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#FCM First Class Metals PLC – Sunbeam Property: High-Grade Gold Assay Results

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo  Sunbeam and Zigzag land holding is pleased to announce high-grade gold assays from channel sampling undertaken following the recently completed exploration at the Company’s 100% owned Sunbeam property (“the Property”).

The Property contains three subparallel mineralised structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the recently staked area where prospective structural features are inferred. FCM now commands a district scale land package of over 70km². 

The Property hosts several sites of historic mine development and gold mining: the Sunbeam Mine, the Roy Development, and the Pettigrew Development. Multiple other gold occurrences are also known including the Road ZoneAL198 Zone, WN2 Occurrence and the Rubble Occurrence. 

Given the discovery of significant gold within the tonalite to diorite porphyry which hosts the main mineralised structures across the property, First Class Metals will be moving swiftly to relog and assay core from previous drilling on the property for its potential gold endowment within any intervals of prospective porphyry which have not previously been assayed.

HIGHLIGHTS

·    First Class Metals announced on 14 November 2023 the results from the Company’s recently completed channel sampling programme from the Roy prospect which confirmed high grade gold mineralisation in the vicinity of the old workings.

·    Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy. Other highlights include:

6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;

4.98 g/t Au channel / 0.5m in sheared porphyry; and

5.58g/t Au channel / 0.5m within a quartz vein.

·    At Pettigrew channel and grab samples returned significant gold grades, including:

13.0 g/t Au grab sample from quartz rubble dug up beside the stripped outcrop.

3.5 g/t Au channel / 0.2m in a quartz vein with galena and chalcopyrite;

1.82 g/t Au channel / 0.75m in sheared porphyry; and

0.32 g/t Au channels / 3.95 m within sheared porphyry.

These results are considered very encouraging and typify this style of mineralisation.

·    Mineralisation (up to 4.98 g/t Au over 0.5m) discovered in the porphyry at Roy which hosts the main mineralised structures has the potential to add a wider envelope (10m+) of alteration (silicification and ankeritisation) and gold mineralization. The discovery of gold within the sheared and altered porphyry could add significant upside to what was thought to be predominantly a high grade vein system hosted in mafic schist, from which the known historic production was mined.

·    The reported historical drilling at Pettigrew was encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.

A further announcement will be made once the Company has decided on the most appropriate exploration programme to continue to advance the Company’s knowledge of the mineralisation at the Sunbeam Property. This is anticipated to culminate in drilling at Roy and Pettigrew.

Marc J Sale Chief Executive Officer commented:  “Since we optioned Sunbeam in late 2022, we have made quick and significant progress in developing the Property both in terms of understanding the mineralisation and increasing its scale.” 

“The channel results from Roy and Pettigrew are most encouraging and have identified drill targets at both locations. The auriferous porphyry hosing the shear zone at Roy and Pettigrew further enhances the significant potential that this Property can deliver.”

“As a result of the encouraging results from the recent stripping programs, FCM has staked 119 contiguous claims, along strike to the northeast I look forward to sharing further information on this Property, including our plans for the 2024 field season, as soon as possible.”

Background & Update 

Since the announcement of the Sunbeam acquisition in early October 2022, FCM through Emerald Geological Services (EGS) have been working to advance the Property to drill ready status.

The pre-exploration phase included a review of historic core; however, recent work has identified the potential of the porphyry to host significant gold mineralisation, therefore further review of the Sunbeam (Nuinsco) core is now recommended with additional samples taken if warranted.

The Sunbeam Property is dominated by three mineralised structures, all of which host significant gold anomalism as well as historic development, including the Sunbeam high grade gold mine which operated until 1905 and reportedly produced multi ounce material.

In July 2021, Nuinsco reported grades up to 93.3g/t Au from a drill programme conducted predominantly in the vicinity of the Sunbeam Mine area. Significant results include:

NS-21-01 – 3.98g/t Au over 0.6m (from 96.0m) within 3.39m of strongly gold anomalous deformation zone.

NS-21-02 – 13.8g/t Au over 0.15m (from 80.85m) within 2.83m of strongly gold anomalous deformation zone.

NS-21-03 – 93.3g/t Au over 0.44m (from 99.5m) within 3.19m of strongly anomalous deformation zone.

NS-21-05 – 2.94g/t Au over 0.5m (from 118.5m) within 7.50m of strongly anomalous deformation zone.

Historical drilling at Pettigrew was also encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.

The Sunbeam Property contains three subparallel mineralised subparallel structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the new area of claims where prospective structural features are inferred. FCM now commands a district scale land package of over 70km².

 

Figure 1 showing the combined Sunbeam and English claims as well as the recent staking.

FCM has undertaken two stripping campaigns and the gold (Au) results from the second campaign at the Pettigrew zone are now available. Most of the samples were 1m in length or less, with a minimum of 0.2m and a maximum of 1.0 m. The Pettigrew results are similar to those from Roy, (previously reported) and have defined a broad zone of shearing, alteration, and mineralization, peaking at 3.5 g/t Au in channel samples and 13.0 g/t Au in grab samples (highest grade at Roy was 18.8 g/t Au).

Visible gold was identified in at least one sample at Roy during the sawn channel programme.

The results indicate the potential for both high-grade gold mineralization hosted in quartz veins and lower-grade gold mineralization hosted in sheared, altered porphyry or chlorite schist. Lithologies hosting the mineralization are often well-sheared and exhibit isoclinal or near-isoclinal folding. 

Photo 1 Showing sheared mafic and felsic rocks hosting quartz veining. Note the Pettigrew shaft in the background.

At Roy there were a significant number of results exceeding 1ppm Au that define the anomalous structure over a strike of 100m between the existing shafts which remains open along strike. One sample of sheared porphyry reported 4.98ppm Au over 0.5m – as the porphyry is considered the host this is significant, as the potential mineralised package would be appreciably wider (10m+). FCM now intends to review the historic core again with the intention of sampling more of the porphyry hosting the mineralised shear zone.

At both Pettrigrew and Roy the high-grade gold mineralisation is hosted in quartz veining in sheared ‘mafics’ within a broader envelope of sheared, folded felsic to intermediate porphyry which often exhibits irregular quartz veining, silicification and ankerite alteration associated with up to 1% pyrite, and which also frequently contains anomalous gold concentrations as noted above. 

Photo 2 showing quartz veining at Pettigrew containing galena (Pb) and chalcopyrite (Cu). The sample reported 3.5 g/t Au.

A group of rocks in a plastic bag Description automatically generated

Photo 3 showing sheared, silicified and ankeritised porphyry with pyrite and quartz veining, 4.98 g/t Au / 0.5m channel.

Future work will focus on expanding the potential mineralisation with the sampling of any prospective porphyry.

The results from the channel sampling at Roy and Pettigrew, in conjunction with the encouraging geology encountered in the stripping at both locations (as well as the geology / geochemistry at the Sunbeam mine area) validate the Company’s efforts to bring the property to drill ready stage.

The ‘English claims have now been transferred 100% to First Class Metals Canada Inc. The Company now has 100% control of a potential district scale property block with multiple structures, hosting potentially high-grade gold bearing systems, extending over 72km². We believe this gives First Class Metals a true ‘District Scale’ gold project that could potentially host multiple significant gold deposits. 

ENDS

For further information, please contact:

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

 

Novum Securities Limited

 

(Financial Adviser)

 

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

 

Qualified Person

The technical disclosures contained in this announcement have been drafted in line with the  Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.

#FCM First Class Metals – Zigzag exploration update – drilling commences

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce a that drilling has commenced on  the Zigzag property which is currently focussed on the lithium (Li), tantalum (Ta) rubidium (Rb) and gallium (Ga) potential.

 

Highlights:

·    An Early Exploration Agreement (EEA) has been signed with Whitesand First Nation (WFN).

·    A contract to undertake up to 500m of drilling has been signed with Rodren Drilling a Whitesand FN approved ‘service provider’.

·    Channel sample results identify a >1% Li2O zone on the western portion of the ‘core’ 400m zone. Significant number of channel samples  returned >1% Li2O, including:

Channel 7            2.36% lithium (Li2O) over 5.5m

·    Drill operations have commenced on the Company’s Zigzag hard rock lithium (Ta/ Rb/ Ga) prospect.

 

Marc J. Sale First Class Metals CEO commented:

The signing of the EEA with Whitesand exemplifies the positive relationship FCM is building with the First Nations. This agreement has paved the way for FCM’s inaugural drill program, marking an exciting milestone for our company. We are thrilled to begin drilling at Zigzag, making it the first property where FCM will undertake drilling. This demonstrates our commitment to advancing our exploration efforts and emphasizes our dedication to responsible resource development.

Figure 1 showing the Zigzag property with the recent sampling, both grabs and channels, focussing on the central portion of the claim block, where drilling has commenced.

An Early Exploration Agreement (EEA) has been signed between Whitesand First Nation and First Class Metals.  Under the agreement FCM is allowed to undertake activities requiring and Exploration Permit, as awarded by the Province. FCM has agreed to support the Whitesand community.

Whitesand First Nation Economic Development representative commented:

Whitesand First Nation is looking forward to working with First Class Metals, and the positive relationship that is evolving.  We wish them luck on their drilling program and are excited to see what the New Year brings.

Drilling Plan

The drill programme preparation commenced on Monday with core expected today, this maiden programme will be focussed in the central 400m to explore the areas of high channel sample results, particularly Channel 7.

Initially 7 drillholes of over 50m are planned with the provision for a deeper ‘step-back’ based on visual, encouragement.  The basis for the drilling is the encouraging grab samples and channel sample results previously reported. Nine channels were cut with lengths of under 5m to over 10m, channel lengths were usually controlled by overburden and not necessarily by cessation of pegmatite geology.

Figure 2 showing the location of the channels relative to the ‘core 400m’ zone, drilling will extend further to the east of the channel sample area where >1% Li2O grabs samples were collected.

The results from the channels are very encouraging. It must be stressed that only hand stripping of vegetation was undertaken and often, exemplified by channels 5 and 7, the outcrop persisted but the vegetation cover was too onerous to be removed by hand.

The results have not only vindicated the grab samples in respect to the lithium oxide content but also highlighted again the presence of other important, critical minerals such as tantalum, gallium and rubidium.

A machine in the snow Description automatically generated

Photo 2 Rodren equipment being mobilised to the Zigzag property

For further information, please contact:

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

 

First Equity Limited

(Financial Adviser & Broker)

 

Jonathan Brown

 

0207 3742212

Jason Robertson

 

0207 3742212

     

 

First Class Metals PLC – Background

First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine

The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.

The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.

 

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

#BRES Blencowe Resources PLC – Bulk Sampling Completed

Completion of 100t Bulk Sample underlines high quality graphite product from Orom-Cross

 

Highlights:

·    Blencowe has now successfully completed critical pre-qualification metallurgical test work with 100t bulk sample works concluded in China.

·    Commercial scale results continue to confirm that a high-grade, low impurity concentrate (95-97% TGC) can be delivered from Orom-Cross graphite project in Uganda.

·    Increased coarse flake percentage of final mix, together with higher recoveries, will increment the overall weighted average selling price of the Orom-Cross basket of end products.

·    Blencowe now has a considerably larger volume of concentrate product to send to potential end users for further pre-qualification testing.

·    Positive feedback received from end users on Blencowe’s high-quality 95-97% TGC product with significant interest from established Chinese industry groups in progressing offtake arrangements.

 

Blencowe Resources Plc (“Blencowe” or the “Company”), is pleased to announce that additional metallurgical test work on its Orom-Cross graphite project in Uganda has now been completed by leading graphite technical specialist laboratory, Jilin New Technology (“Jilin”) based at Yanji in Northern China, following our recent update on 14 August 2023.

 

This metallurgical test work is critical to understanding the commercial scale process plant components, the quality of the end-product that Orom-Cross can deliver as a high-grade graphite concentrate as well as the flake sizing yield, and the operability of a process plant at Orom-Cross.  The 100t bulk sample also provides significantly greater quantum of end product for end user testing which is critical for the Definitive Feasibility Study.

 

Executive Chairman Cameron Pearce commented:

 

“We are very pleased with these results from the 100 tonne bulk sample program.  We utilized the services of a very experienced graphite plant operator at Jilin for the pilot testing as we believed this party’s extensive knowledge over decades in the industry would deliver superior net concentrate results, and I delighted to say they have delivered us a great outcome.”

 

Mr Pearce added:We now have proof we can deliver a very high quality graphite concentrate from Orom-Cross on a commercial scale, which is a key DFS milestone.  In parallel we are testing the upgrade of this concentrate to uncoated battery-ready 99.95% SPG (spheronised, purified graphite) and expandables as the next important step to significantly value-add our end products. 

 

Finally, we also now have larger quantities of concentrate as bulk samples to deliver to potential buyers and engage with strategic groups. These groups can now proceed to test the concentrate and determine their level of interest for binding offtake agreements which will be crucial for our project financing. We believe these results will be attractive to a range of graphite consumers and that Orom-Cross can help deliver the shortfall of graphite expected in the market in the foreseeable future.”

 

Background to the Test Work

 

Blencowe commissioned Jilin New Technology in partnership with Wuhan University to undertake metallurgical test work on a 100t bulk sample which covered material from both the Northern Syncline and Camp Lode areas within Orom-Cross. The pilot plant program was designed to deliver the following objectives:

 

1.    Confirm the commercial scale viability of processing the Orom-Cross ores.

2.    Confirm a 95-97% TGC (Total Graphite Content) pure concentrate is possible with low impurities (in particular thorium and vanadium).

3.    Confirm the laboratory testing models.

4.    Confirm the liberation process in order to maintain a majority of Jumbo/XL/Large flakes within the concentrate.

5.    Confirm the process flow diagram for the pilot plant design as part of the Definitive Feasibility Study.

6.    Deliver significant quantum of bulk concentrate to allow Blencowe to initiate discussions with potential off-take partners.

Blencowe is pleased to announce that the pilot plant process has successfully delivered on all of the above objectives.

 

The optimisation of the process (on the basis of the previous laboratory testing) has been very successful with the pilot plant methodology further improved and able to deliver a shorter overall processing of the ore, whilst improving the metrics of the concentrate delivered.

 

A shorter processing cycle has the benefits of lower capital expenditure and lower operating costs, both of which will enhance the overall Orom-Cross project financials.

 

The streamlined processing design has also realised increased recoveries of the more valuable larger +50mesh flake from 6.5% to 9.5% yield (within overall basket of end products), whilst increasing overall large flake yield by approximately 2% and increasing overall concentrate recoveries to over 94%.  Again, this will add further value to the project financials.

 

The additional metallurgical test work to date shows a robust flowsheet capable of repeatable metallurgy for a wide range of feed samples from Orom-Cross, which will now be used directly for reference in the actual concentrator engineering design for the Definitive Feasibility Study.

 

#FCM First Class Metals PLC- West Pickle Lake (Pezim II)Joint Venture Confirmed

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that Palladium One Inc. (TSXV: PDM) (“Palladium One”) has completed the requirements of the earn in rights to gain an 80% interest in the West Pickle Lake Project (“West Pickle Lake Project” or the “Project”). A joint venture will now be instituted with Palladium One continuing to be the operator.

Highlights

·      Earn-in rights now completed by Palladium One which will now lead to the formal creation of a Joint Venture Agreement (“JV”).

·      The West Pickle Lake Project returned very high levels of nickel/copper sulphide drill intercepts during the 2022/23 Palladium One operated drilling campaign, including:10.4% Nickel, 3.4% Copper over 2.3m (TK-22-070) & 10.3% Nickel, 2.9% Copper over 1.8m (TK-22-073)

 

Figure 1. The West pickle Lake Project area (formerly knowns as Pezim II), and described by Palladium One as the ‘West Pickle Zone’ discovery (outlined in yellow), includes the high-grade nickel-copper sulphide within the wider Palladium One ‘Tyko’ project area extending to the east.

Marc Sale CEO Commented:

The obvious merit of the exploration potential of the Pezim II block and environs has been validated by Palladium One exercising their right to enact the JV. With a robust field programme in progress, we share their enthusiasm for the newly identified extensive anomalous nickel-copper zone. Furthermore, FCM is actively exploring the contiguous 100% owned areas for similar potential and this will include the OnGold area to the north.

 

Background

In July 2021, an ‘earn-in’ agreement with Palladium One was secured over the West Pickle Lake Project (comprising 33 single cell mining claims). Palladium One had the option to earn-in up to an 80% interest in the Project subject to a three-year work program commitment. The JV sits on the eastern flank of FCM’s Flagship North Hemlo Project. See Figure 2

 

Figure 2. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) is now the renamed ‘West Pickle Lake Project’ constituting the Palladium One JV/earn in property. 

 

Palladium One had the option to earn up to an 80% undivided interest in the Project over a 3-year earn-in period by incurring aggregate C$325,000 as exploration expenses. This earn-in agreement has now been completed and a Joint Venture agreement with Palladium One remaining the operator will now be instituted.  

Palladium One has embarked on an ambitious work programme this season and we wish them continued success. The initial results which they posted today are very encouraging:

“Palladium One is pleased to announce it has discovered several highly anomalous nickel, copper, and cobalt soil anomalies potentially linking the West Pickle and RJ Zones, which are 2.5 kilometres apart.”

An important aspect of the viability of WPL and the area in general is confirmation of strike extent: volume.

Figure 3. Hemlo area FCM property map showing the West Pickle Lake Project (formerly known as Pezim II), now Palladium One JV area in the eastern portion of the 100% owned FCM North Hemlo Property. Also note the OnGold property to the north, now under an Earn-In agreement.

 

For further information, please contact:

 

First Class Metals PLC

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

 

First Equity Limited

(Financial Adviser & Broker)

Jonathan Brown

0207 3742212

Jason Robertson

0207 3742212

 

UK Investor Magazine Podcast – CEO Alan Green discusses Improving UK sentiment, Tekcapital #TEK, and ECR Minerals #ECR

investorThe UK Investor Magazine was thrilled to welcome Alan Green back to the Podcast for a deep dive into the latest developments in UK markets and analysis of UK equities.

We start with UK inflation and yesterday’s lower-than-expected reading which has boosted UK sentiment. Housebuilders have rallied significantly and we explore possible scenarios for the rest of the year.

ECR Minerals shares have ticked higher, and Alan outlines possible reasons why. He looks forward to newsflow for the rest of the year.

Tekcapital is trading at a significant discount to NAV. Alan explains why we could see a rerating in the technology company.

Listen- https://ukinvestormagazine.co.uk/improving-uk-sentiment-tekcapital-ecr-minerals-with-alan-green/?mc_cid=43709e7e0f&mc_eid=df2295942c

Power Metal Resources #POW – Golden Metal Resources Plc Update

Power Metal Resources PLC (LON:POW) the London listed exploration company with a global project portfolio, notes the announcement made by Golden Metal Resources Plc (“Golden Metal”), a company in which Power Metal Resources has a 62.01 per cent shareholding, which is reproduced in full below and can be found on the Golden Metal website accessible via the following link: https://www.goldenmetalresources.com/

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, announces the Company’s strategy relating to funding opportunities that are available through the US Government.  The Company intends to pursue this strategy with a particular focus on seeking non-dilutive government supported grant funding for its flagship 100% owned Pilot Mountain Project (“Pilot Mountain” or the “Project”).

Highlights:

–      The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the US.

–      The US is currently without any domestic primary tungsten production with their largest import partner for the critical defense metal being China. Beginning January 2026, the US Department of Defense (DOD) is banning the use of mined tungsten from China, Russia, North Korea and Iran in defence procurement.1

–      Golden Metal recently signed a tungsten concentrate off-take letter of intent with Global Tungsten & Powders LLC, a leading United States supplier of tungsten powders and semi-finished parts.

–      As a result of the above, the Company believes it is in a strong position to seek out non-dilutive grant funding. If Golden Metal were to receive such funds, it would enable exploration and development at Pilot Mountain to be accelerated.

–      Golden Metal is actively working with Mrs. Chang Turkmani, who on 5 June 2023 was officially engaged as Strategic United States Government Advisor, on how to shape its general strategy as it relates to further increasing the profile of Golden Metal Resources and Pilot Mountain within the US and abroad.2

Next Steps:

–      Golden Metal has commenced the application process for a short list of relevant grant programmes identified by the Company’s management team, alongside Mrs. Turkmani, from the available Company-eligible funding opportunities.

–      Some grants targeted by the Company are applied for by way of an unsolicited application process, meaning Golden Metal can neither disclose which grants have or will be applied for nor the expected timing of an award.

–      Securing non-dilutive financial support for Pilot Mountain remains a priority of the Company, and all endeavours are being made in this respect to give Golden Metal the best chance of achieving this goal.

–      As soon as it is possible to do so, Golden Metal will provide the market with updates as it relates to progress made towards securing non-dilutive grant funding, which would allow the Company to fast-track exploration and development at its flagship Pilot Mountain Project – with the ultimate goal of establishing Pilot Mountain as the only domestic US primary mined source of tungsten.

Oliver Friesen, CEO of Golden Metal, commented: 

“While at this time we cannot disclose many details about our strategy as it relates to government funding opportunities, the recent appointment of Mrs. Turkmani should clearly signify to the market the endeavours we are making on this front.

“The time for the United States to reduce its reliance on other countries for their imports of critical and defence metals is now, and we at Golden Metal strongly believe that as 100% owners of what we consider is the largest undeveloped tungsten deposit located on US soil, we can be a part of this urgent process.

“Targeting non-dilutive funding is a critical focus of the Company. However, minimal updates will be given for the time being, as such disclosure may interfere with our ongoing endeavours in this regard. However, it is important for our investors to know that, while this key part of the business ticks away in the background, we will continue pushing forward exploration and development across the portfolio at pace.”

Notes and References

1https://www.jdsupra.com/legalnews/department-of-defense-expands-scope-of-8754647/

2https://www.londonstockexchange.com/news-article/GMET/appointment-of-strategic-advisor-issue-of-shares/15985547

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events. 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information visit www.goldenmetalresources.com or contact the following:

Golden Metal Resources plc

Oliver Friesen (CEO)

Tel: +44 (0) 20 7583 8304

Cairn Financial Advisers LLP

Nominated Adviser

Sandy Jamieson/Jo Turner/Louise O’Driscoll

Tel: +44 20 7213 0880

First Equity Limited

Broker

Jonathan Brown/Jason Robertson

Tel: +44 20 7374 2212

 

The Projects:

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.

Garfield Project

The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.

#POW Power Metal Resources PLC – Investee Update – #GMET Golden Metal Resources PLC

Power Metal Resources PLC (“Power Metal” or the “Company”) Investee Update – Golden Metal Resources PLC

 

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today by Golden Metal Resources PLC (LON:GMET)(“Golden Metal”) confirming  significant copper systems identified at Golden Metal’s Garfield Project in Nevada USA.

An extract of Highlights from the announcement is provided in italics below:

Highlights:

 

–      Discovery of two significant copper (Cu) zones which are now named the “Power Line Zone” (or “Power Line”) and “High-Grade Zone” (or “High-Grade”; collectively the “Zones”) which returned individual Cu-in-soil results of up to 851ppm and 950ppm Cu.

 

–      Importantly, the newly discovered Zones are coincident with historical rock sampling results which returned up to 2.6% Cu at Power Line and 5.53% Cu at High-Grade, highlighting the significance of these newly defined copper mineralised systems at Garfield.

This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/GMET/garfield-project-significant-copper-systems/15965480

Power Metal Holding in Golden Metal

Golden Metal completed a listing on the AIM market of the London Stock Exchange on 10 May 2023.

Power Metal holds 52,248,756 ordinary shares in Golden Metal (“Golden Metal Shares”)representing a 62.06% interest in the ordinary share capital of Golden Metal which, based on the closing market mid-price of Golden Metal on 19 May 2023, was valued at £4,049,279.

The total shareholding above is subject to a 12-month lock-in agreement prohibiting the sale of  Golden Metal Shares until 10 May 2024, with a follow on further 12-month orderly market arrangement thereafter until 10 May 2025.

In addition to the shareholdings above, Power Metal holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 10.75p per share and an expiry date of  10 May 2024.  Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 17.5p per share and an expiry date of 10 May 2025.

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

Power Metal Resources plc

Sean Wade (Chief Executive Officer)

+44 (0) 20 3778 1396

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 PLC – Listing of Golden Metal Resources PLC

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today by Golden Metal Resources PLC (LON:GMET)(“Golden Metal”) of admission today of its entire issued ordinary share capital to trading on AIM, a market operated by the London Stock Exchange plc. This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/GMET/first-day-of-dealings/15949375

Further information in respect of Golden Metal is available through the following website link: https://www.goldenmetalresources.com/

Power Metal holds 52,248,756 Golden Metal ordinary shares of 1p each (“Golden Metal Shares”) representing a 62.06% interest in Golden Metal, which at the IPO price of 8.5p per share is valued at £4,441,144 on admission.

Power Metal’s shareholding above is subject to a 12-month lock in agreement from today’s date prohibiting the sale of Golden Metal Shares, with a follow on further 12-month orderly market arrangement thereafter.

In addition to the shareholding above, Power Metal holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 10.75p per share and with a life to expiry of 12 months from today’s date.  Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 17.5p per share and with a life to expiry of 24 months from today’s date.

Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:

We welcome today’s listing of Golden Metal focused on exploration and development of its resource projects interests in Nevada, USA.

I would like to thank the Golden Metal team and advisers for their hard work and dedication to deliver this important listing and look forward to Golden Metal driving their business forward, with proactive exploration programmes and news flow.

The value of Power Metal’s investments in Golden Metal (on IPO), Kavango Resources PLC (LON:KAV) and First Class Metals PLC (LON:FCM) amounts to £7.7 million in aggregate, comprising over half of Power Metal’s market capitalisation at market close on 9 May 2023.  Further updates are planned across the Company’s remaining eight projects, including targeted listings, disposals or joint ventures.”

 

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

Sean Wade (Chief Executive Officer)

+44 (0) 20 3778 1396

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) 14 8341 3500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

#POW Power Metal Resources PLC – Appointment of Non-Executive Director

Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the appointment of Bill Brodie Good as a Non-executive Director of the Company with immediate effect.

Bill has over 30 years experience in global exploration and project management with extensive work in geological and project management in Australia, Francophone West and Central Africa, the Middle East and Central Asia.

Bill’s most recent role was as CEO and Technical Director of AIM listed Alien Metals in which he made the significant discovery of a DSO Iron Ore resource amongst other achievements with the company.

Bill’s experience has extensively involved the design, planning and implementation of new and grass roots exploration programmes with an emphasis on in country logistics planning, government liaison, people management and project delivery on time and in budget. 

In addition to his role as a Non-executive Director, Bill will also provide consulting services to Power Metal directly at the project level.

Sean Wade, Chief Executive Officer of Power Metal Resources commented:

I am delighted to welcome Bill to the Power Metal team and very much look forward to working with him as we seek to continue the development of our business.

We are very fortunate to have someone with Bill’s experience and technical skills to assist with project development across the Company.

Our business model is based on selective project acquisition, adding value through exploration and corporate advancement and crystallisation to unlock the inherent value in our portfolio. Bill’s expertise along with that of the rest of the board and our first class management team will ensure that that continues to happen.”

Regulatory Disclosures:

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Douglas William Brodie Good, aged 61:

 

 

 

 Current directorships and/or partnerships:

Former directorships and/or partnerships (within the last five years):

 

KBG Consultants Limited

Alien Metals Limited

Mineral Exploration Services Ltd

SRK Exploration Services Limited

SRK Exploration Services Nominee Company Limited

 

Mr Brodie Good does not hold any shares in Power Metal.

Mr Brodie Good has confirmed there is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM rules.

As part of Mr Brodie Good’s employment contract Mr Brodie Good has been issued with Power Metal share options, namely, 5 million options to subscribe for new Power Metal ordinary shares of 0.1p each at an exercise price of 3.25 pence with a life to expiry of 3 years from today (the “Director Options”). The Director Options are subject to a minimum service period of 6 months and may not be exercised until the volume weighted average price of Power Metal shares trades at 5.0 pence for ten consecutive trading days.

PDMR Disclosure

 

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director’s share dealing.

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

 

Bill Brodie Good

 

 

2

 

Reason for the notification

 

a)

 

Position/status

 

 

 

Non-executive Director

 

b)

 

Initial notification /Amendment

 

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

 

Power Metal Resources Plc

 

 

b)

 

LEI

 

 

           

213800VNXOUPHTX53686

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

ordinary shares of 0.1p each

Identification code

ISIN: GB00BYWJZ743

b)

 

Nature of the transaction

 

 

 

Issue of Options

c)

 

Price(s) and volume(s)

Price(s)

Volume(s)

3.25p

 

5,000,000

 

d)

 

Aggregated information

– Aggregated volume

5,000,000 

– Price

3.25p

e)

 

Date of the transaction

 

 

5 May 2023

f)

 

Place of the transaction

 

 

Off Market

 

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

Sean Wade (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 PLC – Result of AGM

Power Metal Resources PLC (LON:POW) the London-listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results of its Annual General Meeting held today.

All 8 resolutions put to members were passed on a poll. Resolutions 1 to 6 were passed as ordinary resolutions and resolutions 7-8 were passed as special resolutions.

The results of the poll (including proxy votes) are outlined in the table below.

The number of votes cast for and against each of the resolutions proposed and the number of votes withheld (including proxy votes) were as follows:

Resolution

Votes for

% Votes Cast

Votes against

% Votes Cast

Votes withheld

Resolution 1 (Ordinary)

To receive the report and accounts for the year ended 30 September 2022

164,656,922

99.72

459,109

0.28%

78,146

Resolution 2 (Ordinary)

To re-appoint the auditors

164,978,142

99.88

199,627

0.12%

16,408

Resolution 3 (Ordinary)

To authorise the directors to determine the auditor’s fees

165,046,481

99.93

111,288

0.07%

36,408

Resolution 4 (Ordinary)

To appoint Owain Morton

164,759,664

99.88

202,780

0.12%

231,733

Resolution 5 (Ordinary)

To re-appoint Edmund Shaw

163,980,579

99.74

427,694

0.26%

785,904

Resolution 6 (Ordinary)

To authorise the directors to allot equity

164,464,061

99.60

659,537

0.40%

70,579

Resolution 7 (Special) To disapply pre-emption rights

163,282,428

99.00

1,649,941

1.00%

261,808

Resolution 8 (Special) To authorise the buyback of Company shares

164,321,240

99.54

759,627

0.46%

113,310

As at 30 March 2023, there were 1,739,033,678 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.

The full text of each resolution is available in the Notice of Annual General Meeting, published on the Company’s website.

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

Power Metal Resources plc

Sean Wade (Chief Executive Officer)

+44 (0) 20 3778 1396

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

 

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