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Alan Green talks to Power Metal Resources #POW CEO Paul Johnson – Building a Mid-Tier Business

Power Metal Resources #POW CEO Paul Johnson and Alan Green discuss the strategic aims of POW before looking at progress across key projects during Q1 and upcoming development milestones for Q2.

Paul updates on the Red Rock #RRR Australasia RRAL JV in Victoria, plus Paterson Province options in Australia, the Botswana KCB and Ditau joint ventures with Kavango Resources #KAV and the drilling results from the Molopo Farms project. The Haneti Nickel JV with Katoro Gold #KAT in Tanzania is covered, before we move to Canada and discuss the new Hemlo Gold belt projects and progress at Silver Peak. Paul covers the three separate project spinoffs and potential IPOs (RRAL, Kanye and Silver Peak), and explains how this will help POW to build working capital and ultimately lead to shareholder distributions.

Paul discusses the strong funding position enjoyed by Power Metal, and explains how being a major shareholder in the company is his key motivation.

Power Metal Resources #POW CEO Paul Johnson provides a quickfire three question update

Power Metal Resources #POW CEO Paul Johnson provides a quickfire three question update about the company ahead of the main interview released later today

Power Metal Resources #POW – Haneti Nickel PGM JV with Katoro Gold #KAT, Decision to Proceed with Diamond Drilling Programme

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

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

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

“We are delighted to report that following receipt of the results from the recently completed RAB drill programme a decision has been made to advance the Haneti Nickel PGM Project to deep diamond drilling. 

The extra geological information provided by the recent shallow drilling results and the discovery of new gossanous nickel-copper-magnetite veining at Mihanza Hill, have confirmed that we should proceed to deep diamond drilling in order to assess the potential for economic nickel sulphide mineralisation at Haneti. 

With the diamond drilling programme design and drilling contractor appointment currently underway we look forward to providing further updates shortly.”

HIGHLIGHTS:

  • A maiden diamond drilling programme is now planned to test for nickel and PGM sulphide mineralisation at depth following the successful completion of the shallow RAB drilling programme at Mihanza Hill and Mwaka Hill and the identification of intensely weathered nickel-copper-magnetite veins at a new outcrop at Mihanza Hill.
  • Following the completion of the 50 hole (1,965m) shallow RAB drilling programme at Mihanza Hill and Mwaka Hill, announced 26 January 2021, the assay results have now been received from SGS Laboratories and a decision has been made to progress to a diamond core drilling programme in order to test for nickel sulphide mineralisation at depth.
  • The objective of the RAB drilling programme was to delimit the extent of ultramafic intrusive geology below nickel enriched laterite and regolith cover, on two approximately 1km long transects orientated across time-domain electromagnetic (“TDEM”) geophysics anomalies previously identified at  Mihanza Hill and Mwaka Hill (the “Targets”).
  • The deeply weathered nature of the rocks intersected by the shallow RAB drilling meant that no fresh un-altered rock or primary nickel sulphide mineralisation was delineated though the programme has successfully allowed the determination of gneiss-ultramafic serpentinite hangingwall/footwall contacts helping to further constrain the diamond drilling target area.
  • Importantly, concurrent surface mapping has identified small scale nickel-copper-magnetite gossanous veins at a new outcrop at Mihanza Hill. The geological team consider this discovery substantiates the potential for primary nickel rich sulphide mineralisation within the underlying ultramafic body, underpinning the requirement to progress to a deeper drilling programme.
  • Diamond drilling is now planned to a depth of at least 400m in order to intersect the TDEM and magnetic geophysics anomalies, to test for primary sulphide mineralisation and to obtain fresh unaltered rock samples for mineralogical analysis.  Further details on the planned diamond drill programme and the starting date will be provided shortly.

HANETI PROJECT – NICKEL SULPHIDE AND PGM TARGETS – FURTHER INFORMATION

PROJECT OVERVIEW

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

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

RAB DRILL PROGRAMME

The RAB drilling programme focussed on the  Mihanza Hill and Mwaka Hill targets which were selected based on the recommendations of the 2012 airborne electromagnetic (“AEM”) geophysics survey, the detailed field programme undertaken in 2013 and further supplementary exploration findings.  Drilling was focused on Mihanzi Hill and Mwaka Hill for this campaign, as they were considered to be the priority targets at this stage. Mihanza Hill forms a discrete, coherent and robust Ni-Cu-Cr (PGE) soil anomaly.

The 1,965m RAB drilling programme consisted of 50 holes drilled on linear fences across the Targets. The programme successfully increased the geological understanding at the two localities such that the orientation and the meterage of the planned follow-up diamond drill programme can now be optimised to confirm the scale of any nickel sulphide mineralisation.

The RAB programme was conducted by an experienced Tanzanian drilling company in line with international best practice and in accordance with health and safety and COVID-19 precautions.

HISTORIC NICKEL EXPLORATION

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

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

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

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

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

In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic sub-crop (as announced by Katoro on 30 January 2019.)

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 metals exploration in North America and Australia together with base and strategic 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 – Discovering Large Scale Metal Deposits Around The World

Brand CEO Alan Green talks to Power Metal Resources #POW CEO Paul Johnson. Paul lays out the medium and long term strategy. for the company, before running through each project, including the Red Rock #RRR Australasia RRAL JV, Paterson Province Australia, the Botswana KCB and Ditau joint ventures with Kavango Resources #KAV, & Molopo Farms project, the Cameroon Cobalt project, the Canada Silver Peak and new Hemlo Gold belt projects, the DRC Kisinka Copper project, the Haneti Nickel JV with Katoro Gold #KAT in Tanzania and the Alamo Gold project in the USA. Paul discusses the strong funding position enjoyed by Power Metal, and explains how being a major shareholder in the company is his key motivation. We end with some key takeaway points for investors to consider.

Power Metal Resources #POW – Haneti Nickel PGM Project – maiden drill programme complete

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

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

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

“The successful completion of the maiden drill programme at Haneti is another positive step forward and with samples now dispatched to the laboratory, we eagerly await the assay results.

I am grateful to the operating team who worked hard over the traditional Christmas season to implement this programme successfully, particularly given the challenging weather conditions towards the latter half of the programme.”

HIGHLIGHTS:

  • Maiden drill programme now complete with 1,965 metres of Rotary Air Blast (“RAB”) drilling completed over 50 holes at Mihanza Hill and Mwaka Hill with 1,965 samples collected.
  • 776 three metre composite samples prepared from the RAB drill programme with a Quality Assurance/Quality Control sample inserted every 10 samples.
  • All RAB samples have now been sent to SGS Tanzania (“SGS”), an accredited assay laboratory, all samples will be analysed by their multi-element Aqua Regia Digestion/ICP-OES* method with 13 select samples to also be tested using Fire Assay for gold, platinum and palladium.
  • In addition, 4 rock samples collected from mapping have been sent to SGS for assay.  
  • Images from Haneti may be viewed on a Gallery section of the Company’s website through the following link: https://www.powermetalresources.com/p/230/haneti-project-gallery

HANETI PROJECT – NICKEL SULPHIDE AND PGM TARGETS – FURTHER INFORMATION

PROJECT OVERVIEW

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

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

RAB DRILL PROGRAMME

The RAB drilling programme focussed on the Mihanza Hill and Mwaka Hill targets which were selected based on the recommendations of the 2012 airborne electromagnetic (“AEM”) geophysics survey, the detailed field programme undertaken in 2013 and further supplementary exploration findings.  Drilling was focused on Mihanzi Hill and Mwaka Hill for this campaign, as they were considered to be the priority targets at this stage.

The 1,965m RAB drilling programme consisted of 50 holes drilled on linear fences across the targets. The programme is seeking to verify the existence of near surface nickel sulphide mineralisation at each target whilst increasing the geological understanding such that the orientation and the meterage of a planned follow-up diamond drill programme can be optimised to confirm the scale of any nickel sulphide mineralisation.

The drilling was conducted by an experienced Tanzanian company in line with international best practice and in accordance with health and safety and COVID-19 precautions.

HISTORIC NICKEL EXPLORATION

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

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

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

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

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

In 2019 a number of soil samples collected during the 2013 exploration programme were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic sub-crop (as announced by Katoro on 30 January 2019.)

Reference:

* ICP-OES: inductively coupled plasma optical emission spectrometry 

COMPETENT PERSON STATEMENT

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

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Notes to Editors:

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

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base and strategic 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 – Haneti Nickel PGM Project drilling progressing well, nearly 50% of planned 2,000 metres completed

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

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

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

“The Haneti drill programme is progressing well with approaching 50% of the planned 2,000 metres of Rotary Air Blast drilling now complete.

Parallel field mapping and ground geophysics has also proceeded well as we seek to build data on the anomalies to drill with follow up diamond drill holes.

This drilling on the Haneti Project is a highly exciting venture for both Power Metal and Katoro and we look forward to reporting the technical results from this programme over the coming weeks and months.”

HIGHLIGHTS:

  • Maiden drill programme involves 2,000 metres of Rotary Air Blast (“RAB”) drilling at Haneti with a planned 50 holes of circa 40 metres depth.
  • The RAB drill holes are being drilled on profiles across the three target areas in order to provide enhanced information of the subsurface shape and orientation of the ultramafic rock bodies being targeted and allowing for the optimisation of a planned follow-on diamond drill programme.
  • By end of drilling on 6 January 2021 a total of 22 holes and 863 metres had been drilled at the Mwaka Hill target, with the plan to move to the Mihanza Hill target week commencing 11 January 2021.
  • First two batches of samples from the RAB drilling at Mwaka Hill have been prepared and the first sample batch will be dispatched to SGS Tanzania, an accredited laboratory, for assay testing as soon as the accompanying Quality Assurance /Quality Control standards are received on site (expected this week).
  • Drilling commenced on 29th December and has continued daily, with the exception of New Year’s Day, for an average daily drilling rate of 96 metres / day.  The delay in commencing the drilling and logistical challenges presented by the current rainy season have not impacted the overall programme with drilled metres now in line with the planned schedule.
  • The potential impact on the planned programme of the COVID-19 pandemic and of the January – March rainy season is being monitored carefully on site with no issues encountered at this time. However, there may be some rain related access challenges to be overcome as the drill rig is moved over to the Mihanza Hill target area.
  • Concurrently to the drilling programme, geological fieldwork is continuing with:
    • Geological mapping of surrounding ultramafic target areas; and detailed mapping at Mwaka Hill and Mihanza Hill.
    • Geophysics:  three ground magnetic survey lines and one radiometric survey line completed over the Mwaka Hill drill fence profile with the same work due to be started at Mihanza Hill.
    • Fieldwork results will supplement the existing geophysics data, helping to optimise the planned RAB drill hole placement, and in conjunction with the results from the RAB drilling programme, will assist in targeting for the currently planned follow-up diamond drilling programme.
  • Power Metal’s pro-rata costs contribution in respect of the programme is approximately US$110,000 (circa £81,100) and of this 50% has been paid in advance and 50% remains to be paid later.  The cost of Power Metal’s contribution is fully covered from existing cash resources.
  • Images from Haneti may be viewed on a Gallery section of the Company’s website through the following link: https://www.powermetalresources.com/p/230/haneti-project-gallery 

HANETI PROJECT – NICKEL SULPHIDE AND PGM TARGETS – FURTHER INFORMATION

PROJECT OVERVIEW

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

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

RAB DRILL PROGRAMME

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

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

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

HISTORIC NICKEL EXPLORATION

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

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

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

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

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

In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic sub-crop (as announced by Katoro on 30 January 2019.)

COMPETENT PERSON STATEMENT

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

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Notes to Editors:

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

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base and strategic 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 – Drilling Commences at Haneti Nickel & PGM Project

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

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

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

“Today’s announcement represents a watershed moment in the life of the Haneti Project with the maiden drilling programme now underway.

The Project is prospective for both nickel sulphide and PGM mineralisation and the targets form part of an 80 km long ultramafic rock complex that we believe has the potential to deliver a large-scale metal discovery. 

With Haneti a discovery can only be achieved through drilling and we are particularly excited to see this drilling programme now fully underway.”

HIGHLIGHTS:

  • Following successfully mobilising the team and drill rig to site and with the local and regional approvals in place, drilling is now underway at the Haneti Nickel Project.
  • Maiden drill programme involves 2,000 metres of Rotary Air Blast (“RAB”) drilling with a planned 50 holes to circa 40 metres depth per hole.
  • The RAB drill holes will be drilled on profiles across the three target areas in order to provide enhanced information of the subsurface shape and orientation of the ultramafic rock bodies being targeted and allowing for the optimisation of a planned follow-on diamond drill programme.
  • Drilling samples will be prepared and submitted to SGS Tanzania, for laboratory assay testing.
  • Power Metal’s pro-rata costs contribution in respect of the programme are fully covered from existing cash resources.
  • Images from Haneti may be viewed on a new Gallery section of the Company’s website through the following link:

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

HANETI PROJECT – NICKEL SULPHIDE AND PGM TARGETS – FURTHER INFORMATION

PROJECT OVERVIEW

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

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

RAB DRILL PROGRAMME

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

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

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

HISTORIC NICKEL EXPLORATION

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

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

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

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

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

In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic subcrop (as announced by Katoro on 30 January 2019.)

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:

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

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

Alan Green talks Ocado #OCDO, Eddie Stobart #ESL, Katoro Gold #KAT & i3 Energy #I3E on the UK Investor Magazine podcast

Supermarket shares are vulnerable to online entrants

Alan Green joins the UK Investor Magazine Podcast to discuss changes to consumer trends in the UK and a number of UK-listed equites.

As Ocado #OCDO releases a trading statement highlighting significant growth in sales driven by the coronavirus pandemic, we question the longer term impact on traditional bricks and mortar supermarkets listed in London.

Ocado trades at a materially higher price-to-sales ratio than the UK’s supermarkets and we explore whether this premium is due to Ocado’s technology offering or is it investors pricing in disruption to supermarket businesses in the future.

The UK high street has been decimated by the growth of online shopping, particularly for clothes, but will this spread into food and grocery retailing?

We also discuss Eddie Stobart Logistics #ESL, Katoro Gold #KAT and I3 Energy #I3E

Alan Green presents the investment case for Katoro Gold #KAT and Venture Life Group #VLG on his weekly Stockbox Media Research talk

Alan Green presents the investment case for Katoro Gold #KAT and Venture Life Group #VLG on his weekly Stockbox Media Research talk

Power Metal Resources #POW – Haneti Project – Drill Mobilisation

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

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

 

HIGHLIGHTS:

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

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

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

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

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

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

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

HANETI PROJECT – NICKEL SULPHIDE AND PGM TARGETS – FURTHER INFORMATION

PROJECT OVERVIEW

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

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

RAB DRILL PROGRAMME

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

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

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

HISTORIC NICKEL EXPLORATION

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

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

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

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

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

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

COMPETENT PERSON STATEMENT

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

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Notes to Editors:

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

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

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

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