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Power Metal Resources #POW – Kisinka Project – Laboratory Confirmation of High Cobalt and Copper Values

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update in respect of its 70% owned Kisinka Copper-Cobalt Project following receipt of assay results from a pitting and mapping exploration programme completed earlier this year.

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

“These laboratory results provide definitive evidence for the first time that we have a significant cobalt target at Kisinka as well as providing confirmation of the extent of the copper targets. The prospective ground within the license covers an area big enough to contain one or more large orebodies, so we are excited by the potential we have identified.

Our staged exploration of this area has been carefully planned, economical, and so far extremely successful. The next task will be to drill the anomalies, and to help us target this effectively we will now carry out ground geophysics. 

Among the positives that give us particular encouragement are that we have encountered some high values in sampling, that the zones are open in both directions along strike, and that the laterization and leaching suggest there may be supergene enriched mineralisation present at lower levels. 

With cobalt as well as copper targets now confirmed, taking Kisinka to the next stage becomes a major priority, and we will be speeding up our work on the ground. We are also applying for an upgrading of the license from a Permis de Recherche (exploration license) to a Permis d’Exploitation (production license).”

HIGHLIGHTS:

  • Kisinka is located some 30km east of the regional capital of Lubumbashi in the southern part of the Katangan Copperbelt in the Democratic Republic of the Congo;
  • Following completion of the pitting and mapping programme earlier this year, samples collected were submitted to ALS Chemex South Africa (Pty) Ltd laboratory (“ALS”) in South Africa and we have now received the results of multi-element inductively coupled plasma (ICP) analysis of 209 samples;
  • Assay results confirm the conclusions announced (3 July 2020) following earlier x-ray fluorescence (XRF) testing of the samples, with good correlation of copper results;
  • Copper values from soils up to 460 ppm in the south-eastern anomalous zone and 276 ppm in the mid-north anomalous zone;
  • Analysis of vertical distribution of results shows copper values increasing downwards and hosted in both dolomitic and brecciated siltstone;
  • Significant cobalt anomalism is now also confirmed from assay results, with cobalt values in the mid-northern anomalous zone up to 462 ppm, with vertical distribution showing ppm grades increasing downwards;
  • In the south-eastern anomalous zone cobalt values up to 217 ppm are carried in the lateritic overburden and in the siltstone;
  • The results confirm that the anomalies appear open along strike to the northwest and, most significantly, to the south-east;
  • Next steps recommended are a ground magnetic survey and a ground electromagnetic survey, to detect both low magnetic and chargeable lithologies and indicate structures and faulting and areas of carbonate rocks, in order to generate precise drill targets.  

FURTHER INFORMATION

Power Metal has completed all elements of the follow up programme at the Kisinka Project. The programme was focussed on the target area containing the 6.8 km copper anomaly (“Target Area”), as shown in Figure 6 of the 11 July 2019 RNS announcement, but focussed on the south-eastern 3 km where two key areas for further investigation had been identified.

In total 21 pits totalling 174.3 metres were dug on 9 cross-sections across the Target Area for copper, with 16 reaching target depth and 5 stopped in the lateritic overburden at around 6m due to water table contact.

From the pits 209 channel samples of 2kg each were taken, including 3 samples from the bottom end bedrock in certain pits, and including 11 QA/QC duplicate samples. After preparation at the Preparation Laboratory of the University of Lubumbashi, where samples were dried, crushed to <2mm and pulverized to -75 microns, and two pulp samples of 50g produced from each sample, one batch of which was subjected to x-ray fluorescence testing by an XRF Niton analyzer at the Minex Consulting offices together with the duplicates. A correlation with R2 coefficient of 0.8835 for Co and 0.9661 for Cu was obtained, indicating good precision. Two certified reference material samples (CRMs) of oxidised carbonate rocks containing Co and Cu were tested and performance of the XRF Niton analysis fell within the standard deviation limits.

In addition to the 21 completed pits, 3 pits were left for possible later completion when conditions are drier.

Progress was slowed by the hardness of the massive haematitic ironstone intercepted in some pits, as well as by the water return.

The regolith in the Kisinka region is characterised by four types of saprock that were intercepted in the pits, including saprock after siltstone, brecciated siltstone, haematitic ironstone, and sandstone.

Based on the existence of the ironstone discovered overlying the siltstone, the lithological units intercepted from the pitting programme in the Kisinka region belong to the Lower Mwashya (R4.1) Formation of the Mwashya Subgroup of the predominantly dolomitic rocks of the Roan Group, itself part of the Katangan Supergroup. Notable deposits in this formation include the Mutanda cobalt mine.

Traces of malachite copper ore in replacement mode were observed in one pit.

A detailed mapping of lithological units was carried out.

After XRF analysis, the preliminary conclusions in relation to copper mineralisation were detailed in the Company’s announcement of 3 July 2020. Subsequently, when flights became available, the second batch of samples was sent to the ALS laboratory in Johannesburg for ICP multi-element testing, and the results from this analysis have now been received. These results provide good correlation with the first batch tested by XRF in relation to the copper mineralisation and have also enabled the cobalt mineralisation to be identified and mapped.

Value contour maps from Kisinka are available on the Company’s website through the following link:

https://www.powermetalresources.com/p/231/kisinka-maps

The maps include:

Figure 1 : Kisinka Pitting Geochem: ALS Cu values contour map

Figure 2 : Kisinka pitting Geochem: ALS Co values contour map

Note: In Figures 1 and 2 mapping is from samples taken from bottom or lowest point of pits for consistency.

Competent Person Statement

The technical and related information in this report relates to exploration results based on information from third parties and data compiled by Kazadi S-B. Barry (MSc), Pr.Sc.Nat., MGSSA. who is a member of the South African Council for Natural Scientific Professions. Mr. Kazadi has sufficient experience in the style of mineralisation and type of deposit under consideration. Mr. Kazadi consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr Kazadi is a Managing Director of Mineral Exploration Associates SARL, consultants (under the name Minex Consulting) to the Company.

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/ Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Notes to Editors:

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

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