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#KAV Kavango Resources PLC – KSZ: B Conductor Drill Contract Signed

Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce a drilling campaign on its Kalahari Suture Zone North (“KSZ North”) project.

The Company has signed a contract with Mindea Exploration and Drilling Services Pty (“Mindea”) to drill the cluster of three “B Conductors” it has identified in the project area.  Kavango’s technical team prioritised the B Conductors for drill testing after remodelling their conductance to be in the range of possible nickel, copper, platinum group element (“PGE”)-bearing massive sulphides (announced >>> 02 March 2023).


–     Drill rig mobilisation

·    Mindea will deploy a diamond drill rig capable of drilling beyond target depth.

·    Kavango selected Mindea, after it successfully drilled two holes into the B Conductors last year as part of the Company’s Proof of Concept campaign (announced >>> 18 August 2022).

–     Drill programme details

·    Mindea will drill up to 4 holes, targeting the B Conductors at a depth of 600-700m.

·    The primary target will be the B1 Conductor, which was recently remodelled with a conductance of 28,700 Siemens using Downhole Electromagnetic (“DHEM”) survey data.

§ This is well into the range accepted by nickel-copper specialised geophysicists for pyrrhotite-bearing massive sulphides.

§ Pyrrhotite is very highly conductive iron sulphide mineral often associated with the nickel-bearing mineral pentlandite in nickel/copper/PGE massive sulphide bodies.

·    Secondary targets comprise the B3 and B4 conductors. These have been modelled at 4,100 and 2,760 Siemens respectively, also in the range of possible massive sulphides.

–     Preparations underway

·    Kavango has mobilised its exploration camp for the drilling campaign.

·    The Company is also preparing an access road to the proposed drilling site and preparing the water borehole for the drilling of the B1 Conductor.

·    Drilling expected to commence within 3 weeks.

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

We are delighted to return to drilling the Kalahari Suture Zone. Following last year’s ‘near miss’ of the B1 Conductor, we’ve made thorough preparations for our return to this target.

Mindea successfully drilled two holes in the area last year for us, overcoming difficult ground conditions. We learned a lot together from that campaign and are confident Mindea’s team will give us the greatest chance of making a successful intersection of the 28,700 Siemens B1 Conductor. 

This high level of conductance is among the stronger geophysical indicators in nickel/copper exploration, and we look forward to proving the causative source with physical drill core.”

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

+46 7697 406 06

First Equity (Broker)

+44 207 374 2212

Jason Robertson

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

#POW Power Metal Resources PLC – Molopo Farms Complex, Botswana – Programme Results

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces results from the recently completed 2022/2023 drilling campaign at the 1,478.6 km2 Molopo Farms Complex Project (“Molopo Farms” or the “Project” or “MFC”) targeting a large-scale nickel (“Ni”) and platinum group element (“PGE”) discovery in southwestern Botswana.

On 7 February 2023 the Company announced an update regarding the completion of the 2022/2023 drilling campaign. The link to this announcement can be found below:


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

“I am very pleased to present this set of drill results, which I know have been long awaited. We have provided a comprehensive analysis of the results achieved as well as a detailed exploration history of the Molopo Farms Complex and of our Project area.


Based on the information provided below, including historical drilling and petrographic results, it is evident that the MFC has the required ingredients which would allow for the formation of a magmatic sulphide deposit.


It is fair to say the discovery of major nickel sulphide & PGE deposits is highly challenging, which is why they are so sought after and valuable. Some of the main challenges are to find demonstrable evidence of the right geological environment and targeted mineralisation within what is a very large area of sand covered ground – as is the case at Molopo Farms with a 1,478.6 km2 Project footprint. 


These major challenges have been overcome and we have been able to confirm the postulated geological model and confirm the presence of nickel sulphides and PGEs. It is now time to move to the next stage where the knowledge and data we have assembled can be deployed in continuing ground exploration.


In this regard, conversations with potential Project partners are underway as previously announced, with further interest received very recently. We strongly believe that we are now in a position to significantly advance those conversations and set a course for the large-scale exploration programme that Molopo Farms needs to prove the potential for a magmatic sulphide deposit or deposits.



§ During the 2022/2023 diamond core drilling campaign Power Metal successfully completed a total of 2,402.8m of drilling across five drillholes targeting four individual target areas including:


–      DDH1-6B (650.2m), DDH1-6B(2) (300.2m), DDH1-14B (519.1m), DDH1-3 (450.1m) and DDH2-3 (483.2m).


§ Drilling at all target areas (T1-6, T1-14, T1-3, T2-3) was designed to test geophysical conductors identified by the time-domain electromagnetic (“TDEM”) geophysics surveys completed by Power Metal earlier in 2022.


§ Multiple drillholes successfully intersected mineralised pyroxenites which returned anomalous precious metal (gold (Au) + platinum (Pt) + palladium (Pd)) mineralisation including 2.3m @ 0.56 g/t Pt+Pd+Au & 0.17% Ni from 497.2m downhole, including 0.8m @ 0.81 g/t Pt+Pd+Au & 0.18% Ni from 498.7m downhole, in drillhole DDH1-6B.


§ Downhole electromagnetic (“EM”) survey completed on drillhole DDH1-14B indicates that the superconductor targeted lies beyond the depth of the current end of hole (519m) at a projected downhole depth of approximately 610m. Conductivity depth imaging completed previously under-estimated the depth to the central part of this conductor.  DDH1-14B would therefore need to be extended to intersect the superconductor target.



§ The 2022/2023 results achieved for nickel and precious metals are in line or exceed some of the highest results achieved from the minimal historical exploration that has been completed within the Molopo Farms Complex, and although these grades are currently not a levels permitting economical extraction, they are very encouraging. A detailed overview of the geology, historical exploration, and next steps are included in the body of this release and interested parties are encouraged to read through the below section in its entirety.  




Summary Drilling Results

Hole ID (current downhole depth m)


Notable Outcome

Action proposed



(519.1 m)

Targeted moderately dipping superconductor. The superconductor targeted by DDH1-14B was not intersected.

Further proved the presence of a ultramafic feeder dyke within the MFC and delineated its northern edge.   The dyke is a funnel shaped intrusion with a generally east-west strike.  It is composed mainly of harzburgites and dunites. The dyke follows the Jwaneng – Makopong structure.

Investigate for mineralisation within or closer to the ultramafic dyke. Drill for intersection between pyritic mudstone and ultramafic dyke where magmatic sulphide deposits are known to form.



(650.2 m)

Targeted moderately dipping (to the south) conductor, the causative body of which remains uncertain.

Drilled to the south and downdip of drillhole KKME1-6 further from feeder dyke. Successfully Intersected down dip extension of upper pyroxenite from 2020/2021 drillhole KKME1-6. The upper mineralised pyroxenite within DDH1-6B returned 2.27m @ 0.56 g/t Pt+Pd+Au & 0.17% Ni from 497.2m downhole (incl. 0.77m @ 0.81 g/t Pt+Pd+Au & 0.18% Ni from 498.7m).

This is close to the highest ever precious metals values obtained from ultramafic rocks of the MFC (compared to 1.1 g/t Pt+Pd+Au from government borehole MF38).

Hole also returned 0.65m @ 0.38% Ni from 564.05m downhole, precious metal assays are still awaited.

Investigate layered rocks closer to known feeder dyke



(300.2 m)

Targeted up dip extension of mineralised coarse pyroxenite unit which was intersected in both KKME1-6 and DDH1-1B.

The hole intersected thick, coarse grained pyroxenites, maximum assay values in a weathered intersection of 1.0m @ 0.166g/t Pt+Pd+Au & 0.10% Ni from 63.0m downhole.

This weathered coarse pyroxenite intersected is believe the represent the same geological unit targeted from KKME1-6 and DDH1-6B

Investigate layered rocks closer to known feeder dyke



(450.1 m)

Targeted a ‘jelly-bean’ shaped conductor.  The Causative body remains unclear. This conductor extends for at least 1.6km in a east-west direction. This target is part of a approx. 14km long east-west trending magnetic high.

Intersected ultramafic rocks of the MFC under 131.5m of Kalahari Group sediments.   Intersected serpentinites intruded by later gabbro and dolerite bodies, which are likely part of the MFC suite of rocks.

Local anomalous precious metals results including 1.02m @ 0.52 g/t Pt+Pd+Au & 0.23% Ni from 381.m downhole and 1.0m @ 0.44 g/t Pt+Pd+Au & 0.30% Ni from 385.0m downhole.  The precious metal values are not associated with visible sulphide mineralisation.


Considering this, Company is contemplating sending further sections with no visible sulphide mineralisation for assay testing.


Further structural and geological analysis of physical drillcore as well as possible further assay analysis required prior to determining next steps



(483.2 m)

Targeting flat-lying, slightly concave down, strong conductor which remains open in all directions. Conductor is coincident with 14km long east-east trending magnetic high. This represents the first ever drillhole into this target area. Significant magnetite intersected near depth of major conductor.

Intersected ultramafic rocks of the MFC at depth of 280m under cover of Waterberg Group and Transvaal Supergroup. 

Demonstrated presence of MFC ultramafics further west than previously known. Ultramafics are intruded by a number of thin dolerite bodies.

Further structural and geological analysis of physical drillcore as well as possible further assay analysis required prior to determining next steps

Drill Hole Collar Table

Hole ID


UTM Easting

UTM Northing



Total Depth (m)

Date Completed

































DDH1-6B (2)
































Projection: UTM Zone 35S WGS 84


A detailed historical and geological overview of the Molopo Farms Complex is provided below. It is intended to be a comprehensive writeup so interested parties can get additional context about the exploration task at hand and what suggested future steps are.


The Molopo Farms Complex (“MFC” or the “Complex”) is a significant layered mafic-ultramafic intrusion covering approximately 13,000 km2 across southern Botswana and into South Africa. Power Metal’s Molopo Farms Project covers approximately 1,632 km2 across this highly prospective geological province. The MFC intrusive rocks have been emplaced into Palaeoproterozoic sedimentary rocks of the Transvaal Supergroup.  Radiometric dating of the MFC shows that it is coeval (a similar age) with the prolific Bushveld Complex located entirely within South Africa approximately 200 km to the east.


The MFC consists of a lower zone of ultramafic rocks and an upper zone of mafic rocks.  The total thickness is about 3,200 m of which the lower ultramafic zone makes up at least 2,000 m.

The structure of the Complex is a folded, block faulted, lopolith which now forms a southwest plunging syncline divided through the middle by ENE-WSW trending Jwaneng-Makopong shear zone which divides the complex into a northwest and southeast section.  The rocks are generally highly faulted and the olivine bearing ultramafic rocks severely altered.

Essentially only the lower ultramafic zone is well developed within the current Molopo Farms Project.  The mafic rocks are limited to sills overlying the ultramafics, or, in some cases, mafic intrusions into the ultramafic rocks.

The ultramafic rocks consist of either olivine dominant or orthopyroxene dominant rocks, which alternate in an irregular fashion.  Specific rock types include harzburgites, dunites, orthopyroxenites, olivine pyroxenites and orthopyroxenites.  Alteration is generally intense, with widespread serpentinization of olivine dominant rocks, and bastite and chlorite alteration of pyroxenites.  Alteration of the pyroxenites varies from minimal to highly pervasive.  Magnetite segregations and veining are common and may in places be after chromite.  Chrysotile asbestos are common in joints and faults, serpentine, talc and calcite veins are widespread. 

Contacts between lithologies are in general sharp rather than gradational.  There is a competence difference between the olivine and pyroxene dominant rocks which leads to jointing and faulting close to the contact between these units.  Whilst some areas are not greatly faulted, in other areas the rocks are severely fractured.

First Recognition

Due to extensive Kalahari sand cover there are no outcrop exposures of the MFC making exploration for magmatic sulphide deposits challenging. In additional to the Kalahari sands, the MFC is further concealed by varying thicknesses of Proterozoic Waterberg Group, and locally by Karoo Supergroup rocks.

The first indication of the presence of the MFC below Kalahari sand cover was when serpentinite was exposed in hand dug wells within the north of the MFC.  The Molopo Farms are commercial cattle ranches which were first surveyed in the 1950s.  Drilling for water on the new farms intersected a variety of igneous rocks which suggested there could be a Bushveld equivalent intrusion in southern Botswana.

In 1962, to assist in the siting of further water wells, the Geological Survey of Botswana commissioned an aeromagnetic survey over a large portion of southern Botswana.  This survey revealed extensive magnetic high anomalies which confirmed the presence of a large body of mafic – ultramafic rocks.

Exploration History

British & Botswana Geological Survey Joint Programme1

The MFC was the subject of a major research project carried out jointly by the British and Botswana Geological Surveys from 1980-1984. The programme oversaw the digitisation of the earlier aeromagnetic data, carried out a gravity survey, prepared an inventory of existing drill holes and drilled 46 additional holes totalling 5,457 m of percussion drilling and 4,607 m of diamond coring.  Considerable petrographic and lithogeochemical work was completed on the various cores obtained.

Considering the vast footprint of the MFC, the drill holes were very widely spaced and were designed mainly to provide additional data to allow the preparation of a more comprehensive geological model. Despite this, a total precious metal assay of 1g/t  Pt+Pd+Au was obtained from a pyroxenite close to the base of the MFC in the northeast1.  The joint exploration programme successfully demonstrated that the MFC is a large, Bushveld equivalent, layered intrusion, and the intriguing results guided subsequent work carried out by various private sector companies.

The Kalahari Mapping Project was a second major programme completed jointly by the Botswana and British Geological Surveys from 2003 to 2005. The aim was to re-map the sub-Kalahari geology of the area from recent higher-resolution government aeromagnetics (while utilising an updated drill hole inventory).  New maps of the geology of the MFC were published, however very little new fieldwork was done, and there was no additional drilling.

Private Sector Exploration (1985-1992)

The MFC was explored by two companies between 1985-1992, one major – Gold Fields Ltd. (“Gold Fields”), and one junior – Molopo Australia PTY. Most work by Molopo Australia was funded through a joint-venture agreement with Inco Ltd. (now Vale Ltd).

Given the lack of outcrop exposure, exploration was driven by geophysical surveys, generally magnetic and gravity, although limited TDEM work was also done.  Gold Fields discovered a possible equivalent of the Bushveld Critical Zone located in the south of the complex, but precious metals values were generally low and relatively inconsistent.  Molopo Australia noted low grade platinum-group metal (“PGM”) mineralisation towards the base of the ultramafic sequence in the north of the Complex.  Molopo Australia also intersected 0.3 m of 14% nickel within a vein in the footwall of the MFC.

It is important to note that both Gold Fields and Molopo Australia based their exploration efforts on a Bushveld model – where mineralisation would occur in distinct horizons within a large layered intrusion.  In particular, the focus was on an equivalent of the Bushveld Critical Zone.  Later re-interpretation of the MFC suggests that this model misled the majority of their exploration.

Private Sector Exploration (2001-2007)2

From 2001 – 2007 an Australian junior exploration company Tau Mining Ltd. (“Tau Mining”), explored the MFC with a new geological model based on exploration for a feeder zone or zones which were possible magma conduits.  This work was however mostly unsuccessful as Tau Mining had limited funding and although some significant geophysical work was done, including a Spectrum survey over the Keng area, drilling was limited, percussion only, and poorly sited.

Tau Mining did however drill a number of drillholes close to the Kalahari Key Mineral Exploration (Pty) Ltd. (“KKME” or “Kalahari Key”) prospecting licence (“PL”) 311/2016 and these are incorporated in Power’s Project overall project database.

Private Sector Exploration

Kalahari Key Mineral Exploration PTY Ltd & Power Metal Resources from 2020-present

The latest phase of work originally initiated by Kalahari Key, further adopted the feeder zone dyke model from Tau Mining but has applied more sophisticated geophysical surveys followed up by now two phases of core drilling. 

Much of the work has been focussed within the northeast of the Complex, where there is a very thick (>2,000 m) under explored, ultramafic succession mainly under relatively thin (<25 m) Kalahari Group cover.

Exploration by Kalahari Key was guided by geophysics, in this case by helicopter and ground Time Domain Electromagnetic (TDEM) surveys, supported by helicopter magnetic data and ground magnetic surveys.  Only very limited gravity surveys have been completed over the MFC.  The exploration targets focussed on by KKME and Power Metal have been discrete conductors compatible with massive magmatic sulphide bodies.

Ground TDEM surveys initially employed 1x 1 km fixed loops, but later more detailed moving loop surveys were carried out over some targets.

Kalahari Key and subsequently Power Metal Resources have to date drilled 8 boreholes totalling 4,018.7 m. Select samples from drilling completed by KKME were sent to the University of Witwatersrand for detailed petrographically work. Primary magmatic nickel & copper sulphides were successfully identified including pentlandite, maucherite, chalcocite, heazlewoodite, awaruite, bornite, chalcocite and covellite. Various results are discussed below and compared with the results of historical drilling.

Historical Occurrences of Base- and Precious-Metals

It is relatively rare to see sulphide mineralisation within hand specimens from the MFC ultramafic rocks.  Serpentinites after harzburgite may contain small specks of sulphide, generally intergrowths of pyrite, pyrrhotite and chalcopyrite.  In some cases, these are restricted to within orthopyroxene oikocrysts.

All mineralisation of interest has so far been found within pyroxenite units within the ultramafic succession. Historical mineralised intersections include:

§ The Molopo Farms Project borehole MF38, which is within KKME’s PL 311/2016, intersected 1.1 g/t Pt+Pd in pyroxenite at a depth of approximately 532 m.

§ Borehole TB-1, drilled by Molopo Botswana, a previous explorer in the Molopo Farms Complex, 1 km east of MF38, intersected a prominent sulphide zone between 96.5 and 103.8 m which is believed to correlate with the 531 – 532 m zone in MF38.  Although sperrylite was recognised in the TB-1 samples, the best assay result was 0.23 g/t Pt+Pd+Au3

§ Borehole TB-3 was drilled 1.4 km NE of TB-1 to test the strike continuity of the mineralisation in TB-1 and MF38.  A sulphide horizon in pyroxenite at 287.9 – 293 m was interpreted as correlating with the mineralisation in MF38.  However, the best assay result from TB-3 was 0.45 g/t Pt+Pd+Au.

§ Borehole TB-11 was drilled 500 m south of the MF38 – TB-1 line.  Sulphide horizons were found in pyroxenite at 186 – 216 m and at 286 – 312 m.  A total of 156 samples were assayed from TB-11 and its deflection, but the best values were 0.20 g/t Pt and 0.12 g/t Pd.

§ Nickel values in the above boreholes were consistently <0.3% Ni.

§ Borehole KP-20, drilled by Molopo Botswana 5 km northeast of Keng Pan, intersected a semi-massive nickel arsenide vein over 30 cm at a depth of 91 m which assayed 14.6% Ni, 0.05 g/t Pt+Pd+Au and 610 g/t Ag.  The vein was in siliceous dolomite in the footwall of a differentiated pyroxenite sill related to the MFC.  Follow up drilling however failed to locate any continuation of the vein, which is believed to be hydrothermal4.

§ Borehole KP-19, south of KP-20, intersected three narrow sulphide veins in a tectonised ultramafic rock.  The best assay, from a downhole depth of 424 m returned 1.25% Ni and 0.97% Cu4.

Based on all historical work completed to date the key lithology for mineralisation in the ultramafic sequence is pyroxenite, especially coarse grained, feldspathic pyroxenite.

By comparison with historical results, KKME and subsequently Power Metal have, with limited drilling, intersected rocks giving assays results in line with those achieved historically highlighting the various exploration successes of both parties with overall limited exploration.

Confirmation of the Feeder Zone Model

The magnetic surveys carried out in the north of PL 311/2016, plus drill holes KKME1-14, DDH1-14B and KKME1-11A, support the presence of an ultramafic dyke following the Jwaneng – Makopong shear zone.  The dyke appears to be funnel-like in profile and could be a magma conduit to the Molopo Farms Complex. The Transvaal strata in contact with the steeply dipping feeder zone are gently to moderately dipping. This is an important consideration when reviewing existing and future geophysical results across the feeder zone.

Further south, around drillhole KKME1-6, it is harder to distinguish the feeder from the layered rocks of the intrusion.

The magma conduit model is analogous to the Uitkomst intrusion in eastern South Africa, which hosts the Nkomati nickel mine, once South Africa’s largest nickel producer.  Like the MFC, the Uitkomst intrusion is of Bushveld age.

Exploration Methodology

Due to extensive sand cover over the MFC, historical exploration has been largely driven by geophysics. 

Soil geochemical surveys have been carried out, but the Kalahari sands, even if relatively thin, diffuse the results and soil surveys tend to only detect the underlying lithology.  That said, there is no known mineralisation on which soil sampling data can be orientated.

Historically, magnetic and gravity surveys were used to identify the cross-over from the lower ultramafic zone to the upper mafic rocks. 

TDEM surveys have sought to recognise conductors caused by massive sulphide bodies.  To date, as no such bodies have been found, the usefulness of TDEM surveys in this environment remains limited.

All eight of the drillholes completed by KKME and Power Metal were sited to intersect electromagnetic (“EM”) geophysical conductors.  However, in no case was an obvious geological unit which was responsible for the EM signature identified (causative body).  In the past, it has been noted that EM surveys will detect faults and areas of saline groundwater, and sheared serpentinite are also known to act as good conductors.

Discussion on Future MFC Exploration

It is evident from historical work that the ultramafic rocks in the NE of the MFC are the most promising target.  As a result, Power Metal Resources Molopo Farms Project is located in the right place.

KKME and Power Metal have discovered an ultramafic dyke-like intrusion which causes a curvilinear magnetic anomaly changing direction from E-W to NE-SW.  The intrusion is composed of dunite and harzburgite and has a very basic composition.  Three holes have been drilled on this target, demonstrating its composition and that the northern contact is steep and discordant.  As mentioned, this structure has similarities to the Uitkomst intrusion, which is regarded as a feeder conduit to the Bushveld Complex and could merit further drilling.  A vertical borehole down the centre of the body, aimed at passing through the intrusion into country rock, could be proposed.

Recent and historical work has recognised the occurrence of awaruite in the MFC serpentinites.  Awaruite is a Ni-Fe alloy, which has attracted considerable attention as a “green” source of nickel, in that nickel may be recovered without smelting and consequent release of SO2 into the atmosphere.  It may have a nickel content of >70%.5  Previous work in the Keng area has shown that 40% of the total nickel in serpentinites may be contained within awaruite.  Economic recovery of awaruite was considered in the past and could be worth re-visiting.  Mining could be feasible only in those areas where serpentinite is present under thin Kalahari cover, and thus, depending on the cover depth, amenable to open pit working.

Correlation of individual layers in the ultramafic succession is problematic, and it has been proposed that only certain coarse pyroxenite layers may be continuous. Power Metal has tentatively correlated mineralised horizons between boreholes KKME1-6 and DDH1-6B located approximately 530 m apart.  However, mineralisation is not entirely consistent.  Drillhole DDH1-6B(2), drilled at the same position at KKME1-6 but angled to the north, intersected coarse pyroxenites which were devoid of mineralisation.  Equivalent styles of mineralisation in layered ultramafic rocks of the Bushveld Complex are low grade (eg Volspruit North:  2.27 g/t Au+Pt+Pd, 0.18% Ni, 0.06% Cu and Sheba’s Ridge: 0.9 g/t Au+Pt+Pd, 0.2% Ni and 0.08% Cu) but have high tonnage and are open-pitable.6,7  These grades are not considerably better than found by Power Metal, but tonnage and being close to surface are important considerations. In general, mineralisation in the generally moderately dipping layered ultramafic rocks is likely not a viable exploration target going forward – as per results obtained from drillholes KKME1-6, DDH1-6B and DDH1-6B(2).

Next Steps      

As the demand for nickel continues to increase, exploration for magmatic sulphide deposits within mafic/ultramafic complexes will continue to be of significant interest to junior and major mining companies. Compared to many other significant mafic provinces, the MFC is comparatively underexplored, likely as a result of the extensive Kalahari sand cover. However, based on the information provided above, including historical drilling and petrographic results, it is evident that the MFC has the required ingredients which could allow for the formation of a magmatic sulphide deposit(s). To that end, one of the major challenges of exploration for these types of deposits is due to the lack of alteration surrounding known ore bodies – with barren rock known to exist in contact with significant metal accumulations. Due to the above considerations, Power Metal is strongly of the belief that significant further exploration is warranted. Some of the possible next steps include:


§ Collection of further structural data from 2022/2023 drill programme-oriented core, as well as thin section analysis of select mineralised horizons.

§ Select core samples of ultramafic rocks in boreholes 1-6 and 1-6B for preparation of mineral separates to assess awaruite content.  Choose serpentinites with relatively high whole rock nickel content (0.2%). 

§ Complete a high-resolution mobile magnetotellurics (“MobileMT”) airborne geophysical survey. MobileMT is on the cutting edge of geophysical survey methodology and compared to TDEM has multiple advantages including:

Allows for good discrimination between resistive units (e.g. TDEM cannot effectively map resistive units or discriminate between 1000 ohm-m and 5000 ohm-m formations).

Can detect superconductors directly.

Provides superior depth penetration than even high powered TDEM systems (up to 2km in certain geological environments).

System experiences no problems with induced polarisation (“IP”) effects, zero coupling zones or super para-magnetic effects.

Highest efficiently and quick surveying over flat areas like southern Botswana and can average production of 100km per day with a comparatively low production cost.

§ Across PL311/2016 prepare detailed geological/structural interpretation incorporating all historical drilling and geophysical data available. Trace feeder dyke as possible magma conduit.

§ Based on above, plan additional drilling within the feeder dyke and adjacent areas.  Possible additional ground magnetic surveys. Drillhole KKME1-14 and DDH1-14B are 17 kms northeast of the main outcrop of the MFC ultramafics – this area should be further investigated and subsequently drilled (at least one deep vertical hole) as it geological analogous to the prolific Uitkomst intrusion located in South Africa. 




1Gould, D., Rathbone, P.A. and Kimbell, G.S., 1987. The geology of the Molopo Farms Complex, southern Botswana. Geological Survey of Botswana, Bulletin, 23, 178p


2Tau Mining Ltd., Molopo Farms Project Prospecting licenses: PL06/2001, PL38A/2001, PL38B/2001, PL40/2001, PL41A/2001, PL41B/2001, PL42A/2001, PL42B/2001., Quarterly Exploration Report July 2008 – September 2008

3 McGeorge, I.B., 1992., Molopo Botswana (Pty) Ltd 1992. Final Report for PL 14/87, Southern District. Prospecting Records, Botswana Geoscience Institute.


4 McGeorge, I.B., 1994, Molopo Botswana (Pty)- Final Report for Prospecting Licence 62/89 Southern District. Prospecting Records, Botswana Geoscience Institute.


5 Seiler, S., Sanchez, G., Teliz, E., Diaz, V., BRadhsaw, P., Klein, B., 2022, Awaruite (Ni3Fe), a new large nickel resource: Electrochemical characterization and surface composition under flotation-related conditions, Minerals Engineering vol 184. https://doi.org/10.1016/j.mineng.2022.107656


6Sharecast, 24 October 2022. “Sylvania Platinum upbeat on recent Bushveld Studies.” Sylvania Plathium Ltd.


7Mining Review Africa, 13 February 2008.  “Blue Ridge and Sheba’s Ridge Study Feasibility”.  Sub- heading “Sheba’s Ridge – open pit nickel PGM project”.





Awaruite                                            Awaruite is a naturally occurring alloy of nickel and iron.

Bastite                                               A serpentinous mineral occurring embedded in serpentine at Baste in the Harz and elsewhere, and probably derived from the alteration of a variety of enstatite.

Dunite                                                Dunite is an ultramafic plutonic rock that is composed almost exclusively of olivine.

Dyke                                                  A dyke is a vertical to subvertical sheet of rock that is formed in a fracture of a pre-existing rock body.

Feeder zone                                      The plumbing system from which magma is supplied into the intrusive from the lower crust.  These can often form as elongated dykes at the base of an ultramafic layered intrusion.  Sulphide mineral accumulations can often form in the vicinity of the feeder zone.

Harzburgite                                       Harzburgite is a type of peridotite ultramafic igneous rock, with no or very little monoclinic pyroxene and consisting only of olivine and orthorhombic pyroxene bronzite. Harzburgite typically forms by the extraction of partial melts from the more pyroxene-rich peridotite.

Lopolith                                             A lense shaped intrusion of igneous rock.

Palaeoproterozoic Sedimentary        Sedimentary rocks deposited between 2,500 to 1,600 million years ago


Pyritic mudstone                               Mudstone containing elevated amounts of iron pyrite – with refence to nickle sulphide deposits, these represent important sources of sulphur.

Pyroxenite                                         Pyroxenite is an ultramafic igneous rock consisting essentially of minerals of the pyroxene group, such as augite, diopside, hypersthene, bronzite or enstatite.

Serpentinite                                       A metamorphic rock formed as a result of the low temperature anaerobic oxidation of ultramafic rock in the course of which density is reduced and volume increased by the addition of water, and nickel and other elements undergo remobilisation as a result of hydrothermal activity.


Transvaal Supergroup                      The Transvaal Supergroup is a group of rocks in northern South Africa and southern Botswana, situated on the Kaapvaal Craton, composed of sedimentary and volcanic ltiholgoies.

Olivine pyroxenites                           Olivine pyroxenites are a type of ultramafic igneous rock composed mainly of pyroxene minerals and olivine, with minor amounts of other minerals such as spinel and chromite.


Orthopyroxenites                               Orthopyroxenites are a type of ultramafic igneous rock that is composed mainly of orthopyroxene minerals. Orthopyroxenites are typically formed in the Earth’s mantle, either by crystallization from magma or by solid-state transformation of peridotite, another type of ultramafic rock. They are often associated with other mantle-derived rocks such as dunites, harzburgites, and lherzolites.

Ultramafic rock                                 An igneous rock in which has a very low silica content and in which more than 90% of the rock is composed of magnesium and iron-rich minerals like pyroxenes, amphiboles, and olivine.


Power Metal Interest

Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company, which holds a 100% interest in the Molopo Farms Complex Project.



The technical information contained in this disclosure has been reviewed and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified 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

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


#FCM First Class Metals PLC – Wide Zones Nickel-Copper Mineralisation from WPL

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, Ontario focussed land holding is pleased to provide an update on activities in respect to the Company’s West Pickle Lake project into which Palladium one has Earn In/Joint Venture (JV) rights, (“Pickle Lake JV” “West Pickle Lake (zone)” “WPL”) with Palladium One Inc (TSXV:PDM) (“Palladium One”).


Highlights Reported by Palladium One



  • Wide zones of nickel-copper mineralization intersected at West Pickle Lake Include:


0.6% Ni, 0.4% Cu, 0.01% Co, 0.08 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 28.2 meters in hole TK22-114

  • Including 2.0% Ni, 0.6% Cu, 0.04% Co, 0.12 g/t TPM over 3.2 meters

0.43% Ni, 0.26% Cu, 0.01% Co, 0.06 g/t TPM over 27.0 meters in hole TK22-118

  • Including 2.0% Ni, 0.7% Cu, 0.04% Co, 0.14 g/t TPM over 1.0 meters

1.5% Ni, 0.7% Cu, 0.02% Co, 0.30 g/t TPM over 8.0 meters in hole TK22-116

  • Including 10.0% Ni, 4.47% Cu, 0.14% Co, 2.13 g/t TPM over 1.0 meters


  • The most easterly hole to date on West Pickle returns high grade:


1.9% Ni, 1.04% Cu, 0.03% Co, 0.58 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 2.6 meters in hole TK22-117

  • Including 5.7% Ni, 1.9% Cu, 0.07% Co, 1.57 g/t TPM over 0.8 meters
  • West Pickle remains open for expansion to the east toward the RJ Zone


First Class Metals is delighted to report the latest assay results form the West Pickle Lake massive sulphide discovery. These drill results reinforce both the high-grade nature of the West Pickle Lake Zone and the potential for tonnage as reported in hole TK22-114, the widths and grades are similar to the Palladium One RJ Zone approx. 2.5km to the East and further develops the theory of the chonolith / feeder dykes in the area to host significant mineralisation.


Marc J Sale, First Class Metals CEO commented:

This latest  results from WPL are the widest intercepts reported to date from the discovery, but importantly we are still seeing  some high grade material which has been the focal point of the assays released to date. Additionally, we also are seeing the potential for shallower ‘bulk tonnage’ in these wider widths. The discovery remains open along strike both to the west and east and down dip / plunge. The results provide further encouragement for our 100% owned contiguous North Hemlo project area and we look forward to developing our own exploration plans in this area through 2023.




The most easterly hole drilled to date on the West Pickle Lake Zone (Hole TK22-117), intersected high-grade massive nickel-copper sulphides and has extended the zone to over 600 meters in length, and it remains open for further expansion on the east, west and at depth.



Table 1: Assay Results: Selected Drill Results from the West Pickle Lake Zone


Hole   From (m) To (m) Width (m) Ni    % Cu % Co % TPM g/t (Pd+Pt+Au) Pd g/t Pt g/t Au g/t
TK22-059   184.0 187.7 3.7 2.33 1.85 0.06 0.45 0.21 0.21 0.03
    185.3 187.7 2.4 3.49 2.73 0.09 0.64 0.30 0.30 0.04
    185.3 187.0 1.8 4.79 3.67 0.12 0.87 0.41 0.41 0.05
    185.3 185.9 0.6 8.21 1.60 0.24 1.62 0.80 0.79 0.03
TK22-060   183.7 196.3 12.6 0.72 0.34 0.02 0.14 0.06 0.06 0.02
    184.3 189.0 4.7 1.77 0.63 0.03 0.27 0.12 0.12 0.03
    186.6 189.0 2.4 3.18 0.99 0.06 0.39 0.18 0.19 0.02
    188.0 188.5 0.5 7.60 1.25 0.12 0.41 0.18 0.20 0.03
TK22-070   164.6 174.7 10.1 2.47 0.99 0.04 0.27 0.14 0.10 0.02
    164.6 168.4 3.8 6.42 2.40 0.09 0.64 0.35 0.25 0.04
    165.4 167.6 2.3 10.41 3.40 0.14 0.92 0.53 0.34 0.04
    165.4 167.1 1.7 12.58 2.49 0.17 0.94 0.60 0.30 0.04
    165.4 166.3 0.9 12.90 2.70 0.16 1.05 0.67 0.34 0.04
TK22-072   149.0 153.1 4.1 2.05 0.89 0.04 0.36 0.11 0.22 0.03
    150.4 153.1 2.7 3.08 1.18 0.07 0.45 0.14 0.29 0.02
    151.7 153.1 1.5 5.33 1.48 0.12 0.67 0.17 0.48 0.02
    151.7 152.3 0.7 7.39 2.22 0.16 0.95 0.24 0.69 0.03
TK22-073   137.5 140.1 2.6 7.19 2.01 0.10 0.56 0.32 0.20 0.05
    137.5 139.3 1.8 10.32 2.88 0.15 0.80 0.46 0.27 0.07
    138.5 139.3 0.8 11.90 0.98 0.16 0.64 0.33 0.26 0.05
TK22-074   148.9 150.8 2.0 3.94 2.50 0.05 0.55 0.36 0.17 0.02
    149.9 150.8 0.9 8.14 2.84 0.11 1.05 0.71 0.31 0.03
TK22-109 130.0 140.0 10.0 0.32 0.14 0.01 0.03 0.01 0.01 0.00
  130.0 131.0 1.0 1.52 0.26 0.03 0.11 0.08 0.03 0.01
  163.0 167.2 4.2 0.14 0.06 0.01 0.02 0.01 0.01 0.00
TK22-110 131.6 135.3 3.7 0.78 0.12 0.02 0.13 0.04 0.09 0.00
  132.6 133.6 1.0 1.63 0.10 0.05 0.28 0.06 0.22 0.00
TK22-112 146.0 148.0 2.0 0.16 0.07 0.01 0.02 0.01 0.01 0.00
  170.0 174.0 4.0 0.11 0.05 0.01 0.01 0.01 0.00 0.00
TK22-113 Abandoned due to deviation
TK22-114   116.6 144.8 28.2 0.65 0.38 0.01 0.08 0.03 0.04 0.01
  117.6 138.8 21.2 0.84 0.49 0.02 0.10 0.04 0.05 0.01
  117.6 120.8 3.2 2.05 0.61 0.04 0.12 0.06 0.05 0.01
TK22-115 115.8 118.6 2.8 0.16 0.11 0.01 0.05 0.02 0.03 0.00
  116.8 117.6 0.8 0.34 0.05 0.02 0.11 0.04 0.07 0.00
TK22-116   137.0 145.0 8.0 1.49 0.71 0.02 0.30 0.11 0.04 0.14
  137.0 140.0 3.0 3.87 1.71 0.06 0.76 0.29 0.10 0.37
    137.0 138.0 1.0 10.01 4.47 0.14 2.13 0.82 0.22 1.09
TK22-117 106.5 109.0 2.6 1.91 1.05 0.03 0.58 0.33 0.24 0.02
  107.2 108.0 0.8 5.66 1.94 0.07 1.57 0.97 0.55 0.05
TK22-118   101.0 128.0 27.0 0.43 0.26 0.01 0.06 0.03 0.03 0.01
  107.0 123.0 16.0 0.58 0.36 0.02 0.09 0.04 0.04 0.01
  115.0 116.0 1.0 2.03 0.73 0.04 0.09 0.04 0.05 0.01
TK22-119 104.0 105.0 1.0 0.28 0.23 0.01 0.07 0.02 0.03 0.02
TK22-120 173.1 175.8 2.7 0.76 0.37 0.03 0.16 0.09 0.06 0.01
  174.1 175.0 0.8 1.71 0.79 0.09 0.39 0.21 0.16 0.02
TK22-121 No significant values
TK22-122 No significant values


(1)   Reported widths are “drilled widths” not true widths. Italicised grey shaded values are previously reported.



Figure 1. Blebby and stringer nickel-copper sulphide in altered clinopyroxenite in hole TK22-114 ~130m down hole.


The West Pickle Lake mineralised zone continues to expand and be enhanced by the drill intersections reported by Palladium One and remains open to the west, east and at depth.


Figure 2. Long section looking south of the West Pickle Lake Zone, note importantly open to the west.


Palladium One has identified positive results for a property wide feeder dyke / chonolith geological model with first test returning wide interval of anomalous nickel, which supports the exploration hypothesis that east-west trending interpreted feeder dykes are mineralized (hole TK22-076, located 2 kilometers to the west of the West Pickle Lake Zone), see Figure 3



Figure 3. Plan and long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle Lake and RJ zones, showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.


To date a total of 32 holes, totalling 6,766 meters have been drilled in the vicinity of the West Pickle Lake Discovery. At present, West Pickle Lake mineralization has been defined over more than 600 meters of strike length (Figure 2,3). th. The potential for further  discovery to the west is highlighted by the anomalous results from hole TK22-076, see Figure 4






Figure 4 showing the whole of the FCM North Hemlo property with WPL and hole TK22-076






The quality assurance and control reported by Palladium One are considered in line with industry guidelines.




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 is considered a top global destination for exploration with 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 has commenced exploration programmes based on the detailed historical data review of available information on and around its seven claim blocks which comprise over 180km².


Figure 5. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) are now the renamed ‘West Pickle Lake’ Palladium One JV/earn in property. 



In July 2021 FCM secured a JV with Palladium One over the Pickle Lake Project area (comprising 33 single cell mining claims and the “Project”) Palladium One have the option to earn-in 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.

Palladium One has the option to earn up to an 80% undivided working interest and a royalty Buy-Back Right, in the Earn-In Properties, over a 3-year earn-in period by incurring Canadian Exploration Expenses as follows:

Year 1 – an amount of not less than C$25,000 on or before the 1st anniversary of the Effective Date:

Year 2 – an amount of not less than C$135,000 (for an aggregate amount of $160,000) on or before the second anniversary of the Effective Date to earn a 51% interest; and

Year 3 – an amount of not less than C$165,000 (for an aggregate amount of not less than $325,000) and by preparing a National Instrument 43-101 (“NI43-101”) Technical Report with respect to the Earn-In Properties on or before the third anniversary of the Effective Date to earn an additional 29% (for a total aggregate 80% interest).


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.


Links to External Sites

The document may contain links to other websites; these external websites are not under FCM’s control. FCM’s shall not be held responsible for such websites and do not make any warranties regarding the same. FCM’s do not endorse these websites in any manner.



*Nickel Equivalent (“NiEq”)

Nickel equivalent is calculated using US$1,700 per ounce for palladium, US$1,100 per ounce for platinum, US$1,800 per ounce for gold, US$4.25 per pound for copper, US$8.50 per pound for nickel and US$25 per pound for Cobalt. This calculation is consistent with the commodity prices used in the Palladium One  2022 NI 43-101 LK resource estimate (see their news release April 25, 2022).


Clean Energy Metals – Dealing with the Supply Squeeze

#TM1- Technology Minerals


Clean Energy Metals – Dealing with the Supply Squeeze

Critical window of opportunity to create a circular ecosystem for battery metals

The failure of national governments to reach a major agreement at the COP27 Summit this year underlined the difficulty and urgency in reaching net zero. The lack of progress from the governmental side means that it falls to the private sector to provide meaningful solutions. Resource efficiency, energy, and mobility transition are crucial strategies to mitigate climate change. The focus is on reducing the consumption of resources, especially energy and raw materials.

While raw materials are the basis of our material world, their excessive consumption over recent decades has also contributed significantly to climate change. However, raw materials, and, in this case, especially metals, play a key enabling role for climate protection technologies, such as electro mobility, the hydrogen economy, and solar and wind power plants, and also for digitalisation. It is now vital to make the use of raw materials much more resource-efficient and to use them as purposefully as possible.

Source: https://link.springer.com/article/10.1007/s13563-022-00319-1

Source: https://www.alliedmarketresearch.com/battery-recycling-market

There is overwhelming evidence to show that advanced circular economy systems and sophisticated recycling technologies can build the backbone for the development of a resource efficient and sustainable society. Closed metal cycles are a key part of this equation, securing relevant parts of the raw material supply for high-tech products and reducing CO2 emissions in their production at the same time.

Many mineral-producing countries that supply critical minerals are politically unstable, making them risky to invest in and to rely on as a source. This underscores the importance of developing sources of domestic supply, which offers greater political stability, greater safety for workers, and can provide a pipeline of young talent. These provide a foundation for the sector to build innovative solutions in response to the demands of the green transition.

The sources of many critical minerals for energy use are much less diversified than for hydrocarbons and sometimes concentrated in geographies that are highly problematic from an environmental and social perspective, such the Congo. The Congo accounts for almost 80% of the global supply of cobalt, much of which comes from so called ‘artisanal mining’ with its attendant exploitative labour conditions and environmental degradation.


The Delivery Challenge

To deliver on the green revolution and minimise emissions that contribute to climate change, industries will need access to significant quantities of critical minerals.

If you can’t make it or grow it, you have to mine it, so there will be an inevitable growth in the mining of critical raw materials, such as lithium-containing minerals. Source: https://britishlithium.co.uk/lithium-market/


Source: https://www.alliedmarketresearch.com/battery-recycling-market

The production of lithium in 2030 will need to be 60 times the market size of 2015, if production of the internal combustion engine becomes a reality within the 2030 to 2035 timescale. Electric vehicles are the primary driver of lithium demand and given lithium’s unique properties of light weight and high energy storage potential, it is highly likely to remain the material of choice in non-stationary batteries, whether in wet electrolyte or solid-state form.

The sustainable supply of the battery metals cobalt, nickel, lithium, manganese, and copper is a decisive factor for the success of electro mobility. Given the current global availability of resources and the imminent tsunamic surge in demand to sustain surging production levels recycling and reuse of batteries represents an increasingly important component of the future raw material supply. An effective circular economy for batteries can only be achieved if—in contrast to the current situation with many consumer goods — spent batteries can be fed into a comprehensive, technically advanced recycling network to re-enter the supply chain.



Source: https://www.alliedmarketresearch.com/battery-recycling-market

A London listed company Technology Minerals (LON: TM1) is seeking to meet these challenges head on. Billed as the UK’s first stock market listed ‘circular economy’ company, Technology Minerals combines a fast-growing lead acid and lithium-ion battery recycling network through its wholly owned subsidiary Recyclus Group with a series of battery metal mining projects sited strategically around the globe. Technology Minerals Chairman Robin Brundle explains: “The strategy of Technology Minerals is to build out its IP protected battery processing capacity in Europe while evaluating its portfolio of early-stage critical minerals projects. The current European market for Li-ion and lead-acid batteries totals 1.2mte pa of which some 72% are lead-acid and of which the automotive market consumes 70%. Within automotive, Li-ion currently accounts for just 10% but that is set to grow exponentially in line with increased EV penetration.”

The global recycling batteries market size was valued at $11.1 billion in 2020 and is expected to reach to $66.6 billion by 2030.

While EVs don’t emit CO2, lithium-ion batteries are made from raw materials, including lithium, cobalt, and nickel. With the coming supply squeeze, the mining of many of these materials can also raise ethical and environmental concerns.

Currently, there are very few lithium-ion battery recycling centres, due in part to lithium-ion batteries being both costly and difficult to recycle. According to some estimates, the current recycle rate is less than 5%. According to a recent Wired article, “While you can re-use most parts in EVs, the batteries aren’t designed to be recycled or reused.” And if the batteries are disposed into landfill sites, the battery metals can contaminate both water and soil.

Source: https://www.alliedmarketresearch.com/battery-recycling-market


The Size of the Problem

  • Global stock of electric vehicles (EVs) could reach 245 million units by 2030, according to the International Energy Agency.
  • While EVs emit less CO2, their batteries are tough to recycle.
  • Ming cobalt, lithium, and nickel can raise ethical and environmental concerns.
  • Creating a circular supply chain by recycling the batteries’ raw materials will be vital in reducing their environmental impact.

Source: https://www.weforum.org/agenda/2021/05/electric-vehicle-battery-recycling-circular-economy/

Lithium-ion batteries are also used for 90% of grid energy storage around the world, especially for wind and solar energy. Initiatives such as the EU’s plan to reduce its dependence on Russian natural gas by two-thirds, which relies in part on accelerated generation of renewable energy, will significantly increase demand for battery storage.

Source: https://www.bcg.com/publications/2022/the-lithium-supply-crunch-doesnt-have-to-stall-electric-cars

The sustainable supply of battery metals such as lithium, cobalt, nickel, manganese, and copper is a decisive factor for the success of electro mobility and clean technologies. The current targets set by governments at home and abroad for the switch to EVs and clean technology leaves recycling and reuse of batteries as the only practical step available to meet demand based on current forecasts for sourcing new battery metal production hubs. This circular economy for batteries can only be realised if—in contrast to the current situation with many consumer goods—there is a global network to collect spent batteries allied to large scale, high-quality recycling facilities.


Does the UK offer practical battery metal / clean-tech project opportunities?

Accelerating the shift to zero-emission vehicles is a key element if the 68% reduction in carbon emissions targeted by the Government by 2030 is to be achieved. The UK’s EV market is growing rapidly, with EV registrations increasing by approximately 173% from 2019 to 2020.

Current projections state that approximately 1.4 million EV battery packs will be coming to the end of their “useful life” every year by 2040. This roughly equates to 203,000 tons of batteries for recycling annually (based on a 60% recycling rate) at that point.

The UK currently lacks industrial capacity for lithium-ion battery recycling, resulting in the current costly reliance on mainland Europe when supplying batteries for material recovery after their useful life. With the average value of materials contained in an end-of-life automotive pack in 2018 being £1,200 for Battery Electric Vehicles (BEVs) and £260 for Plug-in Hybrid Electric Vehicles (PHEVs), there is a huge opportunity in the UK to recycle lithium-ion batteries.

Source: https://hvm.catapult.org.uk/news/automotive-battery-recycling-an-opportunity-the-uk-cant-afford-to-miss/#

Technology Minerals Chairman Robin Brundle comments; “The automotive sector is doing its part to pivot to all-electric, but it needs an effective and competitive ecosystem that will be largely self-sustaining, with job creation, skillset expansion and support for COP27 goals, both domestically and abroad, coming to the fore. This way, our automotive industry will continue to advance our extraordinary UK R&D and engineering skillsets so that they are fit for purpose well into the next sustainable decade.  Recycling is forecast to only be able to provide 22% of the supply that’s needed to power the transition. 78% will need to be extracted or brought in from elsewhere and each continent is facing this challenge – with many places creating barriers to export.”


Right Under Our Feet?

The UK has a rich history of mining, yet exploration and mine development have been neglected since WWII, with no new metalliferous mine being successfully built for 45 years.

Large-scale mining and modern processing can extract minerals that were not previously economic, safely, and with improved protection of the environment and community. New deposits could be found near old, narrow-veined, high-grade mines or in unexplored areas. Modern environmental controls, surveys, management, and remediation techniques can ensure that mineral production limits environment impact.

Technology Minerals Chairman Robin Brundle points out that the markets are very much aware that recycling alone will not generate sufficient raw materials and believes an ethical mining programme is critical: “We were once a prolific mining nation and those mines are still there – dormant, but in 2022, many appear to be economic once again due to the advancement in technology and commodity prices.”

Some steps have already been taken in this direction. After listing on London’s AIM market, Cornish Lithium #CUSN has assembled a large portfolio of mineral rights in Cornwall and has begun exploration for lithium-rich geothermal fluids.


Gigafactory Investment is Coming to the UK

There is progress in at least one area of the electro mobility and clean-tech supply chain: the British government is in talks with several companies to build gigafactories in the UK. Envision AESC has announced a new gigafactory next to its facility in Sunderland, while AMTE Power has also announced plans for a megafactory in Dundee. Further gigafactory and several supply chain announcements are expected in the coming months.
These developments are vital in maintaining a strong and prosperous automotive industry in the UK. On top of the global challenges from the COVID-19 pandemic, the war in Ukraine, and the rising costs of living, the challenges facing the UK automotive industry are very real and specific. 

“We all need not one but several gigafactories in the UK,” said Brundle. “Not having the ability to create batteries at home puts the future of the UK automotive sector in jeopardy—and the 823,000 direct and indirect jobs that go with it.  We need to secure more lithium for the UK and Europe, to create a flexible, sustainable supply chain that could also include developing domestic sources of key battery metals.”


How the Macro Backdrop and Supply Squeeze Will Make Recycling Increasingly Important

The Committee for Climate Change has suggested that 50% of new car and van sales would be battery electric or plug-in hybrid by 2035. Bringing forward deadlines for zero emission vehicles means we are now looking at 100% of new cars and vans being zero emission at the tailpipe by 2035.

The supply crunch will not hit immediately. Even though the price of lithium has surged more than tenfold over the past two years, there’s enough capacity to meet anticipated demand until around 2025—and potentially through 2030 if enough recycling operations come online. After that, chronic shortages are expected. Even assuming that all the new lithium-mining projects that the industry currently regards as probable or possible resources go into operation, as well as a significant expansion of lithium-recycling projects, lithium supply in 2030 is expected to fall around 4% short of projected demand, or by around 100,000 metric tons of lithium carbonate equivalent (the processed form of raw lithium). By 2035, that supply gap is projected to be acute—at least 1.1 million metric tons, or 24% less than demand.


Source: https://www.bcg.com/publications/2022/the-lithium-supply-crunch-doesnt-have-to-stall-electric-cars

It is more vital than ever that metals are recycled responsibly and effectively. This will:

  • Contribute to the conservation of raw materials, complementing the primary supply of important and partially critical metals for our society.
  • Significantly improve supply security, especially for many technology metals which currently are imported from outside Europe. Many metal imports derive from regions with higher geopolitical risks, hence making the European economy vulnerable to supply disruptions. Exploiting the European “urban mine” built from our end-of-life (EoL) products, infrastructure, and other residue streams reduces import dependence, improves the resilience of crucial value chains, and hence supports economic activities and jobs in Europe. The need for more supply chain resilience has become even more obvious in the context of the Covid-19 pandemic and the Ukraine war.
  • Contribute to cushion volatile metal prices as the additional supply of recycled metals can help to overcome demand–supply imbalances and increases the number of metal sources beyond the primary producers.
  • Reduce the CO2 footprint and overall environmental impact of raw materials supply. If taking place in state-of-the-art recycling facilities, in most cases the energy efficiency (per kg of metal) is better and the impact on water, air, soil, and biosphere is considerably lower than in mining operations. The main reason for this is that the metal concentration in most products is much higher than in geological deposits.
  • Be one pillar of responsible sourcing by providing transparent and clean supply chains.
  • Protect the environment as non-recycling or landfilling of end-of-life products, such as batteries, can emit hazardous substances.


How the Technology Minerals #TM1 Blueprint for Lithium-ion and Lead-acid Battery Recycling Will Be a Vital Part of the Supply Chain

The battery recycling market is growing at an accelerated rate, driven by automotive and industrial sectors transitioning to more environmentally friendly and sustainable electric solutions. The UK needs industrial-scale battery recycling technologies. There is currently no major UK capability to recycle lithium-ion batteries. Technology Minerals’ plants in Tipton and Wolverhampton aim to provide a national capability to recycle lead-acid and lithium-ion batteries. As a first-mover in the battery recycling sector, the company expects to open 10 plants over the next six years, with its innovative IP in the lithium-ion sector a driving factor in the expansion strategy.

Technology Minerals has developed a unique frontend process that can safely break open Li-ion batteries which are not suitable for repurposing, to recover the battery mineral rich ‘black mass’ they contain as well as other battery components. This is the only process currently capable of handling all five li-ion battery compositions simultaneously on an industrial scale. The solution is also modular and can be easily built on-site at OEMs, minimising transportation costs.Technology Minerals has also developed a significantly improved process to recover the lead from end-of-life lead-acid batteries as well as recovering the acid for re-use as electrolyte or for the manufacture of fertiliser or gypsum, subject to the preferred economics.



As the world races to decarbonise, industry needs a secure source of critical minerals to fuel the transition. Brundle said, “The only ways this can be achieved is creating new mines, opening old mines, and building a secondary source of supply through recycling.”

It is necessary to dramatically escalate new production of battery metals to allow industry to make the green switch. This must be coupled with the implementation of a circular ecosystem so that each mineral mined is used to its full potential. The urgency and scale of the transition means that nothing less than a maximal approach will suffice.

On the strategic level, there are two temporal considerations. Brundle explained, “We have a very narrow window of opportunity so there is a necessity to take action to avert the incoming supply crunch in the short-term, but there is also a longer-term need to create a sustainable, circular ecosystem for battery metals.” Urgent action is required to avoid the immediate shortfall of supply, but there is also a wider structural shift to circularity needed to ensure a decarbonised economy can continue to grow sustainably.


#POW Power Metal Resources – Tati Gold Project Botswana – Drilling Commences

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the commencement of reverse circulation (“RC”) drilling at its 100% owned Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown,  Botswana.

A map highlighting the location of the RC drill programme can be found at the link below:





§ Drilling team and equipment have mobilised to site and RC drilling has commenced targeting near surface high-grade gold mineralisation.

§ 500 metres of RC drilling are planned within nine holes which are designed to test for the along strike and down-dip extension of the Cherished Hope mine mineralised quartz reef structures.

§ Due to efficiency of RC drilling and the Project’s proximity to Francistown, the drill programme is expected to take approximately 1 week to complete and will be undertaken while preparations for the upcoming Molopo Farms Complex drilling campaign are ongoing.

§ Sampling for gold content in fines dumps at the Project (holding waste material from the Cherished Hope gold mine) is complete, with laboratory assay results awaited.


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

 The Company remains focused on preparations for the upcoming Molopo Farms Complex drilling campaign targeting a large-scale nickel-copper-platinum group metal discovery. 


The Tati Project, also in Botswana, has demonstrated potential for high grade and near surface gold mineralisation, and we are therefore moving ahead with an expedited next stage drill programme.


The drilling will take place adjacent to the Cherished Hope former working gold mine, situated within our recently secured exploration licence PL049/022.


In parallel we await the laboratory assay results from sampling of the fines dumps from the Cherished Hope mine, which we expect will contain residual gold that potentially may be capable of processing at an existing plant nearby, subject to any appropriate local approvals.”




A recent exploration update covering the Tati Project, and specifically the newly pegged prospecting licence (“PL”) 049/2022, was released on 18 July 2022 and can be found at the link below:



PL049/2022 was staked to cover the southeastern extension of the large gold-in-soil anomaly discovered by the company on its licence PL126/2019. Site visits following the pegging of PL049/2022 led to the identification of the historical Cherished Hope Gold mine, as well as multiple fines dumps in the vicinity of the workings. Following that, the company completed a full in-depth review of historical data covering the newly acquired PL. It was determined that the Cherished Hope Gold Mine and associated 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 ongoing drilling is located approximately 6km to the southeast along the same regional mineralising structure where the Company drilled earlier in 2022 – where up to 5.17g/t gold (“Au”) was intersected over 3m from only 9m downhole.

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

Kavango takes major step towards JV partnership at key KSZ project – Will Schafer

NB: This article is written by Brand Comms contributor Will Schafer

Please note the Brand UK Ltd Disclosure Policy here

Kavango Resources (LSE:KAV) took a major step towards opening the door for joint venture partners at its flagship Kalahari Suture Zone (“KSZ”) project today.

In an update, the explorer released a comprehensive “Proof of Concept” report authored by industry veteran Richard Hornsey that concludes its drilling programme for the Botswana-based asset.

The company was not only able to provide geochemical proof of mineralising processes for magmatic nickel, copper, and platinum group elements (“PGEs”), but it was also able to identify previously unrecognised PGE potential at the south of its project.

The KSZ is a 450km-long anomaly in Botswana where Kavango is searching for nickel, copper, and PGE-rich orebodies across a land package spanning nearly 9,000km2. Signs of the project’s prospectivity are by no means new, with work previously outlining a number of highly prospective targets.

However, in today’s report, which follows a drilling campaign that concluded earlier this year, Kavango has been able to introduce new deposits that will allow it to vector towards the right host rocks and upgrade future targeting.

Not just that, but it has also been able to confirm it is using the appropriate geophysical technologies and data analysis techniques to isolate potential mineral-bearing targets in a scalable programme.

The company will now make Hornsey’s reports, of which there are three, available to potential joint venture partners and other parties interested in the KSZ project. A detailed executive summary can be viewed here.

As highlighted by CEO Ben Turney earlier today, the company Kavango has now completed “the most comprehensive and successful exploration programme ever” at the KSZ.

Indeed, the KSZ was first investigated by explorers back in the 1980s. However, the depth of sand, or “Kalahari cover”, overlying the project was so extreme it precluded further work. Using modern-day exploration techniques, Kavango is now mapping out and drilling the trend to an unprecedented degree.

“When Kavango first set out on this project it was purely conceptual in nature. Today, we have assembled a significant data set that validates the discovery potential,” said Turney.

“We are the first company to demonstrate that mineralising processes have occurred throughout the KSZ, based upon evidence of nickel, copper and PGE depletion and enrichment. This suggests there is a high likelihood that potentially economic magmatic mineralisation may exist, both within the Karoo and the Proterozoic Tshane Complex. The main questions to answer now are where and at what depth.” 

Included in today’s report were recommendations for improvements to Kavango’s exploration programme. Using these, the company will now launch into two parallel streams of work.

One of these will focus on deploying CSAMT and TDEM surveys in the field to learn more about the “B conductors” it is preparing to drill. Meanwhile, the other will involve Kavango stepping up its efforts to search for JV partners, with today’s report representing a substantial piece of work that contextualises the KSZ based on the company exploration efforts to date.

As Turney states, this should enable the company to undertake “much more informed discussions with interested parties.”

Today’s report refers specifically to the “Norilsk-style” mineralisation Kavango is proving at the KSZ. Norilsk is located 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs, and the company’s licences display a geological setting with some similarities to the project.

But it’s worth remembering that, beyond this Norilsk potential, the KSZ also offers a second mineralisation target type.

Indeed, Kavango’s drill holes over the KSZ’s Great Red Spot anomaly at the project appear to support a late 1990’s theory that the area could host a form of Iron Oxide-Copper-Gold, or “IOCG”, style mineralisation.

IOCG systems can host highly valuable copper, gold and uranium ores. The large size and relatively simple metallurgy can produce extremely profitable mines. Specifically, the Great Red Spot exhibits similar geophysical signatures to the world-renowned Olympic Dam IOCG ore deposit in Australia.

Kavango is currently investigating the KSZ’s IOCG potential by way of further AMT surveying and reporting ahead of drill testing.

#KAV Kavango Resources – KSZ – Proof of Concept Drill Campaign Final Report

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) has successfully concluded its “Proof of Concept” exploration programme in the Kalahari Suture Zone (“KSZ”). This is the most comprehensive exploration programme ever undertaken in the KSZ and the results will guide the Company’s future commercial strategy.

Kavango is pleased to announce that the Proof of Concept exploration programme has:

§ Provided geochemical proof of magmatic Ni-Cu-PGE mineralising processes (depletion and enrichment) throughout the KSZ, for both the Karoo and Proterozoic (Tshane Complex) intrusions

§ Identified previously unrecognised PGE potential in the KSZ South

§ Introduced new ore deposit models (Norilsk, Insiswa, Eagle, Tamarack, and Uitkomst), which will allow Kavango to vector towards the right host rocks and upgrade future targeting

§ Confirmed Kavango is using appropriate geophysical technologies and data analysis techniques to isolate potential mineral bearing targets in a scalable programme

Richard Hornsey, a leading authority on nickel sulphide and platinum group element (PGE) exploration, has completed a comprehensive review of all available exploration data on the KSZ on behalf of Kavango.

Mr Hornsey has provided the Company with three detailed reports on the exploration undertaken, drill core review, intrusion lithogeochemistry, and implications for prospectivity of the KSZ, with suggestions for optimising future exploration strategy (the “Reports”). The Reports will be made available to potential Joint Venture partners and other interested parties, subject to non-disclosure agreement (“NDA”).


In summary, the Reports detail:

§ Geochemical proof of magmatic mineralising processes (metal depletion and enrichment) throughout the entire KSZ:

§ Potential for Nickel-Copper-(Platinum Group Element) (“Ni-Cu-(PGE)”) massive sulphide associated with the Karoo Large Igneous Province (“LIP”) in the KSZ North

§ Potential for low sulphide Platinum Group Element-(Nickel-Copper) & Ni-Cu-(PGE) massive sulphide associated with the regionally extensive Proterozoic (Tshane Complex) encompassing KSZ North and KSZ South

§ Confirmation that Kavango is using appropriate geophysical exploration technologies to discover economic metal deposits should they exist within discovery range; including Controlled Source Audio Magnetotellurics (“CSAMT”) and Surface Large Loop Time Domain Electromagnetics (“TDEM”)

§ The new data has enabled assessment of potential variations of intrusion style and geochemical processes associated with the KSZ Project. Ongoing data collection will further focus model definition

§ Recommendations for improvements to Kavango’s exploration programme

Mr Hornsey has provided a detailed executive summary of his review (the “Executive Summary”), which the Company will make available on its website via the following link:


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

“Kavango has now completed the most comprehensive and successful exploration programme ever conducted on the Kalahari Suture Zone (KSZ).

When Kavango first set out on this project it was purely conceptual in nature. Today, we have assembled a significant data set that validates the discovery potential.

This is a regionally extensive project, but thanks to Richard Hornsey’s detailed work we will be able to focus our programme. Specifically, we now have several exploration vectors to enable us sharpen future targeting.  

We are the first company to demonstrate that mineralising processes have occurred throughout the KSZ, based upon evidence of nickel, copper and PGE depletion and enrichment. This suggests there is a high likelihood that potentially economic magmatic mineralisation may exist, both within the Karoo and the Proterozoic Tshane Complex. The main questions to answer now are where and at what depth?

Encouragingly, Richard’s work confirms we are using the right remote sensing technologies (CSAMT & TDEM) to identify potentially mineralised targets. If mineralised nickel, copper and/or PGE deposits exist within range of detection and economic exploitation, we are utilising techniques that would identify them. Our objective will then be to rank any targets in order of priority and to drill them.

Meanwhile, the previously unrecognised PGE potential of the Tshane Complex is an intriguing development, especially considering regional variations in PGE endowment. This is an area Kavango will focus on in the coming months.

Our strategy in the KSZ will now involve two parallel streams of work. In the field, we will continue deploying CSAMT and TDEM surveys, while preparing to drill the B Conductors. At the corporate level, we will step up our efforts in search of potential JV partners. The technical review is a substantial piece of work that contextualises the project based upon our exploration results and enables Kavango to undertake much more informed discussions with interested parties.” 

Review of the Proof of Concept Exploration Programme

The 2021/22 exploration programme objectives (the “Proof of Concept Drill Campaign”) were to drill selected targets to provide proof of concept results in providing “hard” data to enable other work to be undertaken (geology logging, lithogeochemistry); assess the accuracy and efficacy of the geophysical strategy; and to demonstrate operational effectiveness. 

This work has been substantively completed, with the primary objectives achieved. 

This review of the Proof of Concept Drill Campaign has included:

§ Initial review of the project data, provided by Kavango, including petrography reports, drillhole data for 13 exploration boreholes in the region, including 7 drilled by the Company (2019 and 2021/22), and limited GIS information

§ A site visit to the Hukuntsi core shed over a two-day period to examine drill core from Kavango holes KSZDD001 and TR2DD002 that intersected both the Karoo sills and Tshane Complex

§ Report 1 “Kalahari Suture Zone Review” (56 pages) on the exploration setting and technical analogues, petrography, drill core review and initial observations

§ Report 2 “Lithogeochemistry Review of the Karoo and Tshane Complex” (173 pages) based upon the routine and detailed lithogeochemistry sampling dataset using ioGAS software and a dedicated proprietary template for igneous intrusion analysis

§ Report 3 “Kalahari Suture Zone Drill Sections and Spatial Dataset Interpretation” (74 pages) outlining review of the data using Micromine software to examine and describe the spatial variation and assess whether prospectivity trends are present

§ The Reports are commercial in confidence, and will be made available to potential Joint Venture partners and other interested parties, subject to NDA.

Report Highlights & Key Actions

§ Technical confirmation of major large-scale targets:

o Potential for Nickel-Copper-(Platinum Group Element) (“Ni-Cu-(PGE)”) massive sulphide associated with the Karoo Large Igneous Province (“LIP”) in the KSZ North

o Potential for low sulphide Platinum Group Element-(Nickel-Copper) & Ni-Cu-(PGE) massive sulphide associated with the regionally extensive Proterozoic (Tshane Complex) encompassing KSZ North and KSZ South

§ Lithogeochemical indications of mineralising processes (metal depletion and enrichment) throughout the entire KSZ (both Karoo and Tshane Complex)

o Future Nickel-Copper (and possible PGE) (Ni-Cu-(PGE)) exploration focus to target more primitive, non-magnetic intrusions in the Karoo and the shallower Tshane Complex in KSZ South

o Future PGE (and possible Nickel-Copper) (PGE-(Ni-Cu)) exploration focus to target Tshane Complex in KSZ South

§ All Karoo sills appear to have been emplaced under similar conditions indicating metal depletion due to sulphur saturation has occurred,  therefore ore-tenor mineralisation could exist within the system . Notable shared features of the sills include:

o Internal complexity indicates repeated periods of activation and sufficient hiatus periods that allowed the magma to lithify

o All Karoo sills are remarkably coarse-grained, suggesting emplacement closer to a source region

o All Karoo sills in KSZ North have experienced sulphur saturation and metal stripping, indicating the probability that metal-enriched intrusions exist

§ Evidence that chalcophile (e.g. Nickel-Copper-PGE) metal depletion exists in the Karoo.  The Company has identified strong conductors that require drilling:

o Kavango’s strategy of using CSAMT to identify areas within the Karoo stratigraphy that relate to larger, more primitive, non-magnetic intrusions, and  TDEM to identify conductive targets is valid

o Confirmation that drilling to date has not intersected any TDEM conductors

o Kavango has identified three very strong conductors in KSZ North, at the Great Red Spot, that are interpreted to be associated with Karoo intrusions  (>>> see announcement 11 July 2022 )

§ Based on analogous Ni-sulphide mineralised intrusions (Insiswa, Norils’k, Eagle, Tamarack, Uitkomst) it is considered that mineralisation in the Karoo may be sourced from both large and relatively thin localised intrusions:

o Kavango will consider this during anomaly targeting and discrimination

o It is highly likely there will be more than one control on mineralisation location or style in the Karoo Large Igneous Province (“LIP”)

§ It is highly likely that intermediate and ultramafic rocks exist in the Tshane Complex that may host magmatic sulphide mineralisation:

o The Tshane intrusion layering dips either to the east or west indicating that target stratigraphy may subcrop beneath the Karoo at explorable depth

o Kavango can optimise exploration of the Tshane Complex in KSZ South, where the overlying stratigraphy is significantly thinner

§ A new regional 3D Magnetic Model to map stratigraphy and structure will help target potential mineralisation

o Combined use of CSAMT and TDEM surveys for 3D mapping and direct detection is optimal exploration solution to identify potential Ni-Cu-(PGE) targets

§ Previously unrecognised PGE potential across the entire Proterozoic (Tshane Complex) system:

§ Tshane 1 (encountered in the Great Red Spot) is strongly PGE depleted, suggesting mineralisation has occurred deeper in this system

§ Tshane 2 (encountered along the 30km strike) contains low to moderate PGE, suggesting mineralisation has occurred deeper in this system

§ Tshane 3 (across KSZ South) has elevated PGE content, suggesting mineralisation could be at a higher level in the intrusion could be closer to surface

§ Tshane 1 is geochemically distinct, while Tshane 2 and Tshane 3 exhibit more similar chemistry

§ PGE exploration presents different geophysical targets, therefore- Kavango will undertake a review of exploration strategy to focus on this mineralisation style

KSZ Background

The Kalahari Suture Zone (KSZ) is located at the western margin of the Kaapvaal Craton.  This is a geologically favourable geodynamic location for mafic-ultramafic mineralisation as deep-seated structures are repeatedly activated and may enable ascent of fertile mantle derived magma to surface.  The exploration targets are for massive Ni-Cu-PGE sulphide associated with the Karoo Large Igneous Province (LIP), and/or for low-sulphide PGE or massive Ni-Cu-PGE sulphide associated with the regionally extensive Proterozoic ( Tshane Complex) that extends over a length of 650km parallel to the craton margin.

A detailed conceptual, geological, and geochemical review of the Kalahari Suture Zone (KSZ) project has been undertaken for Kavango Resources plc (“Kavango” or “the Company”).  This included a two-day core review at Hukuntsi, followed by data compilation into a standardised ioGAS template designed for mafic-ultramafic intrusions.  Three detailed reports have been provided, on the drill core, lithogeochemistry, and spatial interpretation. The reports are commercially sensitive and are not for public distribution. They may be shared with parties under non-disclosure agreement with Kavango.

Report Technical Summary

The 2021/22 exploration programme objectives (the “Proof of Concept Drill Campaign”) were to drill selected targets to provide proof of concept results in providing “hard” data to enable other work to be undertaken (geology logging, lithogeochemistry); assess the accuracy and efficacy of the geophysical strategy; and to demonstrate operational effectiveness.  This work has been substantively completed, with the main objectives achieved.  The Executive Summary focusses on the geology and lithogeochemistry, providing an interpretation of the results and recommendations for ongoing exploration.

–  The Kalahari Suture Zone (KSZ) is located at the western margin of the Kaapvaal Craton.  This is a geologically favourable geodynamic location for mafic-ultramafic mineralisation as deep-seated structures are repeatedly activated and may enable ascent of fertile mantle derived magma to surface.  The exploration targets are for massive Ni-Cu-PGE sulphide associated with the Karoo Large Igneous Province (LIP), and/or for low-sulphide PGE or massive Ni-Cu-PGE sulphide associated with the regionally extensive Tshane Complex that extends over a length of 650km parallel to the craton margin.

–  The 2021/22 exploration programme objectives were to drill selected targets to provide proof of concept results in providing “hard” data to enable other work to be undertaken (geology logging, lithogeochemistry); assess the accuracy and efficacy of the geophysical strategy; and to demonstrate operational effectiveness.  This work has been substantively completed, with the main objectives achieved.  Report 1 focusses on the geology and lithogeochemistry, providing an interpretation of the results and recommendations for ongoing exploration.

–  The Karoo sills are highly fractionated gabbros with internal variability and chilled margins indicative of repeated periods of emplacement.  Lithogeochemistry indicates the Karoo sills are high Fe tholeiitic basalt with low – intermediate TiO2 possibly derived from E-MORB mantle.  The most primitive intrusions are Karoo 4 (10.69% MgO), Karoo 5 (9.21% MgO), and KSZ Karoo 1 (8.54% MgO).

–  Cu/Pd, Cu/Zr (PM) & Pd/Yb (PM) indicate that all sampled Karoo sills were emplaced under similar conditions.  All sills have magma that has experienced sulphur saturation and metal stripping.  This is proof of process.  The Karoo sills are remarkably homogeneous in these ratios, indicating that metal accumulation occurred prior to emplacement of these metal-depleted sills.

–  The Karoo Exploration Target is conduit-hosted Ni-Cu-PGE sulphide associated with Continental Flood Basalt volcanism.  Process analogues include Norils’k-Talnakh (Siberian Traps, Russia), Eagle and Tamarack (Mid Continental Rift, USA), and Insiswa (Karoo, South Africa).  These mineralised intrusions show variations of geology, morphology, and metal content.  They are all associated with the most primitive intrusions within their respective terranes.

–  It is necessary to identify the most magnesian Karoo intrusions, or more primitive intrusive centres that have accommodated greater magma flux.  Lithogeochemistry can achieve this.  Karoo intrusions may also be present within the Proterozoic stratigraphy, particularly the layered Transvaal Supergroup, these may include the deeper-seated, more primitive components of the LIP.

–  Proterozoic age intrusion(s), collectively referred to as the Tshane Complex , form a 650 x 50km regional magnetic anomaly parallel to the Kaapvaal Craton margin.  The Tshane Complex core indicates the intrusions are lithologically similar but have different textural relationships.  The coarse grain sizes, layering, and variability are indicative of large plutonic complexes.

–  The Tshane intrusions are fractionated, magnetite-bearing gabbros with approximately double the base metal and five times the precious metal endowment of the Karoo sills.  The intrusions are high Mg and high Fe tholeiitic basalts with variable Ti content, from low Ti through intermediate then splitting into two high Ti trends.  The REE plots also split the intrusions into two distinct groups, one with more alkaline character, derived from intermediate mantle depth at the komatiite-picrite boundary, the second a komatiite derived from shallower mantle.  The REE indicate an E-MORB character, split into two groups.  This indicates a more complex process of magma generation and limited mixing and that Tshane 1 may be a different intrusion to Tshane 2 and 3 , which are more similar in their chemistry.

–  The Tshane Intrusions have variable PGE endowment, Tshane 1 is strongly PGE depleted, whereas Tshane 2 has low to moderate PGE and Tshane 3 has elevated PGE content.  The intrusion was variably sulphur saturated and depleted, indicating proof of process, and that sulphur exerted a control on metal distribution.

–  The Tshane Complex could be a large intrusion, or more likely a group of intrusions derived from complex mantle melting that has produced fertile magma with variable REE signatures.  The intrusion could host either or both of low sulphide PGE-(Ni-Cu) and Ni-Cu-(PGE)-sulphide mineralisation.

–  It is recommended that east-west cross sections should be drilled to provide a cross section through the Tshane Complex to enable mapping of chalcophile distribution, enrichment, and depletion.

–  Physical property plots of magnetic susceptibility and conductivity indicate the intrusions are magnetically susceptible, with Tshane having significantly greater intensity than the Karoo sills.  The conductivity plots show most host rocks are non-conductive apart from very thin zones within carbonaceous stratigraphy immediately adjacent to the upper and lower contacts of the Karoo sills.  This indicates that the intrusions have contact metamorphosed carbon to form graphite.  This is unlikely to impact upon exploration strategy.

–  Exploration Strategy : KSZ is an early-stage project, exploring for one of the more technically challenging styles of mineralisation.  The total coverage by younger stratigraphy adds a layer of complexity that precludes the use of first-pass regional techniques such as stream or soil geochemistry.  Geophysics is therefore the only exploration option.

–  Magnetics is an important tool for regional mapping of structure and geology and may be used to identify less fractionated parts of the intrusions that may have potential to be targets for Ni-Cu-PGE sulphide mineralisation.

–  Kavango’s targeting strategy for Karoo exploration is to use a combination of Controlled Source Audio Magnetotelluric Surface (“CSAMT”) and Time Domain Electromagnetic (“TDEM”) geophysical surveys to map subsurface geology and structure and identify discrete conductive anomalies that may relate to Ni-Cu-PGE sulphide.  Kavango employs an internally developed ranking system to prioritise potential drill targets.

–  For Tshane , geophysical methodology will also vary dependent upon the style of mineralisation being targeted.  Massive Ni-Cu-(PGE) will present a dense, conductive, magnetic target, best resolved using electromagnetic methods ( CSAMT , TDEM ).  Reef-style PGE-Cu-Ni mineralisation may be more difficult to detect geophysically, but other deep mapping techniques ( CSAMT ) could be used to map and define target intervals once the stratigraphy is understood.

Report Conclusions

The Karoo Sill project was conceptual at inception. Kavango has compiled sufficient data to enable geochemical analysis that indicates sulphur saturation has occurred. This may have accumulated potentially economic Ni-Cu-PGE sulphide mineralisation within some parts of the system.

The KSZ is a valid geodynamic setting for ascent of mantle-derived magma and there are geochemical indicators of chalcophile element depletion (process). Although it has yet to be proven that intermediate to ultramafic intrusions are present, this will be further investigated by drilling the recently identified conductors (B1, B3 & B4).

The Karoo targeting strategy incorporates that the most prospective parts of the system are likely to be non-magnetic; whereas the most magnetic sills are likely to be fractionated and therefore have lower discovery potential.  Therefore, CSAMT followed up by TDEM may be able to resolve areas within the Karoo stratigraphy that are related to larger, more primitive, non-magnetic intrusions.

Contact metamorphism of carbonaceous stratigraphy has been observed in drill core to upgrade carbon to moderately conductive graphite.  Although the observed conductivities are too low to explain modelled TDEM conductors, target discrimination should consider potential for non-sulphide conductors.

The Tshane Complex is a very large, complex intrusion or set of intrusions that share some lithogeochemical parameters, but are lithogeochemically variable, derived from complex mantle melting.  Some drillholes indicate sulphur saturation and removal of base metals and the PGE, indicating that these metals have been concentrated elsewhere in the system. Individual sub-intrusions may have experienced different evolution and therefore more direct data (drill intersections) are required to unravel the puzzle.  The intrusions may be very thick, but core angles indicate they are moderately dipping, therefore stepping to east or west may enable drilling different stratigraphic sections and vector towards the base of the intrusion.  Future drilling should provide oriented drill core.

It is concluded for the Tshane Complex that there is potential for both low-sulphide PGE-(Ni-Cu) reef and Ni-Cu-(PGE) mineralisation associated with basal ultramafic rocks.  These contrasting styles of mineralisation present different geophysical targets, (IP and TDEM).  It is necessary to map stratigraphy using CSAMT and regional drilling.  This programme would be optimised in the south of the project, where the overlying stratigraphy is significantly thinner.  This should consist of east-west sections to provide information on the full stratigraphy and lithogeochemistry of the Tshane Complex, which would define ongoing strategy.

The discovery potential of this project has been advanced by the 2021/22 programme, but it is important to revisit the exploration model(s) and implement the technical recommendations made in this report.  The Karoo project is considered more challenging because no potential host intrusion has yet been identified, although evidence of chalcophile metal depletion exists and strong conductors have been identified that require drilling.  The Tshane Complex has all the indications of being another large, geochemically complex Proterozoic intrusion into the Kaapvaal craton that has chalcophile element accumulation and depletion.  Tshane is considered to have the lowest technical risk but is likely to require deeper drilling, dependent upon the intrusion orientation, and whether the deeper northern section or shallower south section is targeted.

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


+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

Power Metal Resources #POW – Molopo Farms Complex Discovery. Paul Johnson talks to Alan Green

Alan Green talks to Power Metal Resources #POW CEO Paul Johnson about today’s discovery at the Molopo Farms Complex in Botswana. Paul talks through the images and drill results from Molopo, and the nickel samples taken on the edge of what appears to be a substantial ore body.

#POW Power Metal Resources – Molopo Farms Complex Project – Drill Target K1-6

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.



§ Two ground-based electromagnetic (“EM”) geophysics surveys now complete, covering areas hosting 2020/2021 diamond drillholes KKME 1-14 (“K1-14”) and KKME 1-6 (“K1-6”).

§ Preliminary survey results have highlighted a large shallow dipping magnetic conductor at drillhole K1-6. 

§ Plotting of drillhole K1-6 shows that the drillhole penetrated the edge of the newly identified magnetic  conductor at a similar stratigraphic level to nickel-sulphide mineralisation averaging 7.0m @ 0.443% Ni from 445m, including 0.6m @ 1.69% Ni, 0.55g/t Pt & 0.14g/t Au from 446.7m downhole.1 This is within a broader mineralised interval from 294.7m (when pentlandite was first logged – assay result of 6606ppm Ni from 294.7 – 295.28m) to the end of the hole at 597.8m (minor sulphides logged – assay result 2852ppm Ni from 597.0 – 597.8m).

§ Planned 2022 diamond drill programme start date now being brought forward. The upcoming programme will now focus on testing the central and stronger part of this magnetic conductor. At present the plan is to drill 6 drillholes for approximately 2600m during this upcoming programme.

A map highlighting a location plan map of the Project (Fig.1) as well as a zoomed out (Fig. 2) and zoomed in (Fig. 3) cross-section of the MLEM results over target area K1-6 can be found at the link below:


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

“Today’s exploration news is, in my view, potentially one of the more significant the Company has released in its 3-year history as Power Metal.

We have confirmed that drillhole K1-6 at Molopo Farms, drilled during the 2020/2021 programme, intersected the edge of a very large-scale and strong magnetic conductor. Significantly, drillhole K1-6 highlighted that the edge of the magnetic conductor was mineralised, with widespread nickel sulphides demonstrated from assay testing and follow up petrological analysis.

As a result of the findings, multiple drillholes planned for the 2022 programme will target the centre of the magnetic conductor where we believe there is the potential for a more strongly mineralised system where the conductive response is considerably stronger and larger.

The EM survey over K1-6 captured 800m of magnetic conductor length where it remains open at depth. The magnetic conductor is also shallow dipping and expands in magnitude and size at depth based on the preliminary processed survey images we hold at present.

As a result we believe we have a compelling reason to accelerate drilling at Molopo Farms and are working in order to achieve that.

In the link above to our website you will see the survey images, with explanatory information, for review. The further information below explains the findings in more detail and also gives additional information in regards to an additional strong magnetic conductor identified below target 1-14, which was not tested by the 2020/2021 drillhole in that area.

This is an exciting time for the Power Metal team and we are now pushing ahead at pace.”


§ Spectral Geophysics have completed the 2022 Phase I exploration programme which included two moving loop electromagnetic (“MLEM”) geophysics surveys over targets 1-6 and 1-14. The MLEM survey results will assist the company in further refining drill collar locations prior to the planned 2022 diamond drilling campaign.

§ Preliminary MLEM survey results over the I-6 target suggest that the 2021 drillhole (K1-6) targeting this zone clipped this sizeable shallow-dipping (south) magnetic conductor. The magnetic conductor appears to be increasing in magnitude with depth where it remains completely untested by drilling.  

§ Preliminary MLEM results over the 1-14 target suggest the presence of a strong magnetic conductor located directly south of the 2021 drillhole (K1-14) that targeted this zone. While there are conductive Transvaal carbonaceous mudstones in the area of the survey, the centre of this anomaly is strongly coincident with a magnetic high caused by the ultramafic rocks in the area – suggesting that the magnetic conductor detected by this survey may be located within the ultramafic intrusive rocks. 

§ A Botswana based drilling contractor has been selected for the upcoming planned diamond drilling programme at Molopo Farms and a site visit with the drilling company’s foreman and Power’s in-country geological consultant is planned for later this week. 


Spectral Geophysics has now completed MLEM surveys over targets 1-14 and 1-6 located within prospecting licence area PL311/2016. Preliminary results have been made available to the Company, with finals results expected within the coming weeks.

The rationale for these surveys was as follows:

Target 1-6 : Previous 2020/2021 drill programme results returned nickel (sulphide) values of up to 1.69% Ni with 0.55g/t Pt and 0.14g/t Au, within a composite intersection of 7.0m @ 0.44% Ni from 445 to 452.0m in K-1-6, hosted by layered ultramafic rocks of the Molopo Farms Complex .1,2

The preliminary results from the recently completed MLEM survey have allowed for significantly enhanced resolution of the original EM anomaly that was targeted by drilling in 2021.

Specifically, the results now indicate that drillhole K1-6 intersected the edge of the large shallow-dipping magnetic conductor in the area, which also appears to be increasing in size and magnitude with depth where it remains completed untested by drilling.

The 2022 drilling programme will test this intriguing target.

Target 1-14 : Defined by a broad strong EM anomaly which was targeted by a single drillhole during the 2020/2021 drill programme.2 The drillhole (1-14) intersected carbonaceous mudstones at depth which, although highly conductive, were determined to be flat lying and therefore did not explain the magnetic conductor which was indicative of a shallower, steeply dipping body. 3

The preliminary results from the 2022 MLEM survey over this target have identified a magnetic conductor that is coincident with a magnetic high associated with ultramafic rocks in the area.

The results therefore suggest that the magnetic conductor may be located within the ultramafic intrusive rocks in the area, making it a highly viable drill target for the 2022 drilling campaign. 


Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key.  On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo increasing to 87.71% (the “Transaction”).  The announcement may be viewed through the following link: 


As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration. 

Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete. 


1  Source: Company announcement: 24 September 2021

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x4919kw ) 

Diamond Drill Hole KKME 1-6 Assay Data – reported 24 September 2021 – with 7.0m composite

Drill Hole ID

From (m)

To (m)

Interval (m)

Ni (ppm)

Au (g/t)

Pt (g/t)

























































Weighted average Ni intersection



* All depths and intervals are as measured downhole. 

2  Source: Company announcement: 21 July 2021

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rng8onx )

3  Source: Company announcement: 16 November 2020

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w11ge3w   )


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

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

#POW Power Metal Resources – Disposal of Reitenbach Uranium Property – Canada

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the conditional disposal of its 100% owned Reitenbach Uranium Property (“Reitenbach” or the “Property”) located east of the prolific Athabasca Basin in Northern Saskatchewan, Canada.


–  A Property Purchase Agreement (the “Agreement”) has been signed with Teathers Financial Plc (“Teathers Financial” or “Teathers”).  Teathers Financial is to conditionally acquire 100% ownership of the Property, subject to a 2% net smelter return (“NSR”) royalty, in exchange for cash and shares.

–  The consideration payable is £360,000 (to be settled by the issue of Teathers Financial new ordinary shares of 0.1p (“Ordinary Shares”) and a cash payment of £10,000 (see detailed terms below)).

–  Reitenbach is one of ten uranium properties held by 102134984 Saskatchewan Ltd (“Power Sask”), a wholly owned subsidiary of Power Metal Resources Canada (“POW Canada”) which itself is a wholly owned subsidiary of Power Metal.

–  Teathers Financial is currently in the advance stages of preparing for a change of business to become a uranium focused exploration company which plans to list on the London equity capital markets – targeted for Q3 2022.


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

“Power Metal has secured another crystallisation event with the disposal of Reitenbach into a vehicle planning to list in the London markets in the near term.

With the refocussing of Teathers into a uranium exploration vehicle with Reitenbach as their flagship property, we believe the proposition will attract pre-IPO and IPO financing interest, and trade successfully as a listed vehicle.

Outside of Reitenbach, we continue to own 100% of our remaining nine Athabasca properties, some of which we expect to explore ourselves and, given the level of interest in quality uranium projects, some may be the subject of further disposals. In this regard, datarooms are being established for all projects to enable expeditious third party review.

Further information to follow regarding this disposal and other exploration and corporate activities in respect of our Athabasca property portfolio.”



For the sale of 100% of the Company’s interest in the Reitenbach Property, one of ten uranium focused properties held by Power Metal surrounding the Athabasca Basin, Saskatchewan, Canada, the consideration of £360,000 is to be settled by:

· The issue to Power Sask of 98,700,000 Teathers Financial Ordinary Shares at a price of 0.35461p per share for a total value of £350,000.

· A cash payment to Power Sask  totalling £10,000, which covers several costs incurred by Power Metal on behalf of Power Sask and Power Canada in preparation of this transaction. This also covers costs of the National Instrument 43-101 report that was completed over the Property – which will allow Reitenbach to be the main listing asset for Teathers Financial during its upcoming planned listing.

Power Sask will retain a 2% Net Smelter Return (“NSR”)[1] royalty across the Property, 1% of which can be bought back by Teathers Financial at anytime prior to production for £750,000.  

The transaction is conditional on:

–  Teathers Financial securing a £125,000 initial pre-IPO financing to cover transactional costs in relation to the planned listing.

–  The approval of Teathers Financial shareholders to the transaction; to a Rule 9 Whitewash arrangement, enabling Power Metal to acquire its interest without a requirement to make an offer for the entire company and approval of a capital reorganisation of Teathers.

–  Admission of Teathers shares to trading on the London equity capital markets.

After the issue of further shares following completion of  Teathers Financial pre-IPO and IPO financings, Power Metal anticipates its holding will amount to 40-55% of Teathers Financial issued share capital on listing. Power Metal will provide further updates on this in due course.



· Exploration programmes are currently being planned across the Reitenbach Property, which subject to completion of the Agreement will be carried out by Teathers Financial following their planned listing in the London capital markets.

· Power Metal, with its in house technical group with expertise in uranium exploration, have agreed to provide Teathers with ongoing technical consulting services, to be paid for by Teathers, relating to planned and future exploration programmes on the Reitenbach Property.

· Reflecting the growing interest shown from third parties, comprehensive datarooms and factsheets are being established for all of the Company’s Saskatchewan based uranium assets.


A detailed breakdown of all publically available technical information over the Reitenbach Uranium Property was released to the market on 8 February 2022 and can be found at the link below:


The Power Metal book value of the Reitenbach Property is £55,292 and no losses have been recorded in respect of the Property in the year ended 30 September 2021, with all costs capitalised.


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

Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of all the uranium properties.


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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