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#POW Power Metal Resources – Listing of First Class Metals 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 First Class Metals PLC (LON:FCM)(“First Class”) confirming their First Day of Dealings with an admission to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules). This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/FCM/first-class-metals-plc-initial-admission/15561714?showDisclaimer=true

Power Metal and 100% owned subsidiary Power Metal Resources Canada Ltd hold a combined 28.19% interest in First Class which at the IPO price of 10p per First Class ordinary share of 0.1p each (“First Class Share”) is valued at £1,851,610 and which is held as follows:

POW Company

Shares

% First Class

Power Metal Resources Canada Ltd

17,998,392

27.40

Power Metal Resources PLC

517,705

0.79

Total

18,516,097

28.19

 

The total shareholding above is subject to a 12-month lock in agreement prohibiting the sale of First Class Shares, with a follow on further 12-month orderly market arrangement.

In addition to the shareholdings above, Power Metal holds 517,705 warrants to subscribe for a further 517,705 shares at an exercise price of 10p per First Class Share and with a life to expiry of 12 months from today’s date. 

 

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

“Our congratulations to the First Class Metals team for their work and commitment to secure this listing.  In our view, First Class has a highly prospective project portfolio centred within the prolific Schreiber-Hemlo belt of Ontario, Canada, and offers investors an exciting new investment proposition. 

Moreover, with active exploration on the ground underway, including First Class Metal’s joint-venture (JV) partner Palladium One (TSX-V:PDM) drilling at the Pickle Lake JV property, we anticipate active news flow from ground operations.

Today’s listing is a notable event for Power Metal, where a previous project investment has now become a significant balance sheet asset. We will be watching the progress of First Class with a keen interest.

Moreover, final preparations continue for the planned listing of Golden Metal Resources plc, another North American investment opportunity centred on Nevada, USA, and where Power Metal currently holds an 83.13% interest.  I look forward to providing further updates in respect of Golden Metal in the near term.”

 

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

#SVML Sovereign Metals – June 2022 Quarterly Report

Expanded Scoping Study results confirm Kasiya as an industry-leading major source of critical raw materials

·        The Expanded Scoping Study (ESS) confirmed Kasiya as one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current alternatives

·        The ESS demonstrated outstanding results including:

o   a two-stage development (stage 2 self-funded) with full production at 24Mtpa operation producing 265kt rutile and 170kt graphite per annum with a 25 year mine life

o   exceptional economics including a post-tax NPV8 of US$1,537m and post-tax IRR of 36%

o   a large-scale operation with a low-cost profile resulting from the deposits near surface nature, grade, conventional processing and excellent existing infrastructure

o   conservative assumptions applied with long-term prices used discounted against current spot prices 

·        Natural rutile market is in structural deficit with current global supply estimated to decline 45% in the next three years with graphite demand set to soar as electric vehicle production is forecast to increase 12-fold by 2040

·        Highly strategic project and a potential major source of raw materials deemed critical to the decarbonisation of the global economy

MRE upgrade confirmed Kasiya as the largest rutile deposit ever discovered

·        1.8 Billion tonnes @ 1.01% rutile and 1.32% graphite (Indicated + Inferred) equating to 18 million tonnes contained rutile and 23 million tonnes contained graphite

·        The updated Mineral Resource Estimate (MRE) confirmed Kasiya as the world’s largest rutile deposit and one of the largest flake graphite deposits globally

Offtake MoU and Market Alliance with major Japanese trader

·        MoU (non-binding) signed with Mitsui & Co Ltd (Mitsui), one of the largest global trading and investment companies in Japan

·        The MoU establishes a marketing alliance and offtake for 30,000 tonnes of natural rutile per annum. The alliance will allow Sovereign to leverage off Mitsui’s extensive network and their market-leading understanding of the titanium industry and global logistics

Institutional Placement for A$15m

·        In May 2022, Sovereign completed a Placement raising A$15m at an issue price of A$0.67 from UK, European and North American institutional investors

·        The Placement was corner-stoned by Thematica Future Mobility UCITS Fund, a European green energy fund which offers exposure to companies to benefit from the transition to clean and sustainable energy solutions

PFS commenced with drilling underway and key consultants appointed

·        Pre-Feasibility Study (PFS) for Kasiya commenced with globally recognised consultants appointed.

·        12,000m drilling program commenced across Kasiya to upgrade higher-grade Mineral Resource areas to underpin conversion to Reserves as part of the PFS

Rutile market remains strong and robust

·        Demand for high-grade titanium dioxide feedstocks continued to remain strong, and along with supply shortages leading to continued rutile price appreciation, with contract prices of +US$1,500/t1 recorded in the quarter and spot price currently +US$2,200/t2

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingram

 

Mariela Jaho

 

Christian Dennis

#POW Power Metal Resources – Tati Project, Botswana – Exploration Update

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update in respect of the Company’s 100% owned Tati Project (“Tati” or the “Project”) located within the prolific Tati Greenstone Belt near Francistown, Botswana.

Collectively the Tati Project covers three individual prospecting licences (“PLs”) for gold and nickel mineralisation including PL126/2019, PL127/2019, as well as the newly acquired 16.14km2 PL049/2022 which covers the historic Cherished Hope gold mine.

A map highlighting the current licences and key features can be found on the Company’s website through the following link:

Cherished Hope Gold Mine

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

“It is particularly exciting to get on the ground at our newly granted prospecting licence PL049/2022 and the initial findings are extremely positive.  Not only have we identified extensive gold workings, but also two large sized fines dumps.

We will be back on site to undertake further mapping and sampling, including the fines dumps to assay test for gold as there may be sufficient gold grades remaining to consider processing the material to generate income to fund more extensive exploration.

Importantly we have moved to plan for the near term launch of reverse circulation drilling to test along-strike and the down-dip extent of the Cherished Hope mineralised quartz reef structures.

Further updates will follow in the near term on this exciting project where Power Metal has a 100% interest.”

Highlights

–  A site visit has been successfully completed to the historical Cherished Hope gold mine which is located entirely within the newly acquired PL049/2022.

–  Ground mapping has shown the historical gold workings are significantly more extensive than previously understood, with at least 10 individual workings comprising a combination of vertical shafts and trial pits, extending over approximately 175m of strike-length.

–  Two fines dumps (representing waste material from the Cherished Hope gold mine) are located proximal to the historical workings.  A survey is required to determine the volume of fines material in each dump, against which, with sampling, the amount of contained gold may be estimated.

–  It is a common practice within the Tati Greenstone belt, to excavate and truck historical fines dump material to operational processing plants, as these modern plants are capable of extracting gold from lower grade material rendering historical waste as potentially economic.  This possibility is being investigated further as a potential source of low-cost near-term revenues to help fund more extensive and expeditious exploration activities.

–  The Cherished Hope gold mine and fines dumps cover only a small portion of the gold-in-soil anomaly which extends across the majority of PL049/2022 (see map linked above).

–  The Company is undergoing an in-depth review of the site visit report covering the newly acquired licence and is finalising next exploration steps. It is anticipated that this programme will include sampling of the fines dump material and a volumetric survey in order to determine an average gold grade range for each fines dump.

–  In addition, planning is underway for an early and low-cost reverse circulation (“RC”) drilling programme aimed at testing the along-strike and down-dip extent of the Cherished Hope mineralised quartz reef structures.

–  Further updates in regards of this programme will be announced to the market in due course.

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

#KAV Kavango Resources – Kanye Resources Operational Update

 

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) provides an operational update on its Kanye Resources (“Kanye”) Joint Venture with Power Metal Resources (AIM:POW).

Highlights

–  Ditau

–  Drill programme complete

–  4 holes successfully drilled on Targets i1, i8 and i10, totalling 1,623.60m of diamond core drilling

–  Three of twelve targets tested in the search for carbonatites and mineralised intrusives

–  High and low frequency Controlled Source Audio Magnetotelluric completed over Targets i1, i8 and i10, with the aim of providing lateral definition of the geology intersected in each hole

–  All holes geologically logged and three of the four holes sampled, the fourth is being cut. Magnetic Susceptibility, Conductivity and Specific Gravity measurements have been completed on all core

–  Samples from Hole DITDD004 currently being analysed at an internationally accredited laboratory

–  Samples from two of the remaining three holes now in transit, with the fourth being cut

–  Final drill report being prepared, with recommendations for next steps of exploration

–  Kalahari Copper Belt (“KCB”)

–  3,478 soil samples collected of current 8,000 soil sample campaign

–  Kavango has identified and located the Ngwako Pan-D’kar formational contact across several of the company KCB licences

–  The Ngwako Pan-D’kar contact is a crucial lithological control for copper/silver mineralisation in the KCB

–  Kavango’s geologists have completed an extensive mapping exercise over the majority of the Kanye KCB prospecting licences (“PLs”)

–  Kavango has deployed a seismic-based Tromino unit to map overburden and subsoil layers, using resonance frequencies

–  The Tromino assists subsurface mapping to help design appropriate soil geochemistry sampling techniques across various areas with different transported overburden thickness, and to enable “domaining” of geochemical data to assist interpretation of the same

–  Preliminary discussions with RC drill contractors for a planned programme in H2 2022

–  This will target structural features in the vicinity of and above Ngwako Pan-D’kar formation contacts.

–  Maps of its progress in the Kalahari Copper Belt

–  https://www.kavangoresources.com/media-library/news-release-media/rns8july2022

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

“We have come a long way with Ditau in a very short period of time. These are complex targets, in an area where there was almost no prior geological data. Kavango’s  application of systematic modern exploration methodologies is starting to unlock the complex geological history of this area.

We are particularly encouraged by what we’ve seen from the CSAMT technology we are using. Armed now with drill core to enhance our interpretation of the survey results, we believe this will prove to be an extremely powerful exploration tool as we pursue a more comprehensive programme across the 12 targets at Ditau.

Our new approach will enable us to map with confidence the underlying stratigraphy at Ditau. This is particularly important when exploring for buried mineralised intrusives. The more accurately we can model the Ditau targets in future, the greater the confidence we will have in drill targeting.

I would like to thank our team and our drillers, Mindea, for successfully completing the current drill programme quickly and safely. This was a challenging task, as the site is remote. Issues such as a limited water supply and drilling through deep sand cover were successfully overcome. Core recovery was again at 99%.

Once again, Kavango is proving it is up the task of effective, modern exploration in difficult terrain.

All holes have been logged and sampled, a wide range of geological units were seen, including sediments, intrusive bodies, and in hole DITDD004, zones tens of metres thick with locally abundant shearing, veining and alteration, including significant sulphide mineralisation. This is an area in which there was almost no prior geological information due to the depth of sand cover, and as a result this drilling has proved instrumental in better understanding the geology of the area.

This has included placing the individual targets within a regional stratigraphic setting as well as their relative positions in the same. The relevance of this is to understand the geological framework, from variations within the original sedimentary environment, to later deformation and structural histories, to assist the evaluation of the economic potential, and aid further exploration efforts.

Using the results of our AMT surveys we are now able to translate the intersected geology across the subsurface. We await the results of chemical assays and petrological work in order to evaluate any economic potential and plan future work for the area.

We are now preparing plans for the next stage in exploration of this challenging and exciting project.” 

And on the Kalahari Copper Belt:

“In the Kalahari Copper Belt we have built a head of steam in our exploration programme in the first half of 2022. With the changes we made to Kavango in the second half of last year and the new team members we recruited, we are now seeing the results coming in from the field.

The momentum is highly encouraging and we are quickly moving towards defining drill targets for a campaign later this year.

The exploration model in the KCB is well-established, but I am pleased to report Kavango is also innovating in the area. Our use of the Tromino was a simple idea, but so far appears to be effective, in helping us quickly estimate the depth of sand cover in our prospecting licenses this has guided our decision-making both in terms of where to take soil samples and how to interpret them.

We are particularly happy to have identified and located several key Ngwako Pan-D’kar formational contacts across our several of our license areas.  This is an important step towards validating our original exploration hypothesis that the western half of the KCB in Botswana was both prospective for copper/silver mineralisation and overlooked because the sand cover obscured much of the regional geology.

I would like to thank our teams in the field for their hard work  and we look forward to the results of further soil sampling, which will hopefully lead to clearly defined drill targets a little later in 2022.”

Ditau drilling overview

Kavango has successfully completed the current diamond drilling programme at the Ditau Camp Project (“Ditau”), in southwestern Botswana. The programme targeted three geophysical structures/targets, prospective for possible carbonatites and/or intrusive complexes that may host carbonatites. A total of four holes were drilled, for 1,623.60 m.

Samples from Hole DITDD004 are presently being analysed at an internationally accredited laboratory in South Africa. Samples from two holes are in transit to the same laboratory while core from the fourth hole is being cut.

Additional Controlled Source Audio Magneto Telluric (“CSAMT”) geophysical surveys and modelling have been carried out to further aid interpretation of the geological units intersected.

Kavango is now preparing the next steps for exploration of the twelve targets at Ditau, building on the geological knowledge gained from this programme.

–  Four diamond drillholes successfully completed, funded on a part cash, part equity basis with the drillers, Mindea Drilling and Exploration Services

–  Drillhole DITDD003 completed; final depth 300.14m.

–  Drillhole DITDD004 completed; final depth 393.29 m

–  Drillhole DITDD005 completed; final depth 343.90 m

–  Drillhole DITDD006 completed; final depth 586.27 m

–  Three (of twelve) targets have been tested so far. These are complex, buried features, over which Kavango are starting to gain a detailed geological knowledge, through the combination of drilling and cutting-edge geophysical techniques.

–  High and low frequency CSAMT surveys have been completed over each of the targets, with the aim of providing lateral definition of the geology intersected in each hole.

–  Drillholes DITDD003 and DITDD004 both targeted Target i10. DITDD005 targeted Target i1, and DITDD006 targeted Target i8.

–  DITDD003 and DITDD004 were drilled in close proximity (600 m) yet showed very different geology, with DITDD004 showing evidence of brecciation, veining, alteration and significant sulphide mineralisation.

–  DITDD005 has helped enhance the Company’s understanding of the stratigraphy of Target i1 (the largest anomaly at Ditau). Data from this hole will guide follow up CSAMT work.

–  DITDD006 was drilled to a deeper depth than the other three holes to test a possible intrusive body, as identified by the recently completed CSAMT survey over Target I8.

–  All holes have been geologically logged and sampled, with regular Magnetic Susceptibility and Conductivity readings, and Specific Gravity/Density measurements taken of all the drilled core.

–  Assays are now pending, together with petrology samples. Results from these will define any potential of the intersected geology for carbonatite and/or base/precious metal mineralisation.

Final drill report currently being prepared, with recommendations for next steps of exploration.

Ditau completed holes

A table summarising the holes completed at Ditau under the 2022 programme is provided below. Analytical results will be provided once assays are complete.

Target

Drillhole

Planned
UTM E

Planned
UTM N

Planned azimuth

Planned inclination

Final depth

i10

DITDD003

640350

7231118

000

-80

300.14 m

i10

DITDD004

640350

7230498

000

-80

393.29 m

i1

DITDD005

650000

7246516

000

-80

343.90 m

i8

DITDD006

654098

7233400

180

-80

586.27 m

Ditau targets and intersected geology

Kavango has identified, using combined and integrated Airborne Magnetics, Ground Magnetics and CSAMT surveys, 12 geophysical structures/targets at Ditau (targets i1 through i12), which the Company believes could be possible carbonatites and/or intrusive complexes that may host carbonatites. 9 of these targets are particularly well defined.

There are two target types at Ditau:

1)  Discrete kilometre-scale carbonatite pipe targets, and

2)  Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives and/or mafic associated mineralisation styles prospective for base metals

In the current drill programme, Kavango evaluated three of these targets; i10, i1, and i8. In parallel with the drilling, additional AMT work was implemented to further aid interpretation, given the high-quality sub-surface imagery achieved early in the programme, and increasing confidence in interpretation of data using this technique.

Ditau Target i10

Two drillholes, DITDD003 and DITDD004 were drilled into this target, a discrete circular anomaly of 2.2 km diameter. The two holes are 600m apart and yet show very different geology, which highlights the high level of geological variability of the area, which Kavango’s geologists consider could result from structural disturbance or major changes in sedimentary depositional environment. The intersected lithologies are described briefly below.

DITDD003

This hole passed through 83.90 m of Kalahari sands, before intersecting units including a breccia of 20.44 m from 83.90 m, and a dolomitic carbonate rock from 154.89 m. In addition, a 7.16 m intrusive, considered to be a dolerite, was intersected from 247.73 m.

DITDD004

This hole passed through 105.91 m of Kalahari sediments before intersecting dolomitic carbonates, a mafic intrusive (from 109.50  m to 227.14 m), and mudstone units interbedded with cm sandstone beds. Shearing, brecciation, veining, and haematitic alteration were observed to varying degrees within the mudstones over tens of metres thickness. Locally the hematite alteration is extremely intense with several phases of sulphide generation, in mm/cm scale veins and, most prominently, as a later phase that appears to overprint all earlier alteration. Variations in the geology between these holes are considered to be due to variations in the original sedimentary environment, or later structural deformation within a permit scale southwest-northeast structural corridor that underlies the Ditau project.

Ditau Target i1

One hole, DITDD005, was drilled into the i1 target, to investigate this possible large 7 km x 18.5 km magmatic intrusive complex, within which are circular structures indicative of potential carbonatite intrusives.

This hole passed through 31.00 m of sands before passing into units consisting of matrix and clast-supported conglomerate. The conglomerate shows metre-scale bedding with variable clast percentage and composition within these beds indicative of a high energy environment with material derived from variable sources. The clasts correspond to some of the units drilled in the other Ditau project holes, and include mudstones, some with a high magnetic content, silicified dolomites and minor mafics. The matrix is generally a medium-coarse, siliceous sand. Minor pyrite veining was seen. This unit is interpreted to be stratigraphically part of the Segwagwa Group, part of the Transvaal Supergroup.

Ditau Target i8

One hole, DITDD006, was drilled into the i8 target, to evaluate whether this could represent an intrusive dome structure as indicated by the lates AMT interpretations, that is approximately 4 km in diameter. This hole was planned to 400 m depth, and was extended to 586 m in order to ensure that the geophysical target as outlined on a newly implemented high-frequency AMT survey was thoroughly investigated.

This hole passed through 125.34 m of Kalahari sediments, before entering a series of mudstones and siltstones to 229.73 m, with an intruded dolerite from 161.77  m to 227.95 m. The remainder of the hole comprises tillite, siltstones and mudstones, interpreted to be of the Dwyka stratigraphic unit. No significant veining or alteration were seen.

Kalahari Copper Belt Overview

Kavango Resources has identified an important lithological/structural control of copper/silver mineralisation in the KCB, across several of its prospecting licenses held within the Kanye Resources Joint Venture. The Ngwako Pan-D’Kar formational contact zone is closely associated with multiple copper-silver deposits and discoveries elsewhere in the KCB.

This formational contact represents areas where the two rock formations meet, with the shallower D’Kar lithologies overlying the deeper Ngwako Pan sediments. Economic grades of mineralisation can be found along and close to these zones where concentrated through later shearing, folding, and tensional failure between the rock layers.

Kavango is pleased to announce that it has successfully mapped the Ngwako Pan-D’kar contact across a number of its own licences.

The discovery of the key control on mineralisation came as part of an extensive programme of geological mapping and soil sampling launched by the Company earlier this year. The goal of this ongoing work is to identify and rank a complete range of drill targets after previous efforts identified multiple Airborne Electromagnetic and geochemical targets over Kanye’s KCB licences.

Kavango will now work to advance discussions with RC drill contractors for its planned Kalahari Copper Belt drill programme later in 2022. This will target structural features in the vicinity of and above the Ngwako Pan-D’kar formational contacts.

Alongside this, the Company has continued extensive soil sampling and is midway through an 8,000 sample campaign, aimed at widening coverage in existing licences, as well as starting new work on licences such as the Mamuno package, located adjacent to the Botswana-Namibia border.

In addition, the Company is using a Tromino tool to estimate overburden thickness. This is being used to support interpretation of the geochemical data, in what is complex terrain.

Kalahari Copper Belt geology and geological mapping

All available historical maps and information, including relogging of local water boreholes, have been compiled and used to define priority areas based on known/inferred geology. The relogging also included Magnetic Susceptibility readings and, in selected holes, the use of a pXRF unit. Geological compilation has been augmented with extensive company geological mapping over areas defined as priority taking account of favourable stratigraphic horizons and known mineralised systems in the KCB. This has successfully identified the presence of the Ngwako Pan-D’kar formational contact on multiple licences.

Following the geological mapping, traverses across areas of known outcrop and collection of rock samples for lithogeochemical “fingerprinting” have been carried out. The results of this exercise are expected to assist in determining stratigraphy in areas of poor exposure and during drilling, in particular when dealing with drill chips.

The benefit of this detailed mapping is that inliers of Ngwako Pan Formation have been mapped within D’kar units – some of these are not shown on any existing maps and are to be confirmed through drilling. As the contact between the two formations is the primary target for KCB copper/silver mineralisation, the results of this mapping are considered very encouraging.

The combination of all these geological datasets has been used to select priority areas for the soil sampling programmes, along with other field programmes.

Kalahari Copper Belt geochemical survey

Following on from the geology compilation and interpretation work, a programme comprising approximately 8,000 samples of detailed soil geochemical sampling is underway, to augment previous work. This uses the company’s in-house Vanta XRF Analyser in geochemistry mode with three beams switched on for a total analytical time of 120 seconds per sample. Analyses are done using a desk-top docking station to ensure a consistent presentation distance between the sample and analyser window. Quality Control measures include use of reference materials, which are used to generate user factors for normalising the analytical results prior to interpretation. This work is presently being undertaken on the four Mamuno licences, as well as PL036/2020, and PL082/2018.

Selected samples will also be sent to an independent, internationally accredited laboratory in South Africa for multi-element analyses by conventional methods.

PL

Planned samples

No. samples 20/6/22

Line
spacing

Sample
spacing

PL082/2018 (LVR)

Up to 3,200

800m

50m

PL036/2020 (Kanye JV)

4,000-5,000

3,478

400 & 2000m

50m

Mamuno (Kanye JV)

Up to 1,500

800m

50m

Table 1: 2022 geochemical sampling programme status, June 2022

PL036/2020 (Kanye JV)

A total of 3,478 samples have so far been collected. At current production rates of +-150 samples/day, it is anticipated that the current phase of sampling on PL36/2020 will be completed by mid-July.

Mamuno Block: PL46, 49, 52, 53/2020 (Kanye JV)

Soil sampling is underway on these four licences. This block, located in the west, has seen little previous work. It lies on-strike with the main KCB trend.

Sampling is planned to cover the outcropping Ngwako Pan-D’kar Formation contact zone that has been mapped in detail by the company. A total of 1,319 samples at 50 m sample stations on 800 m spaced lines are planned, with some extensions across mapped Ngwako Pan Formation units to check for any structural repetition.

Kalahari Copper Belt Tromino surveys

In order to aid interpretation of geochemical data, a Tromino unit has been purchased. This seismic based unit is typically used in civil engineering applications for the characterisation of subsoils, using seismic waves. This maps subsoil resonance frequencies and has been identified by Kavango as ideal for reviewing overburden thickness such as the Kalahari Sands.

The Tromino is a small device that is being deployed along selected soil sample traverses. Given the proven attenuation of sand cover on geochemical values from both pXRF and conventional geochemical analyses, knowledge of the structure and thickness of the regolith profiles will be critical in both the design of the geochemical sampling programme as well as the domaining of the geochemical data during interpretation.

Three orientation surveys have been completed in PL036/2020. These were located across existing water boreholes with available geology logs, to enable a direct correlation of the Tromino data against known geology. Each location had varying depths of cover ranging from 6-40 m. Survey lines were 1 km long with the borehole at the centre. Sample points were 100 m apart.

The level of resolution achieved with this has exceeded Kavango’s expectations, and will now be used to aid in the interpretation of geomorphology for domaining of geochemical data, ensuring that a full understanding can be achieved of any geochemical anomalies identified.

Kalahari Copper Belt ongoing work programme (June to August 2022)

Work will continue to complete the activities currently in progress, integrating these with existing data sets and generating drill targets.

All KCB Licences

–  Relogging of remaining, relevant historical drill holes – these are predominantly chips from water boreholes -this is planned to support the next stage of geophysical interpretations.

PL036/2020

–  Completion of soil sampling over selected target zones defined from the preliminary geophysical interpretations.

–  Continued geochemical analyses, including comparison of the data generated from the pXRF against conventional laboratory analyses.

–  Completion of interpretation of previous detailed ground magnetic survey.

–  Completion of Lithogeochemical “fingerprinting” of lithologies within the main formations.

Mamuno Licences

–  Completion of soil sampling.

–  Follow-up of identified targets from this, geophysics, and geological mapping.

In parallel with the above, discussions are underway with RC drill contractors for a planned drill programme later in 2022, aimed at targeting structural features in the vicinity of and above the Ngwako Pan-D’kar Formation contacts.

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc

Ben Turney

bturney@kavangoresources.com

 First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

#POW Power Metal Resources – Total Voting Rights

In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that as at 30 June 2022 there were 1,477,036,161 ordinary shares of 0.1 pence each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 1,477,036,161 .

The above figure of 1,477,036,161 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

 

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

#TM1 Technology Minerals – Update on Cameroon Licences/OEL SPA

Further to the announcement on 23 February 2022, Technology Minerals Plc (LSE: TM1), the first UK company focused on creating a sustainable circular economy for battery metals, announces the following update in respect of the OEL Share Purchase Agreement (“OEL SPA”) as referred to in the Company’s Prospectus.

By way of background, at Admission on 17 November 2021, Technology Minerals acquired all the issued shares of Onshore Energy Limited (“OEL”) from its shareholders (“OEL Vendors”). OEL’s wholly-owned subsidiary, Technology Minerals Cameroon Limited (“TMC”), applied for five exploration permits in Cameroon. As these were not granted prior to Admission, the purchase price and accordingly the issue of New Ordinary Shares to OEL Vendors were reduced by 20% until such time as all five permits are granted, provided that the date of grant was no later than 31 December 2021. Accordingly, the Directors reserved 84,000,000 ordinary shares in the Company to issue to the OEL Vendors providing the permits were granted no later than 31 December 2021. 

 

As announced on 23 February 2022, the Company received copies of all permits concerned and instructed independent Cameroon legal counsel to verify the validity of the permits. Legal counsel has now concluded it was not possible for the five permits to be legally granted to TMC under Cameroonian law and therefore the permits are not valid.  As a result of that advice, the Company will not be issuing the 84,000,000 ordinary shares to the OEL Vendors. The Company is now taking steps so that the permits will be valid under Cameroon law.

 

The Directors of the Company accept responsibility for this announcement.

 

For further information please contact:

 

Technology Minerals Limited

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 7618 9100

Arden Partners Plc

Ruari McGirr, George Morgan

+44 207 614 5900

Luther Pendragon

Harry Chathli, Alexis Gore, John Bick

+44 20 7618 9100

#ECR ECR Minerals – TR-1: Notification of Major Holdings

ECR

TR-1: Standard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
 
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: ECR Minerals Plc
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)
Non-UK issuer  
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments  
An event changing the breakdown of voting rights  
Other (please specify)iii:  
3. Details of person subject to the notification obligationiv
Name Phil Hall
City and country of registered office (if applicable)  
4. Full name of shareholder(s) (if different from 3.)v
Name Phil Hall
City and country of registered office (if applicable)  
5. Date on which the threshold was crossed or reachedvi: 21.06.2022
6. Date on which issuer notified (DD/MM/YYYY): 22.06.2022
7. Total positions of person(s) subject to the notification obligation
  % of voting rights attached to shares (total of 8. A) % of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B) Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached 6.20% N/A 6.20% 1,064,646,551
Position of previous notification (if

applicable)

5.40% N/A 5.40%  

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)

Number of voting rightsix % of voting rights
Direct

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

Indirect

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

Direct

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

Indirect

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

GB00BYYDKX57 66,000,000   6.20%  
         
         
SUBTOTAL 8. A 66,000,000 6.20%
 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights
         
         
         
    SUBTOTAL 8. B 1    
 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Physical or cash

settlementxii

Number of voting rights % of voting rights
           
           
           
      SUBTOTAL 8.B.2    
 

 

 

 

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

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii  
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)
 
Namexv % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
Phil Hall 6.20% N/A 6.2%
       
       
       
       
 
10. In case of proxy voting, please identify:
Name of the proxy holder  
The number and % of voting rights held  
The date until which the voting rights will be held  
 
11. Additional informationxvi
 

 

Place of completion United Kingdom
Date of completion 22 June 2022

 

 

Annex: Notification of major holdings (to be filed with the FCA only)
 
A: Identity of the person subject to the notification obligation
Full name (including legal form for legal entities)  
Contact address (registered office for legal entities)  
E-Mail  
Phone number / Fax number  
Other useful information

(at least legal representative for legal persons)

 
   
B: Identity of the notifier, if applicable
Full name  
Contact address  
E-Mail  
Phone number / Fax number  
Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)  
 
C: Additional information
 

 

 

Please send the completed form together with this annex to the FCA at the following email

address: Majorshareholdings@fca.org.uk. Please send in Microsoft Word format if possible.

 

Notes

 

i Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings.

 

ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK issuer.

 

iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.

 

iv This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in DTR5.2.1 (b) to (h)/ Article 10 (b) to (h) of Directive 2004/109/EC; (c) all parties to the agreement referred to in Article 10 (a) of Directive 2004/109/EC (DTR5.2.1 (a)) or (d) the holder of financial instruments referred to in Article 13(1) of Directive 2004/109/EC (DTR5.3.1).

 

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for a specific method how to notify cases of acting in concert.

 

In relation to the transactions referred to in points (b) to (h) of Article 10 of Directive 2004/109/EC (DTR5.2.1 (b) to (h)), the following list is provided as indication of the persons who should be mentioned:

 

– in the circumstances foreseen in letter (b) of Article 10 of that Directive (DTR5.2.1 (b)), the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;

 

– in the circumstances foreseen in letter (c) of Article 10 of that Directive (DTR5.2.1 (c)), the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person or legal entity lodging the collateral under these conditions;

 

– in the circumstances foreseen in letter (d) of Article 10 of that Directive (DTR5.2.1 (d)), the natural person or legal entity who has a life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created;

 

– in the circumstances foreseen in letter (e) of Article 10 of that Directive (DTR5.2.1 (e)), the controlling natural person or legal entity and, provided it has a notification duty at an individual level under Article 9 (DTR 5.1), under letters (a) to (d) of Article 10 of that Directive (DTR5.2.1 (a) to (d)) or under a combination of any of those situations, the controlled undertaking;

 

– in the circumstances foreseen in letter (f) of Article 10 of that Directive (DTR5.2.1 (f)), the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;

 

– in the circumstances foreseen in letter (g) of Article 10 of that Directive (DTR5.2.1 (g)), the natural person or legal entity that controls the voting rights;

 

– in the circumstances foreseen in letter (h) of Article 10 of that Directive (DTR5.2.1 (h)), the proxy holder, if he can exercise the voting rights at his discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies).

 

v Applicable in the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC (DTR5.2.1 (b) to (h). This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in Article 10 of that Directive (DTR5.2) unless the percentage of voting rights held by the shareholder is lower than the lowest notifiable threshold for the disclosure of voting rights holdings in accordance with national practices (e.g. identification of funds managed by management companies).

 

vi The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect.

 

vii The total number of voting rights shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended.

 

viii If the holding has fallen below the lowest applicable threshold in accordance with national law, please note that it might not be necessary in accordance with national law to disclose the extent of the holding, only that the new holding is below that threshold.

 

ix In case of combined holdings of shares with voting rights attached “direct holding” and voting rights “indirect holding”, please split the voting rights number and percentage into the direct and indirect columns – if there is no combined holdings, please leave the relevant box blank.

 

x Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends.

 

xi If the financial instrument has such a period – please specify this period – for example once every 3 months starting from [date].

 

xii In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta-adjusted basis (Article 13(1a) of Directive 2004/109/EC) (DTR 5.3.3.A).

 

xiii If the person subject to the notification obligation is either controlled and/or does control another undertaking then the second option applies.

 

xiv The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be presented also in the cases, in which only on subsidiary level a threshold is crossed or reached and the subsidiary undertaking discloses the notification as only thus the markets get always the full picture of the group holdings. In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains have to be presented chain by chain leaving a row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, F etc.).

 

xv The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves.

 

xvi Example: Correction of a previous notification.

 

 

#ECR ECR Minerals – BR Business News: Andrew Haythorpe, CEO of ECR Minerals

 

CEO, Andrew Haythorpe, joins Tim Blythe of BlytheRay Business News to discuss ECR’s exciting portfolio of gold assets, the success of the Bailieston project & ECR’s increased holding in Cordillera Tiger Gold Resources.

#BRES Blencowe Resources – Half-year Report

The Company is pleased to announce its Interim Results for the six-month period to 31 March 2022.

Electronic copies of the report will be available at the Company’s website www.blencoweresourcesplc.com

For further information please contact:

 

Blencowe Resources

Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0) 1624 681 250

info@blencoweresourcesplc.com

 

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities Limited

Jonathan Evans

Tel: +44 (0)203 192 1733

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44 (0)20 7330 1883

jasonrobertson@firstequitylimited.com

#POW Power Metal Resources – Insider Warrant Extension

 

Power Metal Resources PLC (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an extension of the December 2019 financing warrants held by Paul Johnson and Edmund Shaw, Directors of the Company (the “Insider Warrants”).

Extension of Insider Warrants

As at 17 June 2022 the following Insider Warrants remained outstanding:

Warrant Holder

Number of Warrants

Exercise Price

Paul Johnson

6,250,000

0.7p

Ed Shaw

5,000,000

0.7p

 

The Insider warrants were issued following participation in the December 2019 financing and had an original expiry date of 17 December 2021 which was extended by 3 months to 17 March 2022, then a further 3 months to 17 June 2022 as announced on 17 March 2022.

The Company is undertaking numerous exploration programmes and corporate activities across its portfolio where current and near term expected work streams include:

North America:

–  Preparatory work for the planned near-term London listing of Golden Metal Resources PLC focused on Nevada, USA

 

–  Receipt and review of exploration findings relating to the Alamo gold project in Arizona, USA

 

–  Finalisation of next stage exploration work in respect of the Authier lithium project in Quebec, Canada

 

–  Finalisation of next stage exploration and specific corporate activities related thereto for the Athabasca Basin uranium interests, Saskatchewan, Canada

 

–  Next stage plans in respect of the Silver Peak project in British Columbia, Canada

 

Africa:

–  Diamond drill programme underway at the Ditau Camp Project JV in southwest Botswana

 

–  Field work to delineate drill targets in the Kalahari Copper Belt JV interests in Botswana

 

–  Corporate work and next stage exploration planning in respect of the Molopo Farms Project in southwest Botswana

 

–  Finalisation of next stage plans for the Tati greenstone gold project in Botswana

 

–  Interpretation of diamond drill results and next steps for the Haneti Project in Tanzania, including development of lithium opportunities

 

Australia:

–  Preparatory work for the planned near-term London listing of First Development Resources PLC focused on Western Australia and Northern Territory exploration interests

 

–  Further desktop, field and drill results from the New Ballarat Gold Corporation Victoria goldfields JV, following recent diamond drill programme, and matters pertaining to the planning for a listing of the holding company

 

As a result, the December 2019 Warrants held by Paul Johnson (Chief Executive Officer of Power Metal) and Ed Shaw (Non-executive Director of Power Metal) cannot be exercised on the expiry date of 17 June 2022 and may be extended under the warrant instrument, as outlined below.

Under the December 2019 Warrant instrument clause 2.3 provides that should any December 2019 Warrant holder be in the possession of price sensitive information and be thereby precluded from exercising warrant subscription rights, the exercise period shall be extended until 20 business days following the date on which the Warrant holder ceases to be an insider.

Given the level of ongoing operational activity there is a material likelihood that the receipt of price sensitive information could frequently restrict the ability of Paul Johnson and Ed Shaw to exercise the December 2019 warrants.

Reflecting the above the Company has extended the Insider Warrants expiry date to a new expiry date of 31 December 2022. No other changes to the terms of the Insider Warrants have been made.

Related Party Note

The extension of the Insider Warrants held by Paul Johnson and Ed Shaw as outlined above, have been treated as related party transactions for the purposes of AIM Rule 13.

Scott Richardson Brown being the independent Director for the purposes of the extension of the expiry date of the Insider Warrants held by Paul Johnson and Ed Shaw considers, having consulted with the Company’s nominated adviser, SP Angel, that the extension of the warrant expiry date to 31 December 2022 to such related parties is fair and reasonable insofar as the Shareholders are concerned.

 

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

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