase understanding of structure in the target area defined by the exploration to date.The license renewal was recently underway but the decision has been taken instead to convert the license to a Permis d’Exploitation (production license) with a 25 year life. 50% of the less prospective ground is being surrendered, leaving the Company with 41 carrés miniers (each 84.95 ha),
Tanzania – Haneti Project(Nickel – PGMs – Gold – Lithium)(POW holds a 35% project interest)Power Metal is working with Katoro Gold plc (LON:KAT or Katoro) the JV partner in respect of the Haneti Project in Tanzania.Katoro are in the final stages of planning for drill commencement.  Specifically, Katoro are seeking to confirm rig availability and confirmation of a drill mobilisation date.Power Metal and Katoro hope to confirm the launch of the drill programme to the market in the near term.
USA Arizona – Alamo Gold Project(Gold)(POW may earn in up to a 75% project interest)A Reconnaissance Survey (“Survey”) has been completed successfully at the project in Arizona which was focused on a review of the key areas where the bulk of gold nuggets were found in alluvium on the property.The Survey report from the work undertaken has been received and is being reviewed.Power Metal are also working with its local partners to design the next stage exploration programme at the project based on the Survey report findings.Upon completion of our review of the Survey report and confirmation of the next stage exploration programme Power Metal will update the market in full.

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 – Botswana Molopo Farms Complex – AMT Geophysics Refine and Scale Drill Targets

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update in respect of the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide mineralisation in Botswana.

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by expending US$500,000 on exploration expenditure, notably target drilling, in 2020. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

NATURAL FIELD AUDIO MAGNETO TELLURIC SURVEY RESULTS

The Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics survey (announced 11 August), has been completed over a selected four of eight high priority targets for nickel-platinum group metals identified by KKME’s previous high-resolution airborne electromagnetic (“EM”) and ground geophysics. 

The NF-AMT technique is used to measure the electrical conductivity of the Earth’s subsurface and is an important additional exploration tool in the search for conductive massive sulphide deposits. The method has been successfully utilised in Sudbury, Canada to sense nickel deposits at depths up to 1,750m (1). Unlike controlled-source EM geophysical methods which use a generator and an inductive loop as an electromagnetic field source, NF-AMT is a passive electromagnetic exploration method that relies on naturally-occurring electromagnetic field variations generated by sources including lightning and solar winds. 

The processed NF-AMT results have produced high quality Conductivity Depth Images (“CDIs”)  which correlate, confirm and reinforce the results of the previous ground EM geophysics, highlighting significant depth extensions and increasing conductivity interpreted to be indicative of mineralisation with depth.

The NF-AMT data, which in ideal conditions has the capability to produce CDIs to several kilometres depth, has helped to fine tune the depth and shape of the drill targets, refining the collar positions for the planned drill holes designed to intersect the centres of the first four high priority targets. The NF-AMT data has also shown that these targets appear to continue at depth as well as identifying additional areas for future investigation.

A full analysis of the data will be completed prior to the commencement of drilling.

(1)  Essentials of Mineral Exploration and Evaluation – S. M. Gandhi, B. C. Sarkar – Elsevier, 10 May 2016

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

“The KKME team have been excited to receive the processed conductivity depth imagery from the recent NF-AMT survey at the Molopo Farms Complex Project in south-eastern Botswana.  These results show very good correlation to both the ground and high-resolution airborne EM results, adding significant resolution to the depth, size and shape for prospective massive nickel sulphide targets.  Moreover, the results show increasing conductivity with depth, possibly relating to an increase in the tenor of possible mineralisation with depth.

We are looking forward to receiving the full geophysical analysis and report ahead of KKME commencing drilling.”

BACKGROUND:

A helicopter-borne high-resolution electromagnetic survey, followed by ground geophysics, and subsequent desktop review, has to-date identified a total of eight high priority targets prospective for nickel – platinum group metals (“PGMs”).  The first four high priority targets selected for drill testing have also been surveyed by NF-AMT geophysics, refining the target morphology and refining the parameters for eight drill holes designed to test these targets.

DEVELOPMENTS:

OPERATIONAL ELEMENTUPDATE
Natural Field Audio Magneto Telluric SurveyKKME has completed NF-AMT ground geophysical investigations on four high priority targets for massive nickel sulphide mineralisation in the Chipo Target Zone within the Molopo Farms Complex Project.The AMT survey was designed to provide a clearer 3D shape to the four EM targets being investigated and allow for further refining of the drill targets as KKME leads up to the drilling programme.
Method OverviewNF-AMT is an electromagnetic geophysical method for inferring the Earth’s subsurface electrical conductivity from measurements of natural geomagnetic and geoelectric field variation at the Earth’s surface.
RationaleThe advantage of the Natural Field Audio Magneto Telluric (NFAMT) method is, that in ideal conditions, Conductivity Depth Images (CDIs) can be derived to several kilometres depth.The CDIs will facilitate the understanding of the geology around the electromagnetic (EM) derived target areas. In addition, the method is not affected by zero-coupled zones and IP effects and can therefore reduce some of the ambiguity associated with large loop EM interpretation.
Work DoneThe NF-AMT survey was undertaken by Spectral Geophysics of Gaborone, Botswana, between 9 – 21 August, on four targets within the Chipo Target Zone of Licence PL311/2016.
Preliminary OutcomesThe fieldwork has successfully completed and has shown that all four EM targets are directly associated with NF-AMT conductors with good depth extension and increasing conductivity probably indicative of mineralisation with depth.The depths of all EM targets were confirmed with the top of a second priority target at about 200m below surface.All the targets are confirmed as steeply dipping with additional keel-shaped conductors identified to the south of priority targets 1 and 2, that will need follow-up in the near future.A full analysis of the new data will be completed prior to commencement of drilling.

COMPETENT PERSON STATEMENT

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

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