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Power Metal Resources #POW – Golden Metal Resources – Exploration Update

 

 

pow golden

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a exploration update in respect of its wholly-owned subsidiary Golden Metal Resources Limited (“Golden Metal”), focused on Nevada, USA and which is currently seeking an independent listing on the London markets.

LATEST EXPLORATION HIGHLIGHTS:

Project

Technical Findings

Pilot Mountain

–  Multiple untested chargeability and gravity highs identified east & southeast of main Desert Scheelite tungsten deposit.

–  Underexplored copper rich zones identified near eastern most extent of historic drilling at Desert Scheelite and Good Hope deposits.

–  Several tier 1 and tier 2 exploration targets located primarily between the four main deposit areas with potential to substantially increase the existing resource.

Golconda Summit

–  Hydrothermal fluids believed to have caused remobilisation of significant gold mineralisation (including 7.6m at 24.0g/t gold & 15.2m at  8.6g/t gold – in historical trenches) into the Havallah Sequence (upper Golconda Thrust plate) rocks from the underlying thrust plate units.1

–  Significant potential exists for further gold mineralisation within the Antler/Edna Peak Mountain limestones (lower Golconda Thrust plate strata), which are virtually untested by historical drilling.

Garfield

–  Historic rock sampling of surface gossans highlighted up to 6% copper, 3.5g/t gold and 124 g/t silver.2

–  Remote sensing studies including Advanced Spaceborne Thermal Emission and Reflection Radiometer and European Space Agency Sentinel-2 datasets highlighted considerable additional prospective ground (now staked).

Stonewall

–  Highly experienced epithermal gold deposit geologist commissioned to undertake a comprehensive historic data analysis at the Stonewall Project.

–  Favourable structural zones for potential epithermal gold mineralisation  identified near eastern and western end of exposed Stonewall vein, representing compelling high-priority exploration targets going forward.

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

“It is abundantly clear from our exploration work to date that the Golden Metal project portfolio hosts several underexplored, highly prospective, gold, tungsten, copper and silver exploration targets. 

We believe that the Pilot Mountain project holds the potential to substantially increase the existing JORC (2012) compliant Resource and also the potential to expand on the multiple copper-rich zones identified by limited historical drilling to the east of Desert Scheelite and Good Hope.

Golconda Summit, positioned in a neighbourhood of dramatic scale Carlin-type gold deposits, has the potential for another major gold discovery within the underexplored Golconda Thrust lower plate strata on the Project; evidenced by the considerable gold mineralisation found historically within the thrust’s upper plate rocks on the Golconda Summit Project – which are not typically known as good hosts for Carlin-type gold mineralisation across Northern Nevada . As a result, our main goals are to test the favourable lower thrust plate rocks on the Golconda Summit Project as soon as possible.

Whilst our focus justifiably will be on Pilot Mountain and Golconda Summit, we are also seeing extremely strong findings from our work at the Garfield and Stonewall projects.  There is clearly also great value in both projects and we will ensure sufficient work is undertaken expeditiously to better understand the potential offered by each.

Power Metal is preparing for the listing of Golden Metal Resources in London, and corporate work in this regard is progressing at pace.  A further corporate update will follow in due course.”

DETAILED PROJECT SPECIFIC UPDATES

Key

Gold “Au”, Silver “Ag”, Tungsten “WO3“, Zinc “Zn”, Copper “Cu”

Pilot Mountain

The Pilot Mountain tungsten-copper-silver-zinc Project (“Pilot Mountain”) is 100% owned by Golden Metal. The details of the transaction can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/strategic-option-agreement-pilot-mountain-nevada/15117136

Pilot Mountain represents a strategic asset for Golden Metal as it hosts a robust JORC (2012) compliant Mineral Resource of 12.53Mt at 0.27% W03 with significant Cu-Ag-Zn credits3. Tungsten was added to the 2020 United States Geological Survey (“USGS”) Critical Minerals List – a list of 50 non-fuel mineral or mineral materials deemed essential to the economic or national security of the USA; there is currently no known domestic production of tungsten within the USA.4

On the back of surging global energy and transportation costs, the price of tungsten has risen >40% in the past year, from ~US $22,000/t to over US$31,000/t.5

Since acquiring Pilot Mountain, Golden Metal has hosted several technical planning meetings in order to determine the exploration direction for the asset post-listing. Golden Metal’s exploration strategy going forward can be summarised into three main focus areas which include:

1)  Targeting underexplored blue-sky exploration opportunities across the Pilot Mountain Project – including multiple untested chargeability and gravity highs identified during a 2013 induced polarisation (“IP”) and gravity survey; the untested geophysical anomalies are located east and southeast of the Desert Scheelite Deposit. The 2013 geophysical report highlighted a ‘strong IP conductor much larger than the known mineralisation’, and noted that the IP conductor identified ‘indicated mineralisation is likely to extend further to both the east and north’ of the Desert Scheelite Deposit.6 Additional geophysical surveys will also be undertaken, which may include airborne magnetics, as well as ground-based IP and gravity surveys focusing on the area east and southeast of the survey conducted in 2013, as well as the ~1500m zone between the Desert Scheelite and Good Hope deposits where the Company believes there to be considerable exploration upside.

2)  Targeting copper rich zones originally identified during the 2012 and 2017 drilling campaigns. This is highlighted by the most easterly hole drilled during the 2012 drill programme which intersected exceptionally strong mineralisation of 13.9m averaging 0.89% W03, and 1.75% Cu at only 130m true vertical depth. Similarly, drilling at Good Hope in 2017 returned 26.6m averaging 0.21% WO3, 1.0% Cu, and 1.2% Zn starting at only 0.8m downhole.7 As previously mentioned, Good Hope is located ~1,500m north of Desert Scheelite and the high-grade copper intercepts encountered at both deposits may represent the transition to a more copper rich zone towards the east, an area that was largely untested by any previous operators.

3)  Targeting several tier 1 and tier 2 exploration targets located primarily between the four main deposit areas (Desert Scheelite, Garnet, Gunmetal, and Good Hope), which have been generally overlooked because of thin post-mineral volcanic and sedimentary cover obscuring any outcropping mineralisation within this area. A previous operator highlighted the potential to increase the size of the Pilot Mountain JORC (2012) compliant Resource substantially by drilling these various exploration targets (many of which have historic tungsten rich drill intercepts). The Company will prioritise the highest ranked targets for drilling, with the aim of significantly de-risking the asset by building out and upgrading the existing Resource.

Golconda Summit

Golden Metal has the option to earn 100% of the Golconda Summit Carlin-type gold Project which is located 15km east of Winnemucca, NV, at the confluence of the prolific Battle Mountain-Eureka and Getchell trends.  The details of the transaction can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/agreement-golconda-gold-property-nevada-usa/14998042

The Project is underlain by a thrust faulted Palaeozoic sedimentary package which has been transported eastward to its present day location along the major Golconda Thrust fault. The preserved stratigraphic section includes the Antler Peak Limestone, Edna Mountain Formation and the Preble Formation (collectively “lower thrust plate rocks”), which are structurally capped by the Havallah Sequence (“upper thrust plate rocks”). Previous work has been primarily focused on surface anomalies within the overlying upper plate rocks, which are not a known host of Carlin-type mineralisation within Nevada; despite this, previous work by Nerco Mineral Company in 1989 encountered significant gold mineralisation within upper thrust plate rocks including trench results of 7.6m @ 24.0g/t Au and 15.2m @ 8.6g/t Au, as well as shallow drilling results of 10.7m @ 3.9g/t Au.1

These exceptional results were believed to be caused by hydrothermal fluids remobilising gold mineralisation from favourable lower thrust plate strata along sub-vertical fault structures, and depositing it in the upper plate rocks found at surface today. This hints at the significant potential that exists within the virtually untested lower plate rocks found across the Project, directly below the Havallah Sequence. Most of the previous exploration at Golconda consisted of shallow, vertical drill holes which were terminated short of the more favourable lower plate host rocks. Only two holes penetrated through the Golconda Thrust fault testing only a short section of the upper Edna Mountain Formation.

The Antler Peak Limestone and its stratigraphic equivalents are known host rocks for both Carlin-type (Chimney Creek Mine) and replacement-skarn deposits (Fortitude and Phoenix Mines), the Edna Mountain Formation is known host rock for the nearby Lone Tree Mine, and the Preble Formation is host to the nearby Preble Mine, located less than 10km from the Project.

Since acquiring the asset, Power Metal has successfully obtained trenching permits from the United States Bureau of Land Management (“BLM”). Additionally, the Company has employed various geological consultants to review the historic data files and provide comment. The work completed has resulted in many important highlights about the project which will factor heavily into the decisions towards future work programmes including:

1)  Trenching targeting the exceptional historical results obtained within the Havallah Sequence rocks. To date, the location of the permitted trenches has been marked by stakes, allowing the Company to carry out when ready, regardless of snow cover at the time. A highly regarded Nevada based full-service geological consulting company (“Nevada Co”) has been selected to carry out this work, as well as various other work programmes across the portfolio.

2)  A proposal has also been received by Nevada Co to carry out a high-density soil sampling survey across the property, including 75m x 75m spaced samples for a total of 546 samples. A comprehensive soil sampling survey has never been completed across the Golconda Summit Project, and the results will aid Golden Metal with structural and alteration mapping within the upper plate rocks, with the main goal of identifying structural zones and sub-vertical faults which may be acting as feeder structures from the more favourable lower plate strata.

3)  Various ground-based geophysical surveys are also being contemplated, as no known modern geophysical surveys have ever been carried out on the Golconda Summit Project. The goal of the geophysical programmes will be to help map the various favourable host units contacts at depth.

4)  All preparatory surveys are being completed in order to better refine drill targets for the planned 2022 deep drilling campaign. This drilling campaign is planned to be the first ever to target the various favourable lower plate rocks on the Goldconda Summit Project, which are known hosts for many nearby past producing, and currently operational gold mines.

Garfield

The Garfield copper-silver-gold Project (“Garfield”) is 100% owned by Golden Metal. The details of the transaction can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/acquisition-of-gold-copper-projects-nevada-usa/15020989

Garfield was originally staked to cover a small area of gossan occurring at surface and discovered in 2015. Initial sampling over the gossan returned rock results up to 6% Cu, 3.5g/t Au, and 124g/t Ag. A single 26m trench was oriented over part of the gossan in 2016 and returned an interval of 22m of 0.33% copper, including a 2m sub-interval grading 2.18% copper (16m-18m), and a separate 2m sub-interval grading 1.2g/t Au.2 The trench ended in mineralisation and remains open along strike. No additional follow up work had been completed on the Project.

Since acquiring the asset the Company undertook a Remote Sensing study including the analysis of Advanced Spaceborne Thermal Emission and Reflection Radiometer (“ASTER”) and European Space Agency Sentinel-2 datasets. Positive results generated by the programme led to the staking of additional claims. The details of the work programme are highlighted at the link below:

https://www.londonstockexchange.com/news-article/POW/new-copper-anomalies-identified-garfield-nevada/15175582

Following the successful results generated, the Company has undertaken a thorough review of all historic data available. As a result of the analysis completed, Golden Metal has developed a exploration strategy for the  Garfield going forward following the planned listing in London which will include:

1)  Nevada Co provided Golden Metal with a proposal for a geochemical soil survey consisting of 802 total samples collected at 200m x 200m spacing. This work programme has been scheduled for late Q1, which coincides with the targeted IPO date of Golden Metal. Several other high-priority copper anomalies identified by the Remote Sensing Study will be the target of this geochemical survey – along with multiple other historic mines and copper occurrences identified in various USGS datasets.

2)  Various geophysical surveys are also being contemplated, as no known modern geophysics has been completed near to, or over Garfield. Geophysics, in conjunction with the planned geochemical surveys will allow the Company to position Garfield as a more regional type skarn-style exploration play with vastly increased discovery potential.

Stonewall

The Stonewall gold-silver Project (“Stonewall”) is 100% owned by Golden Metal. The details of the transaction can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/acquisition-of-gold-copper-projects-nevada-usa/15020989

The focus of the Stonewall gold-silver Project is a >1.2km long Au/Ag-bearing low sulphidation epithermal vein & stockwork system on the northern side of Stonewall Mountain within the prolific Walker Lane Mineral Belt. IMC Minerals, the most recent project operator who undertook drilling at Stonewall, targeted less than 400m of the exposed more than 1,200m of strike length along the Stonewall vein. Drill pads were chosen within this limited section primarily because of accessibility of flat ground where drill pads could be excavated in a time efficient manner.

Golden Metal recently contracted experienced epithermal gold deposit geologist to undertake a comprehensive historical data analysis on Stonewall, with the goal of helping direct future exploration initiatives on the Project post listing. The recent report commissioned, concluded that the structurally complex “horsetailed” segments at the eastern end of the vein are probably dilational sites which are favourable hosts for epithermal Au-Ag mineralisation.

Additionally, he determined that the carbonate-rich northwest trending veins at the western end of the vein system have not been unroofed, representing a compelling underexplored exploration target. He concluded that there remains significant potential for locating ore shoots of bonanza grade Au-Ag at Stonewall . Based on the  analysis completed by Golden Metal at Stonewall to date, the Company’s exploration plans going forward will include:

1)  Detailed geological mapping and surface sampling/chip sampling will be undertaken over several of the prospective areas detailed in the report, including the eastern “horsetailing” zone and western vein-stockwork zone – both of which were underexplored by previous operators. Petrographic work may also be carried out on collected samples to confirm the presence of adularia and sulphide/sulphosalts minerals, which are general indicators of epithermal boiling zones.

2)  All preparatory work will be completed in order to refine drill targets for a planned deep drilling campaign at Stonewall. Contingent on geological mapping and surface sampling/chip sampling results, the drilling will focus on the underexplored eastern and western portions of the Stonewall vein. Planned holes will designed to test to a true vertical depth of at least 150-250 meters, representing a depth where the postulated Au-Ag rich boiling zone may be found.

Conclusion

In conclusion, Golden Metal has several exciting exploration initiatives that are being planned across the portfolio. Whilst the listing process is ongoing, additional preparatory and desktop analyses are planned in order to give the company the best chance of success post listing. Significant exploration news flow, including planned drilling programmes at Pilot Mountain and Golconda, as well as high-impact grassroots geochemical and geophysics programmes at Stonewall and Garfield, could act a catalysts for the company post completion of its planned initial public offering.

 

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

Power MetPOW Alamoal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an exploration update for the Alamo Gold Project (the “Project”), located in west-central Arizona, USA.  

Power Metal has the right to earn-in up to a 75% interest in the Project and full earn-in details were published in the Company’s announcement on 22 July 2020.

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

“The Alamo Gold Project has a history of gold nugget discoveries, and coarse gold palaeoplacer mineralisation is what we are targeting in this next phase of work.

With the necessary exploration permits now in place the much-anticipated test pitting programme at Alamo is finally commencing. This work is fully-funded, having been paid for by Power Metal in advance as part of the year 1 earn-in requirements ending July 2021.

We are pleased to have our project partners carrying out the work, and we will look forward to updates from the field and the receipt of results as the programme progresses.”

PROGRAMME HIGHLIGHTS:

–   The 2021 test pitting programme on the Alamo Project has now commenced with the geological team, excavator, metal detectorist, and various geological support staff on site as of Monday, 22 November 2021.

–     Permits allowing for the excavation of up to 6 test pits (3 at Breccia Hill and 3 at Big Boulder Wash), as well as 5 percussion drill holes have been received from the United States Bureau of Land Management (“BLM”). The bond for the proposed work programme has been lodged with the BLM allowing the outlined work to be undertaken on the Project.

–     The US$40,000 deposit for this phase of work was prepaid by Power Metal in June 2021, bringing the total spend for the year to July 2021 over the US$100,000 minimum as outlined in the earn-in agreement signed with Frisco Gold Corp (“Frisco Gold”).

–     The focus of this work programme will be the Big Boulder Wash and Breccia Hill Zones, and will include:

Up to 3 test pits will be excavated at Big Boulder Wash where previous work has identified basal conglomerates that are highly prospective for hosting palaeoplacer coarse gold deposits within the district.1,2 The excavated test pits will be investigated by the on-site metal detectorist and geologists, with the aim of identifying coarse nuggety gold at the exposed geological contact zone.

Up to 3 test pits will be excavated at Breccia Hill – a domed shape hill which was originally identified by a bulk leach extractable gold (“BLEG”) geochemical survey. Previous work at Breccia Hill identified extensive hydrothermal alteration, as well as quartz stockwork veining and sulphide mineralisation, within multiple breccia units mapped within the property. Following excavation, each pit will be mapped and sampled in detail by the geologist and metal detectorist.

Contingent on results from this test pitting programme, which will include visual inspection of test pits for coarse gold mineralisation as well as laboratory assay of any rock samples of interest, a decision will be made on whether to follow up with a proposed second phase of work, which will include percussion drilling.

THE PROJECT

The Alamo gold project is a package of mining claims covering an area of approximately 946 acres situated in west-central Arizona, USA. The Project was originally identified as prospective for gold following the discovery of native gold 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 nearby active and historic mines that have produced silver, lead, gold, zinc and copper.

Basal conglomerates: a conglomerate is a clastic sedimentary rock that is composed of a substantial fraction of rounded to subangular gravel-size clasts. A basal conglomerate forms the bottom stratigraphic unit of a sedimentary series and that rests on a surface of erosion (the basal contact), thereby marking an unconformity.  In rare cases the basal conglomerate can also host a palaeoplacer deposit (see below).

Palaeoplacer deposits:  consist of accumulations of valuable minerals, in this case gold, formed by gravity separation due to differing particle densities in a sedimentary environment (with the resultant deposits referred to as ‘placers’).  The ‘palaeo’ prefix denotes that those placer deposits have become cemented or lithified post deposition.

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 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.

Power Metal Resources #POW – Canadian Silver Peak Diamond Drill Programme Delivers 10 holes With Bonanza Silver Grades, Including Highlight Intercept of 0.76m of 8,692.2g/t Ag (279.5 oz/t) from DDH21-2

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces results from its recently completed 2021 diamond drilling exploration programme on the Silver Peak Project (“Silver Peak” or the “Project”) located in British Columbia, Canada.

Programme Highlights:

· A total of 19 short cored drill holes were completed as part of the Phase I programme and all drill core was logged, catalogued and split by independent geological consultants prior to being sent to ALS Canada Ltd in Vancouver, British Columbia, for accredited laboratory assay analysis.  The holes were undertaken utilising either Shaw or Hilti portable drills producing 34mm diameter core samples. 

· 10 out of the 19 holes drilled drilled returned bonanza grade silver (>1,000g/t Ag) with significant copper, zinc, lead and antimony credits, and 14 of the 19 holes returned elevated silver mineralisation.

· Highlight intercepts include (complete collar and assay tables available at the bottom of this release):

0.9m of 3,998.2g/t Ag (128.6 oz/t) from DDH21-1 (including 0.3m of 10,648.5g/t Ag)

0.76m of 8,692.2g/t Ag (279.5 oz/t) from DDH21-2 (including 0.35m of 12,373g/t Ag)

1.75m 2,669.3g/t Ag (85.8 oz/t) from DDH21-7 (including 0.25m of 17,015.5g/t Ag)

1.52m of 2,808.2g/t Ag (90.3 oz/t) from DDH21-8

2.44m of 1,060.0g/t Ag (34.1 oz/t) from DDH21-12 (including 1.53m of 1,644.8g/t Ag)

2.43m of 1,631.5g/t Ag (52.5 oz/t) from DDH21-13

2.59m of 1,437.6g/t Ag (46.2 oz/t) from DDH21-15

· The results represent some of the best silver results (grade and width) achieved from the Silver Peak Project to date.

· The bifurcating (splitting) nature of the vein system originally observed above the lower Victoria Portal was also observed in the 2021 drilling area, providing important structural information which will be critical for the planning of future drill programmes.

· Additional interpretation of results underway, including overlimit analysis of select elements which is being contemplated. Overlimit analysis is undertaken where the sample grade exceeded the detection limits for the assay test procedures implemented, which occurred for copper, lead, zinc and antimony in certain of the samples reported in this announcement. 

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

“The Phase I drill programme, was designed to test for frequency and extent of the high-grade silver mineralisation encountered in 2020, and has been a great success.

Our original decision to invest in the Silver Peak Project has been fully validated by each stage of exploration work and the bonanza silver grades, including a highlight intercept of 0.76m of 8,692.2g/t Ag, confirmed today represent the biggest step forward for the Project to date.

We now move to review the findings in further detail to determine next steps from both exploration and corporate perspectives.”  

Programme Data:

Silver Peak 2021 Drill Programme Assay Table

Hole ID

From (m)

To (m)

Interval (m)

Ag (g/t)

Ag (oz/t)

DDH21-1

0

0.9

0.9

3,998.2

128.6

Incl.

0

0.3

0.3

10,648.5

342.4

DDH21-2

0

0.76

0.76

8,692.2

279.5

Incl.

0

0.35

0.35

1,2373

397.8

DDH21-3

0

0.55

0.55

2,724.6

87.6

Incl.

0

0.15

0.15

9,470.0

304.5

DDH21-4

0

0.46

0.46

3,522.3

113.3

Incl.

0

0.2

0.2

7710.0

247.9

DDH21-5

0

0.38

0.38

1,199.4

38.6

Incl.

0

0.15

0.15

2,810.0

90.4

DDH21-6

0

0.84

0.84

78.9

2.5

DDH21-7

0

1.75

1.75

2,669.3

85.8

Incl.

1

1.25

0.25

17,015.5

547.1

DDH21-8

0

1.52

1.52

2,808.2

90.3

DDH21-9

No Significant Values

DDH21-10

No Significant Values

DDH21-11

No Significant Values

DDH21-12

4.26

6.7

2.44

1,060.0

34.1

Incl.

4.87

6.4

1.53

1,644.8

52.9

DDH21-13

3.66

6.09

2.43

1,631.5

52.5

Incl.

4.11

4.42

0.31

7,620.0

245.0

DDH21-14

No Significant Values

DDH21-15

6.55

9.14

2.59

1,437.6

46.2

DDH21-16

0.6

3.66

3.06

39.4

1.3

DDH21-17

No Significant Values

DDH21-18

2.59

3.35

0.76

280.9

9.0

Incl.

2.59

2.89

0.3

614.0

19.7

DDH21-19

3.2

3.43

0.23

276.0

8.9

Silver Peak 2021 Drill Programme Collar Table

Drill hole ID

Dip

Azimuth

Hole Depth (m)

Northing*

Easting*

DDH21-01

-85°

325°

2.95

5462567.8

611652.1

DDH21-02

-80°

285°

2.44

5462567.0

611652.0

DDH21-03

-63°

285°

2.13

5462567.5

611653.0

DDH21-04

+4°

50°

2.13

5462567.5

611654.0

DDH21-05

-22°

25°

1.07

5462567.8

611654.5

DDH21-06

-39°

310°

1.98

5462568.0

611655.0

DDH21-07

-88°

260°

2.90

5462568.0

611655.0

DDH21-08

-48°

275°

1.52

5462566.0

611649.0

DDH21-09

-82°

70°

5.49

5462565.0

611648.0

DDH21-10

-55°

108°

4.11

5462566.0

611649.0

DDH21-11

-53°

180°

0.91

5462564.0

611656.0

DDH21-12

-65°

120°

3.66

5462565.0

611647.5

DDH21-13

-50°

100°

7.16

5462565.0

611647.5

DDH21-14

-50°

105°

3.66

5462562.5

611647.5

DDH21-15

-60°

105°

9.45

5462562.5

611647.5

DDH21-16

-68°

125°

4.27

5462559.0

611654.0

DDH21-17

-50°

125°

3.05

5462559.0

611654.0

DDH21-18

-42°

25°

3.66

5462554.0

611654.0

DDH21-19

-40°

40°

3.96

5462554.0

611654.0

*  Projection: UTM Zone 10 North NAD83 

Property Ownership

The original agreement in respect to the Silver Peak Project was announced 14 September 2020 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/canadian-silver-project-option-exercised/14685210

Due to the positive results achieved during the due diligence sampling and follow up 2020 work programmes, the Company announced on 15 March 2021 that it had accelerated the earn-in on the Project and now holds a 30% interest, the details of which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/canadian-silver-project-commercial-update/14899230

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 now has the following exploration completed with results awaited or exploration underway:

–  Authier North Lithium Project(Canada) – soil & rock sampling completed (laboratory assay results awaited)

–  Athabasca Uranium (Canada) – Phase I exploration commenced and field results, together with laboratory assay testing of samples collected, awaited.

–  Tati Gold/Nickel Project (Botswana) – reverse circulation drilling completed (field results, together laboratory assay results awaited)

–  Molopo Farms Complex (Botswana) – further samples being tested for nickel sulphide and platinum group elements (“PGEs”) from diamond drill programme completed (laboratory assay results awaited)

–  Ditau Project (Botswana) – preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals

–  Kalahari Copper Belt (Botswana) – results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

–  Wallal Gold/Copper Project (Australia) – geophysics results from 2D seismic processing and passive seismic awaited

–  Victoria Goldfields (Australia) – results from ongoing exploration across 848km2 of granted exploration licences

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

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium exploration portfolio expansion at its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

PORTFOLIO HIGHLIGHTS:

– Total land holdings surrounding the Athabasca Basin have now been increased by 144.84 km2to a total land holding of 411.96 km2 (41,196 hectares), which includes additional ground staked surrounding the Company’s Thibaut Lake, Clearwater, and Reitenbach Uranium properties – representing a 54.2% increase in total land holdings.

– An additional 107.48 km2 were staked surrounding the company’s Reitenbach Uranium Property. The new claims cover three additional uranium mineral deposit index points as well as a lake-sediment result of 130ppm Uranium, taken from the Geological Survey of Saskatchewan’s lake sediment analysis database (database of 13,195 individual lake sediment results from the Precambrian Shield area of Saskatchewan)1. The lake sediment result represents the 11th highest sample in the entire provincial database (99.9th percentile).

–    The Reintenbach Uranium Property is now fully contiguous with ground owned by multiple private claim holders, as well as Forum Energy Metals Corp (TSX:FMC).

– An additional 21.95 km2 were staked surrounding the company’s Thibaut Lake Uranium Property. The Property is now contiguous with one of the largest private landholders within Saskatchewan, as well as a British Columbia registered company with unknown owners.

–    An additional 15.41 km2 were staked surrounding the Company’s Clearwater Uranium Property. The new claim covers three base-metal mineral deposit index points. The Thibaut Lake Uranium Property is now contiguous with ground owned by Eagle Plains Resources Ltd., as well as with one of the largest private landholders within Saskatchewan.

–    Historic data compilation is progressing at pace across the portfolio with full analysis completed on three properties to date. The results of this ongoing work will be released to the market in the coming weeks.

–    All property expansions were acquired through staking and as a result Power Metal, through its wholly-owned subsidiaries, will have a 100% interest with no outstanding royalties or encumbrances.

–  The claims have been registered with the Mineral Administration Registry Saskatchewan and the total cost of claim staking was C$28,141.  The claims are valid for 2 years and there is no minimum spend commitment required.

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

“The additional areas staked by the Company are prospective for uranium and base-metals in areas surrounding the Athabasca Basin in Saskatchewan, Canada.

Our plan was to steadily increase our Athabasca land holdings, however given the pace at which ground is being staked by various other parties, and the high-value transactions taking place around the Athabasca Basin, we have accelerated our staking campaign.

Power Metal now has exposure to 412 km2 of ground that we consider to be highly prospective for uranium mineralisation, representing a strategic portfolio of uranium focused exploration interests within a top mining jurisdiction.

Our first work programme covering three of the seven properties was completed last week and we await assay results from samples which have been submitted on a rush-basis for expeditious turnaround.” 

Uranium Property Holding Structure

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

Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area – Hectare

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1530

MC00015152

1886

MC00015647

725

MC00015648

1129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

Total Land Holdings

41,196

 

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 26 October 2021 and 5 November 2021

Reference Notes:

1:  https://geohub.saskatchewan.ca/datasets/gsc-lake-sediment-analyses/explore?location=57.252950%2C-105.528550%2C6.99  

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 now has the following exploration completed with results awaited or exploration underway:

–  Silver Peak Project (Canada) – diamond drill programme completed targeting high-grade silver (laboratory assay results awaited)

–  Authier North Lithium Project(Canada) – soil & rock sampling completed (laboratory assay results awaited)

–  Athabasca Uranium (Canada) – Phase I exploration completed and field results positive, targeting uranium (laboratory assay testing of samples collected awaited)

–  Tati Gold/Nickel Project (Botswana) – reverse circulation drilling completed (field results, together laboratory assay results awaited)

–  Molopo Farms Complex (Botswana) – further samples being tested for nickel sulphide and platinum group elements (“PGEs”) from diamond drill programme completed (laboratory assay results awaited)

–  Ditau Project (Botswana) – preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals

–  Kalahari Copper Belt (Botswana) – results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

–  Wallal Gold/Copper Project (Australia) – geophysics results from 2D seismic processing and passive seismic awaited

–  Victoria Goldfields (Australia) – results from ongoing exploration across 848km2 of granted exploration licences

Power Metal Resources #POW – Exercise of Warrants

pow

Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces it has received a notice to exercise warrants over 1,500,000 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”) raising an additional £10,500 for the Company.

The Warrant Shares are being issued pursuant to the exercise of 1,500,000 warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence each in the Company (“Ordinary Share).

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 1,500,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 9 November 2021 (“Admission”). The Warrant Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,343,339,987 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

Power Metal Resources #POW – New Australia Copper-Gold Opportunity

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces details of a new Australia Copper-Gold project in South Australia (the “Project”).

The Project is centered on two large licence applications in South Australia and a map highlighting this can be found through the link below:

https://www.powermetalresources.com/south-australia-licences/

HIGHLIGHTS:

–  Power Metal has established a new wholly-owned Australian subsidiary, Power Metal Resources Australia Pty Limited (“Power Australia”).

–  Power Australia will be the host vehicle for new Australian exploration interests of Power Metal, which are being acquired to replace current interests in Australia which are the subject of planned spin-out/disposals (1).

–  Power Australia has submitted two licence applications (ELA 2021-00162 & EL 2021-00163) in the Gawler Craton of South Australia. The applications have been received and validated by the Department of Energy and Mining.

–  The licence applications cover an area of 1,994Km2 and are situated due south and west of Copper Search Limited’s Ruby Hill project (https://coppersearch.com.au/projects/). Copper Search Limited recently listed on the Australian Securities Exchange (ASX:CUS) and currently has a market capitalisation of circa A$29m (https://coppersearch.com.au/asx/).

–  The applications are targeting Olympic Dam(2) style mineralisation and Power Australia are currently undertaking a review exercise to further refine geological understanding and prepare detailed exploration plans in readiness for ground operations when licences are granted.

(1)  Including First Development Resources with interests in the Paterson Region and New Ballarat Gold Corporation with interests in the Victoria Goldfields.

(2)  https://www.bhp.com/what-we-do/global-locations/australia/south-australia-olympic-dam

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

“With the preparations underway for the spin-out/disposals of Power Metal’s two existing interests in Australia, we are now looking to rebuild our Australia portfolio.

Through our in-house team we have identified this new opportunity in South Australia, targeting large-scale discoveries in a geological environment that is prospective for Olympic Dam style mineralisation.

I look forward to providing further information in respect of our corporate and exploration plans in respect of this new opportunity.”

GEOLOGICAL OVERVIEW

Tom O’Driscoll, on behalf of Western Mining Corporation in the 1980’s undertook a detailed lineament analysis across South Australia. His goal was to highlight 1st (major) and 2nd (minor) order structures across the State, and specifically to map the intersection of these various structures in order to assist with mineral exploration targeting. The intersection of these lineaments proved to be a valuable exploration tool as major mineral deposits, including Olympic Dam, were determined to fall near the mapped lineament intersections.

In South Australia, there is a major northwest-southeast oriented lineament (red corridor on attached map) which broadly connects up several mineral deposits and development projects including Olympic Dam, Carrapateena and Elizabeth Creek. This major lineament extends northwest through the new licence applications lodged by Power Australia where it is intersected by second order (white dashed lines on attached map), northeast-southwest trending lineaments which are broadly coincident with mineral deposits and development projects including Peculiar Knob, Snaefell, and Cairn Hill.

The licences therefore cover an intriguing area which is highlighted by various regionally important structural intersections – and covers an extended claim border with Copper Search Limited’s Ruby Hills project, where they will be launching various exploration initiatives in the coming months.

 

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 – Uranium Portfolio Update – Athabasca Basin

 

pow

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium portfolio update from its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Previously on 15/09/2021 the Company announced the initial acquisition of four uranium properties covering 109 km2. Subsequently on 27/09/2021 the Company announced a significant expansion of the uranium portfolio to a combined 241 km2 across seven properties. Links to the announcements can be found below.

https://www.londonstockexchange.com/news-article/POW/strategic-uranium-opportunity-athabasca-basin/15136428

https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-expansion-athabasca-basin/15150482

HIGHLIGHTS:

–  Additional ground staked to provide coverage of additional uranium prospective areas:

o  Compilation of data for the Tait Hill property shows historic vibracore drilling and bulk sampling results which demonstrate uranium mineralisation both on the property, and extending outside of the previous property boundary.

o  Compilation of data for the Clearwater property mapped 16 radioactive occurrences falling outside of the existing property boundaries. Additional ground now staked to cover these new findings.

–  Several significant historic uranium occurrences have now been mapped across the Tait Hill, Clearwater, and Thibaut Lake Properties and a Phase I work programme consisting of rock sampling and prospecting has commenced to follow up on several of these occurrences.

–  Work will focus on the identification of uranium and rare-earth element mineralisation with samples collected to be submitted for laboratory assay testing.

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

“Power Metal is eager to advance its 100% owned uranium exploration portfolio surrounding the prolific Athabasca Basin in Northern Saskatcehwan, Canada.  Given the growing interest in Athabasca uranium projects of late, we believe the inherent value of our seven project portfolio has already appreciated greatly when compared against similar opportunities currently being transacted in the area.

Rapid and efficient exploration could add further value, hence we are wasting no time and launching this Phase I exploration programme.

We continue to look at additional uranium opportunities in North America, Africa and Australia.”

FURTHER INFORMATION

Significant Findings – Tait Hill and Clearwater Properties

· Historic data compilation underway across the portfolio has led to a significant finding on the company’s Tait Hill Property (Assessment file 74-O-09-0022). A 1980’s programme was completed by the Saskachewan Mining Development Corporation which investigated the uranium-rich lakes within the North Tait Lake and Tait Lake areas. The programme oversaw the completion of detailed lake-sediment collection on several of the narrow bays of North Tait Lake, diamond drilling at randomly selected locations within the lake, as well a 550kg bulk sample analysis. Uranium grades were then calculated for each of the sampling sites and by extrapolating to other nearby lakes containing uranium concentrations in excess of 100ppm, an estimate of 308,000kg of uranium with a value of US$25.6 million (c. US$34 million at $50/lb uranium) at the time of publication (December 3, 1980).1

· In light of this finding, additional claims were staked to cover North Tait Lake and surrounding areas.

· Historic data compilation over the Clearwater Property has led to the mapping of 16 radioactive occurrences which fell outside of the previous Property boundary. Additional staking has since been completed to cover these newly mapped occurrences.

With several significant historic uranium occurrences now successfully digitised across the Tait Hill, Clearwater, and Thibaut Lake Properties, a Phase I work programme consisting of rock sampling and prospecting has been initiated.

 

Phase I Uranium Programme Highlights

 

· Phase I work programme is scheduled to commence today on the Company’s Tait Hill, Clearwater and Thibaut Lake properties.

· Exploration crews will be based out of Stony Rapids, Saskatchewan, for the duration of the programme and will be using helicopter support to access the properties.

· The goal of the ongoing programme is to provide verification rock sampling over several historic uranium occurrences highlighted by the ongoing historical data compilation.

· All rock samples collected will be sent for laboratory assay analysis, including uranium and rare-earth elements. The results from the programme will be released to the market once received, compiled and interpreted by the company.

The updated land position held by the company within the Athabasca basin is shown in the table below.

 

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Size – Hectare

Granted

Clearwater Uranium Property

MC00015079

1,110

Yes

MC00015083

563

Yes

MC00015082

3,191

Yes

MC00015151

760

Yes

 MC00015646

761

Yes

Tait Hill Uranium Property

MC00015078

1,576

Yes

MC00015081

968

Yes

MC00015153

1530

Yes

MC00015152

1886

Yes

MC00015647 

725

Yes

Thibaut Lake Uranium Property

MC00015077

2,206

Yes

Soaring Bay Uranium Property

MC00015080

1,255

Yes

MC00015155

3,375

Yes

Cook Lake Uranium Property

MC00015212

984

Yes

E-12 Uranium Property

MC00015213

1323

Yes

Reitenbach Uranium Property

MC00015214

2,135

Yes

MC00015474

1,235

Yes

 

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 27 September 2021

Reference Notes:

1:  http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx

 

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 Raises £40,000 in Warrant Exercise

powPower Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces it has received a notice to exercise warrants over 4,000,000 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”) raising an additional £40,000 for the Company.

The Warrant Shares are being issued pursuant to the exercise of 4,000,000 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each in the Company (“Ordinary Share).

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 4,000,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 29 October 2021 (“Admission”). The Warrant Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,270,387,734 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

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 Resources #POW – Ditau Project Botswana – Exploration Update

pow

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update in regards to the Ditau Project located in southwestern Botswana targeting Rare Earth Elements (“REEs”) and base metals.

The Ditau Project is held in a 50/50 Joint Venture with Kavango Resources plc (“Kavango”). Kavango is the Operator.  

HIGHLIGHTS:

· Further to the exploration programme announced on 02 July 2021, Kavango has increased the exploration scope of Ditau to include base metals as well as REEs

 

· Accelerated drilling on I10 Target

o  Previous exploration by Kavango has identified a 2.5km by 2.8km target area at I10 with high AMT resistivity, coincidental with a gravity high anomaly.

o  Spectral Geophysics is to conduct a Time Domain Electromagnetic (“TDEM”) survey over I10 imminently.

o  Drilling of I10 planned in Q4 2021, together with a downhole electromagnetic survey (“EM”).

o  Environmental Management Plan currently in place.

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

“We believe the Ditau Project holds much potential and it is very good to see the next phase of work underway culminating in drilling of a key target planned for this year.

The interest in REEs is growing worldwide and to be actively progressing Ditau could not be more timely.

The Power Metal Botswana portfolio of projects continues to advance with exploration work underway across all interests.  Within Botswana, we expect the reverse  circulation drill programme currently underway at the Tati Project targeting gold and nickel near Francistown, to be completed in the coming days.”

Power Metal/Kavango Resources Joint Venture Structure

The Ditau Project is held by Kanye Resources Pty Ltd, a Botswana joint venture company in which Power Metal and Kavango each company hold a 50% interest. Exploration costs are equally shared. Kavango is the operator.

 

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

  

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