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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.

Power Metal Resources #POW – Haneti Project Nickel Drill Programme – Pre-Mobilisation

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

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

HIGHLIGHTS:

·   Pre-drill rig mobilisation now underway to finalise preparations for the maiden drilling programme targeting potential nickel sulphide and PGM mineralisation.

· Technical team mobilising to site shortly to liaise with the Tanzania Ministry of Minerals and regional/local government, prepare equipment for mobilisation and arrange ground operational staffing.

· The drill contractor availability has now been confirmed and the key objective is for mobilisation of the drilling rig and field team to site as soon as possible, subject to applicable Covid-19 related restrictions.”

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

“Reaching the pre-mobilisation phase at Haneti is a significant step forward, as the technical team prepares to arrive in-country and final site-based preparations are made for drill rig.

As previously stated Haneti is a considerable opportunity in terms of size and geological potential.  This significant drill programme will be focused principally on possible nickel sulphide and PGM targets within the 80km strike length of prospective ultramafic complex.

In addition to the potential nickel and PGM sulphides being targeted by the forthcoming drilling programme the 5,000km2 Haneti Project area is also prospective for a range of other deposit / commodity types including nickel laterites, copper, gold, lithium and rare earth deposits.

There is a clear appetite for large-scale nickel sulphide projects amongst large and mid-tier organisations at present, and therefore it makes commercial sense for the joint venture to focus initially on the nickel sulphide exploration opportunity.  Later we expect to examine in further detail the other exploration opportunities, of which there are many, at the project.”

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 drill ready prospects.

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

Power Metal Resources #POW – Increase in Haneti Project Interest

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update in respect of the Haneti Project (“Haneti”) .

BACKGROUND

Previously Power Metal held a 25% ownership interest in Haneti with 75% held by Katoro Gold plc (LON:KAT)(“Katoro”).  As announced on 15 March 2019, the Company also held an option to increase its interest to 35% by payment to Katoro of £25,000 in cash by 31 August 2020.

INCREASE IN PROJECT INTEREST EXECUTED

The Company announces that today it has exercised that option, paid £25,000 to Katoro, and now has a 35% interest in Haneti.  Therefore the ownership structure of Haneti is now Katoro 65% and Power Metal 35%.

Katoro and Power Metal are now working together to make the necessary changes of ownership in the project holding companies and also in underlying joint venture documentation.

Both parties must meet their proportionate expenditure commitments of future costs to maintain their percentage interest or will dilute in accordance with standard industry dilution provisions.

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

“Haneti is a considerable opportunity in terms of size and geological potential.  The focus to date has been largely the nickel sulphide potential, which is understandable given the drill ready targets at Mihanza Hill and Mwaka Hill.

“However, alongside the drill ready targets, the full impact of the 80km potential strike length and the polymetallic opportunities across a 5,000 sq km strategic project footprint, mean that Haneti is a project capable of delivering discoveries in nickel sulphide (and laterite), copper, platinum group metals, gold, lithium and rare earths.

“As Katoro has highlighted, there is significant interest in Haneti from larger companies, and with good reason, given the size and diversity of opportunity.

“Taking all factors into account we felt it was important to exercise the option to increase our interest with immediate effect to 35% and so we have done so.”

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 drill ready prospects.

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

Alan Green talks banks, BP #BP, Union Jack Oil #UJO & Katoro Gold #KAT on UK Investor Magazine podcast

Alan Green talks banks, BP #BP, Union Jack Oil #UJO & Katoro Gold #KAT on the UK Investor Magazine podcast

Power Metal Resources #POW – Haneti Project: Nickel Sulphide Drill Programme Finalised

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to  announce details of the planned confirmatory drilling programme targeting nickel sulphides at the Haneti Nickel Project in Tanzania (“Haneti” or the “Project”).

HIGHLIGHTS:

Haneti Project

The Haneti Nickel Project covers an area of approximately 5,000 km2in central Tanzania and comprises tenements (prospecting licences, offers and applications) prospective for nickel, platinum-group-elements and gold.

The main prospective belt of rocks within the Haneti Project is the linear dyke-like, Haneti-Itiso Ultramafic Complex (“HIUC”), which sporadically crops out over a strike length of 80 km.

Exploration Rationale

The JV partners being Power Metal & Katoro Gold Plc (“Katoro”) are to undertake a phased exploration programme to assess the potential for nickel sulphide mineralisation within the HIUC.

Confirmation of targeted geological structures and the discovery of a new nickel sulphide deposit or deposits would generate considerable commercial value for the JV partners.

Exploration work will align with and complement discussions with third parties, who have expressed interest in the Haneti Project.

Drill Programme

First stage exploration programme verifying and drill-testing potential chonolith-type nickel sulphide mineralisation within the HIUC.

A short shallow (100m) rotary air blast drill programme will seek to verify three near-surface targets ahead of a confirmatory deep (300m) diamond drilling programme.

Airborne geophysics over the wider project area will seek to delineate additional deep-seated targets.

Programme Funding

Based on the outlined drill programme the proposed Power Metal contribution is to be funded from existing working capital, and an amount covering this has already been allocated in the Company’s USD account.

 

CHIEF EXECUTIVE OFFICER’S STATEMENT

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented: “The Haneti story is one I have been following for many years and it was a great opportunity to take a project interest for Power Metal shareholders in 2019.

We have now moved the Haneti JV forward and prepared a nickel sulphide targeting drill programme, through which we aim to advance our understanding of the geological characteristics of the Project and, potentially, make a new nickel sulphide discovery.

We are being disciplined with a two-stage drill programme using shallow rotary air blast drilling to verify the proposed targets for a follow-on deeper diamond drill programme.

The next step is a practical one, as we make preparations for the launch of the drill programme, and we look forward to announcing mobilisation which will be an exciting point for both JV partners.” 

HANETI PROJECT OWNERSHIP STRUCTURE

Power Metal currently holds a 25% interest in the Project with a 75% interest held by JV partner Katoro Gold plc (LON:KAT).

Power Metal also holds an option to increase its interest in the Project from 25%% to 35% through a payment to Katoro Gold of £25,000 by 31 August 2020.

PROJECT OVERVIEW

The Haneti Nickel Project (“Haneti”) 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, platinum-group-elements and gold.

One of the key exploration objectives for the JV partners at the Haneti Project is seeking to delineate the potential for economic nickel mineralisation in central Tanzania.

HANETI GEOLOGY AND NICKEL PROSPECTIVITY

The main prospective belt of rocks within the Haneti Project is the, linear dyke-like, Haneti-Itiso Ultramafic Complex (“HIUC”) which sporadically crops out over a strike length of 80 km and mainly comprises serpentinites (metamorphosed ultrabasic rocks such as dunite and peridotite), with metabasic rocks such as metagabbro and metadolerite.

Geologically the Haneti tenements straddle the boundary between the Archaean Dodoman Craton to the south‐west and gneisses of the Palaeo‐Proterozoic Usagaran Orogenic Complex to the northeast.

Bordering the Haneti block to the west, a new greenstone belt, the Londoni Greenstone Belt has been recognised in recent years within the Archaean Dodoman System. This greenstone geology extends southeast into the Haneti project where work on third party mining claims that occur within the Haneti prospecting licence Offer area, PLA 1162, has reported positive results.

HISTORIC EXPLORATION

The Haneti area was first explored in 1931 by a private prospector who collected a Ni‐rich magnetite sample at Mihanza Hill. Later trenching uncovered a few discontinuous green‐stained veins rich in Ni‐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 airborne electromagnetic (“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.

PROPOSED EXPLORATION DRILL PROGRAMME

Three preliminary target areas have been selected for exploratory diamond drilling; Milhanza Hill; Mwaka Hill; and Igari Hill, based on the recommendations of the 2012 AEM survey, the detailed field programme undertaken in 2013 and further supplementary exploration findings.

In order to maximise the chances of intersecting mineralisation, the diamond drilling will be preceded by a 20 hole programme of confirmatory rotary air-blast (“RAB”) drilling.  This phase will consist of 2,000 metres of RAB drilling consisting of two drill fences, 10 x 100 metre spaced, 100 metre deep holes.

The RAB drilling will seek to verify the existence of near surface mineralisation whilst increasing the geological understanding such that the orientation and the meterage of the follow-up diamond drill holes can be optimised to confirm the scale of potential massive sulphide mineralisation.

All RAB drill samples will be subject to multi element and base metal analysis on three metre composites with select samples analysed for platinum group elements.

The exact number and meterage of diamond drill holes will be refined by the RAB drill studies however the initial plan is for a minimum of three, 300 metre deep diamond holes.

The diamond holes are planned to provide a full intersection through the ultramafic inclusion and to provide fresh rock samples for detailed geochemical, petrographic and isotope analysis.

The aim is to identify nickel sulphide mineralisation.

In addition, an airborne Versatile Time Domain Electromagnetic (“VTEM”)  geophysics surveywith the capability to generate targets at a depth of several hundred metres, is planned, to provide coverage of a greater proportion of the Haneti Nickel Project.

COMPETENT PERSON STATEMENT

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

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

Alan Green presents the investment case for Katoro Gold #KAT & Open Orphan #ORPH on his weekly StockBox Research Talk

Alan Green a research specialist presents the investment case for Katoro Gold #KAT & Open Orphan #ORPH on his weekly StockBox Research Talk.

Kibo Energy #KIBO – Update re Katoro Gold plc

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to note the announcement released by Katoro Gold plc (‘Katoro’) in which it holds a 54.58% interest.  This is in regard to Katoro’s participation in a strategic gold production opportunity in South Africa, focused on the reprocessing of an existing 1.34 million ounce of gold JORC compliant tailings resource.

The full announcement can be found at Katoro’s website: https://katorogold.com/investors/regulatory-news/.

**ENDS**

For further information please visit www.kibo.energy or contact:

Louis Coetzee

info@kibo.energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Jason Robertson

+44 (0) 20 7374 2212

First Equity Limited

Joint Broker

Philip Adler

+44 (0) 20 7392 1494

ETX Capital Limited

Joint Broker

Bhavesh Patel / Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

Notes

Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company’s objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project (‘MCPP’) in Tanzania; the Mabesekwa Coal Independent Power Project (‘MCIPP’) in Botswana; and the Benga Independent Power Project (‘BIPP’) in Mozambique.  By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.

Additionally, the Company has a 60% interest in MAST Energy Developments Limited (‘MED’), a private UK registered company targeting the development and operation of flexible power plants to service the UK Reserve Power generation market. 

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