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Power Metal Resources #POW – Botswana Molopo Farms Complex – Second Diamond Drill Hole Commences

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce the commencement of the second diamond drill hole (KKME 1-6) at the Kalahari Key Mineral Exploration Pty Ltd Molopo Farms Complex Project, which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.

HIGHLIGHTS

  • The second hole (KKME 1-6) of a planned 2,505 metre four-hole programme commenced diamond drilling yesterday.
  • Hole KKME 1-6 is inclined at 60 degrees and has a planned down-hole target depth of 500m to the upper side of a conductive body modelled from geophysical survey data.
  • This second drill collar is located in the project’s Tshepo (Hope) Central Target Area, approximately 20km west-southwest of the programme’s first drill hole KKME 1-14 and along strike on the shear zone interpreted as the Molopo Farms Complex Feeder Zone.
  • The Tshepo (Hope) Central Target Area lies within the centre of the interpreted feeder zone inside the near-surface sub-crop of the Molopo Farms Complex in Licence PL311/2016.
  • An analysis of data from agricultural water boreholes in the vicinity shows that serpentinite ultramafic units can be expected directly under the Kalahari cover in this area.

CHIEF EXECUTIVE OFFICER UPDATE

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“I am pleased to report the second exploration hole, KKME 1-6, to test conductive targets within theMolopo Farms Complex feeder zone has now commenced.

This hole is designed to test Target 1-6 a conductive geophysical body within the Tshepo (Hope) Central Target Area, approximately 20km WSW of the previous hole KKME 1-14, which is located in the project’s Chipo (Gift) Northern Target Area.

We look forward to sharing further findings in due course.” 

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal currently has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets (the “Drill Programme”). On completion of the Earn-In, and on the basis of the current 18.26% shareholding in Kalahari Key, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

THE DRILL PROGRAMME

The Drill Programme is for an initial planned 2,505m across four diamond core drill holes with planned target hole depths varying from 525m to 710m.

The Drill Programme is designed to intersect four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics surveys.

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.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Alamo Gold Project – Arizona USA – Exploration Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to  provide an exploration update for the Arizona USA based Alamo Gold Project (the “Project”) in which Power Metal has the right to earn-in up to a 75% interest.

HIGHLIGHTS:

  • The reconnaissance exploration programme undertaken during August (announced 4th August 2020) completed successfully.
  • In light of the August exploration work an additional nine claim blocks have been staked to enlarge the Project by 23.5% to a total 946 acres.
  • Follow-on exploration work will now continue with detailed geological mapping along with trenching; pitting; and mini-bulk sampling in order to further ascertain the distribution and abundance of native gold nuggets within the Project area.
  • Given the nature of the mineralisation and its near-surface location, the Company believe that bulk sampling will give a more accurate assessment of the gold prospectivity than drilling.
  • Work is currently expected to be conducted during the first three weeks of December 2020, subject to any applicable permitting requirements. 
  • The programme will be managed by a qualified geological contractor utilising local labour and logistical support. 

CHIEF EXECUTIVE OFFICER’S STATEMENT

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

“We are very happy to support the enlargement of the Alamo Gold Project in Arizona following the encouraging results of the August reconnaissance work and further gold nugget discoveries at the Project.

The local exploration team have designed a follow on programme of trenching and bulk sampling, which is currently planned to commence in December, with a view to building an assessment of gold prospectivity.”

THE PROJECT

In Overview

The Alamo Gold Project is a package of mining claims initially covering an area of approximately 766 acres and is situated in west-central Arizona, USA. The Project was originally identified as prospective for gold following the discovery of native gold nuggets (the “Nuggets”) near surface in numerous locations within the Project boundaries.

The geological environment supports further exploration to investigate the source of the nugget gold and the potential for a large mineralised gold system. In addition, the region in which the Project is situated is prospective for precious and base metals, with regional mines that have produced silver, lead, gold, zinc and copper.

Gold Nugget Discovery and Source Identification

The native gold nuggets at the Project occur in shallow arroyos (a steep-sided gully formed by the action of fast-flowing water in an arid or semi-arid region) and on hill-side occurrences.  The arroyos are generally shallow depressions with sediment fill of up to one metre.

We understand that circa 60 ounces of gold Nuggets have already been found on the Project area, by prospectors using metal detectors, with the largest Nugget weighing in at 5 ounces.

Nuggets have been obtained from the arroyo sediments by metal detecting and by small-scale dry washer mining methods. The composition of the nuggets is of particular geological interest in that both smooth/rounded and crystalline nuggets have been recovered, which suggests some difference in the distance of travel from their bedrock source (rounded nuggets having typically travelled some distance whereas the source of crystalline nuggets would be more proximal) pointing to potential scale and further prospectivity.

There is much debate in geological literature regarding nugget formation and there is work to undertake on the ground in Arizona to build the technical understanding of the Project including nugget identification, distribution and investigation of the bedrock source.

Recent Exploration Work

During August 2020, two geologists and a local prospector undertook a reconnaissance level exploration survey of the Project.

This work focussed on assessing the key areas where the bulk of the gold nuggets have previously been found with a view to designing a systematic follow-on exploration programme to include trenching, pitting and bulk sampling for gold.

As a result of this work a further nine claim blocks have also been staked enlarging the Project by 180 acres (23.5% enlargement) to an overall total area of 946 acres.

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, 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. 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including gold exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Haneti Project – Drill Mobilisation

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update confirming mobilisation of the maiden drill programme targeting the discovery of nickel and platinum group metals (“PGM”) at the  Haneti Nickel Project in Tanzania.

Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold plc (LON:KAT)(“Katoro”).

 

HIGHLIGHTS:

  • Drill contract now signed with Amazon Drilling Limited, Morogoro, Tanzania.
  • All phases of pre – deployment activity, notably liaison and coordination with the Ministry of Mining as well as the relevant regional local and village authorities was conducted and completed.  We thank the Ministry, all authorities and the communities for their help and support.
  • Drilling rig and supporting personnel and equipment have been fully prepared and are now mobilising to the first drill location subject to any changes in Covid-19 restrictions.
  • Maiden drill programme will involve 2,000 metres of Rotary Air Blast (“RAB”) drilling with a planned 50 holes to circa 40 metres depth.
  • The RAB holes will be drilled on profiles across the three target areas in order to provide enhanced information of the subsurface shape and orientation of the ultramafic bodies being targeted and allowing for the optimisation of a planned follow-on diamond drill programme.
  • Power Metal’s pro-rata costs contribution in respect of the programme are fully covered from existing cash resources.
  • Images from Haneti may be viewed on a new Gallery section of the Company’s website through the following link:

https://www.powermetalresources.com/p/230/haneti-project-gallery 

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

“Mobilisation for the maiden drill programme at Haneti has been a long anticipated event and I am extremely pleased to confirm this is now underway.

Across a project covering some 5,000 km2, we are focusing here on an initial three target areas which are part of an 80km long ultramafic belt which is prospective principally for nickel sulphide and PGM mineralisation.

For Katoro and Power Metal this is a notable event, delivering on the promise of maiden drilling at Haneti and seeking a major metal discovery.

Power Metal are delighted to have a significant exposure to the Haneti Project which is now our third project interest where drill programmes are underway.”

HANETI PROJECT – NICKEL SULPHIDE AND PGM TARGETS – FURTHER INFORMATION

PROJECT OVERVIEW

The Haneti Nickel Project covers an area of approximately 5,000 km2 in central Tanzania approximately 88 km north of the capital city Dodoma. It comprises tenements (prospecting licences, offers and applications) prospective for nickel, PGMs and gold.

One of the key exploration objectives for the JV partners at Haneti is to delineate the potential for economic nickel mineralisation on the linear dyke-like, Haneti-Itiso Ultramafic Complex (“HIUC”) which sporadically crops out over a strike length of 80 km through the centre of the tenement holding. The HIUC mainly comprises serpentinites (metamorphosed ultrabasic rocks such as dunite and peridotite), with metabasic rocks such as metagabbro and metadolerite and is being targeted for a Chonolith-Type Nickel exploration model.

RAB DRILL PROGRAMME

An initial three target areas have been selected for RAB drilling; Milhanza Hill; Mwaka Hill; and Igari Hill. These targets are based on the recommendations of the 2012 airborne electromagnetic (“AEM”) geophysics survey, the detailed field programme undertaken in 2013 and further supplementary exploration findings.

The planned 2,000m RAB drilling programme will consist of approximately 50 holes drilled on linear fences across the targets. The programme will seek to verify the existence of near surface nickel sulphide mineralisation at each target whilst increasing the geological understanding such that the orientation and the meterage of a planned follow-up diamond drill programme can be optimised to confirm the scale of any nickel sulphide mineralisation.

The drilling will be conducted by an experienced Tanzanian company in line with international best practice and in accordance to health and safety and Covid-19 precautions.

HISTORIC NICKEL EXPLORATION

The Haneti area was first explored in 1931 by a private prospector who collected a nickel‐rich magnetite sample at Mihanza Hill. Later trenching uncovered a few discontinuous green‐stained veins rich in nickel‐silicates and containing several percent nickel.

In the early 1960s the Geological Survey of Tanzania carried out mapping, pitting, soil sampling, trenching and rock chip sampling of ultramafic outcrops on the Zoani, Mindii and Mihanza hills, within the HIUC belt. 

Further geological mapping and sampling was undertaken in 2006, 2007 and in 2013.

An AEM geophysics survey was completed over the Mihanza and Mwaka Hill anomalies in 2012 with further geophysics flown in 2015.

A study commissioned with a consultant expert in ultramafic geochemistry in 2015 identified the nickel, copper, platinum, palladium anomaly at Mihanza Hill as a drill ready target. This report suggested that the Itiso‐Haneti Ultramafic body may fit the Chonolith-Type Nickel exploration model which would imply that the main ultramafic belt may have small discrete sulphide bodies associated with it.

In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic subcrop.

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.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Botswana Molopo Farms Complex – Drilling Progress Update

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide a drilling update confirming completion of the first hole (KKME 1-14) at the Kalahari Key Mineral Exploration Pty Ltd (“KKME”) Molopo Farms Complex Project, which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.

HIGHLIGHTS

  • The first hole (KKME 1-14) of a planned 2,505 metre four-hole programme has been completed successfully and achieved target depth of 520 metres with near 100% core recovery.
  • The suite of rocks encountered in KKME 1-14 has successfully confirmed the proposition that the geology at the MFC Project is that of a feeder zone.
  • About 167 metres of ultramafic rock, a potential host for PGMs and nickel, has been encountered below an altered contact around 41 metres down hole. Samples to be prepared and assay tested.
  • Downhole geophysics to be undertaken at the end of hole to identify and clarify the conductive structures around and below the 520 metre hole depth.

CHIEF EXECUTIVE OFFICER UPDATE

Paul Johnson Chief Executive Officer of Power Metal Resources commented: “I am extremely pleased to report the programme has got off to a great start with successful completion of the first exploration hole KKME 1-14 down to the planned depth of 520m.

For the MFC Project we have successfully and significantly validated the geological proposition that the geology at the Project is that of a feeder zone.

We have some important work to undertake utilising the core from KKME 1-14 which includes field-based core review and sample preparation for assay testing. We are also to undertake downhole geophysics shortly to confirm the conductive structures at depth.

Whilst the analysis of the core and down hole geophysics is being carried out at KKME 1-14, and to keep the programme running efficiently, we will now move the drill rig to the second hole location where drilling is expected to commence imminently. Further details on this to follow shortly.

In summary, we are now full thrust into the MFC Project programme, and are already many steps forward from just a few weeks ago.  We have validated the geological model, successfully completed our first drill hole and have core from the 520m hole which we are now examining and will be testing.” 

DRILL PROGRAMME FURTHER INFORMATION

  • The first drill hole KKME 1-14 at the MFC Project has now attained a target depth of 520m.  The hole was completed safely and securely and has achieved near 100% core recovery.
  • KKME 1-14 was sited in the Jwaneng-Makopong Shear/Feeder zone to the east of the main Molopo Farms Complex intrusion. (The next two holes are planned to intersect the same zone within the main part of the intrusion.)
  • KKME 1-14 has successfully confirmed the geological proposition that the geology at Molopo Farm is that of a feeder zone.  In addition, the hole appears to confirm the geophysical modelling, with some precision in the identification of conductors at depth.
  • The drill core is now the subject of field-based analysis and after cutting and visual inspection, samples will be prepared for assay testing at an accredited laboratory in South Africa.  In addition, thin sections of rock will be taken for petrographic analysis.
  • The assay testing will confirm the composition of the drill core and metal content.  The petrographic analysis is an in-depth investigation of the chemical and physical features of the rock which will add considerably to our geological understanding of the area.
  • The drilling has confirmed the presence of ultramafic rocks of the Molopo Farms Complex along the Jwaneng-Makopong Shear/Feeder zone.
  • The outcome of the drilling includes the discovery of a serpentinite intrusion into the Transvaal strata.  This intrusion comprises 167 metres of ultramafic serpentinite in the drill core (the planned petrographic and chemical analysis of the core will allow a more exact lithological description).
  • The ultramafic serpentinite extended from 41m to 208m (with the top 20m highly weathered) within the drill hole.  Serpentinite is a potential host rock for PGMs and nickel and therefore the rock will be subject to assay testing.
  • The hole finished after passing through 25m of pyritic and graphitic mudstones from around 480m to 505m which could be the conductor identified from geophysical work or could overlie it.
  • The graphitic and iron sulphide mudstones (“Mudstones”) encountered towards the bottom of the hole died out with depth, while the geophysics carried out before drilling indicated an anomaly stronger with depth.
  • Moreover, the Mudstones should be a continuous unit (at the base of the Segwagwa Group) and yet the geophysical conductor target appears to be more confined.
  • As a result further investigation is required to confirm or eliminate the presence of other conductive structures around or below the end of hole.
  • A down-hole geophysical probe is now being deployed into the first hole to gather additional deep-seated data to supplement the surface derived Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysical modelling.
  • The down-hole geophysics work will detect any other conductive structures for 300m around and below the drill hole. This will provide detailed and more precise data to help identify the location of any other conductive structures that should be targeted with further drilling.
  • Should the geophysical probe results and modelling show the presence of a significant conductor below the current end of hole, we have the option of reinstating the rig to extend or deviate the hole.
  • Whilst analysis work is undertaken at KKME 1-14 and to ensure programme continuity we are making preparations to move the drill rig to the second drill hole location out of a planned four-hole programme at the MFC Project and further information in respect of this drill target will be provided shortly.

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal currently has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets (the “Drill Programme”). On completion of the Earn-In, and on the basis of the current 18.26% shareholding in Kalahari Key, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

THE DRILL PROGRAMME

The Drill Programme is for an initial planned 2,505m across four diamond core drill holes with planned target hole depths varying from 525m to 710m.

The Drill Programme is designed to intersect four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics surveys.

FINANCING OF THE EARN-IN

In respect of the US$500,000 Earn-in spend Power Metal has to date sent cash payments for initial expenses of US$133,641 to Kalahari Key, leaving a balance of US$366,359 (approximately £278,000) remaining.

This balancing amount is fully funded and covered by Power Metal existing working capital comprising cash and listed investments which as at 13 November 2020 was approximately £1,734,000.

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.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – First Drill Hole at Molopo Farms Complex Identifies Possible Massive Sulphide Mineralisation

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide a drilling progress update on the Kalahari Key Mineral Exploration Pty Ltd Molopo Farms Complex Project, which is targeting prospective massive nickel sulphide and platinum-group metal mineralisation in Botswana.

OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT

Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing cash resources.

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“We are pleased to provide a drilling update for our first drill hole at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation. 

The drill hole has now reached a depth of 445m and is now approaching the start of the target zone and the upper edge of the geophysically  modelled conductive body at around 505m depth.

As this is the first hole on the project into unknown geology the drilling has been proceeding cautiously to maintain the 100% core recovery, but with the rig now expected to average around 30m/shift we expect the hole to reach the start of the conductive target within the next few days.

We look forward to providing further updates as the programme progresses.”

DRILLING HIGHLIGHTS:

  • Drill Hole 1 at the MFC Project has now attained a depth of 445m at end of shift on Tuesday 10th November. As the hole has deepened the drilling has been proceeding cautiously as it is the first hole of the project and the drilling team are getting accustomed to the ground conditions whilst continually achieving 100% core recovery.
  • Hole 1 is now approaching the start of the target zone and should reach the upper side of the modelled Target 1-14 conductor at a depth of  approximately 505m, within the next few days.
  • In addition to recovering core samples from the target zone for assay at an accredited laboratory, the drill hole will be used by a down-hole geophysical probe which will gather additional deep-seated data to supplement the surface derived Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysical modelling.
  • The downhole geophysics should enable the conductive target model to be refined and will help determine whether the drill hole could be extended or deviated to gather more data.

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.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Drilling Commences at Canada Silver Project

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce drilling has commenced at the Silver Peak silver project in British Columbia, Canada.

CHIEF EXECUTIVE OFFICER’S STATEMENT

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented

“I am extremely pleased to announce the commencement of drilling at the Silver Peak project enabling us to secure sample core for laboratory assay testing and complimenting the work undertaken to date including the summer channel sampling which produced bonanza silver grades and significant copper and lead grades.

As you will see below the original drilling plan had to be altered, and we have implemented a different approach using equipment appropriate to the new circumstances.  I thank our partners for their quick thinking adaptability that has enabled a revised drill programme to be implemented.

Given the significant results from the sampling programme we conducted recently we are obviously eager to see the assay results from this drilling programme.”

HIGHLIGHTS:

  • On 22 October 2020 Power Metal announced the signing of the drilling contract for an initial 500m confirmatory diamond core drill programme to test the Victoria Vein at the Silver Peak Project. The Project includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia.
  • On 30 October 2020 Power Metal announced that the drilling contractor had mobilised the drilling rig, bulldozer and ancillary equipment from northern British Columbia to the local town of Hope where the Silver Peak Project is based and then the planned movement of the drilling rig and support equipment from Hope up the valley, on the upgraded access, to the project and the first drilling pad.
  • The mobilisation was attempted but the area had experienced significant poor weather recently which caused a degradation in conditions at the project and limited access to the property.  Some of the impacts were dealt with, including the removal of fallen trees, however given the size of the rig and supporting equipment and the conditions encountered it was not considered safe to proceed with the original plan of moving the larger rig up onto the drilling pad.
  • Rather than not proceeding and delaying the drill programme entirely Power Metal’s local partners secured smaller man-portable drill equipment and this, together with associated support equipment has been installed at the Project and the team have now commenced drilling.
  • The portable core drill being utilised produces a 48mm core (of similar size to that originally intended from the larger rig) and will be used to test multiple targets initially focused on the top of the lower Victoria portal.
  • The local team are aiming to drill test at least twenty vein intersections in a 6 to 8-day programme dependent particularly on weather conditions in the Project area.
  • Hole depth is expected to be circa 6m (20 feet) as the smaller drill enables collaring to be undertaken close to the vein.
  • As such, the total drill programme is now aiming to complete approximately 120m of drilling rather that the proposed 500m of diamond core drilling as announced on 22 October 2020, with a significant consequent reduction in programme cost.
  • If successfully completed as outlined the drill programme will provide core from more locations across the property than the original programme would have provided.
  • The grade of each core sample will be tested using a handheld X-ray Fluorescence (“XRF”) unit to get an estimate of silver grades prior to assay testing at an accredited local laboratory.

 

FURTHER INFORMATION

Background

On 14 September 2020 the Company announced the exercise of an option agreement announced 17 August 2020 (the “Option Agreement”) in respect of the Silver Peak Project, gaining the right to earn-in to a 30% interest in the Project.

Prior to option exercise the Company undertook a due diligence exploration programme including sampling at the Project to gather further information and to assist the Company in its assessment of project prospectivity and potential.

The assay results from the due diligence channel sampling were reported on the 22 September 2020 and are set out in Table 1 below:

Table 1: Summary of assay results for samples taken during Power Metal Due Diligence sampling on Victoria Vein, Silver Peak Project

ALS Global Analytical Method

Ag-GRA22

Ag-CON01

Cu-OG46

Pb-OG46

Sample ID

Channel Sample Length

(m)

Ag

(ppm)

Ag

(ppm)#

Cu

(%)*

Pb

(%)*

SP20-001

0.50

>10,000

10,718

2.14

2.99

SP20-002

0.50

6,010

1.71

2.87

SP20-003

0.50

7,530

1.57

2.07

SP20-004

0.60

5,540

1.38

SP20-005

0.70

7,880

1.94

3.16

SP20-006

0.50

>10,000

14,937

3.05

11.95

SP20-007

0.80

5,330

1.26

SP20-008

0.55

1,595

1.78

SP20-009

0.45

4,110

SP20-010

0.65

1,755

1.71

SP20-011

N/A Grab sample

660

* Cu and Pb results rounded to two decimal places. 

# Two over limit silver samples were analysed >10,000 ppm Ag by method Ag-GRA22 were reanalysed using method Ag-CON01.

Project Overview

The Silver Peak Project consists of a portfolio of mineral claims (the “claims”) over a system of high grade, intrusion related, polymetallic Ag-Pb-Zn-Cu veins, part of the historical Eureka-Victoria Silver Mine, at Silver Peak in southern British Columbia, Canada.

Earlier Due Diligence Exploration Programme

The due diligence work programme previously conducted by Power Metal included various elements including channel sampling at close intervals perpendicular to the existing known high-grade veins and grab samples from a main target area between the lower elevations and the Victoria Adit.

The work also included enhancement of road accessibility to the exploration area, and the collation of detailed photographic and video evidence of the project area for cross referencing to existing project technical information.

A portable X-ray fluorescence analyser (“pXRF”) was utilised to provide in-field, geochemical analyses, in conjunction with confirmatory laboratory assay testing where appropriate.

The due diligence work programme cost totalled C$25,000 (£14,512) and the amount expended will be deducted from Power Metal’s 12 month Project exploration spend commitment of C$250,000.

 

 

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.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

 

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Seven Further License Applications Accepted at Australia Gold Joint Venture

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update from Red Rock Australasia Pty Ltd (“RRAL”), the Australian gold joint venture (“JV”) company in which POW has a 49.9% interest.  RRAL has gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria, Australia.

Key points

· RRAL has been notified that a further seven of its license applications have been accepted and have been given highest ranking, following the notification in respect of the first three applications received in early July.

· RRAL will now advertise the seven applications in newspapers with statewide and local circulation, and after a three-week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.

· Applications EL007282, EL007294, EL007301, EL007327, EL007328, EL007329, and EL007385 RRAL are those now being advertised.

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

“I am pleased to announce further progress from RRAL with regard to the license application progress and notably that a further 7 license applications have been formally accepted and given the highest ranking.

RRAL is making great progress in the application process and is investing now in building its technical and managerial team, local to Ballarat, in readiness for an investment in field exploration work when licenses are granted allowing ground operations to commence in earnest.

The greatest return on exploration spend is through effective preparation and RRAL has built a considerable data bank allowing increasingly refined exploration planning with a focus on utilising local team members to undertake exploration programmes.

FURTHER JOINT VENTURE INFORMATION:

Joint Venture Company – RRAL

RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.

RRAL has lodged applications for thirteen new gold exploration licence areas covering circa 2,336 km2 in the Victoria Goldfields of Australia as follows:

Licence Application Number

Project Name

Report Name

(See reports link below)

Area (km2)

EL007271

Blue Whale

South Ballarat

133

EL007281

Blue Chip

Ross Creek

74

EL007282

Blue Sky

Dunnstown – Yandoit

489

EL007285

Blue Ribbon

Ballarat North

8

EL007294

Red Queen

Talbot

130

EL007301

Mt Bute

Pitfield

85

EL007327

Blue Stocking

Dereel

60

EL007328

Blue Yonder

Elaine

168

EL007329

Evergreen

Kilmore

486

EL007330

Blue Angel

Daylesford

202

EL007385

Sardinia

  4

EL007460

Kilmore West

Lancefield

349

EL007540

(3 competing applications)(*)

Outer Ballarat

148

State land within EL007271

 

EL007505

EL007506

EL007507

(9)

(9)

(8)

Total

2,336

* 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.

Further information in respect of the Australia gold JV, including historical reports and targeting assessments prepared for each project, may be viewed through the following link to the Power Metal website: https://www.powermetalresources.com/s/52/australia

In addition, an online map of the current application footprint may be viewed through the following link: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint

The recently finalised National Instrument 43-101 Technical Report covering eight of the above licence applications (collectively the BMV Gold Project) may be viewed through the following link:https://www.powermetalresources.com/p/222/bmv-gold-project-ni-43-101  

 

CONTACT INFORMATION

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – Australia Gold Joint Venture Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update from Red Rock Australasia Pty Ltd (“RRAL”), the Australian gold joint venture (“JV”) company in which POW has a 49.9% interest.

Key points

· RRAL has applied for an additional license application comprising 148 sq km of ground (EL007540) that forms a close-fitting inner ring around the Ballarat mine and which became available on Monday.

· The new license application covers ground surrounded on all sides by RRAL’s existing licence applications.

· Three other parties have also applied for licenses covering the ground demonstrating the strategic significance of this area (*).

· In total RRAL now has c 2,336 sq km of ground under license applications in the Victoria Gold Fields.

· RRAL has received several approaches from third parties to acquire interests in, joint venture or earn-in to the RRAL license package, in whole or part.  Alongside the intention to list some or all of RRAL on a North American stock exchange RRAL is working with potential partners to assess external proposals.

· RRAL continues work on equipping and staffing its headquarters office in Ballarat, and on technical planning for anticipated exploration and drilling programmes.  In addition, RRAL is planning to appoint an experienced Chief Executive Officer dedicated to the development of the business in the near future.

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

“The work continues at pace with the developing Australia gold JV and whilst awaiting license grants to come through RRAL have completed project technical reports across the land package and finalised a NI 43-101 technical report across 8 projects.

We have also moved to equip and staff RRAL headquarters in Ballarat and to further advance our technical planning for proactive exploration.  That preparatory work will continue to position RRAL for early commencement of field exploration upon license grants.

There is an intense level of activity around RRAL demonstrating a commitment to building a rapidly growing Australian gold company focused on the Victoria Gold Fields.”

* 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.

FURTHER JOINT VENTURE INFORMATION:

Joint Venture Company – RRAL

RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.

RRAL has lodged applications for thirteen new gold exploration licence areas covering circa 2,336 km2 in the Victoria Goldfields of Australia as follows:

Licence Application NumberProject NameReport Name(See reports link below)Area (km2)
EL007271Blue WhaleSouth Ballarat133
EL007281Blue ChipRoss Creek74
EL007282Blue SkyDunnstown – Yandoit489
EL007285Blue RibbonBallarat North8
EL007294Red QueenTalbot130
EL007301Mt ButePitfield85
EL007327Blue StockingDereel60
EL007328Blue YonderElaine168
EL007329EvergreenKilmore486
EL007330Blue AngelDaylesford202
EL007385Sardinia   4
EL007460Kilmore WestLancefield349
EL007540(3 competing applications)(*) Outer Ballarat 148
State land within EL007271 EL007505EL007506EL007507     (9)(9)(8)
    
Total  2,336

* 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.

Further information in respect of the Australia gold JV, including historical reports and targeting assessments prepared for each project, may be viewed through the following link to the Power Metal website: https://www.powermetalresources.com/s/52/australia

In addition, an online map of the current application footprint may be viewed through the following link: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint

The recently finalised National Instrument 43-101 Technical Report covering eight of the above licence applications (collectively the BMV Gold Project) may be viewed through the following link:https://www.powermetalresources.com/p/222/bmv-gold-project-ni-43-101   

CONTACT INFORMATION

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – CEO Paul Johnson buys a further 900,000 shares on market

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company was notified that today Paul Johnson, Chief Executive Officer of the Company, purchased on market  900,000 ordinary shares of 0.1 pence each in the Company (“Ordinary Shares”) at a price of 2.02p per Ordinary Share through his Self-Invested Personal Pension (“SIPP”) (£18,180 invested in this dealing and a total of £29,810 invested today with the 600,000 Ordinary Shares purchased earlier today as previously announced).  

Following the above purchase Mr Johnson has a beneficial interest in a total of 60,500,000 Ordinary Shares, representing approximately 7.23% of the issued share capital of the Company.

PDMR Disclosure

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

1  Details of the person discharging managerial responsibilities / person closely associated  
a)  Name    1.  Paul Johnson   
2  Reason for the notification  
a)  Position/status    1.  Chief Executive Officer 
b)  Initial notification /Amendment    Initial Notification 
3  Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor  
a)  Name    Power Metal Resources Plc  
b)  LEI     213800VNXOUPHTX53686
4  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted   
a)  Description of the financial instrument, type of instrument ordinary shares of 0.1p each
Identification code ISIN: GB00BYWJZ743
b)  Nature of the transaction    1.  Purchase of shares 
c)  Price(s) and volume(s) 
Price(s)Volume(s)
2.02 pence  900,000 
d)  Aggregated information 
– Aggregated volume900,000  
– Price2.02 pence
e)  Date of the transaction   30 October 2020
f)  Place of the transaction   XLON

**Ends**

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Power Metal Resources #POW – CEO Paul Johnson buys a further 600,000 shares on market

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company was notified that today Paul Johnson, Chief Executive Officer of the Company, purchased on market 600,000 ordinary shares of 0.1 pence each in the Company (“Ordinary Shares”) at an average price of 1.938p per Ordinary Share through his Self-Invested Personal Pension (“SIPP”)(£11,630 invested).  

Following the above purchase Mr Johnson has a beneficial interest in a total of 59,600,000 Ordinary Shares, representing approximately 7.12% of the issued share capital of the Company.

PDMR Disclosure

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

1  Details of the person discharging managerial responsibilities / person closely associated  
a)  Name    1.  Paul Johnson   
2  Reason for the notification  
a)  Position/status    1.  Chief Executive Officer 
b)  Initial notification /Amendment    Initial Notification 
3  Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor  
a)  Name    Power Metal Resources Plc  
b)  LEI     213800VNXOUPHTX53686
4  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted   
a)  Description of the financial instrument, type of instrument ordinary shares of 0.1p each
Identification code ISIN: GB00BYWJZ743
b)  Nature of the transaction    1.  Purchase of shares 
c)  Price(s) and volume(s) 
Price(s)Volume(s)
1.93 pence  350,000 
1.95 pence250,000
d)  Aggregated information 
– Aggregated volume600,000  
– Price1.938 pence
e)  Date of the transaction   30 October 2020
f)  Place of the transaction   XLON

**Ends**

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

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