Home » Posts tagged 'power metal reources'

Tag Archives: power metal reources

Power Metal Resources #POW – Ditau Camp Project Botswana – Drilling Update

 

Ditau Camp Project Botswana – Drilling Update 

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 the Ditau Camp project (the “Project”) in Botswana.

The Project is held by Botswana based Kanye Resources Pty Limited (“Kanye”), which is a 50/50 joint-venture partnership with Kavango Resources plc (LSE:KAV) (“Kavango”) – who are the operators. 

Kavango confirm the completion of the first diamond drill hole at the Ditau Camp Project, Botswana, hole DITDD003 (the “Borehole”). 

The hole was completed to a total depth of 300.14m, which the Company’s technical team believes has tested the geophysical target at this specific location. 

The Borehole intersected units including a breccia of 20.44m from 83.9m, and a dolomitic carbonate rock from 154.89m. This latter may contain stromatolitic features. 

Kavango’s technical team is now assessing the provenance of the breccia unit, which it believes may represent either a weathered carbonatitic ash flow or a weathered Dwyka tillite.

 In addition, a 7.16m intrusive, considered to be a dolerite, was intersected from 247.73m. 

While the provenance of the breccia unit is uncertain Kavango has performed some initial portable X-Ray Fluorescence (“pXRF”) readings on the matrix and larger clasts, with a view to comparing these with both carbonatitic ash flow and also unweathered Dwyka tillite. The latter has been drilled in recent Kavango diamond drillholes in the region and will be used for these pXRF checks. 

Subsequent to this the cores from DITDD003 will be cut and sent to an accredited laboratory for whole rock analysis with petrological work also carried out on selected samples. 

Hole DITDD003 is one of six planned boreholes in the current programme. The drill rig is currently being moved to the pad for the next hole in the campaign, DITDD004. 

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.

Power Metal Resources #POW – Tati Project Prospecting Licence 049/2022 Successfully Granted Covering Major Gold Anomalies

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolioannounces a further update from the Company’s 100% owned Tati Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, following the release of the 2021 drilling results announced on 4 April 2022:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-results/15396365

Highlights:

–      Prospecting Licence (“PL”) PL049/2022, covering the historical Cherished Hope Gold Mine as well as a large gold-in-soil anomaly coincident with a prominent northeast-southwest oriented regional structure has been granted.

–      The 16.14 km2 licence is held in the name of Tati Greenstone Resources Pty Ltd, which is a 100% owned, Botswana-based, subsidiary of Power Metal.

–      The Company’s land position within the exciting Tati Greenstone Belt (“TGB”) has now been enhanced materially, and highly prospective grounds with strong historical gold results are 100% owned by Power Metal.

–      The Company is undergoing an in-depth review of all historical results covering the newly granted PL, and will update the market in due course with next exploration steps.

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

The grant of this additional prospecting licence is a significant achievement for the Tati Project, covering a number of major gold anomalies identified by our team during a in-depth desktop analysis completed following the receipt of our 2021 drilling programme assay results.

With this new PL now granted, our upsized exploration footprint covers multiple targets across a highly prospective area for gold mineralisation, and we are accelerating exploration efforts to test the new Au-in-soil anomalies secured.

For readers wishing to learn more of the gold prospectivity at Tati, the maps immediately following this comment provide a clear picture.”

Figures:

Maps highlighting the newly granted licence can be found below at the following link:

Tati 049/2022 Licence Grant Map – Power Metal Resources plc (LON: POW)

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 – 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 and assay results from on-site work programme.

Athabasca Uranium

Canada

100%

Data compilation across uranium properties

Interpretation results from all Properties complete. Next steps upcoming.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Technical Review of exploration results & define next exploration steps.

Ditau Project

Botswana

50%

Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements.

Field updates and receipt & review of laboratory assay results.

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%

Review of recent exploration findings.

Determine next exploration steps and action plan.

Haneti Project

Tanzania

35%

Diamond drill programme completed

Receipt & review of laboratory assay results.

Victoria Goldfields

Australia

49.9%

Diamond drill programme underway

 

Field updates and receipt & review of laboratory assay results.

Paterson Projects

Australia

83.33%

Wallal passive seismic and 2D seismic processing work programme completed.

Review of historical data and target generation for Ripon Hills & Braeside West projects.

 

 

Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling.

Selta Project

Australia

83.33%

Field reconnaissance work now underway, including mapping and sampling.

Field updates.

 

Power Metal Resources #POW – Insider Warrant Extension

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

Extension of Insider Warrants

As 17 March 2022 the following Insider Warrants remained outstanding:

Warrant Holder

Number of Warrants

Exercise Price

Paul Johnson

6,250,000

0.7p

Ed Shaw

5,000,000

0.7p

 

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

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

North America:

–  Progression of the First Class Metals plc and Golden Metal Resources plc listing processes, and administrative matters related thereto.

 

–  Commercialisation activities in respect of the Silver Peak project in British Columbia, Canada.

 

–  Technical data compilation review across five of the Company’s seven uranium exploration projects surrounding the Athabasca Basin, Saskatchewan, Canada, and commercialisation activities in respect of the Athabasca uranium portfolio.

 

–  Technical review of the Authier North Lithium project, including additional information following publication of an updated Mineral Resource by neighbour Sayona Mining1

Africa:

–  Matters in relation to the Kavango Resources plc option to acquire Kalahari Key Mineral Exploration Pty Limited and become a Molopo Farms Complex (“MFC”) project partner with Power Metal (expiry 18.3.22) and development of next stage exploration plans for the MFC project.

 

–  For the Tati Project in Botswana targeting gold/nickel, receipt and technical review of assay results from the completed reverse circulation programme, potential additional assay testing and various commercial matters relating to the Tati Project.

 

–  Preparations in Botswana for upcoming drill programmes at the Ditau Camp Project targeting rare earth elements and the Kalahari Copper Belt Project targeting copper/silver mineralisation.

 

–  For the Haneti Project in Tanzania, receipt and technical review of assay results following the completed diamond drill programme.

 

Australia:

–  For the Victoria Goldfield’s project in Victoria, Australia, exploration field updates and the receipt and review of assay results from a diamond drill programme. Also, progression of the listing process for the project holding company, New Ballarat Gold Corporation plc, and administrative matters related thereto.

 

–  Findings from the field reconnaissance site visits currently underway for the Wallal Project in Western Australia and Selta Project in the Northern Territory.  In addition, findings from in-depth desktop reviews of the Ripon Hills and Braeside West projects in Western Australia. Also, progression of the listing process for the projects holding company, First Development Resources Limited, and administrative matters related thereto.

 

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

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

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

Reflecting the above the Company has extended the Insider Warrants expiry date by three months to a new expiry date of 17 June 2022.

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.