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#POW Power Metal Resources – Ditau Project – Exploration Programme Expansion

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 Ditau Camp Project (“Ditau” or the “Project”) located in southwest Botswana which is prospective for carbonatite hosted rare-earth element (“REE”) and base-metal mineralisation. Ditau is held within a 50/50 Joint Venture (“Kanye Resources”) with London-listed Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator.

Following completion of drillhole DITDD003, which was drilled into the i10 target, Power Metal in conjunction with Kavango have decided to expand the ongoing exploration programme. Initial observations in respect of DITDD03 were announced on 29 April 2022 and can be viewed at the follow link:

https://www.londonstockexchange.com/news-article/POW/ditau-camp-project-botswana-drilling-update/15432783

The expanded exploration programme will include 16.1 line-km of Audio-Magnetotelluric (“AMT”) geophysics surveys over various target areas.

DITDD003 is the first of six planned exploration drillholes to be completed at the Ditau Project as part of the ongoing drilling campaign. Based on results achieved thus far, Kanye Resources has confidence in the utility of its new AMT inversion modelling introduced this year and believes the expanded geophysical surveys will enable it to further optimise the location of planned drill collar locations.

Kanye Resources also announces the commencement of drilling of drillhole DITDD004 which is also targeting the i10 Target geophysical anomaly.

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

“It’s great to see the exploration programme at Ditau moving forward at pace with the second drill hole now underway. The Ditau Project represents a significant exploration opportunity, with a district-scale land holding believed to be prospective for rare-earth element mineralisation. This exploration comes at a critical time when this commodity group is in great demand, particularly from stable mining jurisdictions.

The work undertaken thus far, and the building knowledge we are collating, is highly valuable and I look forward to providing further updates to the market as additional developments occur.”

 

Operational Summary

–  Commencement of DITDD004, the second hole to target the i10 Target

–  The i10 Target is a discrete circular geophysical anomaly which is roughly 2.2km in diameter.

–  Kanye modelled the i10 Target using inversions of Aeromagnetic (“AEM”) combined with its interpretation of limited existing AMT data.

–  Kalahari sediment thickness was determined to be 105m based on the first hole drilled (DITDD003) which is consistent with the estimated thickness based on the AMT modelling completed.

–  An additional 16.1 line-km of AMT geophysical surveying is now planned with coverage over multiple drill target areas including:

–  1 line-km over the i10 Target;

–  5.5 line-km over the i8 Target; and

–  9.6 line-km over the i1 Target.

 

The plan is to collect high-frequency AMT profiles over near-surface potential carbonatite targets with the ultimate goal of better resolving the location of breccia zones and intrusive sills/dykes intersected in drillhole DITDD003. AMT surveys can aid geophysicists and geologists in mapping subsurface geological structures and layers; further identifying potential areas for mineralisation which allows for the refinement of drill targeting.

To date 12 targets from geophysics have been identified at the Ditau Project (i1 through i12) which Kanye believes could be carbonatites and/or intrusive complexes that may host carbonatites pipes. Carbonatites account for the primary source of mined rare-earth elements; and REEs are vital component materials in many high-tech industries.

As part of the ongoing exploration programme, Kanye is planning to drill test three geophysical targets (i10, i1 and i8).

 

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

Kavango Resources #KAV – Ditau i10 target motivation & drilling commencement

Kavango Resources plc (LSE:KAV) has commenced drilling the “i10” target (“Target i10”) at the Ditau Camp Project (“Ditau”), in southwestern Botswana. Target i10 is a discrete circular anomaly that is 2.2km in diameter and under an estimated 120m of sand cover. Kavango’s primary objective is to retrieve rock core to establish whether Target i10 is a carbonatite intrusive. Carbonatite complexes are the world’s primary source of rare earth elements (“REEs”) and other strategic/industrial commodities. REEs are strategically vital commodities in high-tech industries.

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW).

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

“The drill motivation for Target i10 is a comprehensive piece of work. Kavango’s team has worked hard over the last two years refining the exploration methodology leading to the design of the current Ditau drill campaign. Using the latest remote sensing technologies, we have created sophisticated targeting models to guide our exploration.

We will now become the first explorers to test this area’s potential for carbonatites, which are the world’s primary source of rare earth elements (“REEs”). REEs are strategically critical minerals, crucial to all high-tech industries.

Given the fact that carbonatites and kimberlites often occur in clusters, controlled by regional geological structural trends, the Ditau property location could be significant. We know that Ditau is in a known kimberlite “corridor”, so the backdrop to drilling is favourable.

It is now down to the “truth detector” to tell us what is down there.”

Highlights

–    Drill motivation

–    Target i10 is a discrete circular anomaly, 2.2km in diameter

–    Shallow depth, with Kalahari sediment and sand cover estimated at 120m, target zone directly underneath

–    Kavango modelled Target i10 using inversions of Aeromagnetic data (“AEM”), combined with the interpretation of Audio-Magnetotelluric (“AMT”) data

–    The targets have been independently verified to conform to an idealised model for carbonatite intrusives, based on their aeromagnetic signatures.

–    Idealised Ore Deposit Model

–    Target i10 is a “carbonatite pipe” type intrusive target

–    Apparent concentric “ring-like” lithological zonation and structure, which could relate to mineralized horizons

–    Target lies near the margin of the Kaapvaal Craton, a tectonic context common to mined carbonatites globally

–    Comparison made with Kangankunde carbonatite in Malawi

–    Drill operations

–    First of two planned boreholes into Target i10 commenced 15 April, targeting the core of the magnetic high

–    Camp secured & road access and drill pads completed

–    Water borehole successfully drilled & solar powered water pump installed

–    First hole is designated DITDD003

–    DITDD003 Target End-of-Hole (“EOH”) depth 400m

–    As of morning shift on 19 April (0600) DITDD003 has been drilled to 85.27m depth

–    Drilling to be conducted by Mindea Exploration & Drilling Services (Pty) (“Mindea”)

–    Plan to drill up to six 400m diamond core boreholes in current Ditau drill campaign, across 3 targets

Background to targeting

Kavango has identified 12 geophysical structures/targets at Ditau (targets i1 through i12), which the Company believes could be possible carbonatites and/or intrusive complexes that may host carbonatites. 9 of these targets are particularly well defined.

There are two target types at Ditau:

1)  Discrete kilometre-scale carbonatite pipe targets, and

2)  Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives and/or mafic associated mineralisation styles prospective for base metals

The 12 Ditau geophysical targets are not known to have been tested for either REEs or base metal mineralisation. Kavango identified these targets, which range in size from 1km to 20km in diameter, using modern geophysical interpretative techniques. Kavango has used combined and integrated Airborne Magnetics, Ground Magnetics and Audio-Magnetotelluric (“AMT”) surveys in the exploration of the area and for drill targeting.

Target i10

Kavango believes Target i10 could represent a discrete, kilometre-scale carbonatite pipe. This target is interpreted as a simple single phase carbonatite phase/pipe with a possible outer ring indicated by a weak magnetic low.

The geophysical anomaly is estimated to be 2.2km in diameter, with apparent concentric “ring-like” lithological zonation and structure. Kavango has surveyed Target i10 using Ground Magnetic and AMT technologies following from an initial modelling and interpretation of the regional Aeromagnetic data.

Kavango has provided a 3D inversion of the Target i10 Aeromagnetic data with an AMT section overlay on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns19april2022 

Based on analysis of the AMT section over Target i10, the sand cover is estimated to be roughly 120m deep. The magnetic inversion confirms that the primary target zone lies just underneath this cover.

To confirm the Company’s geophysical interpretation of Target i10, Kavango currently plans to drill two geological boreholes into i10 to confirm the presence of a carbonatite. The first hole will target the core of the magnetic high, while the second hole is designed to test the edge of the negative magnetic response.

Target i10 Idealised Ore Deposit Model

In its analysis of Target i10, Kavango has used the REE bearing Kangankunde carbonatite pipe (“Kangankunde”) in Malawi as a carbonatite model.

Kangankunde is one of the largest carbonatites in the Chilwa Alkaline Province (“Chilwa”) of Southern Malawi. Chilwa is a roughly 300km-diameter area, which comprises of Late Jurassic-Early Cretaceous alkaline rocks and clusters of carbonatites. Kangankunde is one of many carbonatites in Chilwa and is roughly 1.5km in diameter.

Kangankunde forms a low hill, 200m above the surrounding plain, with lower slopes composed of fenitised and locally fractured (brecciated) rocks with the upper slopes predominantly forming carbonatite.

Although Target i10 is buried under roughly 120m of Kalahari cover, its geophysical signatures are comparable to Kangankunde. Kavango’s interpretation of combined Aeromagnetic and AMT data of Target i10 indicates this geophysical anomaly could represent a simple, single phase carbonatite pipe, with a possible ring indicated by a weak magnetic low.

For comparison, Kavango has provided a geological map of Kangankunde on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns19april2022 

Carbonatites can exhibit significant lithological and structural variation, both between and within individual pipes. As such, to maximise the chances of success in exploring for carbonatite hosted REE deposits, it is common practice to drill multiple boreholes along fences into single targets. The geological map of Kangankunde illustrates the geological complexity and therefore the necessity for drilling multiple drillholes into carbonatite targets to elucidate the geology and locate potential indicators of mineralisation.

Drilling at Ditau

The drill camp is constructed and secure. All supporting equipment and personnel have been located to site.

Kavango has successfully drilled a 180m water borehole, which the Company believes should yield enough water to support drilling operations. A solar powered pump has been installed.

Road access between the drill camp, drill collar locations and water sources are also complete.

Drilling operations commenced on Friday 15 April. In total, Kavango expects to drill up to 6 diamond core holes in the current campaign (totalling 2,400m). Each hole has an anticipated target EOH depth of 400m, and the Company aims to test 3 of the 12 geophysical targets at Ditau.

The Company and its contractors have designed the current Ditau drill campaign to be flexible and guided by results. The plan is to test both possible carbonatite pipes and possibly related large-scale intrusive complexes (which may also be host to discrete carbonatite bodies).

Kavango will release a comprehensive report on the outcome of current planned 6-hole drill campaign once all data has been processed and verified.

Depending on the success of the current drill campaign, Kavango has identified a further 17 drill collar locations for future test-drilling across all 12 geophysical targets/structures.

Ditau regional geological setting

Carbonatites often occur in “swarms” or clusters, oriented along favourable and clearly defined deep continental scale geological, structural trends. The 12 Ditau geophysical structures occur along a southwest-northeast regional corridor, along the south-eastern edge of the trend that hosts the Mabuasehube and Kokong kimberlite groups. Desktop analysis of regional data by Kavango’s geologists suggests this trend is parallel to other corridors that host other kimberlite groups in Botswana and northwest Angola. In the latter these trends are known to host both kimberlite and carbonatite intrusives, meaning that the presence of one is a strong indicator for the other.

In addition to the known presence of kimberlites within the “Ditau trend” (in numerous published reports and maps), and supporting the possible presence of carbonatites, are an as yet small cluster of carbonatite intrusives (KW2, definite, and KS12 & KS36 possible bodies) in the vicinity of the project (the “Falconbridge Carbonatites”). The Falconbridge Carbonatites were drilled by Falconbridge Exploration Botswana (Pty) Ltd in the late 1970’s-early 1980’s, to the immediate north of and 30km along strike to the northeast of the Ditau project.

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea Exploration and Drilling Services (Pty) (“Mindea”) will conduct the drilling.

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 

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson             

SI Capital Limited (Joint Broker)    

+44 1483 413500

Nick Emerson

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists.  Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralisation and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.

NOTES TO EDITORS

THE DITAU CAMP PROJECT

The Ditau Camp Project comprises two Prospecting Licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical and geochemical analyses by Kavango in the two PLs have identified 12 “geophysical structures” of which 9 have clear indications of being “ring structures”.

The “ring structures” have the potential to host carbonatite and other intrusive rocks.

Carbonatites are the principal source of rare earth elements (“REEs”) including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and Copper.

Mafic intrusives have potential to host base and precious metals, as seen in the Molopo Farms Project, Selebi Phikwe and Tati Nickel deposits in Botswana.

Power Metal Resources #POW – Diamond Drilling Commences at the i10 Target – Seeking Rare-Earth Element Carbonatite Intrusives

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolioannounces that diamond drilling has now commenced at the i10 Target (“i10” or the “Target”) located within the Ditau Camp Project (“Ditau”), southwestern Botswana.

The i10 Target is marked by a discrete, circular, geophysical anomaly that is 2.2km in diameter and under an estimated 120m of sand cover. Kanye’s primary objective is to retrieve diamond core to establish whether the Target’s geophysical anomaly is caused by a carbonatite intrusive. Carbonatites are the world’s primary source of rare-earth elements (“REEs”) and other strategic/industrial metals including copper.

The Ditau Camp Project is held by Botswana based Kanye Resources Pty Limited (“Kanye”), which is a 50/50 joint-venture partnership with Kavango Resources plc (LSE:KAV) (“Kavango”) – who are the operators.

Highlights

–    Drill motivation

–  The i10 Target is highlighted by a discrete circular magnetic anomaly, measuring 2.2km in diameter

–    The Target is interpreted to lie at a shallow depth, below an estimated 120m of Kalahari sand cover – based on Audio-Magnetotelluric (“AMT”) data obtained over i10.

–    Kanye has successfully completed aeromagnetic and AMT inversions over the Target.

–   The Target has been independently verified to conform to an idealised model for carbonatite intrusives, based on its aeromagnetic signature.

–    Idealised Ore Deposit Model

–    I10 is a carbonatite pipe intrusive target

–  Based on the magnetic signature, the Target has concentric “ring-like” lithological zonation, which could relate to rare-earth element mineralised horizons

–  Target lies near the margin of the Kaapvaal Craton, a tectonic context common to other carbonatites globally

–    Drill operations

–    Camp secured, road access and drill pads completed

–    Water borehole successfully drilled and solar powered water pump installed

–   First of two planned drillholes at i10, hole DITDD003, commenced drilling on 15 April 2022, which is targeting the core of the magnetic high and has a target depth of 400m

–    Drilling is being conducted by Mindea Exploration & Drilling Services (Pty) (“Mindea”)

–   The plan is to drill up to six ~400m deep diamond drillholes at Ditau, including 2 drillholes at three separate magnetic anomlies, including i10.

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

“I have talked previously about the confidence we hold in the geological prospectivity across our projects in Botswana. That confidence means within an 18 month period, with Molopo, Tati and now Ditau, we have launched three drill programmes.

The Molopo drill programme successfully confirmed the presence of nickel, Tati confirmed the presence of gold and now we seek confirmation of rare earth elements at Ditau. 

To say we are excited about the prospects for our interests in Botswana is an understatement. Let’s see what this drill programme delivers.”

Background Targeting

The Ditau Camp Project is centred around 12 unique geophysical anomalies (targets i1 through i12), which Kanye believes could be caused by possible carbonatites and/or intrusive complexes that may host rare-earth element mineralisation.

Targets i1 – i12 are seperated into two main target types:

1)    Discrete kilometre-scale carbonatite pipe targets, and

2)  Larger, multi-kilometre scale intrusive complex targets that may also be host to carbonatites and/or mafic intrusive bodies prospective for base-metal mineralisation.

The 12 Ditau geophysical targets are not known to have been drill tested for either REEs or base-metal mineralisation historically. Kanye originally identified these targets, which range in size from 1km to 20km in diameter, using interpretation of airborne magnetic data. To date, Kanye has used combined airborne- and ground-magnetic, and AMT surveys in the exploration at Ditau.

Target i10

Kanye believes the i10 Target anomaly could be caused by a discrete, 2.2km wide carbonatite pipe. The Target is interpreted as a simple, single phase carbonatite pipe with a possible outer ring indicated by a weak magnetic low ringing the main magnetic high feature.

A 3D inversion of the aeromagnetic data with an AMT section overlay of the I10 Target can be found at Kavango’s website at the link below:

https://www.kavangoresources.com/media-library/news-release-media/rns19april2022

Based on analysis of the AMT data over i10, the Kalahari sand cover is estimated to be roughly 120m thick. The magnetic inversion results confirm that the primary target zone lies just underneath this sand cover.

To confirm the current geophysical interpretation of the i10 Target, Kanye is currently planning to drill two diamond drillholes into i10. The first drillhole, which is currently underway, will target the core of the magnetic high, while the second hole is designed to test the edge of the geophysical anomaly.

Target i10 Idealised Ore Deposit Model

In the analysis of geophysical data over i10, Kavango has used the rare-earth element bearing Kangankunde carbonatite pipe (“Kangankunde”) located in Malawi as a model.

Kangankunde is one of the largest carbonatites within the Chilwa Alkaline Province (“Chilwa”) at ~1.5km in diameter. Chilwa is a roughly 300km in diameter, and is comprised of Late Jurassic-Early Cretaceous alkaline rocks with clusters of carbonatite pipes – including Kangankunde.

At the surface, Kangankunde forms a low hill, which rises approximately 200m above the surrounding plains, with lower slopes composed of fenitised and locally fractured (brecciated) rocks with the upper slopes predominantly of carbonatite intrusive rocks.

Although the i10 target is buried under roughly 120m of Kalahari sand cover, Kanye’s geological team believe that the geophysical signatures are comparable to that of Kangankunde. The highlight the various similarities, a geological map of Kangankunde can be found on Kavango’s website at the link below:

https://www.kavangoresources.com/media-library/news-release-media/rns19april2022

Carbonatites can exhibit significant lithological and structural variation, both between and within individual pipes. As such, to maximise the chances of exploration success in exploring for carbonatite hosted REE deposits, it is common practice to drill multiple boreholes along a fence pattern into a single target. The geological map of Kangankunde illustrates its concentric geological complexity and therefore the necessity for drilling multiple drillholes within i10 to elucidate the geology and locate potential indicators of REE or base-metal mineralisation.

Ongoing Drilling Operations

The drill camp has been constructed. All supporting equipment and key personnel are currently  located on site.

Kanye has successfully drilled a 180m deep water borehole, which should yield enough water to support ongoing drilling operations. A solar powered pump has been installed and is currently operational.

Road access between the drill camp, drill collar locations and water sources is also complete.

Drilling operations successfully commenced on Friday 15 April 2022. In total, Kanye expects to drill up to 6 diamond drillholes as part of the current campaign (totalling ~2,400m). Each hole has an anticipated target depth of 400m, and Kanye aims to test 3 of the 12 geophysical targets as part of the ongoing drilling campaign.

Kanye and its contractors have designed the current Ditau drill campaign to be flexible and guided by ongoing visual results. Kanye will release field and laboratory results on the current planned 6-hole drill campaign once all data has been received, processed and verified.

Contingent on results from the ongoing drilling campaign, Kanye has identified a further 17 drill collar locations for future drill testing across all 12 geophysical targets/structures at Ditau.

Regional Geological Setting

Carbonatite intrusives often occur in swarms or clusters, oriented along favourable and clearly defined deep continental scale geological and structural trends. The 12 geophysical structures at Ditau occur within a southwest-northeast oriented corridor, part of the same corridor that host the Mabuasehube and Kokong kimberlites. Desktop analysis of regional geological and geophysical data by Kanye’s geologists suggest that this trend is sub-parallel to other corridors that host other kimberlite groups in Botswana and northwest Angola. In the latter, these trends are known to host both kimberlite and carbonatite intrusives, meaning that the presence of one is a strong indicator for the other.

In addition to the known presence of kimberlites within the geological corridor where Ditau is located, and further enhancing the prospectivity for Carbonitites on the Project, there is a small known cluster of carbonatite intrusives including KW2, Definite, KS12 and KS36 (the “Falconbridge Carbonatites”) which are located near to the Project. The Falconbridge Carbonatites were drilled by Falconbridge Exploration Botswana (Pty) Ltd in the late 1970s and early 1980s, to the immediate north of and 30km along strike to the northeast of the Ditau Project.

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 all Properties complete. Next steps upcoming.

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.

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 Fundraising – Paul Johnson talks to Alan Green

Power Metal Resources #POW Fundraising – Paul Johnson and Alan Green discuss junior resource stocks and the sense that the sector ‘malaise’ is starting to bottom out. We discuss the placing announced this morning, which raised just over £1m to accelerate strategic expansion. We look at developments at the Katoro Haneti JV, discuss expansion at the Athabasca uranium project near Saskatchewan and the ‘bonanza’ silver grades at the Canada Silver Peak project. Paul discusses the progress of the IPO’s, including Golden Metal and FDR and outlines upcoming developments in Q1 2022.

Power Metal Resources #POW – CEO Paul Johnson talks to Alan Green about this week’s developments in Australia and the USA

Alan Green talks to Power Metal Resources #POW CEO Paul Johnson from the Sussex Innovation Centre podcast studio about the geophysics bullseye target found at the FDR #Copper #Gold project at the Paterson Province, Australia, plus the option agreement to purchase the Pilot Mountain Project from #Thor Mining to add to the #Golconda, #Stonewall & #Garfield projects in #Nevada. Paul also talks about the upcoming project spinoff IPOs

Power Metal Resources #POW – Alan Green talks to CEO Paul Johnson

Power Metal Resources #POW CEO Paul Johnson talks to Alan Green about his major commitment to the company and the 74.5m shares he, his family and Value Generation Ltd hold in the business. Paul discusses how the IPO process will generate value for shareholders, and for POW. Finally Paul updates on all key projects including the Silver Peak project in British Columbia, the Hemlo-Schreiber Gold belt project, the Goldconda and Stonewall project in Nevada, and in Australia the Red Rock #RRR Australasia JV in Victoria and Paterson Province FDR JV in the Pilbara. We finish on the African portfolio including the Botswana Molopo Farms Project, Kalahari Copper Belt South Ghanzi Acacia and Morula prospects and Ditau joint ventures with Kavango Resources #KAV, the Tanzania Haneti Nickel JV with Katoro Gold #KAT and the DRC Copper Cobalt project.

Kavango Resources #KAV – KCB: significant expansion of Kanye Resources

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Kanye Resources (“Kanye”) has completed the acquisition of 8 new prospecting licences (“PLs”) in the Kalahari Copper Belt (“KCB”) for a total consideration of US$430,000.

Kanye is a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”), which already owns the South Ghanzi Copper Exploration Project (“South Ghanzi”) and the Ditau Camp Rare Earth Elements (REEs”) Exploration Project (“Ditau”). Kavango is the operator of Kanye.

The acquisition of the 8 new prospecting licences represents a significant expansion of Kanye’s exploration footprint in the highly prospective KCB. Kanye now controls 4,257km2 of exploration ground in its search for major copper/silver deposits.

Highlights

Ø Kanye has completed two separate acquisitions to purchase 100% of the eight PLs. All the PLs have now been transferred to Kanye by the Ministry of Mines and new Prospecting Licences issued. These include:

–  Four PLs in proximity to the town of Ghanzi in the central zone of the Botswana KCB from Shongwe Resources (Pty) Ltd for US$200,000 (the “South Ghanzi Extension Licences”).

–  Four PLs near the town of Mamuno on the Namibian border for US$230,000, from Vinmarsh Interprises (Pty) Ltd (the “Mamuno Licences”).  

–  Kanye’s now controls 4,257km2 of PLs in the KCB

Ø The South Ghanzi Extension Licences

–  Cover 481km2

–  2 of the new PLs are contiguous with Kanye’s existing South Ghanzi Project and the other 2 are within the same structural zone.

–  Exploration at South Ghanzi is considerably advanced, with 7 major copper/silver targets identified

–  Drill locations are currently being finalised

Ø The Mamuno Licences

–  Cover 2,482km2 and are on the western boundary of the Botswana KCB

–  Feature a large anticlinal (possible dome) system, similar to that recently identified at South Ghanzi.

–  Appear to include at least 3 anticlines in this system, with intervening synclines (highly prospective formations for copper/silver exploration)

–  Include visible outcropping of Ngwako Pan and D’kar Formation contacts, with little to no Kalahari Sands

–  Are well served by the tarred Trans-Kalahari Highway (Gaborone-Windhoek-Walvis Bay)

Ø KCB Environmental Management Plan (“EMP”)

–  Kavango has received final feedback from the Ministry of Mines

–  Final processing of the KCB EMP is underway

–  The proposed EMP covers both the South Ghanzi Extensions and Mamuno Licences

Ø Immediate expansion of exploration in the KCB

–  Desktop analysis of all known data sources underway to enhance exploration models

–  Kavango to deploy 4 field teams to the KCB to begin extensive soil sampling

–  Plans being finalised to increase number of teams on the ground

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

“The acquisition of the South Ghanzi Extension and Mamuno Licences immediately quadruples Kanye Resources’ land holding in the burgeoning KCB..

While our ongoing drill campaign in the Kalahari Suture Zone continues to attract the most headlines, our interests in the KCB could prove to be company makers in their own right, both for Power Metal Resources and Kavango.

The exploration model in the KCB is well established, but our team on the ground has developed a number of innovative in-house methods, which we are confident give us a strong competitive advantage. Refinement of these exploration methods has helped us identify what we believes is highly prospective ground and encouraged us to move swiftly to acquire the new prospecting licences.

With the excellent progress we are making at South Ghanzi, expanding our holdings here was an obvious move. However, the inclusion of the Mamuno Licences could prove to be very exciting. Our initial analysis suggests the geological model looks to be very similar to that at South Ghanzi, but the formation sizes are much bigger. We are looking forward to deploying our teams to the area as soon as we are able to.”

The South Ghanzi Extension and Mamuno Licences

Further to the announcement on 29 March 2021, Kanye has completed the acquisition of the South Ghanzi Extension and Mamuno Licences

The South Ghanzi Expansion PLs are four relatively small licences, two of which are adjacent to the Ghanzi South Project and appear to contain structures that Kanye has identified as being prospective from Airborne Electromagnetic surveys. Of the other two, one is an area previously relinquished by the former MOD Resources containing a soil-sampling anomaly and the other is an area west of PL036/2020 which, though small, has excellent prospectivity.

The Mamuno Licences are four contiguous PLs that cover a large anticlinal system (dome?) that is plunging towards the west – similar to that recently identified at South Ghanzi (PL 36/2020). However, the anticlinal structures at Mamuno appear to be significantly bigger. The dome is made up of at least three anticlines with intervening synclines. The Ngwako Pan and D’kar Formation contacts (a possible redox boundary?) is outcropping or sub-outcropping. This contact appears to extend for over 100km. Over much of the ground, the Kalahari sands are quite thin.

The area is well served by the Trans-Kalahari Highway, which links Gaborone/Johannesburg with Windhoek/Walvis Bay (international port). Mamuno is a border town (Namibia/Botswana).

The POW/KAV Joint Venture

The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. All PLs have been transferred into a Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.

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

Kavango Competent Person Statement

The technical information contained in this announcement has been read and approved by Mr Mike Moles (BSc (Geology) & BSocSci (African Studies), who is a Member of the Australian Institute of Mining & Metallurgy (MAusIMM) and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles is a beneficial shareholder of Kavango Resources plc.

NOTES TO EDITORS

 KAVANGO’S INTERESTS IN THE KALAHARI COPPER BELT

Kavango’s exploration licenses in the KCB include:

Kanye Resources

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

The LVR Project

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 .

THE SOUTH GHANZI PROJECT GEOLOGICAL SETTING

The South Ghanzi Project and LVR Project areas include lengthy redox boundaries, close to surface, that represent excellent exploration targets.

The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.

Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges and shear zones. Fold hinges pointing upwards are known as anticlines, while the downward pointing hinges are called anticlines.

Several large copper/silver ore deposits have been discovered on the KCB in association with anticlines in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and many are amenable to open pit mining operations.

Accumulations of metals can be traced along the strike of geochemical reduction-oxidation (“redox”) boundaries (sometimes for many kilometres) because they often contain iron and have a higher magnetic signature than the surrounding rock.

SOUTH GHANZI EXPLORATION STRATEGY

The South Ghanzi PLs lie within the Central Structural Corridor of the KCB immediately south of the town of Ghanzi.

Sedimentary horizons hosting copper/silver mineralisation in the KCB are known to be conductive. AEM surveys are a recognised and tested exploration method for identifying high priority drill targets.

Kavango’s strategy in the KCB is to identify conductive targets and then to complete follow up investigation, using other proven exploration methods including geological mapping and testing of soil geochemistry through extensive sampling. The correlation of positive zinc and copper soil geochemistry readings to positive AEM results is a highly encouraging exploration vector.

Given Kavango’s understanding of the regional lithology and stratigraphy of the KCB, the Company is optimistic about the progress it has made in South Ghanzi over recent months.

Specifically, the identification of a number of smaller anticlines associated with conductors suggests there are seven large, promising drill targets at South Ghanzi.

Power Metal Resources #POW – Acquisition of 8 new Prospecting Licences at the KCB increases the ground holding of local operating company Kanye Resources to 4,257km2

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces a significant expansion of exploration ground, targeting district scale copper-silver discoveries, in the Kalahari Copper Belt (“KCB”), Botswana.

The acquisition of eight prospecting licences (“PLs”) increases the strategic ground held by the South Ghanzi Project (“South Ghanzi” or the “Project”) by 229% to 4,257km2, making one of the largest licence footprints in the KCB.

The acquisition was completed by the Project’s local operating company Kanye Resources Pty Ltd (“Kanye”), in which Power Metal and joint venture (“JV”) partner Kavango Resources plc (LON:KAV) (“Kavango”) each have a 50% interest.

A map showing all the PLs held by Kanye can be viewed on the Company’s website through the following link:

https://www.powermetalresources.com/kalahari-copper-belt-licence-map/

The acquisition was originally announced to the market on 29 March 2021 and was subject to due diligence and licence transfer which has now been completed successfully.  The original announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/kalahari-copper-belt-business-update/14916399

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

“With the exploration success Power Metal and Kavango have achieved to date at the South Ghanzi Project, this substantial expansion of our land position within the KCB is a major development for our Company.

Without question the KCB joint venture with Kavango is currently one of Power Metal’s highest priorities and we have got to this point in short order through the exceptional work undertaken by the Kavango operational team.

The progress achieved in the KCB demonstrates the value we can generate for our shareholders when we focus our financial and managerial resources on projects that deliver high-impact exploration results efficiently and effectively.

We eagerly look forward to the planned drill programme at South Ghanzi, as well as inaugural and ongoing exploration results at our newly expanded land package within the KCB.”

ACQUIRED LICENCE HIGHLIGHTS:

Kanye has completed two separate acquisitions to purchase 100% of the eight PLs. All the PLs have now been transferred to Kanye by the Ministry of Mines and new Prospecting Licence documentation has been issued. These include:

–  Four PLs in proximity to the town of Ghanzi in the central zone of the Botswana KCB from Shongwe Resources (Pty) Ltd for US$200,000 (the “South Ghanzi Extension Licences”).

–  Four PLs near the town of Mamuno on the Namibian border for US$230,000, from Vinmarsh Interprises (Pty) Ltd (the “Mamuno Licences”).  

Cash acquisition costs have been funded equally by Power Metal and Kavango from existing cash resources and Kanye now controls 4,257km2 of PLs in the KCB. The cost to Power Metal amounts to US$215,000 (c.£153k) funded from existing cash resources. 

The South Ghanzi Extension Licences (481km2)

· The original South Ghanzi Project included two licences (PL036/2020 and PL037/2020) covering an area of 1,294km2 south of the town of Ghanzi in the KCB. 

· The South Ghanzi Extension PLs include four licences, two of which are adjacent to the South Ghanzi Project, which cover prospective structures identified from their recently completed Airborne Electromagnetic (“AEM”) survey.

· A further two licences include one licence comprising an area previously relinquished by MOD Resources Ltd (MOD Resources Ltd was acquired by Sandfire Resources NL (ASX:SFR) in October 2019), containing a soil-sampling anomaly, and one licence in an area west of PL036/2020 which is considered to be prospective for copper-silver mineralisation.

· Exploration at South Ghanzi is considerably advanced, with seven major copper/silver targets identified to date and locations for the planned upcoming drill programme currently being finalised.

The Mamuno Licences (2,482km2)

· The Mamuno Licences are four contiguous PLs on the western boundary of the KCB that cover a large anticlinal (possibly dome) system; that is plunging towards the west.

· The anticlinal structures at Mamuno are similar to that recently identified at the South Ghanzi Project (within PL 036/2020) and appear to be significantly larger.

· Within the licence area, the Ngwako Pan and D’kar Formation contact zone is variably exposed for over 100km (covering a possible reduction-oxidation (“redox”) boundary). The Kalahari sand cover over this exposed contact zone is relatively thin.  

· The area is well accessed by the Trans-Kalahari Highway, which links the cities of Gaborone and Johannesburg with Windhoek and Walvis Bay in Namibia. Mamuno is a border town located near the Botswana and Namibia border.

KCB Environmental Management Plan (“EMP”)

Kavango has received final feedback from the Ministry of Mines and final processing of the KCB EMP is underway.  Receipt of EMP approval is a key step required before exploration drilling can take place on PL areas.

The proposed EMP covers both the South Ghanzi, South Ghanzi Extension and Mamuno Licences. 

Immediate expansion of exploration in the KCB

In-depth desktop analysis is underway on the recently acquired licences.

Kavango will deploy four field teams to the KCB to begin extensive soil sampling and plans are being finalised to further increase number of teams on the ground.

This work is in addition to the planned drill programme at the South Ghanzi Project targeting copper-silver discoveries.  Further information with regard to drill targets and the programme itself will be provided to the market in due course. 

JOINT VENTURE STRUCTURE

The KCB PLs (South Ghanzi, South Ghanzi Extension and the Mamuno Licences) are held in the name of Kanye Resources (Pty) Ltd, a private Botswana company in which Power Metal and Kavango each have a 50% interest through Kanye Resources plc, a UK holding company.

Exploration costs are equally shared. Kavango is the operator. There are plans to IPO Kanye Resources plc on a recognised stock exchange.

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 principle focus on opportunities offering district scale potential across a global portfolio including precious and base 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.

Kavango Resources #KAV – KCB: South Ghanzi – 18km long open target at Morula

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce further encouraging soil sampling results from PL 036/2020 (“South Ghanzi Project”) in the Kalahari Copper Belt (“KCB”).

150km of soil sampling lines have now been completed over the Acacia and Morula targets on the South Ghanzi Project. Morula is now estimated to be at least 18km long (up from 12km previously announced) and between 800m and 2.4km in width. The anomaly remains open along strike in both directions.

In addition to this, a third sub-parallel geochemical anomaly has been identified immediately to the south of Morula. This target (designated name “Happy”) appears to be at least 5km long and 700m wide.

Promising, in-soil copper readings have been recorded on all three targets (Acacia, Morula and Happy).

The South Ghanzi Project is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.

Highlights

Ø Extension of infill soil sampling

–  Additional infill soil sampling lines extended from 5.5km to 11km

–  Longer lines led to the identification of the Happy Target.

–  Total of 150km of soil sampling lines now complete over Acacia, Morula and Happy

–  2,105 soil samples taken

–  1,199 samples returned copper in soil readings >30ppm

–  1,050 samples returned zinc in soil readings >29ppm (zinc is a “pathfinder” element for sedimentary hosted Copper-Silver deposits)

Ø 11 additional sample lines over Morula have confirmed:

–  The target is at least 18km in length

–  Width varies from 800m to 2.4km

–  Open along strike in both directions

–  63 highly anomalous copper readings >45ppm, with 5 results >62ppm

–  Zinc in soils correlates closely with copper readings, including 95 highly anomalous zinc readings of >71ppm Zinc including 9 results >91ppm

–  The clearly defined mineralised system appears to follow a large regional fault/shear zone

Ø New copper/zinc in soils anomaly identified as the Happy Target:

–  5km long and 700m wide

–  Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm, and 28 samples assaying between 71ppm to 86ppm zinc.

Ø Next steps

–  Induced Polarization (IP) and Audio-frequency  Magnetotellurics (AMT) surveys planned to define drill targets

–  Further soil sampling on Acacia, Morula, Happy and other targets in the South Ghanzi Project

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

“Morula is big. The maps we will publish on our website of the soil sampling result paint a compelling visual picture, but we remain grounded at this stage.

As exciting as the development of Morula is, we will only ever be able to prove if there is an economic resource there by drilling. We expect the Environmental Management Plan to be awarded in the very near future. At that point we can finalise plans for mobilising a rig to the South Ghanzi Project.

I would like to thank our team in the Kalahari Copper Belt for their dedication, their creativity and their ambition. The decision to double the length of the soil sampling lines appears to have paid off, with the identification of the Happy Target.

With the additional funds we recently raised, Kavango can now plan confidently for much more extensive exploration in the field, including accelerated drilling as soon as we are able.”

 

Background to Targets Morula and Acacia

Ø The Acacia Target is a 4km x 4km conductor on the northern boundary of PL 036/2020

–  Situated within a fold “nose”, which is plunging southwest

–  Lies just above the D’Kar – Ngwako Pan contact zone.

–  Made up of at least 4 individual pods, which emit strong EM readings.

–  Soil geochemistry directly over the anomaly demonstrates highly elevated levels of copper (>42ppm) and zinc (>75ppm).

–  Considered to be the highest priority drill target until the Morula Target was identified.

–  Zinc is a key pathfinder element for the discovery of major copper/silver deposits within the KCB

Ø The Morula Target is estimated to be between 800m and 2.4km wide with at least 18km of strike on a south-westerly trend along the central backbone of PL 036.

–  Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined AEM linear conductor.

–  Geological mapping, the AEM data and the soil geochemistry suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.

–  It appears to be a linear zone of deformed rocks, lying where the syncline (between 2 anticlines) should be located.

–  Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were 7km apart.

–  This was followed by four 4km long infill soil sample lines (1km apart with 100m sample intervals) to close the gap

–  All soil sample lines returned readings with significant concentrations of copper (35ppm to 62ppm) and zinc (59ppm to 111ppm) confirming the continuity of the geochemical anomaly over a strike of 18km.

–  AEM profiles suggest that the depth of mineralisation is relatively shallow such that initial drilling depths would be less than 200m.

Ø The Happy Target is estimated to be between 700m and 2.4km wide with 5km of strike sub-parallel to Morula.

–  Discovered by extending soil sampling lines south of the Morula Target

–  Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm, and 28 samples assaying between 71ppm to 86ppm zinc.

The POW/KAV Joint Venture

The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.

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

Kavango Competent Person Statement

The technical information contained in this announcement has been read and approved by Mr Mike Moles (BSc (Geology) & BSocSci (African Studies), who is a Member of the Australian Institute of Mining & Metallurgy (MAusIMM) and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles is a beneficial shareholder of Kavango Resources plc.

Power Metal Resources #POW – Latest KCB Soil Sampling Extends Morula Target Geochemical Anomaly to Over 18km

Power Metal Resources PLC (LON:POW) a AIM listed metals exploration and development company is pleased to announce results from further geochemical soil sampling and geological mapping on the Morula Target in Prospecting Licence (“PL”) 036/2020 at the South Ghanzi Project (“South Ghanzi” or the  “Project”) located in the Kalahari Copper Belt (“KCB”), Botswana.

South Ghanzi is held under a 50/50 Joint Venture (“JV”) with Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator of the Project.

A total of 150km of soil sampling lines have now been completed over South Ghanzi’s Acacia and Morula targets. The Morula Target geochemical anomaly is now over 18km long (up from 12km previously announced on 21 June 2021) and varies between 800m and 2.4km in width. The geochemical anomaly remains open along strike in both directions towards the northeast and southwest.

In addition to this, a third sub-parallel geochemical anomaly has been identified immediately to the south of the Morula Target. This target (designated name “Happy”) is approximately 5km long and approximately 700m wide.

A map displaying South Ghanzi copper geochemical results is available to view on the Company’s website through the following link:

https://www.powermetalresources.com/south-ghanzi-copper-map/ 

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

“The current 18km length of the Morula Target is dramatic, particularly as the target remains open in both directions.  Alongside this the discovery of a further geochemical anomaly named “Happy”, is another surprising and positive development at South Ghanzi.

What is also encouraging is that we are seeing strong coincidence between the copper-zinc geochemical anomalism with previously defined airborne electromagnetic (“AEM”) conductors.

Work continues on the Project and a key focus will be ground geophysics which will help us define drill targets which we plan to drill test subject to approval of the Environmental Management Plan.

Kavango’s in-country operations team have done a fantastic job executing on the various exploration plans and South Ghanzi has quickly become a key focus for Power Metal Resources.

Whilst the drill programme is the critical step to determine the tenor of mineralisation below the surface at South Ghanzi, the strength of exploration data that has been acquired thus far demonstrates that the Project holds major discovery potential for sedimentary hosted copper-silver mineralisation.” 

PROGRAMME HIGHLIGHTS:

· Extension of infill soil sampling

–  Additional infill soil sampling lines extended from 5.5km to 11km.

–  Longer lines led to the identification of the Happy Target.

–  Total of 150km of soil sampling lines now complete over the Acacia, Morula and Happy targets.

–  A total of 2,105 soil samples have now been taken over all targets.

–  1,199 samples returned Cu-in-soil readings >30ppm Copper (“Cu”).

–  1,050 samples returned Zinc (“Zn”) in-soil readings >29ppm Zn (zinc is deemed to be a “pathfinder” element for sedimentary hosted Copper-Silver deposits).

· Eleven additional sample lines over the Morula Target have confirmed:

–  The geochemical anomaly is greater than 18km in length.

–  Varies between 800m to 2.4km in width along its extent.

–  Open along strike in both directions towards northeast and southwest.

–  63 highly anomalous copper readings of >45ppm Cu, with 5 results >62ppm Cu.

–  Zn-in-soil results correlate closely with copper readings including 95 highly anomalous zinc readings of >71ppm Zn, including 9 results >91ppm Zn.

–  The clearly defined geochemical base metal anomaly appears to follow a large northeast-southwest regional fault/shear zone.

· New copper/zinc in soils anomaly identified as the Happy Target:

–  Approximately 5km long and 700m wide.

–  Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm Cu, and 28 samples assaying between 71ppm to 86ppm Zn.

· Next steps

–  Geophysics: Induced Polarization (IP) and Audio-frequency Magnetotellurics (AMT) surveys planned to define drill targets.

–  Further soil sampling on Acacia, Morula, Happy and other targets in the South Ghanzi Project. 

BACKGROUND TO THE MORULA,  ACACIA and HAPPY TARGETS

· The Acacia Target is defined by a 4km x 4km conductor on the northern boundary of PL 036/2020

–  Located within a fold “nose”, which is plunging southwest .

–  Lies just above the D’Kar – Ngwako Pan formation geological contact zone.

–  Made up of at least 4 individual pods, which emit strong electro-magnetic (EM) geophysics readings.

–  Soil geochemistry directly over the AEM anomaly demonstrates elevated levels of copper (>42ppm) and zinc (>75ppm).

–  Along with the newly defined Morula Target, Acacia is one of the highest priority drill targets at South Ghanzi.

· The Morula Target is estimated to be between 800m and 2.4km wide with at least 18km of strike length on a south-westerly trend along the PL 036/2020 licence boundary.

–  Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined slightly offset AEM geophysics linear conductor.

–  Geological mapping, AEM conductivity results as well as the latest soil sampling data suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.

–  Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were initially 7km apart.

–  Follow up soil sampling included four 4km long infill soil sample lines (1km apart with 100m sample intervals).

–  All soil sample lines returned readings with significant copper and zinc anomalisms confirming the continuity of the geochemical anomaly over a strike length of 18km.

–  AEM profiles suggest that the depth of mineralisation is relatively shallow at an estimated depth of roughly 200m.

· The Happy Target is estimated to be between 700m and 2.4km wide and 5km along strike which is sub-parallel to the Morula Target.

–  Discovered by extending soil sampling lines south of the Morula Target.

–  All soil sample lines returned readings with significant concentrations of copper and zinc anomalism.

THE POWER METAL/KAVANGO JOINT VENTURE

The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc, an England and Wales public company.

Exploration costs are equally shared. Kavango is the operator of the Project.

Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd which is wholly owned by Kanye Resources plc.

There are plans to list Kanye Resources plc on a recognised stock exchange.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious and base 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.

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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