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#POW Power Metal Resources – New Copper Anomalies Identified – Garfield Nevada

 

Positive Findings from Satellite Imagery Analysed over Garfield Property; Additional Claims Staked to Cover New Target Areas

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results from recently completed satellite imagery analysis over the Garfield Property (“Garfield” or the “Property”) located in the prolific Walker Lane Mineral Belt in Nevada, USA.

HIGHLIGHTS:

–  Analysis of Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) and European Space Agency Sentinel-2 datasets has been undertaken by global image processing expert Dr. Neil Pendock from Dirt Exploration based out of Cape Town, South Africa.

–  This analysis identified two strong anomalies, prospective for copper mineralisation, as evidenced by detailed mathematical analysis of spectral end members that correlate with known copper mineralistion in the area.

–  The new anomalies are located over 1km and 1.5km away from the main Garfield showings, expanding the potential copper mineralisation footprint significantly.

–  Additional claims have now been staked to cover the identified anomalies, increasing the claims held at the Property from three to eleven claims.

–  The Power Metal technical team is reviewing other strong anomalies near to the newly expanded Property which were identified by the satellite imagery analysis.

A map highlighting the newly acquired ground, as well as the copper anomalies identified by the analysis can be found at the following link:

https://www.powermetalresources.com/garfield-project/  

 

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

“Power Metal is grateful to Dr Pendock for his work which has led to the identification of prospective copper anomalies at our 100%-owned Garfield Property

This has been achieved by deploying the latest satellite imagery analysis techniques, undertaken at reasonable cost and is a material outcome from initial exploration work.

Given the findings we have intensified our exploration activities at Garfield and look forward to further updating shareholders with the outcomes from this exploration work.”

 

WORK UNDERTAKEN

Analysis of various datasets including Japanese Aster and European Space Agency Sentinel-2 was undertaken.  These datasets offer high spatial resolution visible/near infrared (VNIR), shortwave infrared (SWIR) and longwave infrared (LWIR) imagery.

The analysis was completed by global image processing expert Dr. Neil Pendock from Dirt Exploration based out of Cape Town, South Africa. As a result of the findings, additional staking has now been completed which cover two anomalies identified by the satellite analysis.

The Japanese Aster thermal camera (longwave infrared) allows for remote mapping of mobile metal ions within the earth’s upper unconsolidated bedrock and loose soil (regolith) using the emissitivity properties of minerals within the regolith.

This type of analysis is extremely well suited to Nevada, and specifically within the Walker Lake Mineral Belt (WLMB) due to the lack of vegetative cover over most of southwestern Nevada.

Detailed spectral analysis of approximately 380,000-hectares within the WLBM, cross-referenced with hundreds of known mineral occurrences mapped by the United States Geological Survey, allows for the determination of several spectral end-members which are well correlated with copper deposits within the area.

Specifically, spectral end-members represented by the minerals Serpentine (weathering product of ultramafic mireals) and Jarosite (formed by the oxidation of iron sulfides) were determind to have a strong correlation with known copper deposits within the WLMB. Serepentine is a weathering product of ultramafic minerals, and is a well known mineral associated with skarn-type mineralisation, which the Garfield Property is highly prospective for.

By amalgamating the various spectral endmembers associated with copper deposits in the region, areas highly prospective for copper mineralisation, including skarn-type mineralisation, were mapped across Garfield and within the surrounding areas.

Two strong anomlies (shown as warmer colours on map) were identified over 1km (Anomaly A), and 1.5km away (Anomaly B) from the main Garfield showings. Historic rock sampling proximal to these anomalies returned up to 2.6% Copper, and 5.53% respectively – further proving up the accuracy of the analysis completed. Interestingly, the copper indicators at the newly discovered Anomaly A and B are much stronger than dispalyed at the original Garfield showing, suggesting mineralisation may be stronger and more prospective in these newly acquired areas.

Claims have now been staked to cover these areas identified, and the company is reviewing other strong anomalies near to the newly expanded Property which were identified by the analysis which lie on ground currently open for staking.

 

OWNERSHIP STRUCTURE – GARFIELD PROPERTY

Power Metal’s wholly owned subsidiary Golden Metal Resources Limited, a UK company (“Golden Metal UK), holds a 100% interest in the Garfield Property through its wholly owned Nevada operating company, Golden Metal Resources LLC.

Golden Metal UK is currently seeking a listing on the London markets.

The acquisition of a 100% interest in the Garfield Property was announced on 17 June 2021, details of which can be found below:

https://www.londonstockexchange.com/news-article/POW/acquisition-of-gold-copper-projects-nevada-usa/15020989

 

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

#TYM Tertiary Minerals plc – Pyramid Silver Discovery Extended

Tertiary Minerals plc (AIM: TYM) is pleased to report an update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from the Company’s recently completed Phase 2 trenching has extended the strike and width of recently discovered silver mineralisation at North Ruth.

Highlights:

· The second phase of trenching has confirmed and extended the existing discovery;

· Silver and gold mineralisation has now been shown to extend over a strike extent of at least 530m;

· Trench 1 EXT, an extension to trench 1, revealed a zone width of up to 59 metres;

· Grades as high as 595g/t silver (17.35 ounces/ton) and 0.66g/t gold were intersected. 

Commenting today, Managing Director Patrick Cullen said: “The results reported today from Pyramid highlight a significant zone of silver mineralisation with a target strike length of at least 530 metres.”

“We have also delineated a zone up to 50 metres thick at surface, with some high-grade silver results and significant complementary gold.”

“North Ruth is an attractive drill target and we look forward to reporting further progress on this exciting discovery.”

Results:

Thickness

Silver

Gold

From

To

(m)

(g/t)

(oz/ton)

(g/t)

(m)

(m)

Trench 1 EXT

58.98

73.39

2.14

0.13

23.62

82.60

Includes

3.35

218.45

6.37

0.25

27.43

30.78

Includes

2.13

595.00

17.35

0.66

72.85

74.98

Trench 7

2.44

64.39

1.88

0.47

22.40

24.84

Trench 8

26.80

37.16

1.08

0.12

19.51

46.33

Includes

6.09

101.50

2.96

0.26

31.09

37.19

Trench 8

6.09

1.10

0.03

0.73

85.344

91.44

A summary of significant results1 is shown in the table above. The location of the trenches and intersections outlined in this news release are shown on Maps 1 and 2, which may be accessed here http://www.rns-pdf.londonstockexchange.com/rns/0147P_1-2021-10-13.pdf or on the Company website. Further detailed information may be found below.

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

#POW Power Metal Resources – Tati Project Botswana – Drill Programme Commences

 

pow

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that the company’s inaugural drilling programme is now underway on the Tati Project located in the Tati Greenstone Belt near Francistown, Botswana (the “Project”).  The Project is targeting large scale gold and nickel discoveries.

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

“The launch of this inaugural drill programme at the Tati Project in Botswana is a great step forward for the Company.  The stunning pace of ground exploration at the Project has been matched by the positive findings to date and notably several multi-kilometre geochemical anomalies.

Drilling at such an early stage demonstrates our confidence in the Project and our sense of urgency to better understand the geology of several high-priority target areas. With successful exploration, Tati Project could become one of the leading projects in our portfolio.”

 

Highlights:

 

 

Drill Programme

Approximately 1,000m of reverse circulation (“RC”) drilling is planned across multiple target zones which is being undertaken by Power Metal’s drill partners Equity Drilling Ltd and Mindea Exploration and Drilling Services (Pty) Ltd.

All drill holes as part of this programme are planned for depths between 50 – 100m. RC drilling provides a inexpensive, and rapid testing method which is well suited for an early-stage drilling campaign.

The RC chip samples collected will be sent to Intertek Group plc’s laboratory located in Perth, Australia, for Fire Assay and multi-element analysis

 

Exploration to Date

Exploration on the Project has advanced at a rapid pace to its current stage since Power metal exercised its option to acquire a 100% interest in the Project on 28 July 2021.

To date, exciting multiple kilometre-scale arsenic, gold and nickel, as well as magnetic anomalies have been identified by geochemical sampling and ground-based geophysical surveys.

 

 

 

Rationale for Early Drilling

Kalahari sands which blanket the majority of the Project have precluded widespread geological mapping and prospecting, as a result the Company has decided to launch the drilling campaign in order to obtain bedrock RC chip samples from the various target areas below Kalahari sand cover.

The main goal of the drill programme is to test for the presence of the geological formations which host many of nearby historic and currently operating gold and nickel mines within the Tati Greenstone Belt.

The laboratory assay results, combined with geological logging of the RC bedrock samples will provide the company important geological information which will help guide future exploration and drilling campaigns on the Project.

PROJECT BACKGROUND

Power Metal exercised an option to acquire a 100% interest in the Project on 28 July 2021, through its local wholly owned operating subsidiary. Details of the option exercise can be found below.

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-option-exercised/15075700

PHASE I EXPLORATION

 

A total of 1,107 soil samples and 49 rock samples were collected across five select areas as part of the Phase I programme at the Project which was orginally announced by the Company on 28 June 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-commences/15036117

The first batch of results were analysed utilising a portable field X-ray Fluorescence (“XRF”) spectrometer, and from this work multiple large scale nickel and arsenic soil anomalies were announced by the Company on 19 August 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-anomalies-confirmed/15104018

The second batch of results including 380 soil samples from Grid 1 (or the “Sikukwe Zone”), and 49 rock samples which were analysed by fire assay for gold at Intertek Group plc’s laboratory located in Perth, Australia. The results of this programme were announced by the Company on 14 September 2021:

https://www.londonstockexchange.com/news-article/POW/tati-project-large-scale-gold-anomaly-confirmed/15133545

PHASE II EXPLORATION

The phase II geophysics programme is nearing completion with surveys now finished on Grids 3, 4 and 5. A final survey over the Sikukwe Zone will be completed within the coming days. The preliminary results and findings from this Phase II exploration have been used for the planning of the ongoing RC drilling programme.  Further information in respect of the Phase II programme is available in the Company’s announcement dated 26 August 2021:

 

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15112960

 

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

#MNRG MetalNRG PLC – Issue of Equity

 

MetalNRG (LON:MNRG), the natural resource investing and exploration company, announces that 25,000,000 new MetalNRG Ordinary Shares (“New Shares”) have been issued at 0.45 pence per share (total value £112,500) in satisfaction of certain obligations relating to an unsecured loan facility.

 

Admission of New Shares to trading on the Main Market of the London Stock Exchange

Application will be made for the New Shares to be admitted to listing on the Standard segment of the Official List and trading on the London Stock Exchange’s Main Market for listed securities (“Admission”). Admission of the New Shares is expected to occur on or around 11th October 2021.

The New Shares will rank pari passu with the existing ordinary shares of the Company.

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), following the issue of the New Shares referred to above, the issued ordinary share capital of MetalNRG will consist of 1,035,219,460 ordinary shares with voting rights attached (one vote per share). There are no shares held in treasury.  This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, MetalNRG under the DTRs.

 

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014:

For the purposes of  UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.

 

END

 

Contact details:

MetalNRG PLC
Christopher Latilla-Campbell

Rolf Gerritsen


+44 (0) 20 7796 9060

Corporate Adviser
PETERHOUSE CAPITAL LIMITED
Lucy Williams

Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

 

#POW Power Metal Resources – Quarterly Business Operational Update

pow

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the September quarterly business operational update for shareholders.

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

“We consider Power Metal to be a global project with thirteen project packages across three continents and targeting nine precious, base and strategic metals.

At the heart of our business is resource prospect generation, targeting district scale resource opportunities for internal development or value crystallisation.

Look below and you will see the results of our work to date and the potential the Power Metal business offers.

As a longstanding private investor and public company director in the junior resource space I often encounter the frustrations and the jubilations offered by a cyclical market.

Our duty, notwithstanding market conditions, is to remain focused, to continue to build and, above all, to justify shareholders’ trust in Power Metal through quantifiable delivery.”

 

Note: in addition to the material presented below, investors are guided to the Power Metal corporate presentation which is available on the Company’s website through the following link:

https://www.powermetalresources.com/presentation/

PROJECT OPERATIONS UPDATE

The tables below provide the latest status of each project within the Company’s portfolio and include:

–  Exploration project updates from African, North American and Australian interests;

 

–  Corporate development updates for project packages advancing towards spin-out into their own listed vehicles as part of the Company’s crystallisation objectives;

 

–  Further updates in respect of Power Capital Investments Ltd, the Company’s wholly-owned new project incubator;

 

–  Additional management and financial information for shareholders.

African Exploration Projects

Project

Latest Position

Molopo Farms Complex Project

Botswana

(Nickel – Platinum Group Elements (PGEs))

POW: Effective Economic Interest 50.8%

Work continues on technical analysis following the drill programme completed in early 2021. Significant nickel sulphides have been identified in the drill core with assays up to 1.7% nickel and 0.55g/t platinum.  Further selected samples are to be assayed for additional nickel sulphide and PGE content.

Discussions are in process with regard to corporate developments in respect of the Molopo Farms Complex interest together with next stage exploration including additional drilling.

Key Potential Value Drivers: Confirmation of further nickel sulphide and platinum group elements (PGEs) from assay testing, outcome(s) from corporate discussions and launch of next stage exploration.

 

 

South Ghanzi Project

Botswana

(Copper – Silver)

POW: 50%

 

 

South Ghanzi Project is held within Kanye Resources plc, a joint venture vehicle 50% held by Power Metal and 50% by partners Kavango Resources plc (LON:KAV) who are the operators of the project.

 

Drill target refinement continues at the South Ghanzi Project, together with initial exploration at the recently acquired South Ghanzi Extension Licences and the Mamuno Licences.  Together, the ground footprint in the Kalahari Copper Belt (KCB) totals 4,257km2.

 

Approval of the Environmental Management Plan (EMP) for South Ghanzi is being sought to enable drilling to be undertaken.

 

Further consideration is being given by the joint venture partners with regard to the planned IPO of Kanye Resources plc and an update in this regard will be provided in due course.

 

Key Potential Value Drivers: Approval of the EMP, drilling of South Ghanzi targets and initial exploration findings from the recently acquired KCB licences.

 

 

Ditau Camp Project

Botswana

(Rare Earths)

POW: 50%

 

Ditau Camp Project is also held within the Kanye Resources plc joint venture as outlined above.

To date three specific targets have been identified for drilling, which is expected to commence in Q4 2021.

Further exploration work is continuing on the ground including ground based geophysical surveys.

Key Potential Value Drivers: Drilling of Ditau targets and results from ongoing exploration.

 

 

Tati Project

Botswana

(Gold – Nickel)

POW: 100%

 

 

The company recently completed its Phase I and Phase II work programmes, which included high-resolution soil sampling (1,107 samples collected), mapping and prospecting (49 rock samples collected), as well as ground-based geophysics including high-resolution magnetic and radiometric surveys.

 

The results have highlighted five target areas across the two licences, which are defined by kilometre-scale geochemical anomalies that are coincident with various geological structures that were highlighted by the ground geophysical surveys.

 

The company is now in the preparatory stage for an inaugural drilling campaign, which will include roughly 1000m of reverse circulation (RC) drilling across the various target areas.

 

Drilling is expected to commence during the first week of October subject to final preparations.

 

Key Potential Value Drivers: Results of ongoing exploration including drill results.

 

Kisinka Project

The DRC

(Copper – Cobalt)

POW: 70%

Next stage exploration is drill testing of the 6.8km copper-cobalt geochemical anomaly identified from previous exploration programmes.

Preparations are continuing for drilling including target refinement and sourcing of appropriate contractors.

Drilling is expected to commence in Q4 2021.

Key Potential Value Drivers: Drill testing of copper-cobalt targets.

 

Haneti Project

Tanzania

(Polymetallic)

POW: 35%

 

The next stage of exploration is deep diamond drill testing at Haneti targeting nickel sulphide – PGE mineralisation.

 

Final preparations are underway for this drill programme which is targeted to commence in Q4 2021.

 

Key Potential Value Drivers: Drill testing of nickel sulphide – PGE targets.

 

North American Exploration Projects

Project

Latest Position

Silver Peak Project

British Columbia, Canada

(Silver)

POW: 30%

Assay results are currently pending from the recently completed summer drill programme.

Work continues on a potential IPO of the Silver Peak project as well as the consideration of a number of alternative commercialisation opportunities.

Key Potential Value Drivers: Pending assay results and confirmation of selected commercialisation approach.

 

 

Alamo Project

Arizona, USA

(Gold)

POW: Earn-in to 75%

 

 

The Notice Level Plan of Operations permit which was required to commence the next phase of exploration has been received.  In line with recently introduced provisions an additional cultural and biological assessment is being undertaken which we expect to be completed by the end of October and thereafter work will commence.

 

The work programme is expected to include trenching on one area of the Alamo Project, with associated sampling, assaying and mapping and thereafter potential drilling of a number of short percussion holes to test for gold and silver mineralisation.

 

Key Potential Value Drivers: Launch of next stage exploration and associated results.

 

 

 

Athabasca Uranium

Satskatchewan, Canada

(Uranium)

POW 100%

 

 

241km2 of ground has been staked surrounding the Athabasca Basin in Saskatchewan, Canada.

 

In total 7 property packages have been assembled, all of which are prospective for uranium mineralisation.

 

Work is being undertaken to assemble detailed project information and to determine next steps for the newly acquired properties.

 

Key Potential Value Drivers: Publication of full property information, uranium prospectivity analysis and launch of Phase I work programme.

 

 

 

Authier North

Quebec, Canada

(Lithium)

POW earn in to 100%

 

 

A programme of detailed soil sampling, prospecting and rock sampling has recently completed.

 

The programme was designed to test for the extensions of a lithium-bearing pegmatite dyke down dip to the north, and along strike to the east from the adjacent Authier Lithium Property.

 

The Authier Lithium Property is owned by Sayona Mining Limited and is scheduled to go into production in 2023. The results from the recently completed programme will be released to the market once received, compiled and interpreted by Power Metal personnel.

 

Key Potential Value Drivers: Results from the exploration programme now completed.

 

 

Disposal/Spin-Out Vehicle Packages *

* Please note other project packages within the Power Metal portfolio are also in earlier stages of spin-out preparations in addition to those listed below.

Project

Latest Position

 

New Ballarat Gold Corporation

Victoria, Australia

(Gold)

POW: 49.9%

 

Power Metal has an interest in 49.9% of New Ballarat Gold Corporation plc (“NBGC”) held in joint venture with 50.1% held by Red Rock Resources plc (LON:RRR).

Through its Australian operating subsidiary, Red Rock Australiasia Pty Ltd, NBGC has a strategic land  footprint in the Victoria Goldfields, Australia.  The footprint comprises 1,458m2 of ground under 9 licence applications and 7 granted licences covering 848km2

Extensive exploration is continuing, combining desk-based research with field exploration.  Drill targets have been identified following additional discoveries of historic mine workings within the granted licence area. A diamond drill programme has been scheduled for the end of the year.

The joint venture partners are working together to expedite a listing of NBGC on the London capital markets.  The new board of NBGC has been selected in readiness for listing and NBGC has appointed all key advisors in this regard.

Key Value Drivers: Material findings from ongoing exploration, further licence grants and the listing of NBGC on the London capital markets.

 

 

Golden Metal Resources

Nevada, USA

Gold – Base Metals

POW – Various interests (see right column)

POW 100%

 

 

During Q2/Q3 2021 Power Metal assembled a strategic package of exploration and development interests in Nevada USA under the corporate vehicle Golden Metal Resources Ltd (“Golden Metal”). Golden Metal’s project portfolio includes:

–  Golconda Summit – an exploration property targeting high grade near surface gold, where Power Metal has a right to earn-in to a 100% interest.

 

Permit has now been received allowing a trenching, sampling and mapping work programme to be undertaken. Final preparations are in hand and exploration is expected to commence at Golconda Summit in October.

 

–  Garfield/Stonewall – two 100% owned exploration properties targeting gold-silver mineralisation. 

 

Initial exploration now launched includes the processing of various Aster and Worldview-3 hyperspectal satellite imagery datasets over the Garfield Property, which will allow for the remote mapping of various iron and hydrothermal alteration minerals.

 

–  Pilot Mountain – an option to acquire a 100% interest in an advanced exploration and development property with a substantial JORC compliant tungsten, copper, silver and zinc resource.

 

Due diligence is fully underway to enable option exercise to proceed by the date of option expiry on 29/10/2021.

Golden Metal is seeking a listing on the London capital markets and is currently assembling its advisory team to complete the listing documentation.

Key Value Drivers: Positive findings from exploration work at Golconda Summit and Garfield properties and the listing of Golden Metal on the London capital markets.

 

 

First Development Resources

Western Australia

(Gold – Copper)

POW: Conditional Acquisition 75%

 

 

 

Power Metal is to acquire a 75% interest in First Development Resources Pty Ltd (FDR Australia), an Australian company holding five exploration interests in the Paterson Region of Western Australia.

Initially the licences included one granted exploration licence and four licence applications.

Power Metal has received confirmation that two additional exploration licence applications have now been granted (Wallal Main E45/5816 and Wallal West 2 E45/5880), two of the three strategic Wallal Project licences, with the remaining licence (Wallal West 1 E45/5853) expected to be granted imminently.

The Wallal Project is the focus of ongoing exploration work including 2D seismic geophysics reprocessing and a passive seismic survey which is intended to help refine drill targeting within the Wallal Main Licence area.

Drill targets comprise magnetic bullseye targets of similar geological nature to that drill tested by Greatland Gold plc leading to the discovery of the Havieron deposit in the Paterson Province.

The acquisition which is now proceeding will trigger the acquisition of FDR Australia by First Development Resources Limited, which Power Metal plans to list on the London capital markets.

Key Potential Value Drivers: Licence grants, formal acquisition of FDR Australia, listing in London and deep drill testing of magnetic bullseye targets.

 

First Class Metals

Schreiber-Hemlo, Ontario, Canada

(Gold – Base Metals)

POW c.38%

 

 

Power Metal announced the disposal of its Schreiber-Hemlo interests to First Class Metals (“First Class”) on 07/09/2021 for consideration of £1mn.  With the shares received on the disposal, and following a subscription by Power Metal of £28,764 at £3/share in the pre-IPO raise, Power Metal currently has an interest of c.38% in First Class (after reflecting the c.£400,000 pre-IPO raise undertaken by First Class).

First Class is seeking a listing on the London capital markets and provided an update to shareholders on 27/09/2021 confirming considerable progress from both from exploration and corporate perspectives.

Power Metal is working with First Class to support their listing plans and looks forward to reporting further progress in this regard. On listing Power Metal will be a significant shareholder in First Class.

Key Potential Value Drivers: Exploration updates from the Schreiber-Hemlo interests and listing of First Class on the London capital markets.

 

New Opportunities

Project

Latest Position

 

Power Capital Investments Limited

Global Resource Project Incubator

(Multi-Commodity)

POW: 100%

 

 

Power Capital Investments  (Power Capital) is currently in the early stages of three potential new projects namely:

–  Gold exploration in Europe where Power Capital has a signed agreement with a third party.  To date assay testing of samples has been undertaken demonstrating high-grade gold mineralisation in hand samples. Currently Power Capital is funding the third party to lodge licence applications covering the area of interest.  Thereafter the plan is to launch additional exploration programmes.  Power Capital may earn-in to a 50% interest by expending €100,000 on exploration and corporate costs.

 

–  Consideration of an African rare earths initiative with a specialist  geological team employing new technology to identify rare earth deposits in Africa.

Limited information will be provided in respect of the above Power Capital projects to preserve commercial sensitivity, notably where work is needed to secure exploration licences or to protect commercial partners.

At present none of the Power Capital projects above are considered material in the context of the Power Metal business overall.  Should they become so, further disclosures may be necessary.

NOTE: A maximum investment level of £100,000 per opportunity has been established and a minimum 50% Power Capital holding interest in any opportunity following Power Capital’s investment.

Key Potential Value Drivers: Advancement of any Power Capital investment into full Power Metal project status or spin-out IPO opportunity.

 

Management and Financial

 

Project

Latest Position

 

Board

 

Further to the announcement of 21 September 2021, Andrew Bell, Chairman of Power Metal stepped down from the board yesterday to focus on the large spin-out IPO of NBGC (see above).

Current Non-executive director Scott Richardson Brown is to become Interim Chairman pending the appointment of a new Chairman in due course.

 

Senior Management

 

The Company operates a hub and spoke operational management style coordinating and controlling global exploration operations from its UK Head Office.

In 2021 with the growth of our business portfolio, and the success of exploration and commercial ventures, we have built the Head Office team with exploration management, commercial management and financial and administrative support.

We are also seeking to optimise resources, and our Head Office team will be deployed to support spin-out vehicles, managerially and administratively, helping to reduce the operational costs to Power Metal of new team members.

 

Financial Position

 

Power Metal has a growing balance sheet which, as with many other exploration companies, has a core of capitalised exploration costs for ongoing exploration projects.

Power Metal can monetise its operational interests as demonstrated by the disposal of the Schreiber-Hemlo business interests (see above).

And importantly, Power Metal is planning to spin-out other business interests into listed vehicles, and any new listings will add materially to the Company’s balance sheet.

Excluding all of the above the Company also holds working capital, comprising cash and currently listed (tradable) investments, which funds day to day operations.  As at 24/09/2021 this amounted to working capital of £2.51million.

 

Audit and Compliance

 

As the financial year comes to a close Power Metal is working with One Advisory, its financial and compliance service partner, to prepare for the annual audit, with financial results for the year ended 30 September 2021 expected to be published in February 2022.

As a responsible exploration company Power Metal is further bolstering its Environmental, Social and Governance initiatives and will be publishing further information in the coming months covering the various measures implemented.

In 2020 the Company undertook a Finance, Administration and Compliance Protocols and Procedures Review to further improve its underlying Governance and is now further bolstering this with detailed business process mapping across the Company.  These measures are considered necessary as the Company expands in size, scale and breadth of corporate and exploration activities.

 

 

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

#POW Power Metal Resources – FDR Australia – Grant of Wallal Licences

powPower Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Wallal Project (the “Project”) located in the prolific Paterson Region of Western Australia where the Company is targeting major gold-copper discoveries.

 

 

 

Power Metal now confirms that two licence applications have now been granted.  The granted licences are:

 

–  E45/5816 – Wallal Main

–  E45/5880 – Wallal West 2

The Wallal Main licence is host to two magnetic bullseye anomalies (Eastern Anomaly and Border Anomaly) which are currently the highest priority exploration targets for a planned future deep drilling campaign.  The third licence application forming the Wallal Project, Wallal West 1 (E45/5853) is expected to be granted shortly. This licence application includes the third magnetic bullseye Western Anomaly.

The grant of the Wallal Main licence was a key event which now allows for completion of the acquisition of First Development Resources Pty Ltd (FDR Australia) by First Development Resources Limited (FDR UK) in which, post acquisition, Power Metal will hold a 75% interest.

Power Metal will now move to undertake transaction completion and a further announcement will be made in this regard shortly. In addition, preparations to seek a listing of FDR UK in the London capital markets will now accelerate.

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

“With the grant of licences announced today, one of our most exciting projects takes a great leap forward. Power Metal shareholders now have exposure to a major gold-copper exploration project in the Paterson region of Western Australia.

We are seeking major gold-copper discoveries and I would ask investors to review our recent exploration update linked below, to see the potential the Wallal Project offers.”

Note:

The grant of Wallal Main was confirmed this morning and the quarterly report we have prepared for release today will need to be amended accordingly with this important news and its significant impact on our business plans.  As a result the Power Metal Quarterly Business Operational Update will now be released on 1 October 2021.”

BACKGROUND

The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (Wallal Main-E45/5816 (granted), Wallal West 1-E45/5853 (application) and Wallal West 2 – E45/5880 (granted), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).

On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/conditional-australia-copper-gold-acquisition/14955517

The latest exploration update released by the Company on 13 September 2021 may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/fdr-australia-paterson-region-exploration-update/15132674

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 – Interim Results

kav

Kavango Resources plc, an exploration company targeting the discovery of world class mineral deposits in Botswana, is pleased to announce its unaudited financial results for the six months ended 30 June 2021.

 

SUMMARY

· Issue of 69,776,784 ordinary shares (Note 5)

· Expenditure in Botswana on exploration of US$512,000 (Note 4)

· Operating loss of US$776,000 (2020 – US$254,000)

 

The Chairman’s Statement and Interim Results are set out in the following pages.

 

Contacts

Kavango Resources plc

Ben Turney

+46 7697 406 06

bturney@kavangoresources.com  

First Equity

Jason Robertson

+44 207 374 2212

SI Capital Limited (Broker)

Nick Emerson/Alan Gunn

+44 1483 413500

 

INTERIM MANAGEMENT REPORT 30 JUNE 2021

 

We’ve taken great strides during the first half of 2021 to realise our ambition of becoming one of Botswana’s leading minerals exploration companies.

Having raised £2million in a placing in November 2020 through our joint brokers, First Equity Ltd and SI Capital Ltd, Kavango entered 2021 in good financial shape.

On 11 January 2021, I joined the board as Non-Executive Chairman together with Ben Turney, who joined as Executive Director. Ben subsequently became CEO on 22 June 2021. I would like to thank our former CEO Michael Foster for the role he played in bringing Kavango to market and guiding the Company through its start-up phase. Michael remains as a Non-Executive Director.

I am pleased to report that Ben and I have quickly developed an effective working relationship. I have been impressed at the dynamic leadership he has injected into the business at all levels, from building strong commercial relationships and raising money to coordinating our investor relations, improving our operations and recruiting key personnel. Based on our experience so far, I believe that we have complementary skills that bring the right balance to Kavango’s board.

The first six months of 2021 have essentially been a period of transition for the Company, as it moves from its start-up phase to a fully operational enterprise, and while there have inevitably been growing pains, I am confident (particularly following recent senior appointments in Botswana after the period end, as announced on 22 September 2021) we are continuing to build the right leadership team in place to maximise Kavango’s chances of future success. We continue to look to identify the right individuals, at all levels of the group, who can help us grow the group, deliver value to our shareholders and play a positive and responsible role in the wider communities in which we operate.

Before reviewing our operations, I would also like to take the opportunity to thank Mike Moles and Hillary Gumbo for all they have done for Kavango. As the Company’s co-founders, it was their original vision that brought us all here. Their technical expertise and knowledge are a significant boon to Kavango. In a long overdue move, Hillary joined the Kavango board on 28 May.

Operationally, Kavango has accelerated exploration across all three of its project areas.

In the Kalahari Suture Zone (“KSZ”), we are pioneering the deployment of modern remote sensing technology in our search for large-scale copper, nickel and platinum group element deposits. Specifically, we have sought to develop a geophysics-led exploration method that combines Airborne Electromagnetic (“AEM”) surveys, with ground-based Time Domain Electromagnetic (“TDEM”) surveys and other surveying methods. The goal was to identify priority targets, which we could then test with drilling to attempt to confirm the KSZ’s potential as a system to host large-scale nickel, copper and platinum group element deposits.

To this end, on 20 April 2021, we secured a strategic partnership with Spectral Geophysics (“Spectral”), one of southern Africa’s leading experts in the deployment of geophysical surveying. Cas Lotter, Spectral’s CEO, has been an excellent partner to Kavango. We have benefitted a great deal both from the technology he can put into the field as well as the deep level of his experience and understanding of conducting exploration under the Kalahari Sands. We are looking forward to Cas and his team continuing to play a significant role in our work in the KSZ.

Following identification of the first TDEM targets, we moved quickly to organise our first drill campaign since 2019. We appointed Mindea Exploration and Drilling Services (Pty) (“Mindea”), a company operated under the Botswana Citizen Economic Empowerment Policy, to conduct the drill campaign on Kavango’s behalf. Mindea was set up by Equity Drilling Limited, which remains a 49% shareholder in Mindea. Ben has been developing a strong working relationship with Equity Drilling/Mindea and commercial discussions are ongoing about the establishment of a strategic drilling joint venture.

Drilling in the KSZ is a significant engineering challenge. A number of historic exploration holes were forced to stop early because of poor ground conditions. We have been extremely fortunate to have a partner as technically skilled as Mindea/Equity Drilling. Maintaining a borehole’s integrity through Kalahari sands and loose sediments is difficult. The fact that, as of writing, Kavango has successfully drilled two deep holes into the KSZ is a major achievement for a company of our size, and we are pleased to acknowledge the expertise of Mindea/Equity Drilling in this regard.

A great deal of testing remains to be done on the drill core, but we now expect the data gathered from our first two holes in the KSZ will guide our future exploration strategy in the region. Our geologists are particularly heartened by what they have seen in their visual inspections of core from the Proterozoic gabbros. The prospectivity of the Proterozoic has long been recognised, but we intercepted it at what we believe are the shallowest depths ever encountered in the northern (Hukuntsi) section. Now, with two distinct exploration horizons to go for (Karoo and Proterozoic), it feels like we may be making tangible progress in unlocking this region’s potential.

Although much of our operational focus has been on the KSZ, we have also continued to make progress in the Kalahari Copper Belt (“KCB”). Here we have two Joint Ventures; one with Power Metal Resources PLC (LSE: POW) and one with Botswana-based LVR GeoExplorers (Pty) Ltd.

Unlike in the KSZ, where Kavango is pioneering modern exploration techniques, in the KCB the exploration model is much more tried and tested.

In February we flew Airborne Electromagnetic (“AEM”) surveys over both JV target areas. AEM surveys have been one of the most successful exploration methods used in the KCB. We were pleased to report the results of these surveys in March and to have identified well-defined targets for further exploration, which were coincidental with the regional geology.

Also, in March we announced a significant increase to our land holding in the KCB in the Power Metal JV (which is called Kanye Resources), through the acquisition of 8 new prospecting licences (“PLs”). We completed the acquisition of these PLs in early August. 

Meanwhile, Kavango has continued work on the ground across its licence areas in the KCB. The Company has commissioned an independent evaluation programme of the company’s soil sampling surveys, with the aim of refining and maximising its methodology.

We are also currently waiting for the government approval of our KCB Environmental Management Plan, which is a prerequisite to be able to undertake drilling in the districts of Botswana that host our principal exploration prospects. We expect this should be awarded in early Q4 of this year.

Finally, at our rare earth elements project at Ditau, which forms part of the Kanye Resources JV with POW, we have continued our exploration work. At the start of January, we initiated orientation work using geophysical and geochemical surveys, which culminated with an announcement in early July that we had identified a number of drill targets. Ditau is covered by our KSZ EMP, and we expect to undertake limited drilling here later in 2021.

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

 

–  The Interim Report has been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, as endorsed for use in the United Kingdom;

–  Gives a true and fair value of the assets, liabilities, financial position and Loss of the Group;

–  The Interim Report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year and

–  The Interim Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.

 

The Interim Report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by

 

David Smith, Chairman

30 September 2021

 

Forward looking statement

 

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ”believe”, ”could”, “should” ”envisage”, ”estimate”, ”intend”, ”may”, ”plan”, ”will” or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities.

 

Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.

 

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Group Statement of Comprehensive Income for the Interim Period Ended 30 June 2021

Notes

Administrative expenses

Prospectus costs

Other losses

Operating loss

Net finance costs

Loss before tax

Income tax expense

Loss for the period from continuing operations

Other comprehensive income / (expense)

Items that may be reclassified subsequently to profit or loss:

Currency translation differences

Other comprehensive income / (expense) for the period, net of tax

Total comprehensive expenses for the period

Loss per share from continuing and discontinued operations

attributable to the owners of the parent during the period

(expressed in dollars per share)

– Basic and diluted

3

 

 

Group Statement of Financial Position as at 30 June 2021

 

 

Notes

ASSETS

Non-current assets

 

 

 

 

 

 

 

Property, plant & equipment

Intangible assets

Investment in joint ventures

Financial assets

Total non-current assets

Current assets

Trade and other receivables

Financial assets

Cash & cash equivalents

Total current assets

TOTAL ASSETS

LIABILITIES

Current liabilities

Convertible loan note

Trade and other payables 

TOTAL LIABILITIES

NET ASSETS

SHAREHOLDERS’ EQUITY

Share capital

5

Share premium

Share option reserve

Warrant reserve

Reorganisation reserve

Foreign exchange reserve

Retained earnings

TOTAL EQUITY

 

Group Statement of Changes in Equity for the Interim Period Ended 30 June 2021

At 01 January 2020

Loss for the period

Total other comprehensive expenses

Total comprehensive expense for the period

Issue of ordinary shares

Cost of share issues

Share-based payments

As at 30 June 2020

Balance at 01 July 2020

Loss for the period

Total other comprehensive income

Total comprehensive income for the period

Issue of ordinary shares

Share options granted

Warrants issued

As at 31 December 2020

As at 01 January 2021

Loss for the period

Total other comprehensive income

Total Comprehensive Income for Period

Issue of ordinary shares

Cost of share issues

Share-based payments

As at 30 June 2021

 

 

 

Group Cash Flow Statement for the Interim Period Ended 30 June 2021

Cash flows from operating activities

(Loss) before tax

Adjustments for:

Fair value adjustments

Depreciation

Prospectus costs

Fees settles in shares

Share based payment expense

Forex

Operating loss before changes in working capital

(Increase)/decrease in trade and other receivables

(Decrease)/increase in current liabilities

Net cash used in operating activities

Cash flows used in investing activities

Purchase of property, plant and equipment

Investment in financial assets through P&L

Purchase of intangibles

Proceeds from investment disposals

Net cash used in investing activities

Cash flows from financing activities

Proceeds from issue of share capital, net of issue costs

Convertible loan notes

Net cash inflow from financing activities

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

 

NOTES TO THE INTERIM REPORT FOR SIX MONTHS ENDED 30 JUNE 2021

1.  Basis of preparation

The condensed consolidated interim financial statements have been prepared under the historical cost convention and on a going concern basis and in accordance with International Financial Reporting Standards, International Accounting Standards and IFRIC interpretations endorsed for use in the United Kingdom (“IFRS”).

The condensed consolidated interim financial statements contained in this document do not constitute statutory accounts.  In the opinion of the directors, the condensed consolidated interim financial statements for this period fairly presents the financial position, result of operations and cash flows for this period. 

The Board of Directors approved this Interim Financial Report on 30 September 2021. 

Statement of compliance

The Interim Report includes the consolidated interim financial statements which have been prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’.  The condensed interim financial statements should be read in conjunction with the annual financial statements for the period ended 31 December 2020, which have been prepared in accordance with IFRS endorsed for use in the United Kingdom. 

Accounting policies

The condensed consolidated interim financial statements for the period ended 30 June 2021 have not been audited or reviewed in accordance with the International Standard on Review Engagements 2410 issued by the Auditing Practices Board.  The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory annual financial statements for the year ended 31 December 2020. There have been no new accounting policies adopted since 31 December 2020.

Going Concern

The condensed consolidated interim financial statements have been prepared on a going concern basis. Although the Group’s assets are not generating revenue and an operating loss has been reported, the Directors have concluded that the Company has funds to meet its immediate working capital requirements and that during the next 12 months from the date of the interim financial statements the Company will need to raise funds to meet its planned exploration expenditures.

2.  Financial risk management and financial instruments

Risks and uncertainties

The Board continually assesses and monitors the key risks of the business.  The key risks that could affect the Group’s medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group’s 2020 Annual Report and Financial Statements, a copy of which is available from the Group’s website: www.kavangoresources.com.  The key financial risks are market risk (including currency risk), credit risk and liquidity.

3.  Loss per share

The calculation of earnings per share is based on the loss attributable to equity holders divided by the weighted average number of shares in issue during the period.

Net loss after tax

(776)

(254)

(708)

Weighted average number of ordinary shares used in calculating basic loss per share (000’s)

333,580

172,309

192,166

Basic & diluted loss per share (cent)

(0.23)

(0.15)

(0.37)

Any share options would result in a decrease in the earnings per share; they are considered to be anti-dilutive, and as such, a diluted loss per share is not included.

4.  Intangible assets

Group

Evaluation and Exploration Assets – Cost and net book value

At period start

2,082

2,445

2,445

Additions

512

126

331

Transferred to Kanye Resources (Pty) Ltd

 –

(691)

Reclassification

 –

(55)

Translation difference

 3

(322)

52

At period end

 2,597

2,249

2,082

 

The Group’s intangible assets are comprised of Evaluation and Exploration assets in respect of the licences in Botswana.

 

During the period US$512,000 (2020: US$126,000) of exploration expenses were capitalised by the Group.

 

The Directors have undertaken a review to assess whether circumstances exist which could indicate the existence of impairment as follows:

• The Group no longer has title to mineral leases.

• A decision has been taken by the Board to discontinue exploration due to the absence of a commercial level of reserves.

• Sufficient data exists to indicate that the costs incurred will not be fully recovered from future development and participation.

 

The directors have also taken into consideration the content of the Competent Person’s Report which is available at the Group’s website.

 

Following their review, the Directors are of the opinion that no impairment charge is necessary.

5.  Share capital

The authorised share capital of the Company and the called up and fully paid amounts at 30 June 2021 were as follows:

A)  Authorised

   

Unlimited Ordinary shares stated value £ 0.001

 

There were no changes during the period

B)  Called up, allotted, issued and fully paid

As at 1 January 2021

295,291,264

390

Shares issued during the period

69,776,784

96

As at 30 June 2021

365,068,048

486

6.  Post balance sheet events

In July 2021, the company placed 36,363,638 new ordinary shares were issued at a price of 5.5 pence, raising gross funds of US$2,738,000 (£2,000,000). A one-for-one warrant was issued to all placing participants, exercisable at 8.5 pence per shares for a period of two years. Ben Turney and Mike Moles, Directors of the Company, participated in the subscription and also received one-for-one warrants on the same terms as above, subject to certain acceleration clauses.

 

In August 2021, Kanye Resources (joint venture held 50/50 with Power Metal Resources plc), completed the acquisition of the 8 new prospecting licences, representing a significant expansion of Kanye’s exploration footprint in the highly prospective Kalahari Copper Belt.

 

In August 2021, 6,000,000 share options were granted to the senior team in Botswana, 4,500,000 share options were granted to Ben Turney, CEO, and 1,000,000 share options were granted to Hillary Gumbo, Director.

7.  Other matters

The condensed consolidated interim financial statements set out above do not constitute the Group’s statutory accounts for the period ended 31 December 2021 or for earlier periods but are derived from those accounts where applicable.

A copy of these interim financial statements is available on Kavango’s website:

#POW Power Metal Resources – Uranium Portfolio Expansion – Athabasca Basin

powPower Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a significant expansion of its land package within the Athabasca Basin, located in northern Saskatchewan, Canada.

Previously on 15 September 2021 the Company announced the initial acquisition by staking of four uranium properties covering 109 km2, the details which can be found below:

https://www.londonstockexchange.com/news-article/POW/strategic-uranium-opportunity-athabasca-basin/15136428

Building on this initial acquisition, today the Company announces an increase of ground to 241km2 through the staking of additional ground immediately surrounding the Company’s Clearwater, Tait Hill, and Soaring Bay uranium properties, as well as the acquisition of three additional uranium properties including the Cook Lake, E-12, and Reitenbach properties (together the “Properties”).

An updated map highlighting all seven uranium Properties is available on the Company’s website and may be accessed through the following link:

https://www.powermetalresources.com/power-canada-uranium-property-map-2/

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

“Power Metal has now secured a strategic uranium portfolio in Canada, with projects selected after extensive review of unstaked Athabasca Basin opportunities.

The staking process has been undertaken rapidly, to ensure the Company was able to secure the ground it identified as highly prospective and the choice of ground has been validated by the extensive staking that has wrapped around a number of our properties.

There is a major opportunity in uranium and now Power Metal and its shareholders have a seat at the table in one of the best postcodes for uranium exploration and development.

Power Metal continues to look across three continents for additional uranium opportunities, and if highly attractive opportunities are identified, we may expand our uranium portfolio further.”

HIGHLIGHTS

The Properties

The seven 100% owned Properties now cover a combined 24,097-hectares (c. 241km2) giving Power Metal a strong foothold in the prolific Athabasca Basin (for full property details see table 1 below).

 

The Company’s uranium portfolio now includes the Thibaut Lake uranium Property, the significantly expanded Clearwater, Tait Hill, and Soaring Bay uranium properties, as well as the newly staked Cook Lake, E-12 and Reitenback uranium properties (see below for further information on the Properties.

 

Power Metal was able to secure the majority of its land package prior to a significant staking rush that occurred in the Athabasca Basin during the past few weeks. Notably, several of its holdings have now been completely staked around by various parties, demonstrating that Power Metal was able to secure several core property holdings within uranium-rich northern Saskatchewan.

 

The claims for all Properties have been registered with the Mineral Administration Registry Saskatchewan and the total cost of claim staking was C$14,458.  The claims are valid for 2 years and there is no minimum spend commitment required.

 

As the Properties were acquired through staking, Power Canada will have a 100% interest with no outstanding royalties or encumbrances.

The Location

All seven Properties are surrounding the prolific Athabasca Basin, in northern Saskatchewan, Canada which is home to some of the world’s largest and highest grade uranium mines including Cameco Corporation’s Cigar Lake and McArthur River Uranium Mines.

 

Saskatchewan was recently ranked the 3rd best mining jurisdiction in the world in Fraser Institute’s 2020 rankings.

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”). which acts as the holding company for certain Canadian project operations.

Power Canada has now established it own 100% owned holding company 102134984 Saskatchewan Ltd., which is now the holder of all the uranium Properties.

PROJECTS OVERVIEW

Expanded Property Holdings Highlights

 

· The Clearwater Property was expanded by staking one additional licence to bring the total Property size to 5,624-hectares (from 4,864-hectares). The newly staked licence covers an additional 2 uranium mineral deposit index points. Historic results from the newly staked ground includes highlight rock samples which returned up to 0.53% and 0.63% U3O8.

 

· The Tait Hill Property was expanded significantly by staking two additional licences to bring the total Property size to 5,960-hectares (from 2,544-hectares). The newly staked licences cover an additional 10 uranium mineral deposit index points. Historic results from the newly staked ground includes highlight rock samples which returned up to 1.78% U3O8 and 2370ppm Thorium (Th).

 

· The Soaring Bay Property was expanded significantly by staking one additional licence to bring the total Property size to 4630-hectares (from 1,255-hectares). The newly staked licences cover an additional 4 uranium mineral deposit index points. Historic results from the newly staked ground includes highlight trench samples which returned up to 0.92% and 0.56% U3O8.

Newly Acquired Property Highlights

 

· The newly acquired Cook Lake uranium Property (“Cook Lake”) covers 984-hectares (c. 10km2) and is centered around 6 mineral deposit index points. Highlight historic rock samples from Cook Lake returned high-grade results up to 3.54% U3O8 and 0.88% Th. Since Power Metal acquired Cook Lake, additional staking by various 3rd parties have fully encompassed the Property.

 

· The newly acquired E12 uranium Property (“E12”) covers 1,323-hectares (c. 13km2) and is centered around 2 mineral deposit index points. The Property is cross-cut by the major 905 highway, providing excellent access for future work programmes. Highlight historic rock samples from E12 returned results up to 0.20% U3O8. Since Power Metal acquired E12, additional staking by various 3rd parties have fully encompassed the Property.

 

· The newly acquired Reitenbach uranium Property (“Reitenbach”) covers 3,370-hectares (c. 34km2) and is centered around 4 mineral deposit index points. Highlight historic rock samples from Reitenbach returned results up to 0.41% and 0.34% U3O8. The Property also covers a 99.7% percentile lake-sediment result of 70.6ppm Uranium, taken from the Geological Survey of Saskatchewan’s (GSC) lake sediment analysis database (database of 13,195 individual lake sediment results from the Precambian Shield area of Saskatchewan).1

NEXT STEPS

The Company is preparing all available historic data on the seven Properties for publication, and will make an announcement with further details on each property in the coming weeks, which will also include the Company’s next steps with the newly acquired Properties.

 

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Projects

Licence ID

Size – Hectare

Granted

Clearwater Uranium Property

MC00015079

1,110

Yes

MC00015083

563

Yes

MC00015082

3,191

Yes

MC00015151

760

Yes

Tait Hill Uranium Property

MC00015078

1,576

Yes

MC00015081

968

Yes

MC00015153

1,530

Yes

MC00015152

1,886

Yes

Thibaut Lake Uranium Property

MC00015077

2,206

Yes

Soaring Bay Uranium Property

MC00015080

1,255

Yes

MC00015155

3,375

Yes

Cook Lake Uranium Property

MC00015212

984

Yes

E-12 Uranium Property

MC00015213

1,323

Yes

Reitenbach Uranium Property

MC00015214

2,135

Yes

1,235

Pending

*Bold text refers to ground acquired since the original properties acquisition announced by the Company on 15 September 2021

Reference Notes:

1:  https://geohub.saskatchewan.ca/datasets/gsc-lake-sedimentanalyses/explore?location=57.252950%2C-105.528550%2C6.69

 

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

Alan Green discusses Power Metal Resources #POW & Blencowe Resources #BRES on the Stockbox Research podcast

Alan Green discusses Power Metal Resources #POW & Blencowe Resources #BRES on the Stockbox Research podcast

#KAV Kavango Resources – Kalahari Suture Zone (KSZ) – drilling update

kavKavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that the Company has requested Mindea Exploration and Drilling Services (Pty) to extend Hole TA2DD002 to 1,000m depth, which is the technical limit of the drill rig on site within acceptable safety margins, to assist in further developing and refining the Company’s model of the KSZ.

At end of shift at 0500 today, 17 September,  Hole TA2DD002 was at 821m. So far the Company has encountered 170m of continuous Proterozoic mafic/ultramafic rocks. Kavango’s senior field geologists have continued to make visual inspection of the core and have reported visible alteration and interstitial blebs of chalcopyrite in different sections of the hole. The lithologies range from coarse grained to extremely pegmatitic, the latter logged in zones that extend 20-30m in thickness.

The Company advises shareholders that thorough analysis is required of all core samples retrieved from the Proterozoic Complex in Hole TA2DD002, before any conclusions can be drawn as to what has been encountered so far. This analysis will include (but not necessarily be limited to) assay testing and whole rock analysis.

The Company will make further updates as necessary.

————————————————————————————————————

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 additional information please contact:

Kavango Resources plc

Ben Turney

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

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