Home » Posts tagged 'lse'

Tag Archives: lse

#POW Power Metal Resources – Golden Metal Resources – Pre-IPO Financing

pow golden

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces its wholly-owned subsidiary Golden Metal Resources Limited (“Golden Metal” or “GMT”) has completed its £750,000 Pre-IPO financing (“Financing”).

 

Golden Metal is a Nevada, USA, focused exploration and development company and is undertaking a planned listing on the London capital markets in 2022.

 

The latest exploration update in respect of Golden Metal is available through the following link:

https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-exploration-update/15229671

 

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

“With Golden Metal Resources we have created an attractive Nevada, USA, focused investment opportunity, which we plan to list on the London capital markets as soon as possible.

The Nevada portfolio is carefully balanced, including the Pilot Mountain project which hosts a substantial JORC compliant tungsten focused resource, (with copper, silver and zinc in addition) which we believe has significant exploration potential and development upside.

The portfolio also includes Golconda Summit, where Golden Metal can earn a 100% interest, positioned in a neighbourhood of dramatic Carlin-style gold deposits and where our initial exploration work has indicated the potential for a significant gold discovery.

The Financing announced today means Golden Metal becomes self-financed and Power Metal will no longer be required to fund Golden Metal operations but instead will be a major strategic Golden Metal shareholder.

Alongside self-financing, Golden Metal has its own dedicated management team with broad spectrum knowledge and capabilities, and above all with the energy and focus to drive this exciting new junior exploration opportunity forward within the London markets.

 

HIGHLIGHTS:

–  Capital restructuring of Golden Metal share capital underway to enable additional shares to be issued and to amend the underlying Par Value in readiness for the planned listing of Golden Metal (“Restructuring”).

 

–  Golden Metal has raised £750,000 through a Pre-IPO financing undertaken with First Equity Limited, corporate broker, at a price of 6.67p per Golden Metal new ordinary share of 1 pence each (“Ordinary Share), which will represent 18.75% of the issued share capital of Golden Metal on completion of the Restructuring and the Financing.

 

–  50% of Financing monies will be payable to Golden Metal by 31.12.21 and 50% by 31.01.22 whereupon Financing completion will occur (“Completion”) and shares will be issued to Financing participants.

 

–  Power Metal has subscribed for £75,000 of the Financing, subscribing for 1,124,437 Ordinary Shares (“POW Subscription”).

 

–  Following the Restructuring and completion of the Financing, Power Metal will hold a total of 49,874,437 Ordinary Shares representing 83.13% of Golden Metal.

 

–  On the basis of issued share capital on completion of the Restructuring and Pre-IPO Financing the valuation of Golden Metal will be circa £4million, and Power Metal’s 83.13% holding will be valued at circa £3.33million.

 

–  The monies raised enable Golden Metal to fully self-finance its operations including IPO listing advisory costs, corporate expenses and various project expenditures.

 

–  Paul Johnson, Chief Executive Officer of Power Metal and director of Golden Metal has subscribed for £50,000 (749,625 Ordinary Shares) in the Financing.

 

–  Should Golden Metal not be listed  on a recognised stock exchange in London within 12 months of today’s date, subscribers to the Financing may elect to sell back their Golden Metal shares to Power Metal at the financing price of 6.67p, with the number of Power Metal shares to be issued based on the ten day volume weighted average price of Power Metal shares immediately prior to the 12 month anniversary (“Buyback Right”) of today’s date.  Paul Johnson, CEO of Power Metal, has elected to relinquish this Buyback Right.  Power Metal will also not hold the Buyback Right.

 

–  No warrants are included automatically with the Financing, however should warrants be offered as part of the planned IPO financing, participants in this Pre-IPO Financing will receive warrants on the same terms.

 

 

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

#KAV Kavango Resources – Drilling commencement & upgraded target motivation

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce commencement of drilling of the Company’s B1 Conductor Target (the “B1 Conductor”, announced 02 July) with Hole KSZDD002.

The B1 Conductor is a cross-formational, strongly conductive geophysical anomaly that has a conductance reading of 8,200 Siemens. Part of Kavango’s exploration model in the Kalahari Suture Zone (“KSZ”) is based on identifying sub-surface conductors with conductance readings greater than 1,000 Siemens. According to the Company’s model, the B1 Conductor is 475m by 550m in size, exhibits a decay constant in excess of 350ms and dips at a 60-degree angle.

 

Conclusion – Kavango believes the position, size, shape, orientation and conductance of the B1 Conductor suggest this target may have the potential to be a large-scale, Karoo-age nickel/copper/platinum group element (Ni/Cu/PGE) mineralisation.

 

Objective – Hole KSZDD002 has been designed to intersect the B1 Conductor, to give us the best possible information from a single hole regarding the presence or otherwise of metal sulphides (or whatever else could be the source of such a highly conductive zone).

 

Drill Motivation – The B1 Conductor was identified through two surface Time Domain Electromagnetic (“TDEM”) surveys, performed by the Company’s strategic partner Spectral Geophysics (“Spectral”) in Q2 this year.

The Company believes the B1 Conductor was emplaced within a Karoo gabbro, which sits above the “Great Red Spot” magnetic anomaly, at a depth of 550m from surface. Lithological logging of the core from Hole KSZDD001 (announced 16 November) shows a thick 70m Karoo gabbroic sill is at a similar depth to the B1 Conductor. KSZDD001 was drilled 1km away from the collar location of KSZDD002.

If Kavango is correct about the nature of the possible relationship between the B1 Conductor and the local Karoo gabbro intrusive, this would suggest the B1 Conductor may have been emplaced during the Karoo (c.180 million years ago), by a magmatic event that intruded the existing flat lying Karoo sediments.

Preliminary structural interpretations, combining the geology intersected in KSZDD001 with updated inversion models of the “Great Red Spot” magnetic anomaly, indicate that Karoo aged intrusives may have intruded upwards along structures that controlled the emplacement of the underlying Proterozoic gabbros (c.1.1 billion years ago).  One of these structures could be the host lithology of the B1 Conductor.

Kavango’s updated inversion model of the Company’s aeromagnetic data indicates that the 60-degree dip of the B1 Conductor is aligned directly towards one of flanks of the magnetic high of the underlying Great Red Spot.

The Company is currently exploring the possibility that the Great Red Spot area has potential to host two separate, distinct mineralised systems; one younger Karoo-age system (prospective for Ni/Cu/PGEs), and another older Proterozoic-age system (mineralisation model in the process of being confirmed). Kavango anticipates that drill core from Hole KSZDD002 should help it test its theory of the potential for a stacked exploration play in this area.

Kavango expects to drill Hole KSZDD002 to a depth of 650m.

 

Risk Assessment – Kavango has already paid the cash element of the drilling costs for Hole KSZDD002, with the balance to be paid in stock. The Company’s working capital position is £2.1million. The Company is confident the outcome of Hole KSZDD002 will have no bearing on its planned other work programmes in 2022 in the KSZ, the Kalahari Copper Belt or Ditau.

To date Kavango has only performed nine surface TDEM surveys across the northern “Hukuntsi” section of the KSZ. From results gathered so far, the Company is convinced this geophysical technique is the right technology to identify future conductive Ni/Cu/PGE drill targets, should they exist within drilling range.

Kavango’s geophysical team is in the process of drawing up a phased campaign of follow up TDEM and downhole electromagnetic (“DHEM”) surveys over the Great Red Spot and Target Area A. If successful, the Company will then roll this campaign out to other target areas in the KSZ. The objective will be to identify conductor targets at representative depths of potential Karoo-age gabbros (searching primarily for possible Ni/Cu/PGE deposits) and conductor targets set within Proterozoic-age gabbros (searching both for possible Ni/Cu/PGE deposits & an alternative as yet unspecified mineralised deposit model that fits the increasing range of geological and geophysical data Kavango has obtained).

Kavango’s geophysical team is in the process of drawing up a phased campaign of follow up TDEM and downhole electromagnetic (“DHEM”) surveys over the Great Red Spot and Target Area A. If successful, the Company will then roll this campaign out to other target areas in the KSZ. The objective will be to search for conductive targets that primarily fit a Ni/Cu/PGE deposit model, at the depths of both Karoo-age gabbros and the deeper Proterozoic-age gabbros.

Further, Kavango has obtained geological and geophysical evidence for an alternative, and as yet unspecified, mineralised deposit model in the Proterozoic.

Hole KSZDD002 is the fourth borehole of the current KSZ drilling campaign. Despite its status as an extremely high priority target, Kavango left drilling of the B1 Conductor until last, to enable the Company to learn as much about the local ground conditions and stratigraphy as possible. Kavango is aware of the challenges posed by drilling in this area and has, in collaboration with Equity Drilling & Mindea Exploration and Drilling Services (Pty), made a number of changes to the engineering design of Hole KSZDD002.

As with other boreholes in this year’s KSZ drill campaign, the priority of Hole KSZDD002 is to reach target depth and recover as much drill core as possible for future analysis. However, given what is known about the structural composition of commercial Ni/Cu/PGE ore bodies (i.e. they can be relatively discrete and exist in clusters), Kavango is mindful of the importance of being able to conduct DHEM on this hole. The Company has taken steps to maximise its chances of being able to complete DHEM on Hole KSZDD002, but is aware the precise geology of the rock formations the drill will encounter is unknown at this stage. This geology has the potential to limit the ability to carry out full a DHEM survey.

 

Latest Update – Drilling commenced on Friday 19 November, in 12-hour double shifts. By the end of the night shift on Monday 22 November Hole KSZDD002 was 60.79m

Online Presentation and Shareholder Q&A

Kavango Chief Executive Ben Turney and Consulting Geophysicist Jeremy Brett will present the Company’s latest interpretations of the B1 Conductor at the Proactive One2One Forum on 25 November at 1800GMT. To participate in this event please visit the following link:

https://event.webinarjam.com/register/1344/lxxzghmzw

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

“This is the most important exploration hole ever drilled in the Kalahari Suture Zone.

It is up to the drillers and our team on the ground to deliver another successful hole. They’ve all done fantastic work for us already this year and I hope their efforts are richly rewarded.

On a personal note, I am particularly encouraged by the B1 Conductor crosscutting the flat-lying Karoo formation sediments. The fact our modelling suggests it dips towards the Great Red Spot’s probable intrusive centre could prove to be significant. If our theory is correct, vast amounts of Karoo-age magmas could have exploited the same pathways to surface as the Proterozoic magmas c.920million years before. Such conditions could well have led to the creation of Ni/Cu/PGE sulphide ore bodies.

The only way to test this theory is to drill the B1 Conductor. With its 8,200 Siemens modelled conductance reading and probable position within Karoo-age gabbro, it could be  Ni/Cu/PGE mineralisation.

However, as optimistic as we feel, it is premature to get too excited. Although we believe the B1 Conductor holds considerable potential, which we may be able to identify through Hole KSZDD002, we have not gambled Kavango’s future on its outcome.

We’ve already paid the cash element for drilling upfront and have £2.1million in working capital. This will see us comfortably through our next phases of exploration across our project portfolio, including drilling targets in Ditau and the Kalahari Copper Belt. With over 15,000km2 of highly prospective ground to cover and the series of strong hires we’ve made over recent months, Kavango is well positioned to make multiple metal discoveries.

In terms of this drill, all I can do now is wish everyone the best of luck. I hope it works out for all of us.”

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  

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

#POW Power Metal Resources – Notification of Major Shareholding

pow

Power Metal Resources TR-1: Standard form for notification of major holdings – Mohamed Zafar Quraishi now holds 3.186% (1,343339,987 shares) up from 2.95%

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Power Metal Resources plc

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Mohamed Zafar Quraishi

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.) v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

09/11/21

6. Date on which issuer notified (DD/MM/YYYY):

11/11/21

 

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer vii

Resulting situation on the date on which threshold was crossed or reached

3.186%

3.186%

1,343,339,987

Position of previous notification (if

applicable)

2.95%

2.95%

 

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYWJZ743

Ordinary Shares

 

42,797,699

3.186%

SUBTOTAL 8. A

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
 x

Exercise/
Conversion Period
 xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
 x

Exercise/
Conversion Period 
xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

X

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
 xiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

London, UK

Date of completion

11/11/21

#POW Power Metal Resources – Katoro Gold Update – Haneti Nickel Project

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio,  draws  investors’ attention to the announcement issued today by Katoro Gold plc (LON: KAT)(“Katoro Gold”)(“Katoro”).

The Katoro announcement may be viewed through the following link:

https://polaris.brighterir.com/public/katoro_gold/news/rns/story/wklg9dx

 

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

“Power Metal is eager to see drilling commence at the Haneti Project targeting a large scale nickel and platinum group element (PGE) discovery.  The Company is therefore pleased to see our partner Katoro Gold raise money for this purpose.

We look forward to further announcements with regard to the planned drill programme and are working with Katoro in this regard.”

POWER METAL – HOLDING IN KATORO

Power Metal Resources currently holds 10,000,000 Katoro shares and 10,000,000 warrants in Katoro Gold exercisable at 1.25p    (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).    

POW also has a direct 35% interest in the Haneti Project in Tanzania.

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

#KAV Kavango Resources – Appointment of COO and Option award

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that it has appointed Mr Brett Grist as Chief Operating Officer designate. Mr Grist brings valuable operational and technical skills to the Company’s executive team. Mr Grist will join Kavango on 7 February 2022, and will join the board of Kavango as an executive director.

Mr Grist is a geologist from the Royal School of Mines, London, with over 22 years of exploration and mining experience in base metals and gold across Africa, Europe, the Middle East, and Australia. He is also a Chartered Professional member of the Australasian Institute of Mining and Metallurgy.

Over the course of his career, Mr Grist has worked in geological and management roles as CEO, Director, and Exploration Manager, taking projects from early exploration through resource definition and into development. In Africa he worked for Reunion Mining PLC and CASA Mining Ltd, covering projects in Mali, Ghana, DRC, and Mozambique. In DRC, as CEO of CASA, he led a large exploration program covering airborne geophysics, soil sampling, and extensive diamond drilling, which successfully delivered a maiden resource for the Misisi gold deposit. Most recently he has worked in the UK, where he has led definition of a substantial high-grade metal resource for Strategic Minerals PLC’s Redmoor tin-tungsten-copper project. Brett also presently co-chairs the Critical Minerals Association’s UK mining working group.

 

David Smith, Chairman of Kavango Resources, commented:

” We are very happy to welcome Brett, an experienced exploration executive, to Kavango. His extensive background in advancing exploration programs and delivering projects adds important technical skills to Kavango’s senior management.

We have made a great deal of progress building a much more robust foundation for the Company over 2021. Brett’s appointment will significantly strengthen Kavango, as we grow the business more ambitiously in 2022. I am really looking forward to welcoming him to the team and working with him from February . “

Brett Grist states:

“I am very pleased to be able to join David, Ben Turney and the rest of the Kavango team at such an exciting time for the company. Botswana is a highly attractive mining investment destination, and the combination of Kavango’s team and an exciting exploration holding of significant scale, focussed on metals that are in increasing demand, means that the company is well placed to deliver exploration success. I look forward to helping the company to deliver this even more effectively.”

 

Option Award

The Company has agreed to award Mr Grist two grants of employee Share Options (the “Options”).

The first award of Options will be subject to a vesting period of one year, with half the Options vesting after twelve months and the remainder vesting after eighteen months, provided Mr Grist remains employed within the Kavango group. The Options are exercisable at a price of 5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market price per Ordinary Share closes above 7.5p on five separate trading days.

The second award of Options will be subject to a vesting period of one year, with half the Options vesting after twelve months and the remainder vesting after eighteen months, provided Mr Grist remains employed within the Kavango group. The Options are exercisable at a price of 7.5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market price per Ordinary Share closes above 15p on five separate trading days.

The award of the Options to Mr Grist aligns his incentive package with those of existing executive directors.

The Options will be granted on these terms on the day Mr Grist’s employment begins, or, if later, when there is sufficient headroom within the Company’s limit for executive options of ten per cent of the issued share capital.

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

#KAV Kavango Resources Plc – KSZ TA2DD002 Downhole EM Conductor Identified

kav

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to report the Company has successfully completed an initial downhole electromagnetic (“DHEM”) survey on Hole TA2DD002 to a depth of 780m. The DHEM survey has identified the upper edge of a conductive anomaly in the Proterozoic gabbro (the “Conductive Anomaly”).

The Company and external consultants have completed preliminary analysis of data gathered from the DHEM survey and also reinterpreted existing data from previous airborne surveys conducted by Kavango.  The original modelling from this airborne data guided the decision to continue drilling Hole TA2DD002 into the Proterozoic.

Hole TA2DD002 was the second hole of the current drill campaign in the Company’s Kalahari Suture Zone (“KSZ”) Project.

Highlights

  •  DHEM survey of TA2DD002
  1.  TA2DD002 completed to a depth of 1,001m, within 1 degree of original target
  2.   350m of continuous altered Proterozoic-age core recovered from 651m to 1,001m, the single largest amount ever retrieved from the KSZ
  3.  Initial DHEM completed in early October to a depth of 780m (using the available winch)
  4.  Spectral Geophysics (“Spectral”) has secured a 1,500m winch to complete a follow up DHEM survey to the bottom of TA2DD002
  •  Preliminary analysis of DHEM survey suggests:
  1.  Late-time data from 760m to 780m indicates the Conductive Anomaly  exists within 300m of the DHEM survey’s completion
  2.   The Conductive Anomaly appears to reside within the Proterozoic gabbro
  3. Kavango will provide images of the DHEM interpretation on its website
  4.  Reinterpretation of Kavango’s aeromagnetic model (the “Aeromagnetic Model”)
  5.   The Aeromagnetic Model was completed in 2020, using data from the Company’s regional airborne surveys flown in 2018 and 2019
  6.  The Aeromagnetic Model accurately predicted the intersection of TA2DD002 with the Proterozoic gabbro at 650m
  7.   Reinterpretation of the the Aeromagnetic Model confirms that:

 

I.  Proterozoic rocks are the source of the main magnetic anomaly identified from aeromagnetic surveys

II.  The extent of Proterozoic can be mapped using aeromagnetic surveying

 

Next steps:

–  Spectral to conduct DHEM survey to the end of TA2DD002

–  DHEM survey to be conducted on KSZDD001, once Target Depth has been reached (drilling operations are ongoing here)

–  Thorough analysis of all DHEM data, to include consultation with independent experts

–  Updating of the Company’s magenetic susceptibility model, to take into account latest drilling results, with a particular focus on confirming potentially shallower Proterozoic depths

–  A full update will be provided, on completion of the updated geophysical modelling of the northern (Hukuntsi) section KSZ

–  Kavango to host a shareholder webinar to present full results with supporting images and maps (details to be confirmed)

 

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

“Hard work, intelligent application of geophysics, skilled drilling and a bit of luck have brought us to this point.

While the Proterozoic is now our primary exploration focus in Target Area A, it is important to note that the Karoo remains our main focus in Target Area B (where we are currently drilling Hole KSZDD001).

There is still much for us to do, but we have definitive exploration leads, backed by physical core data from the ongoing drill campaign . This data should help constrain future modeling and will hopefully significantly improve results   to guide our evolving exploration strategy in the KSZ.

Now that Spectral Geophysics has secured a winch that is long enough to carry the probe to the bottom of TA2DD002, we eagerly await the outcome of the 1,000m downhole electromagnetic survey. We will report more on this, once we have completed thorough analysis of any data we gather. “

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

#POW Power Metal Resources – Kalahari Copper Belt – Operational Update

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an operational update from the Company’s interests in the Kalahari Copper Belt (the “KCB”) held through the Kanye Resources joint venture (“JV”) with partner Kavango Resources (LON:KAV)(“Kavango”).

Power Metal holds a 50% ownership interest in the JV which includes ten prospecting licences in the KCB covering an area totalling 4,257km2. Kavango is operator.

 

HIGHLIGHTS:

· Environmental Management Plan (“EMP”) approved covering the Kanye Resources KCB Prospecting Licences (“PLs”) for a two year period.

· Exploration vectoring underway, towards initial target selection, including:

–  Re-logging of physical core data from historic drill holes

–  Ground magnetic geophysics survey underway on the southern limb of the Acacia target, in the JV’s South Ghanzi Project

–  Work underway to optimise future soil-sampling programmes, to account for changing ground conditions across the JV’s PLs

–  Initial drill strategy being finalised

 

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

“Environmental Management Plan approval is a vital step forward for the JV and something we have been keen to secure, opening up the ability to move forward with planned drill programmes.

The size and scale of the JV prospecting licences means we must take all necessary measures to refine exploration data, notably with regard to drill hole targeting, and so this work is being done expeditiously.

Power Metal has a portfolio of four Botswana exploration interests.  Drilling has already been undertaken in 2021 at the Molopo Farms Complex and Tati projects, and we aim to see drilling commence at the Ditau Camp and South Ghanzi KCB projects in the near term.”

OPERATIONAL UPDATE

Kavango has commenced a ground magnetic geophysics survey of the southern limb of the Acacia target (the “Ground Survey”), in the South Ghanzi Project. This survey will help tighten the interpretation of the electromagnetic (“EM”) data it acquired from airborne geophysics surveys flown in the spring.

The Ground Survey will be conducted over a 14km by 4.5km block and will cover 676.5 line kilometres, including 634.5km of traverse lines and 42km of tie lines. Line spacing will be 100m and readings will be taken continuously.

In parallel to this, Kavango has also commenced a detailed sampling exercise to confirm the geochemical anomalies identified across the JV PLs in the KCB.

Acacia (in PL036/2020) is now the JV’s highest priority target for possible drilling in the KCB. Kavango anticipates the Ground Survey and further soil sampling will enable Kavango to confirm initial drill collar locations.

Kavango expects to commence “fence” drilling of lines of shallow boreholes. This will likely involve a combination of reverse circulation and diamond drilling. This drilling will act as an orientation exercise and should act as a precursor to a much more comprehensive, subsequent drill campaign. The “fence” drilling will also enable Kavango to assess structural trends and any associated geochemical and/or EM anomalies.

In parallel to this, Kavango has also started work on re-logging regional historic drill hole data. At this stage, Kavango is keen to deepen its understanding of the local stratigraphy, lithology and geology in its main areas of interest.

Further updates will be provided in due course.

 

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

#KAV Kavango Resources Plc- KCB: EMP Awarded & Operational Update

 

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the Company has been awarded an Environmental Management Plan that covers all of its Prospecting Licences (“PLs”) in the Kalahari Copper Belt (the “KCB”). These interests include PLs held within the Kanye Resources Joint Venture (“JV”) and the LVR JV.

Highlights

Ø Environmental Management Plan awarded

–  EMP covers all the Company’s Prospecting Licences (“PLs”) in the KCB

–  EMP valid for 2 years

Ø Final phase of field exploration underway, towards initial target selection

–  Re-logging of data from historic drill holes

–  Ground magnetic survey underway on the southern limb of the Acacia target, in the South Ghanzi Project (part of Kanye Resources)

–  Work underway to optimise future soil-sampling programmes, to account for changing ground conditions across the Company’s PLs

–  Initial drill strategy being finalised

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

“We would like to thank the Department of Environmental Affairs for the award of our Environmental Management Plan in the Kalahari Copper Belt. This is an important next step for the Company.

As operator of 12 prospecting licences, which cover over 6,300km2 of prospective ground for possible major copper/silver deposits, Kavango is now permitted to conduct drilling operations here for the next two years.

Our primary focus is currently on the promising Acacia target in the South Ghanzi Project. Work is ongoing on Acacia to optimise target definition, to maximise our chances of success.

This is a critical period for Kavango and we eagerly anticipate the next phase of exploration. “

 

Kavango’s interests in the KCB Kavango’s PLs in the KCB include:

The Kanye Resources JV

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

The LVR JV

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 . Kavango currently owns 25% of the LCR JV. Kavango is operator.

 

KCB Operational Update

Kavango has commenced a ground magnetic survey of the southern limb of the Acacia target (the “Ground Survey”), in the South Ghanzi Project (part of Kanye Resources). This survey will help tighten the Company’s interpretation of the electromagnetic (“EM”) data it acquired from the airborne surveys flown in the spring.

The Ground Survey will be conducted over a 14km by 4.5km block and will cover 676.5 line kilometers, including 634.5km of traverse lines and 42km of tie lines. Line spacing will be 100m and readings will be taken continuously.

In parallel to this, Kavango has also commenced a detailed sampling exercise to confirm the geochemical anomalies the Company has identified across its PLs in the KCB.

Acacia (in PL036/2020, as part of the Kanye Resources JV) is now the Company’s highest priority target for possible drilling in the KCB. Kavango anticipates the ground magnetic survey and further soil sampling will enable the Company to confirm initial drill collar locations.

The Company expects to commence “fence” lines of shallow drill holes. This will likely involve a combination of reverse circulation and diamond drilling. This drilling will act as a geological orientation exercise and should act as a precursor to a much more comprehensive, subsequent drill campaign. The “fence” drilling will also enable the Company to assess structural trends and any associated geochemical and/or EM anomalies.

In parallel to this, Kavango has also started work on re-logging regional historic drill hole data. At this stage, the Company is keen to deepen its understanding of the local stratigraphy, lithology and geology in its main areas of interest.

 

Further updates will be provided in due course.

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  

  First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

#ECR ECR Minerals – Update on Drilling Progress at (HR4) ‘Cherry Tree’

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to update shareholders on drilling progress at historic reserve number 4, otherwise known as ‘Cherry Tree’, which is part of the Company’s Bailieston Project.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which is operated under its Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “ I am delighted to announce a significant step forward for the Bailieston project, with the near completion of drilling at HR4 (Cherry Tree). With 1545 metres of diamond drilling completed as shown in Fig 1, MGA now have a more detailed understanding of the prospect, proving up the historic percussion drilling results that showed broad low-grade mineralisation zones with occasional high-grade intercepts.”

“Once the final HR4 drill hole has been completed, MGA will return to complete drilling at the HR3 ‘Byron’ area. In addition MGA are awaiting the final drill results from our recently completed diamond drilling at Creswick (EL6184). The final four drill holes are adjacent to the high-grade intercepts already reported from CSD003 (0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m) (see announcement dated July 19 th 2021). I look forward to reporting further drilling results from HR3 and Creswick in the coming weeks.”

SUMMARY:

  • A total of 1545 metres of diamond drilling has been completed to date at the Cherry Tree prospect. The company is currently drilling the final drillhole (BCTDD010) before moving back to complete drilling of the HR3 ‘Byron’ area.
  • Visual examination of drill core BCTDD009 shows the most intense quartz-sulphidic vein drilled to date at Cherry Tree.
  • Orientated diamond core has delineated sulphidic fault zones containing broad low-grade gold mineralisation emanating from a central anticlinal hinge zone.

DRILLING TO DATE

A total of 1545 metres of diamond drilling has been undertaken to date at Cherry Tree. Drilling has been completed using the Company’s owned and operated drill rig named ‘Midas’. This is the first time that diamond drilling has been done within this deposit. Previous shallow percussion drilling was done in the late 1980’s by earlier explorers where results showed broad low-grade zones of mineralisation accompanied by occasional high-grade (> 7 g/t Au) intercepts are present. The aim of the recent drilling by ‘MGA’ was to test the structural trends associated with the historic percussion drilling. For this aim, MGA has been successful.

Refer to figure 1 link below for locations described in the following paragraphs.

https://www.ecrminerals.com/images/fig1_plan_bct_update_211021.png

GEOLOGICAL OVERVIEW

The Cherry Tree prospect was the subject of intense, shallow hard-rock mining from the 19th Century where miners selectively took out the narrow quartz filled fault veins. Historic records show these veins can often grade over 50 g/t Au. Mapping of historic workings at surface show a system of faults to strike in a WNW direction from a centralised anticlinal fold. This anticline links the HR3 (Byron) prospect, 2km to the NNW where first-pass drilling was undertaken by MGA in the first half of the current year. The Cherry Tree mines are located at a bend within this anticline (refer to fig1). It is likely that brittle deformation in fine grain sandstones within this bend led to development of the WNW fault zones and subsequent gold mineralisation. Gold is closely associated with arsenopyrite, thus arsenic is a good local pathfinder element for gold mineralisation.

DRILL HOLE SUMMARY

Drilling of the first diamond holes in Cherry Tree (BCTDD001, BCTDD002 and BCTDD003) have been reported previously (see announcements dated August 10th 2021). In summary, BCTDD001 was successfully drilled to identify the central anticline position. BCTDD002 and BCTDD003 were drilled to test the down-dip of a WNW fault system located in the central portion of the goldfield. Best results were from BCTDD003 (0.5m @ 11.02 g/t Au from 98.85m). Drilling has continued across WNW fault zones at different points along the anticline, with the current hole (BCTDD010) being near complete. Drilling shows broad zones of low-grade mineralisation.

Summary of all drill intercepts containing reportable levels of gold greater than 1 g/t Au for holes BCTDD004 – BCTDD008.

BCTDD004

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

63

64

0.12

1

125

126

0.17

1

Fault Zone

130

131

0.12

1

Arsenopyrite

144.5

145.5

0.18

1

Perpendicular QV

177

178

0.18

1

QV

198

199.1

0.13

1.1

Fault Zone

BCTDD005

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

30.6

32

0.14

1.4

0.6m of core loss

41.35

42.3

0.13

0.95

100ppm As pXRF*

55.4

57.1

0.11

1.7

0.8m core loss

80

81.1

0.13

1.1

103.2

104.2

0.12

1

QV

127

128

0.21

1

QV with disseminated pyrite

*pXRF (portable x-ray fluorescence-in house analysis)

BCTDD006

*Currently awaiting the results from the last 24 samples of this hole*

There are two broad zones of mineralisation within this hole.

  1. 42.1m – 48.6m (6.1m @ 0.63 g/t Au) or 3.89 grams over 6.1m (gram x length)
  2. 49.6m – 52m (2.4m @ 1.49 g/t Au) or 3.57 grams over 2.4m (gram x length)

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

32.3

33.1

0.13

0.8

QV (Fault)

42.1

43

0.27

0.9

Fault Zone 1

43

43.9

0.12

0.9

Fault Zone 1

44.3

45.4

0.13

1.1

Fault Zone 1

45.4

46.5

1.74

1.1

Fault Zone 1

46.5

47.5

1.24

1

Fault Zone 1

47.5

48.6

0.22

1.1

Fault Zone 1

49.6

50.5

3.39

0.9

Fault Zone 2

50.5

51.1

0.48

0.6

Fault Zone 2

51.1

52

0.26

0.9

Fault Zone 2

59

60

0.13

1

60

61

0.4

1

89

89.8

0.15

0.8

QV (Fault)

131

132

0.29

1

159

160

0.12

1

The following holes were drilled around the highest grade and broad mineralised intercepts found in BCTDD003. The mineralisation is associated with a fault zone that has been mined near surface at 1m wide).

BCTDD007

*Currently awaiting 17 assay results for this hole*

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

50.6

51.1

0.11

0.5

51.1

52.1

0.15

1

58.2

59

0.14

0.8

64

65.6

0.24

1.2

BCTDD008

*Only the first 17m of this hole has been assayed to date*

Another Fault zone present at the top of this hole: 5.4m @ 0.69 g/t Au or (3.71 gram metres)

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

0.3

1.1

1.14

0.8

Near surface faulting

4.8

6

0.13

1.2

8.2

9.1

0.14

0.9

Fault Zone 1

9.1

10

0.14

0.9

Fault Zone 1

13.6

15.3

0.17

1.7

Fault Zone 1

15.3

16.3

2.92

1

Fault Zone 1

16.3

17.2

0.28

0.9

Fault Zone 1

BCTDD009

Drilling of BCTDD002, BCTDD003, BCTDD007 and BCTDD008 showed that the WNW fault is more open (dilated) as we drill further west away from the anticline. A solid sulphidic quartz vein over 2m wide was drilled through at 146.5m depth. Geological logging and sampling of BCTDD009 is currently in progress, see figure 2 link below for detailed image of BCTDD009 core samples.

https://www.ecrminerals.com/images/fig2_bctdd009_quartz.jpg

FORWARD LOOKING STATEMENTS

Whilst drill results to date at Cherry Tree have been disappointing of late, it must be emphasised that structural interpretation of the Cherry Tree deposit has only been achieved through completing diamond drilling across multiple fault zones. Drilling of the last hole (BCTDD009) is showing a remarkable improvement in vein quality and size as we drill west of the anticline. For the time being, pending results, the drill rig will be moved to more promising sites at the north end of the HR3 (Byron) reserve where soil sampling is revealing strong arsenic-antimony anomalies on surface.

MGA are also awaiting the final drill results from our recently completed diamond drilling at Creswick (EL6184). The final four holes were drilled adjacent to the high-grade intercepts in CSD003 (0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m). MGA staff have begun to sample the soils surrounding the projected outcrop of this quartz vein. If the results are positive, it will assist in delineating the plunge of mineralisation, which it is hoped will provide MGA with a better selection of future drill targets.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc

Tel: +44 (0) 20 7929 1010

David Tang, Non-Executive Chairman

Craig Brown, Director & CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com

WH Ireland Ltd

Tel: +44 (0) 207 2201666

Katy Mitchell/Andrew de Andrade

Nominated Adviser

SI Capital Ltd

Tel: +44 (0) 1483 413500

Broker

Nick Emerson

Novum Securities Limited

Tel: +44 (0) 20 7399 9425

Broker

Jon Belliss

Blytheweigh

Tel: +44 (0) 207 138 3204

Public Relations

Tim Blythe

#TYM Tertiary Minerals – Holding in Company

TYM

Tertiary Minerals plc (LON: TYM) (“Tertiary” or the “Company”) became aware that, based on a shareholder analysis undertaken as at 1 October 2021, Mr M Farooq had a holding of 73,173,424 shares, representing 6.18% of the Company’s total issued share capital, as at 1 October 2021. Mr M Farooq has not responded to date to requests from the Company to confirm his holding.

For more information please contact:

Tertiary Minerals plc:

Patrick Cullen, Managing Director

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.