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Power Metal Resources #POW – Explore. Crystallise. Part 3 – Financing

In the third of a four part interview, Alan Green talks to Power Metal Resources #POW CEO Paul Johnson. Today we cover Financing, and in the final part tomorrow we’ll look at Group Strategy.

Power Metal Resources #POW – Explore. Crystallise. Part 2 – Exploration Approach

In the second of a four part interview, Alan Green talks to Power Metal Resources #POW CEO Paul Johnson. Today we cover Exploration, and in the coming days we’ll look at the Financing Model and Group Strategy.

Power Metal Resources #POW – Explore Crystallise Part 1 – Project Spin-Outs

In the first of a four part interview, Alan Green talks to Power Metal Resources #POW CEO Paul Johnson. Today we cover Project Spin Outs, and in the coming days we’ll look at Exploration, Financing Model and Group Strategy.

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

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its uranium portfolio which includes seven 100% owned interests (the “Portfolio” or “Properties”) covering 411.96km2 surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Further information in respect of the Properties, including a location map may be viewed in the website link below:

https://www.powermetalresources.com/project/athabasca-basin/

 

Portfolio Updates:

–    Power Metal has completed an in-depth historic data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties.

–    Power Metal recently retained a UK-based geological consultant with extensive Athabasca Basin experience to help push forward the Company’s various initiatives and projects within the exciting uranium space. The consultant previously completed a M.Sc. thesis from the University of Ottawa where they researched the geochemistry, alteration, and structural geology of one of the many world-class unconformity-related uranium deposits located within the Athabasca Basin.

–   Several extensive historical datasets were successfully procured, the data from which, combined with the results obtained from the recently completed Phase I work programme, will allow the Company to begin planning various 2022 exploration initiatives across the Portfolio.

–    Further maps and highlights from across the Portfolio will be released by the Company in the coming months. Select findings from the historic data compilation programme for the Tait Hill Property are however highlighted below, demonstrating the information gathered for one property.

–     Reflecting the interest shown from third parties in the Properties, a dataroom is being prepared to provide a focal point for those parties wishing to undertake due diligence review.

 

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

“Our move into uranium exploration has been planned for some time and commenced with the September 2021 staking surrounding the Athabasca Basin. The staking undertaken was highly selective, focusing on areas where historical recorded work had demonstrated uranium mineralisation or where other geological features suggested that ground would be prospective.

Although selective, the seven properties are clearly attracting some interest and we are looking at potential commercialisation options alongside planning for proactive 2022 exploration programmes.

To maximise any commercial outcome, and to optimise exploration we have gathered as much data as possible in respect of the Properties, and the information gleaned is, in our view, highly valuable.”

 

Tait Hill Property (“Tait Hill” or the “Property”) Data Compilation Highlights

–   All data from an high-resolution airborne magnetic, electromagnetic, and radiometric survey flown by Terraquest Ltd., on behalf of Canalaska Uranium Ltd., was obtained by Power Metal. The 2008 high-resolution survey included 4,290 total line-km flown at 150m line-spacing which covers the entire modern day Tait Hill Property.1

–      Detailed analysis was undertaken by Canalaska Uranium Ltd., for various radiometric products produced by the airborne survey including uranium (U), thorium (Th) and potassium (K). Specifically, isolated points in the dataset which have high U/Th ratios relative to background, are considered good candidates for uranium-rich surface showings and should be prioritised during future work programmes.1 A total of 11 unique points were identified by the survey within the Tait Hill Property.

–   The airborne survey (1st vertical derivative product) highlights multiple northwest-southeast trending magnetic high features which transect the Property. Mapping over the area determined that they correspond to uranium-rich granite and pegmatitic dykes with anomalous scintillometer readings ranging from 350 to 2,500 counts per second (“CPS”). Further investigation is warranted along these structures which are mapped for a combined 16km through the Property.2

–    Several zones of uranium-rich mineralisation were identified in the historic results from Tait Hill including rock samples up to 15,150ppm (1.52%), 7,653ppm, and 6,610ppm U, as well as uranium in soil samples up to 14,358ppm (1.44%), 7,049ppm, and 6,692ppm.2,3

–     The rock sample that returned 15,150ppm U was taken immediately west of Tait Lake, and was located along a northeast-southwest oriented uranium-rich boulder train which follows the general direction of ice movement in the region (southwest). It was recommended that additional work be completed on this boulder train as further work may lead to the possible source area for these uranium-rich boulders.2

–      A new high-priority zone was identified during the 2008 field campaign which was named the ‘NE Shearika Zone’. Here, several uranium-rich rock samples (including 7,654ppm, 6,611ppm, 3,633ppm, and 1,609ppm U) were collected along a sharp contact zone between a granitic intrusion (magnetic high) and the surrounding meta-sedimentary rocks (magnetic low). This contact zone is traced for over 3km within the Tait Hill Property.3

A map highlighting some of the results from the historic data compilation completed on the Tait Hill Property can be found at the following link:

Tait Hill Historic Data Compilation Map|Power Metal Resources plc (LON: POW)

 

Reference Notes:

1:             Operations Report for Canalaska Uranium Ltd., High Resolution Magnetic, XDS VLF-EM & Radiometric Airborne Survey Grease River Project Northern Saskatchewan: April 15, 2008

2:             Canalaska Uranium, Report on the 2007 Exploration Programme Grease River Project: July, 2008

3:             Canalaska Uranium, Report on the 2008 Exploration Programme Grease River Project: March, 2009

 

COMPETENT PERSON STATEMENT

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

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

Power Metal Resources #POW – First Development Resources – Wallal Project Exploration Update

Ground Reconnaissance Commences at the Wallal Project in the Paterson Province, Western Australia in Preparation for Phase I Diamond Core Drilling Programme

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, provides an update to shareholders in respect of its interests in the Paterson Province of Western Australia (the “Paterson Interests”) held through First Development Resources Limited (“FDR”).

This update relates specifically to the Wallal Project (“Wallal” or the “Project”), one of three Paterson region projects held by FDR and includes the Wallal Tenements (E45/5816, E45/5853 and E45/5880) (the “Tenements”).

Highlights

· A reconnaissance team has arrived on site at the Wallal Project to survey and map all existing access tracks and proposed drill hole locations for a planned Phase I diamond core drilling programme targeting gold-copper mineralisation.

· The reconnaissance work will inform the extent of the Heritage Clearance Survey which will be completed under the supervision of the Yamatji Marlpa Aboriginal Corporation (“YMAC”) if required by YMAC and the Nyangumarta people, prior to drill programme mobilisation.

· FDR has appointed Ian Shackleton of Perth, WA, based Resource Potentials Pty Ltd (“Resource Potentials”) as Exploration Manager and have opened dialogue with the Department of Mines, Industry Regulation and Safety ahead of the Company’s proposed Phase I diamond core drilling programme.

· Preparations for the FDR initial public offering (“IPO”) listing process planned for Q2 2022 are progressing well, including finalising the board and advisory team composition.

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

“The First Development Resources opportunity is attracting considerable interest from prospective investors and we hope this early stage field reconnaissance will create more interest in what we believe is a very exciting opportunity.  We intend to publish updates on progress and shareholders are encouraged to monitor the Company’s gallery section on our website where Project images and videos will be uploaded in the coming days.

The prospectivity of the Paterson Province has been heightened recently following Greatland Gold’s Gold-Copper Havieron discovery and we believe the team we have assembled and the work which has been completed to date at Wallal has demonstrated the exploration potential of the area.

I would like to welcome Tristan Pottas the newly appointed FDR Chief Executive Officer.  Tristan joined in November 2021 and has been working proactively on the multiple work streams to build relationships in Australia, advance exploration work and further the FDR listing process.”

Tristan Pottas Chief Executive Officer of First Development Resources Ltd commented:

“The initiation of reconnaissance work at FDR’s flagship Wallal Project is the first step on our journey to testing the multiple intriguing bullseye shaped geophysical anomalies identified during the desktop analysis.

Over the past few months, we have been working with our various consultants and in country partners to extract the maximum amount of information from the data available to inform the optimum locations for our Phase I diamond core drilling programme targeting gold-copper mineralisation. 

To this end, we have established a working relationship with the traditional owners and we look forward to working with them as the exploration programme progresses.”

PATERSON INTERESTS – OWNERSHIP STRUCTURE

The Paterson Interests are held by First Development Resources Limited which holds a 100% interest in local Australian operating company First Development Resources Pty Limited (“FDR Australia”). FDR Australia’s licence interests are outlined below.

Power Metal has a current effective interest of 96.15% in FDR and an effective interest of 83.33% after the grant of three licences owned by URE Metals Pty Limited (“URE”) which was acquired outright by FDR in an all-share purchase announced on 19 November 2021.  Further details of the acquisition of URE and its uranium and rare earths interests may be viewed in the Company’s announcement:

https://www.londonstockexchange.com/news-article/POW/uranium-rare-earths-acquisition-australia/15219001

PATERSON PROVINCE – EXPLORATION RATIONALE

The Paterson Province is host to major gold-copper deposits including Winu (Rio Tinto) and Havieron (Newcrest Mining – Greatland Gold JV).

To date, FDR has undertaken in-depth desktop analyses with the aim of comparing the geological and geophysical features of both Winu and Havieron to those found within the Wallal Project.

The exploration hypothesis is that if FDR is able to identify geological and geophysical similarities of areas within the Wallal Project to established large-scale deposits elsewhere in the Paterson region, it would increase the chance of a discovery and justify more detailed exploration.

A comprehensive desktop study commissioned by FDR over the Wallal Project is nearing completion and has identified three prospective magnetic bullseye targets. These include the Western, Eastern and Border anomalies which, based on geophysical interpretation, have estimated dimensions of 5km x 5km, 2.5km x 2.5km and 1km x 1km respectively.

Further analysis has determined that the Eastern and Border anomalies are located at depths similar to Greatland Gold’s Havieron discovery. Greatland Gold’s Havieron was discovered by blind drilling a magnetic bullseye anomaly through circa. 420m of post-mineral sedimentary cover.

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

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

WALLAL RECONNAISSANCE

FDR’s reconnaissance team have arrived in the Paterson and will spend a week mapping and completing a condition survey of all existing access tracks linking the Wallal Tenements with the Great Northern Highway. The team also plan to visit the planned Phase I diamond core drill hole locations to assess the logistics of getting the drilling rig to the sites using existing access tracks.

The drill hole location assessment will inform and constrain the extents of the Heritage Clearance Survey request which we hope to initiate in the coming weeks. All reconnaissance will be completed in accordance with the terms of the Heritage Agreement in place with the YMAC as agent for the Nyangumarta Warrarn Aboriginal Corporation RNTBC (“NWAC”).

Ahead of deployment of the reconnaissance team, notification was submitted to YMAC who are acting as an agent for the traditional owners of the Wallal Tenements, NWAC.

YMAC have agreed to allow these low-impact preparatory exploration works to go ahead prior to completion of the Heritage Clearance Survey.

Phase I diamond core drilling programme

FDR in conjunction with Perth, WA, based consultancy, Resource Potentials Pty Ltd, are nearing completion of an in-depth desktop analysis of all available data relating to the Wallal Tenements. The desktop study has focussed on providing clarity as to the scale, geometry and depth of the three magnetic “bullseye” anomalies identified within the Wallal tenement area.

The study has included the analysis of open-file government airborne magnetic geophysical datasets along with the reprocessing of historical seismic and ground-gravity data. The reprocessing of the legacy seismic data was completed by Velsis Integrated Seismic Technologies Pty Ltd and has been supplemented by FDR Australia’s own passive seismic survey which was completed by Atlas Geophysics Pty Ltd.

The passive seismic survey was completed to provide important information relating to the depth of post-mineral sedimentary cover and critical information relating to the precise depth to bedrock over the Eastern and Border “bullseye” anomalies which will be the focus of the Company’s phase I diamond core drilling programme. FDR expects to receive the final findings of the survey in the coming weeks.

Based on the work completed to date, FDR strongly believe that there is sufficient exploration data to support further exploration including a Phase I diamond core drilling programme.

In preparation for the Phase I diamond core drilling programme the Company has been liaising with all stakeholders including the traditional owners and exploration partners.

In accordance with section 47(1) of the Western Australian Mines Safety and Inspection Act 1994, Ian Shackleton of Resource Potentials has been appointed as the Company’s registered exploration manager, in addition, Resource Potentials has been granted authority to lodge operational reports, Programme of Works applications and act regarding any other Project Management and mining related compliance matters with the Department of Mines, Industry Regulation and Safety (“DMIRS”), Western Australia.

Following completion of the reconnaissance work announced today, Resource Potentials, on FDR’s behalf, will be applying for a Programme of Works from DMIRS specific to the Phase I diamond core drilling programme and a Heritage Clearance Survey Request will be issued to YMAC. FDR are targeting commencement of drilling activities during H1 2022.

CORPORATE DEVELOPMENT

FDR is seeking a listing on the London capital markets.  Preparatory steps are being taken for the listing, which is targeting Q2 2022, including the recruitment of a suitable board, senior management team and suite of advisors to assist with the listing process. 

Specifically in respect of the board, Tristan Pottas has been appointed as Chief Executive Officer of FDR and Craig Moulton as Non-executive Director. 

PATERSON PROJECTS – BACKGROUND

FDR Australia holds the following exploration licence interests:

Wallal Project  (Wallal Main-E45/5816 –  390km 2  – granted), (Wallal West 1-E45/5853 96km 2  – granted) and (Wallal West 2 – E45/5880 86km 2  – granted).

Braeside West Project  (E45/5854 –  137km 2  – one granted licence)

In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources has enhanced the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.

Ripon Hills Project  (E45/5088 –  42km 2  – one granted licence).

The Ripon Hills Project is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic exploration data is currently underway over the project.

COMPETENT PERSON STATEMENT

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

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

NOTES TO EDITORS

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project

Location

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Laboratory assay results of samples collected

Ditau Project

Botswana

50%

Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals

 

Field programme findings and defined drill targets for near term drilling.

Kalahari Copper Belt

Botswana

50%

Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

Field programme findings and defined drill targets for near term drilling

Molopo Farms

Botswana

53%1

Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme

Results from various work activities underway as part of the Kavango Option

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Laboratory assay results awaited

Victoria Goldfields

Australia

49.9%

Ongoing exploration across 848km2 of granted exploration licences

 

Results from field programme including drill programme underway

Wallal Gold/Copper Project

Australia

83.33%2

Passive seismic and 2D seismic processing work programme completed

Results awaited

1 should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

2   assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

Power Metal Resources #POW – Haneti Project – Drill Programme Commencement

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that mobilisation has successfully commenced for the Company’s inaugural diamond drilling programme on the Haneti Project (“Haneti” or the “Project”) located in central Tanzania. 

The Haneti Project is currently held under a Joint Venture (“JV”) with Katoro Gold Plc (LON:KAT “Katoro”) who hold a 65% interest, with the remaining 35% interest held by Power Metal.

A map highlighting the planned locations for the 2022 diamond drilling programme can be found at the following link:

https://www.powermetalresources.com/haneti-project-drill-programme/

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

“The Haneti Project, targeting magmatic sulphide hosted nickel, copper and platinum group metals, represents a unique district-scale opportunity for Power Metal and our JV partner Katoro .

The preparatory work leading up to this campaign has been extensive, though ultimately, it is deep diamond drilling that is now needed in order to broaden our understanding of the geological environments and to unlock the potential for a commercial discovery.

With some considerable enthusiasm we launch the programme and very much look forward to updates  from the field, and ultimately the results of the assay testing of drill core samples which will be collected during the 2022 campaign.

HIGHLIGHTS:

–      Mobilisation by the drilling contractor has commenced with the drilling rig expected to be on site around 17 January 2022, and drilling expected to commence on or around 20 January 2022. 

–      The planned 1,000m drill programme consists of three deep diamond core targeting magmatic nickel (Ni) copper (Cu) platinum group element (PGE) sulphide mineralisation.  The work will constitute the first diamond drilling conducted out by the JV within the Haneti Project area.

–      In advance of the drilling programme the Haneti Project licences have successfully been renewed for an additional 7 years.

–      The planned drillholes are designed to provide a full intersection through the various ultramafic sequences in order to produce fresh rock samples for detailed geochemical and petrographic analysis.

–      Two diamond core holes are planned at the Mwaka Target for a combined total of approximately 505m. The holes have current planned depths of 264m and 241m and are designed to test two discrete high-priority conductors which were identified during the 2012 electromagnetic (“EM”) geophysics survey.

–      A single 495m deep diamond core drill hole is planned at the Mihanza Target. The Mihanza target was subject to a shallow Rotary Air Blast (“RAB”) drill programme that was completed in early 2021; the programme confirmed the presence of near-surface Ni-Cu-PGE sulphide mineralisation. The Mihanza Target is centred around coincident magnetic high geophysical and nickel geochemical anomalies. Detailed modelling and inversion analysis of the airborne magnetic data completed in 2014 identified a large plug shaped magnetic anomaly (following work undertaken by consultants to former project owner Kibo Mining plc this was interpreted to represent an ultramafic body) which lies at roughly 300m below surface. This plug shaped body has never been drill tested, and the drill hole planned at Mihanza is specifically designed to intersect the anomaly at depth.

COMPETENT PERSON STATEMENT

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

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

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

NOTES TO EDITORS

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project

Location

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Laboratory assay results of samples collected

Ditau Project

Botswana

50%

Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals

 

Field programme findings and defined drill targets for near term drilling.

Kalahari Copper Belt

Botswana

50%

Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

Field programme findings and defined drill targets for near term drilling

Molopo Farms

Botswana

53%1

Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme

Results from various work activities underway as part of the Kavango Option

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Laboratory assay results awaited

Victoria Goldfields

Australia

49.9%

Ongoing exploration across 848km2 of granted exploration licences

 

Results from field programme including drill programme underway

Wallal Gold/Copper Project

Australia

83.33%2

Passive seismic and 2D seismic processing work programme completed

Results awaited

1 should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

2 assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

Power Metal Resources #POW – Quarterly Business Operational Update

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolioannounces the December 2021 quarterly business operational update for shareholders.

QUARTER HIGHLIGHTS:

Exploration

–    Completion of a 1,092 metre reverse circulation drill programme at the Tati Project, Botswana, designed to follow up on Phase I and II results which highlighted kilometre-scale gold, arsenic and nickel geochemical anomalies coincident with various geological structures highlighted by ground geophysical surveys.

–    Bonanza grade silver achieved in 10 out of 19 drillholes completed during the Phase I Silver Peak Project, Canada, drill programme, follow up overlimit assays confirmed high-grade copper, antimony and lead results increasing the average silver equivalent grade by 18.8%. 

–   Rock sampling and prospecting programmes conducted at the company’s Tait Hill, Thibaut Lake and Clearwater uranium properties surrounding the Athabasca Basin, Saskatchewan, Canada, returned high-grade assay results up to 38,600ppm (3.86%) uranium.

–    Securing the option agreement for Kavango Resources plc (“Kavango”) to acquire current project partner Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key”), through which exploration for nickel, copper and platinum group elements (“PGE”) at the Molopo Farms Complex Project would see a significant step forward. Having Kavango as the operational partner should streamline the ongoing project progression which is key following the discovery of nickel sulphides during the inaugural 2021 drill programme.

Spin-Out Vehicles

–   New Ballarat Gold Corporation (“NBGC”): grant of licence applications in Victoria, Australia, further increase the licence footprint to over 1,500km2; NBGC’s inaugural diamond drilling programme has commenced targeting gold mineralisation across a number of exploration targets.

–    Golden Metal Resources Limited (“Golden Metal”): Acquisition of Pilot Mountain Project which hosts a substantial JORC compliant Mineral Resource (tungsten with significant silver, copper & zinc credits) in Nevada, USA, into Golden Metal which is seeking a listing in London.  Golden Metal is now moving through the listing process with a full management board, suite of listing advisers and has recently completed a £750,000 pre-IPO financing. 

–    First Development Resources Limited (“FDR Australia”): Further commercial and technical developments within Power Metal’s FDR Australia subsidiary company with preliminary exploration work delineating a number of exciting magnetic bullseye gold/copper targets at the Wallal Project located within the prolific Paterson Province.  Further acquisition into FDR Australia of the Selta Project targeting uranium and rare-earth elements in the Northern Territory, Australia. 

Corporate PLC

–     Financing conducted in November raising £1,050,000 in a placing conducted at the then mid-market price of 1.75p. 

–     Operational working capital comprising cash and listed investments at 31/12/2021 amounted to £2.91M and unaudited total assets at 30/11/2021 of £10.1M (before valuation uplift in spin-out vehicles to pre-IPO valuation).

–   New team members recruited in the quarter include a Chief Executive Officer for First Development Resources Limited (planned UK listing company) and Power Metal commercial management, accounting and business administration staff.  Additional recruitment underway to support the growth of the Company and its various spinouts.

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

“We have chosen a non-conformist path for Power Metal in order to build a company, and investment proposition, quite unlike any other within the London junior resource space.

We have opted for scale and diversity, assembling a large portfolio, widely spread across multiple jurisdictions and commodities, with a main focus on district scale opportunities.

Our mission, after the first phase of portfolio building, was to create value through proactive exploration and corporate activity.  We are doing just that as you will see from the project level detail provided for the most recent quarter below.

We currently sit at an important point in the Power Metal life-cycle, coincidentally, at a time when the world is demanding unprecedented quantities of metals for investment security, new infrastructure builds and to power the ongoing green technological revolution.

Despite the world’s aspirations, the practical reality is that in recent years we have seen metal supply attrition with a lack of large-scale metal discoveries combined with subdued investment in the exploration and project development space. 

With such skewed supply/demand fundamentals, sectors can come alive, and we believe 2022 will be an exciting year for the junior mining resource space. 

The final quarter of 2021 is captured below with a brief assessment by the Company of each project and company within our portfolio.  The work completed during the final quarter of 2021 has set up Power Metal well for the coming year.” 

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

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

PROJECT OPERATIONS UPDATE

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

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

–   Corporate development updates for project packages advancing towards spin-out into their own listed vehicles;

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

–     Additional management, compliance and financial information for shareholders.

African Exploration Projects

Project

Latest Position

Molopo Farms Complex Project

Botswana

(Nickel – Copper – Platinum Group Element)

POW: Effective Economic Interest circa 53% (which will reduce to 40% if Kavango Resources plc exercise their option)

The Molopo Farms Complex Project (“MFC Project”) is owned by Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key”) with a 60% interest and Power Metal with a 40% interest.  Power Metal earned-in to its 40% interest by spending US$500,000 on exploration work, including the maiden drill programme completed earlier this year.

The maiden drill programme provided proof of concept of the geological model and also identified significant nickel sulphides in the drill core with assays up to 1.7% nickel and 0.55g/t platinum 1.  This was a very positive outcome for the first drill programme on this district scale exploration project.

In order to simplify the project ownership structure and streamline ground operations in Botswana, an option agreement was signed with Kavango Resources plc to acquire Kalahari Key and its 60% interest in the MFC Project.

In lieu of an option fee and as part of its due diligence, Kavango is undertaking an agreed exploration work programme on the MFC project, the results of which will be made available to Power Metal in due course.

If Kavango exercises its option Power Metal will sell its circa 21% interest in Kalahari Key in exchange for Kavango shares and warrants.  Power Metal will retain and intends to maintain its 40% interest in the MFC project for the foreseeable future.

Further details in respect of the Kavango option are in the Company’s announcement on 26/11/2021 as linked below:

https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717

Company View:

Proof of the geological model and the identification of nickel sulphides in the inaugural three drill hole programme was an extremely positive initial outcome for the MFC Project. 

It became evident however, that progress was slower than ideal particularly given the positive results of maiden drilling programme. As a result, action was needed to simplify the project ownership structure in order to accelerate work progression and streamline ongoing operations.

The Kavango option agreement was an important step in this regard.  We look forward to the results of the option work programme which should provide valuable additional data to help plan the next phase of drilling to follow up on the encouraging results achieved thus far.

South Ghanzi Project

Botswana

(Copper – Silver)

POW: 50%

 

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

 

Drill target refinement continues at the South Ghanzi Project, together with initial exploration at the South Ghanzi Extension licences and the Mamuno licences acquired more recently in August 2021 2.  Together, the ground footprint in the Kalahari Copper Belt (“KCB Project”) totals 4,257km2.

 

Approval of the Environmental Management Plan (“EMP”) for South Ghanzi was secured in October 2021 clearing the last key administrative hurdle and enabling drilling to be undertaken subject to the ongoing target refinement.

 

The joint venture partners continue to consider the planned IPO of Kanye Resources (through a UK listing company, Kanye Resources plc) and an update in this regard will be provided as soon as practicable.

 

Company View:

 

Approval of the EMP was a major step forward for the KCB Project. The KCB holds district scale potential and Power Metal is working with Kavango to ensure the initial drill holes are optimally cited to gather the best geological data and maximise the chance of discovery.

 

The joint venture partners anticipate a material budget will be applied to drilling at the KCB Project and therefore appropriate investment is being made in preparatory measures to optimise the vectoring of drill targets.

 

Ditau Camp Project

Botswana

(Rare Earths – Base Metals)

POW: 50%

Exploration work targeting Rare Earth Elements (“REE”) and base metals has identified a 2.5km by 2.8km target area at prospect I10 where an Audio-frequency Magnetotellurics (“AMT”) geophysical resistivity anomaly, coincides with a gravity high anomaly. The latest Ditau exploration findings were announced to the market in October 2021 and may be viewed in the link below:

Company View:

The Ditau Camp Project, soon to be the target of exploration drilling, has delivered some extremely positive findings to date, particularly with the large anomaly now identified at prospect I10. 

The expansion of target commodities from REEs to now include base metals demonstrates the prospectivity Ditau holds and we are very eager for drilling to commence as soon as possible.

Tati Project

Botswana

(Gold – Nickel)

POW: 100%

 

The Company recently completed a maiden drill programme following up positive initial exploration results including geochemical soil sampling, mapping & prospecting, and ground-based geophysics including high-resolution magnetic and radiometric surveys.

 

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

 

The Company announced a maiden drill programme at the Tati Project in October 2021 and details may be viewed through the link below:

 

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-commences/15169113

 

The maiden drill programme comprised 23 reverse circulation (“RC”) drillholes for a total 1,092m drilled. The RC holes targeted multiple nickel and gold anomalies identified by the Company’s Phase I and Phase II geochemical and geophysical programmes completed earlier in the summer. RC samples were shipped to Johannesburg for sample preparation at Intertek Genalysis (“Intertek”) preparatory facility, and have since been shipped and received in Perth, Australia, at Intertek’s laboratory where they are undergoing analysis. Results from all RC samples are still pending and are expected to be received in early 2022.

 

Power Metal has incorporated a new Botswana company, Tati Greenstone Resources Pty Ltd (“TGR”), to hold the Tati Project.  Documentation for the transfer of the two exploration licences comprising the Tati Project into TGR has been submitted to the Ministry of Mineral Resources, Green Technology and Energy Security (“MMGE”).

 

 

Company View:

 

From the original announcement confirming an option for the Tati Project in May 20213, Power Metal have moved through a number of initial exploration steps very rapidly. 

 

We await the results from the recent RC drilling campaign which will provide key information with regard to sub surface geology to complement the information collected at surface from geochemical and geophysical exploration work.

 

The identification of multiple kilometre-scale gold, arsenic and nickel anomalies so early in the work programme, provides multiple opportunities for a gold or nickel discovery.  We are therefore pushing as hard as possible to accelerate project exploration.

 

Kisinka Project

The Democratic Republic of the Congo

(Copper – Cobalt)

POW: 70%

Next stage exploration is drill testing of the 6.8km copper-cobalt geochemical anomaly identified by previous exploration programmes at the Kisinka Project which holds a 25 year production licence.

We are continuing to push for an acceptable drill programme including target finalisation and sourcing of appropriate contractors.

Company View:

The 6.8km copper-cobalt anomaly is an interesting exploration target which we would like to see drill tested.

The Kisinka Project has discovery potential, but the pace of commercial and exploration progress in-country has been slower than ideal and this is something we are working to resolve. 

Haneti Project

Tanzania

(Polymetallic)

POW: 35%

 

The Haneti Project is held 35% Power Metal and 65% Katoro Gold plc (LON:KAT).

 

The next stage of exploration at the Haneti Project is deep diamond core (“DC”) drill testing of targets prospective for nickel sulphide / PGE mineralisation.

 

The DC drill programme is scheduled to commence in January 2022 and further information will follow in due course.

 

Company View:

 

Based on the results achieved to date at the Haneti Project, we are of the belief that the next stage of exploration needs to be deep diamond drilling, and we are very pleased that this work is about to commence. 

 

If the DC drilling is successful in the delineation of the mineralising system we are ultimately seeking the discovery of a nickel sulphide and PGE deposit and the impact on both Katoro and Power Metal could be significant.

 

Power Metal are therefore eager to see diamond drilling commence in January 2022 and the findings therefrom.

 

North American Exploration Projects

Project

Latest Position

Silver Peak Project

British Columbia, Canada

(Silver)

POW: 30%

A Phase I diamond drill programme was launched at the Silver Peak Project in August 2021.

In total 19 short cored drill holes were completed and assay results from this programme were completed with 10 out of the 19 holes drilled returning bonanza grade silver (>1,000g/t Ag) with significant copper, zinc, lead and antimony credits, and 14 of the 19 holes returning elevated silver mineralisation. This included a highlight Intercept of 0.76m of 8,692.2g/t Ag (279.5 oz/t) from hole DDH21-2.

 

The initial drill assay results from the Phase I programme were announced by the Company in November 2021 and may be viewed through the following link:

 

https://www.londonstockexchange.com/news-article/POW/silver-peak-canada-drill-programme-assay-results/15210267

 

In addition, overlimit assays were conducted highlighting high grade copper, antimony and lead results.  The overlimit assays received led to an average increase in grade of 18.8% from silver to silver equivalent for the calculated intervals.  The overlimit assay results were announced by the Company in December 2021 and may be viewed through the following link:

 

https://www.londonstockexchange.com/news-article/POW/silver-peak-canada-overlimit-assay-results/15233399

Following the completion of the 2021 Phase I drilling programme, and the receipt and release of all associated assay results, the project partners commissioned a NI43-101 compliant technical report 4 to be completed on the Silver Peak Project.

The report was commissioned to prepare the Silver Peak Project to potentially act as a qualified project for a possible public listing.

Company View:

The results from all stages of exploration at Silver Peak have been increasingly exciting for Power Metal and our partners.  Repeated bonanza grade silver results are particularly attractive and, in our opinion, have led to a significant increase in the overall project valuation.

There are a number of potential options for project commercialisation and we continue to work with our partners to review possible next steps.

Alamo Gold Project

Arizona, United States of America

(Gold)

POW: Earn-in to 75%

 

Permitting delays were encountered slowing progress at the Alamo Gold Project.  Following granting of permits the work programme recommenced and is outlined in the Company’s November announcement found in the link below:

 

https://www.londonstockexchange.com/news-article/POW/alamo-gold-project-usa-exploration-update/15221692

 

The test pitting programme was completed successfully in early December 2021.

 

As part of the programme, multiple test pits were excavated to bedrock at Big Boulder Wash (3 pits) and Breccia Hill (3 pits).

 

A total of 13 rock samples were taken from various trenches at Breccia Hill, as well as three additional rock samples from various localities located near to the trenches. Rocks sampled were described predominantly as volcanic and/or gneissic in nature, with varying degrees of brecciation and hematisation noted in several samples. Two of the prospecting samples were described as strongly oxidised quartz vein samples with carbonate-sulphide veining throughout.

 

All samples were sent for assay at an accredited ALS laboratory where they will undergo multi-element analysis including gold, utilising a large 50-gram aliquot size intended to reduce any nugget effect present in any of the samples. Significant results will be announced to shareholders as and when received.

 

Due to the permitting delays experienced on our Alamo Gold Project, Power Metal and the vendor, Frisco Gold Corporation, have agreed to an amendment to the original Mineral Lease and Option Agreement signed between the two companies.

 

Under the original terms, a US$50,000 pre-production royalty payment (“PPR Payment”) was due by 31 December 2021. Under the amended agreement, the PPR Payment has been deferred until 14 days after the receipt of all analytical results from the 2021 test pitting programme, or 31 March 2022, whichever is earlier.

 

The amendment will allow Power Metal to review all 2021 exploration data before making a decision on next steps with the project.

 

Company View:

 

Progress has been slow with the Alamo Gold Project largely due to the permitting delays locally onset by the COVID-19 pandemic.  With permits now issued, and work completed and underway, we await the findings with interest to determine the next steps for the project.

 

Athabasca Uranium

Saskatchewan, Canada

(Uranium)

POW 100%

 

The Company began staking in the Athabasca Basin in Saskatchewan, Canada in September 2021 and in November 2021 announced a further batch of staking increasing the footprint of staked ground to 411.96km2 over 7 property packages as outlined in the following announcement:

 

https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-expansion-athabasca-basin/15206182

 

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

 

Step one was the launch of Phase I surface rock sampling programmes at three properties, Tait Hill, Thibault Lake and Clearwater.

 

The programme was successfully completed in November 2021 and 20 rock samples were collected for assay testing, with the results sent for rush assay testing. 

 

Assay results were received in December 2021 demonstrating high grade uranium with the highest grade of 38,600ppm or 3.86% uranium oxide (“U308“).

 

The full exploration update released by the Company may be viewed in the link below:

 

https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15256838

 

Company View:

 

The Company’s move into the uranium exploration space has generated a lot of interest amongst shareholders.  This is justifiable, as the staking undertaken in September through to November has created 7 exciting project packages surrounding the Athabasca basin.

 

Those packages have attracted interest from multiple parties and we continue to review the forward pathway for our uranium business in which Power Metal has significant optionality.

 

We continue to look for additional uranium opportunities in the Athabasca region and more generally in North America and Africa.

 

Authier North

Quebec, Canada

(Lithium)

POW earn-in to 100%

 

Inaugural exploration was launched at Authier North in September 2021 with a Phase I programme comprising prospecting, mapping and sampling.

 

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

 

The Authier Lithium Property is owned by Sayona Mining Limited and is scheduled to go into production in 2023.

 

A total of 12 rock samples and 193 B-horizon soil samples were collected from three grid areas across the Authier North Project (West, Northeast, and Southeast).

 

Soil and rock samples were collected and sent for assay at Activation Laboratories Ltd., Ancaster, Ontario. Soil samples were assayed utilising a 35-element analytical package including lithium, and select samples were further tested for rare-earth element enrichment utilising a REE analytical package.

 

The mean result for lithium-in-soil was 9.8ppm Li, with a standard deviation of 4.0ppm Li. The three highest results returned were 27ppm Li, 29ppm Li, and 36ppm Li representing a ~4, ~4.5 and ~6 standard deviation increase over the mean.

 

The highest results were all located in the eastern part of the Authier North Project within the Northeast and Southeastern grids.

 

The Company is considering additional infill soil sampling between the two grids, as well as possible ground-based geophysical surveys over the entire project.

 

Company View:

 

The Authier North project is an exciting lithium and REE focused opportunity for Power Metal. 

 

We are pleased to have successfully completed Phase I exploration and are looking forward to receipt of full assay data so we can determine next steps for the project.

 

 

Australian Exploration Projects

Project

Latest Position

Gawler Project

South Australia

(Gold, Copper)

POW: 100%

 

In October 2021 the Company announced it had established a new wholly owned Australian subsidiary Power Metal Resources Australia Pty Ltd (“POW Australia”). Following that, POW Australia submitted licence applications covering an area of 1,994km2 in the Gawler Craton of South Australia.

 

The applications are targeting Olympic Dam style mineralisation and POW Australia is currently undertaking a review of publicly available historic data in order to further refine geological understanding and prepare detailed exploration plans in readiness for ground operations when licences are granted.

The Company’s announcement in respect of the above may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/new-australia-copper-gold-opportunity/15189456

Company View:

The Gawler Project, although early stage and still in the application phase, demonstrates the Company’s ability, with the skills and knowledge of its technical team members, to identify new opportunities and move quickly to secure new ground and begin to build a new project opportunity from the ground-up.

 

Disposal/Spin-Out Vehicle Packages*

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

Project

Latest Position

New Ballarat Gold Corporation

Victoria, Australia

(Gold)

POW: 49.9%

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

Through its Australian operating subsidiary, Red Rock Australasia Pty Ltd, NBGC has a substantial claim holding within the Victoria Goldfields, Australia.

The latest update in respect of NBGC was released by the Company in December 2021 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/new-ballarat-licence-grant-drilling-commences/15251136

Note: subsequent to the above update a further single licence has been granted, EL007505 covering 9km2, further details about which will be provided in future NBGC updates.

The update confirms the commencement of an inaugural DC drilling programme at the O’Loughlin’s gold prospect located south of Buninyong.  Further details of the planned drill programme were provided in the Company’s update also released in December 2021 which may be viewed through the following link:

 

https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-australasia/15240196

 

Drilling is progressing well with a market update expected in January 2022.

NBGC is seeking a listing on the London capital markets and is working with advisors in this regard.

Company view:

A significant claim footprint secured by joint venture partners has created a valuable land holding within the Victoria Goldfields, one of the most sought after gold exploration regions in the world.

To date over 10 exploration licences (of the 16 applications) have now been granted, taking the granted footprint to over 1,500km2, representing a major achievement which has materially increased the value of the joint venture.

Whilst the preparations for listing the vehicle in London are in process, the proactive approach to exploration continues, with multiple gold exploration targets now subject to diamond drilling that is progressing well. 

Golden Metal Resources

Nevada, USA

Gold – Base Metals

POW 83.13% (following issue of shares relating to the £750,000 pre-IPO financing)

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

–       Golconda Summit – An earn-in over an exploration property targeting a major gold discovery, where Golden Metal has a right to earn-in to a 100% interest.

 

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

 

–       Pilot Mountain – 100% interest in an advanced exploration and development property with a substantial JORC compliant Mineral Resource for tungsten (with significant copper, silver and zinc  credits).

The latest Golden Metal project exploration update was released in November 2021 and may be viewed through the link below:

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

Golden Metal is seeking a listing on the London capital markets (targeting April 2022) and has recruited its listing board, appointed all advisors and recently raised £750,000 in pre-IPO funding further details of which may be seen in the Company’s December announcement linked below:

https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-pre-ipo-financing/15244131

The Golden Metal website is now live and can be viewed through the following link:

https://www.goldenmetalresources.com

The Golden Metal corporate presentation may be accessed directly through the following link:

 

https://www.goldenmetalresources.com/golden-metal-resources-presentation/

Company View:

The pre-IPO financing for Golden Metal was conducted at a pre-money valuation of £3.25million.  The intention is to secure an IPO listing at a premium to the pre-IPO valuation and launch Golden Metal with immediate high-impact exploration programmes planned across the portfolio.

Power Metal considers the Golden Metal package to be a highly attractive listing vehicle, offering UK-based investors access to North American exploration focused on the world’s top mining jurisdiction 5of Nevada, USA.

The Golden Metal package includes the Pilot Mountain Project, which hosts a significant JORC compliant Mineral Resource which we believe will underpin a strong valuation for Golden Metal going forward.

Golden Metal is a unique opportunity and the Company is looking forward to the planned listing and proactive exploration updates thereafter.

First Development Resources

Western Australia

(Gold – Copper – Rare Earth Elements – Uranium)

POW: 96.15% (diluting down to 83.33% should all 3 Selta Project licences be granted).

 

Power Metal acquired a 100% interest in First Development Resources Pty Ltd (“FDR Australia”) via its wholly owned subsidiary First Development Resources Limited (“FDR UK”).  The announcement in respect of this acquisition was released in October 2021 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248 

FDR Australia has a 100% interest in three exploration projects in the Paterson Province of Western Australia (comprising five granted exploration licences in total and covering a ground footprint of 751km2).

The three projects include the Wallal Project, Braeside West Project and Ripon Hills Project.  At the flagship Wallal Project, ongoing exploration work includes 2D seismic geophysics reprocessing and a passive seismic survey which is intended to help refine drill targeting within the Wallal Main licence area.

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

In November 2021 Power Metal announced that FDR UK had acquired URE Metals Pty Ltd (“URE”) an Australian private company and holder of the Selta Project, comprising 3 exploration licences in the Northern Territory, Australia.  The announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/uranium-rare-earths-acquisition-australia/15219001

The acquisition of URE was almost entirely payable in FDR UK shares diluting Power Metal’s holding in FDR UK to 96.15% initially, and ultimately to 83.33% should all 3 Selta Project licences be granted.

The pre-transaction value of Power Metal’s interest in FDR UK was £2,500,000 and FDR UK is seeking a listing on the London capital markets.  Preparatory steps are being taken for the listing, which is targeting Q2 2022, including the recruitment of a suitable board, senior management team and suite of advisors to assist with the listing process. 

Specifically in respect of the board Tristan Pottas has been appointed as Chief Executive Officer of FDR UK and Craig Moulton as Non-executive Director.

Company view:

It is apparent from shareholder communications with Power Metal that FDR UK will be of great interest going forward.  The combination of the Wallal Project’s exciting magnetic bullseye targets together with the uranium/REEs exploration opportunity at the Selta Project in the Northern Territory, is drawing significant shareholder attention.

The Power Metal team are working hard to implement the preparatory measures needed to secure the listing of FDR UK and are looking forward to providing further updates in due course.

First Class Metals

Schreiber-Hemlo, Ontario, Canada

(Gold – Base Metals)

POW c.36%

 

Power Metal announced the 100% disposal of its Schreiber-Hemlo interests to First Class Metals (“First Class”) on 7 September 2021 for a consideration of £1million.  With the shares received on the disposal, and following a subscription by Power Metal of £28,764 at £3/share in the pre-IPO raise, Power Metal currently has an interest of 36.3% in First Class (after reflecting the circa £400,000 pre-IPO raise undertaken by First Class).

First Class is seeking a listing on the London capital markets and is working on this currently targeting a listing for Q1 2022.

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

Company View:

The First Class Metals business offers investors through London, access to a Ontario, Canada, focused exploration vehicle with extensive exposure to highly prospective and strategically positioned projects. 

With the integration of the Power Metal Schreiber-Hemlo projects, the First Class Metals portfolio is potentially market leading and we believe will draw considerable interest on listing. 

The team at First Class Metals are doing a very effective job and we continue to work with them where required.

 

New Opportunities

Project

Latest Position

Power Metal Resources plc

Power Metal as a business has an acquisitive mindset.  However, the near-term focus will remain on the exploration of existing interests and the crystallisation of value through the potential listing of spin-out vehicles as previously announced.

New acquisitions are likely to be restricted to additional projects to add into the FDR UK business in preparation for its planned IPO, new uranium opportunities and potentially additional gold/copper opportunities in North America or Australia.

Should Power Metal encounter exceptional new opportunities outside the above areas it will consider further acquisitions but only on the right commercial terms.  It should be noted that many of the Company’s previous acquisitions have used Power Metal equity as a large portion of consideration.  With the share price trading at a circa 55% discount to the high in January 2021, the Company is reluctant to utilise equity for acquisitions at this time and it makes commercial sense to limit any equity based acquisition approach at current share price levels.

Power Capital Investments Limited

Global Resource Project Incubator

(Multi-Commodity)

POW: 100%

 

Power Capital Investments  (“Power Capital”) continues to work on a number of initiatives targeting individual or smaller corporate owned opportunities. 

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

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

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

 

Management and Financial

Project

Latest Position

Board

 

The Board currently comprises:

Scott Richardson Brown – Interim Non-executive Chairman

Paul Johnson – Chief Executive Officer

Ed Shaw – Non-executive Director

Power Metal is seeking to appoint new board members and expects to make additional announcements in this regard in the current quarter.

Management and Team

 

The Company operates a hub and spoke operational management style coordinating and controlling global business operations from its UK operational head office based in Farnborough, UK. 

In 2021 with the growth of our business portfolio, and the success of exploration and commercial ventures, we have built the Head Office team with additional team members covering:

–       exploration management,

–       commercial management,

–       financial and administrative support, and:

–       marketing & communications

We are seeking to optimise resources, and our Head Office team will be deployed to support Power Metal central activities and also to support spin-out vehicles, managerially and administratively, sharing the Power Metal team operational costs with spin-out vehicles.

Power Metal is actively seeking to bring new team members in to support the growth in business activities and has launched a “Join-Us” page on the Company’s website with further details.  This may be viewed through the following link:

https://www.powermetalresources.com/join-us/

Financial Position

 

Power Metal Financial Assets

The core of the Company’s assets, as with many other exploration companies, is a portfolio of capitalised project acquisition and exploration costs for ongoing projects or loans to subsidiary companies in respect of project expenditure (“Project Assets”).

As at 30/11/2021 the Project Asset value was £3,354,847 in the Company’s internal unaudited management accounts.

The Company’s assets also include the planned spin out/disposal project vehicles (“Pre-IPO Assets”) which includes:

–       First Class Metals (Hemlo-Schreiber projects sold to FCM Sept 21)

–       Golden Metal Resources (Nevada exploration/development)

–       First Development Resources (Australia exploration)

–       New Ballarat Gold Corporation (Australia exploration). 

Each spin-out/disposal, on successful listing is expected to add material value to the Company’s balance sheet.

As at 30/11/2021 the Pre-IPO Asset value was £3,709,777 in the Company’s internal unaudited management accounts. This value does not include the valuation uplift from acquisition cost to pre-IPO value.

Power Metal also holds listed investments including shares and warrants of currently listed junior resource companies (“Listed Assets”). The Listed Assets are readily tradable and provide the Company with a source of cash if needed.

As at 30/11/2021 the Listed Asset value was £1,079,128 in the Company’s internal unaudited management accounts.

In addition to the above the Company maintains material cash balances which includes GBP, USD, CAD, AUD and Pula currencies (“Cash Assets”).

As at 30/11/2021 the Cash Asset value was £1,962,561 in the Company’s internal unaudited management accounts (including the November 2021 financing, which was received in full in December 2021).

Overall, as at 30/11/2021 including all categories listed above the total unaudited assets of the Company amounted to £10,106,313.   Note: this asset figure does not include the uplift in value of Golden Metal Resources or First Development Resources to reflect the current pre-IPO valuations of both vehicles, with both vehicles included at acquisition cost only. 

Working Capital

The Company considers Working Capital to be the money available to deploy on payment of corporate operational, notably exploration expenditure.  It comprises cash held and listed investments only and at 30/11/2021 as outlined above amounted to £3,041,689.

As Working Capital management is vital, we monitor this on a weekly basis and as at 31/12/2021 this amounted to £2,907,686.  This is a robust amount of cash and listed investments as the Company enters 2022.

Future Financing Sources

The Company has multiple sources of additional financing. 

As demonstrated in November 2021, traditional equity financing can be undertaken to raise additional sums where considered necessary.

Furthermore, the Company has issued warrant instruments during financings and project acquisition transactions, some of which are currently in-the-money, but most are at higher prices to the current mid market share price. 

In addition, the Company has issued options to management, staff, advisors and consultants, as part of team incentivisation.

Table 1 below provides a full breakdown of all warrants and options outstanding as at 31/12/2021.

The warrants and options above, if exercised in full, will bring £8,406,213 additional cash into the Company, largely at exercise prices considerably higher than the current market share price (or £9,406,213 if Thor Mining plc exercise their 4p warrants within 12 months and exercise replacement warrants at an exercise price of 8p).

In addition to the above, the Company will benefit from the planned listing of four pre-IPO vehicles as outlined above which will, if successful and in line with expected valuations on listing, add considerably to overall Power Metal asset value. Subject to any applied lock-in on listing, the shares held on IPO will form part of listed asset investments and provide an additional pool of working capital to the Company.

It is anticipated that further value generative events may occur including additional spin-outs into new listed vehicles and outright disposal of certain business interests.  The level of such corporate activity is dependent on demand for new vehicles, predominantly in the London capital markets, and also the level of M&A activity in the junior resource sector.  In the latter regard the Power Metal board, from acquisitive interest already demonstrated across the Company’s portfolio, expect a heightened level of corporate activity in 2022.

Audit and Compliance

 

Power Metal continues to work with One Advisory, its financial and compliance service partner, to liaise with auditors PKF, and the financial results for the year ended 30 September 2021 are expected to be published in February 2022.

Power Metal continues to bolster its Environmental, Social and Governance initiatives and expects to publish further information in this regard in the coming quarter covering the various measures implemented.

In 2020 the Company undertook a Finance, Administration and Compliance Protocols and Procedures Review to further improve its underlying Governance.  This review is being updated currently to ensure all areas are fully updated with business developments.  As part of this the Company has now completed detailed business process mapping across all key corporate activities.  In addition, Power Metal has recruited a new Commercial Manager onto the team to prepare business organisational structure charts, detailed business process flows, a live corporate and licence database and a full business information managed database.

These measures are considered necessary as the Company expands in size, scale and breadth of corporate and exploration activities.

 

Table 1: Power Metal Resources plc – Share Warrants and Options Outstanding at 31/12/2021

Financial Instrument Type

Note

Number

Exercise Price

Expiry Month

POW Receives on Exercise

Dec-19 Financing Warrants  – POW Director Held

11,250,000

0.7p

Mar-22

£78,750

Jul-20 Financing Warrants – POW Director Held

27,500,000

0.75p

Jul-22

£206,250

Jul-20 Financing Warrants – General Holders

70,706,079

0.75p

Jul-22

£530,296

Nov-21 Financing Warrants – General Holders

66,000,000

3.5p

Dec-23

£2,310,000

TOTAL FINANCING WARRANTS

175,456,079

£3,125,296

Alamo Gold Project Acquisition

15,500,000

1p

Jul-23

£155,000

Kavango – Strategic JV Earn-in Super Warrants

5,000,000

5p

Jul-23

£250,000

Silver Peak Acquisition (Signing)

9,000,000

1.75p

Sep-23

£157,500

Silver Peak Acquisition (Earn-in Complete)

2,569,641

2.89p

Mar-24

£74,263

Garfield/Stonewall Acquisition

2,250,000

3.75p

Jun-23

£84,375

First Development Resources Acquisition

13,333,333

4.5p

Oct-24

£600,000

First Development Resources Acquisition

10,000,000

5p

Oct-24

£500,000

Pilot Mountain Acquisition

(i)

12,500,000

4p

Oct-24

£500,000

TOTAL TRANSACTION WARRANTS

70,152,974

£2,321,138

Advisor/Consultant Options

15,000,000

2p

Jul-23

£300,000

POW Team (Non-Board Options)

(iv)

25,000,000

3.25p

Jul-24

£812,500

POW Director Options

1,000,000

5p

Jul-23

£50,000

27,227,858

1p

Feb-22

£272,279

15,000,000

1p

Feb-23

£150,000

20,000,000

2p

Jul-23

£400,000

(ii)(iv)

10,000,000

3.25p

Jun-24

£325,000

(iii)(iv)

20,000,000

3.25p

Aug-24

£650,000

TOTAL BOARD, STAFF, CONSULTANT & ADVISOR OPTIONS

(v)

133,227,858

£2,959,779

TOTAL ALL WARRANTS AND OPTIONS

378,836,911

£8,406,213

Notes:

(i)    If exercised within 12 months replacement warrants issued at an 8p exercise price

(ii)   Subject to Shareholder Approval at General Meeting

(iii)  Subject to completion of six month’s service

(iv)  Exercise subject to POW trading at a volume weighted average price of 5p for ten trading days

(v)   A further 97,500 options remain outstanding from October 2012, at an exercise price of £6.00 each, expiring in October 2022

 

COMPETENT PERSON STATEMENT 

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

Reference Notes:

1                  Power Metals company announcement , 24 September 2021: ( source: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x4919kw )

 2                   Power Metals company announcement , 2 August 2021: ( source:    https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rg745jr )

3                     Power Metals company announcement , 6 May 2021: ( source:    https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rnp73px )

4                     NI43-101: Canadian National Instrument 43-101: Standards of Disclosure for Mineral Projects ( for background reference see:    https://www.osc.ca/en/securities-law/instruments-rules-policies/4/43-101/mining-disclosure-essentials-ni-43-101-reporting-fundamentals-industry-best-practices-and-useful )

5                     The top jurisdiction in the world for investment based on the Investment Attractiveness Index is Nevada based on the Fraser Institute Annual Survey of Mining Companies, 2020 (see:    https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2020 )

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

NOTES TO EDITORS

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries. 

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes. 

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

 

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

 

Project

Location

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Laboratory assay results of samples collected

Ditau Project

Botswana

50%

Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals

 

Field programme findings and defined drill targets for near term drilling.

Kalahari Copper Belt

Botswana

50%

Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

Field programme findings and defined drill targets for near term drilling

Molopo Farms

Botswana

53%1

Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme

Results from various work activities underway as part of the Kavango Option

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Laboratory assay results awaited

Victoria Goldfields

Australia

49.9%

Ongoing exploration across 848km2 of granted exploration licences

 

Results from field programme including drill programme underway

Wallal Gold/Copper Project

Australia

83.33%2

Passive seismic and 2D seismic processing work programme completed

Results awaited

1 should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

2 assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

 

Power Metal Resources #POW – New Ballarat – Licence Grant and Drilling Commences

Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from its joint venture subsidiary New Ballarat Gold Corporation PLC (“NBGC”) which is undertaking gold exploration at its granted exploration licences in the Victoria Goldfields in Australia.

Highlights

  • NBGC’s first diamond drill programme begins at O’Loughlin’s prospect south of Buninyong
  • Grant of new 489 km2 exploration licence EL007282 (Blue Sky) in Victoria, Australia, with 9 licences now granted covering 1,501 km2

Further information in respect of the granted licences and licence applications is provided below and for additional information regarding the above drill programme, now commenced, please review the Company’s announcement dated 7 December 2021 which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-australasia/15240196

Paul Johnson, Chief Executive Officer of Power metal Resources commented: “Today marks an important point in the life of New Ballarat Gold Corporation as inaugural gold exploration drilling commences.  We look forward to the results feeding out from the project.

We also have the welcome news that a further large exploration licence, EL007282 (Blue Sky), has been granted, taking the total portfolio of granted licences to over 1,500km2 for the first time.  To hold such a large land granted footprint in the Victoria Goldfields is a tremendous positive.”

Granted Licences

The granted licences cover high priority areas covering 1,501 km2 where NBGC has early drill targets and in which exploration has already started.

Licence Number Project Name Area (km2)
EL007271

 

Buninyong

(renamed)

133
EL007281

 

Blue Chip 74
EL007285

 

Blue Ribbon 8
EL007327 Dereel 60
EL007385 Sardinia                    4
EL007329 Kilmore 484
EL007301 Pitfield/Mt Bute 85
EL007328 Blue Yonder 164
EL007282 Blue Sky

(Announced today)

489
Total c 1,501

Licence Applications

RRAL has applications in process for seven other new gold exploration licence areas covering approximately 805 km2 in the Victoria Goldfields of Australia including:

Licence Application Number Project Name Area (km2)
EL007294 Red Queen 130
EL007330 Daylesford

(renamed)

202
EL007460 Kilmore West 325
State land within EL007271

 

[EL007505

EL007506

EL007507]

 

 

 

 

 

 

 

[9

9

8]

EL007540*

(3 competing applications)

 

Outer Ballarat 148
Total c 805

* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.

New Ballarat Gold Corporation PLC

NBGC is a privately owned joint venture company owned 50.1% by Red Rock Resources plc (LON:RRR) and 49.9% by Power Metal.

NBGC holds a 100% interest in local operating subsidiary Red Rock Australasia Pty Limited a private Australian company which holds a 100% interest in all operating granted licences and licence applications (“RRAL”).

NBGC holds a strong land position of 2,306km2 (1,501km2 granted licences) in the rich gold fields of Victoria, Australia, principally around the mining centre of Ballarat, as the result of a focused exploration strategy targeting high grade quartz hosted gold veins systems in a region where the exploration models and targets are well understood.

NBGC has carefully assembled its portfolio of properties comprising a broad range of robust exploration targets, all of which remain largely undeveloped by modern explorers.

With the first tenements granted only in 2021 NBGC is already at an advanced stage of exploration with three promising gold prospects one of which is the subject of the diamond drilling now underway.

Still able to actively operate in the current global pandemic, NBGC has exploration geologists and field crews active in the field. This is coupled with a technical team holding an in-depth knowledge of Victorian geology including extensive underground experience gained from working in currently operating mines in the area.

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

 

NOTES TO EDITORS

Power Metal Resources plc – Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project Location POW % Work Completed or Underway Results Awaited
Alamo Gold Project USA Earn-in to 75% Excavation of multiple test pits and mapping & sampling. Field results from on-site work programme.
Athabasca Uranium Canada 100% Phase I field exploration completed Laboratory assay results of samples collected for uranium and REEs
Authier North Lithium Canada Earn-in to 100% Soil & rock sampling completed Laboratory assay results of samples collected
Ditau Project Botswana 50% Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals

 

Field programme findings and defined drill targets for near term drilling.
Kalahari Copper Belt Botswana 50% Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas Field programme findings and defined drill targets for near term drilling
Molopo Farms Botswana 53% Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme Results from various work activities underway as part of the Kavango Option
Tati Gold/Nickel Botswana 100% Reverse circulation drill programme completed Laboratory assay results awaited
Victoria Goldfields Australia 49.9% Ongoing exploration across 1,501km2 of granted exploration licences

 

Results from field programme including drill programme underway
Wallal Gold/Copper Project Australia 83.33%1 Passive seismic and 2D seismic processing work programme completed Results awaited

 

1 assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Limited shares to vendors.

 

Power Metal Resources #POW – Alan Green and Paul Johnson discuss the latest project developments in Australia, Botswana and the USA

Power Metal Resources #POW – Alan Green and Paul Johnson discuss the latest developments during November, including the FDR Australia acquisition and Selta uranium project addition, Alamo gold project developments, Kavango Resources’ stake in Kalahari Key Minerals and Molopo Farms and the upcoming Golden Metal Resources IPO. Paul also gives his view on the share price and the malaise in junior mining stocks.

Power Metal Resources #POW Fundraising – Paul Johnson talks to Alan Green

Power Metal Resources #POW Fundraising – Paul Johnson and Alan Green discuss junior resource stocks and the sense that the sector ‘malaise’ is starting to bottom out. We discuss the placing announced this morning, which raised just over £1m to accelerate strategic expansion. We look at developments at the Katoro Haneti JV, discuss expansion at the Athabasca uranium project near Saskatchewan and the ‘bonanza’ silver grades at the Canada Silver Peak project. Paul discusses the progress of the IPO’s, including Golden Metal and FDR and outlines upcoming developments in Q1 2022.

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