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Power Metal Resources #POW Raises £28,788 Following Exercise of Warrants

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received a notice to exercise warrants over 2,878,800 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”).

The Warrant Shares are being issued pursuant to the exercise of 2,878,800 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each in the Company. Subscription monies of £28,788 have been received by Power Metal in respect of these exercises.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 2,878,800 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 3 November 2020 (“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 845,728,142 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 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 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 – 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 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 (“PGM”) 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 very 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 drilling is progressing well with the results thus far supporting the geophysical model, for an intrusion feeder zone which could host the potentially mineralised conductive bodies we are targeting with this drilling programme.

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

DRILLING HIGHLIGHTS:

· Drilling of Hole 1 at the MFC Project is progressing well with a depth attained of 283m at end of shift on Saturday 24th October. Monday work involved a drilling bit change following a Sunday rest day. The hole is cased to a depth of 17m with HQ diameter (63.5mm) core drilling to a depth of 150m and NQ diameter (46.7mm) core drilling thereafter.

· The drill hole intersected calcretes and serpentinite immediately below the 35m thick Kalahari cover and has then continued through ultramafic rocks, including harzburgite and dunite, which through core inspection are characteristic of the Molopo Farms Complex geology.

· Hole 1 on is now over halfway to the upper side of the modelled conductive body (target 1-14) which is expected to commence from a depth of approximately 505m.

· Drilling results thus far are supporting the, Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”), geophysical modelling with lithological boundaries seen in the core occurring very close to the modelled depth and lithologies intersected supporting the intrusive feeder zone exploration model.  Geological and structural logging of the drill core will allow the geological model to be further refined as the programme progresses.

· The drilling is utilising a Boyles BBS 56 rig with a 7 man drilling and support crew working on a single 12 hour drilling shift (06.00-18.00, 5.5 days / week). The phase 1 Drilling programme is for an initial planned 2,505m across four diamond core drill holes. Target hole depths vary from 525m to 710m.

· Photographs from site can be viewed at the company website  https://www.powermetalresources.com/gallery/7/molopo-farms-complex-botswana.

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 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 Raises £55,968 Following Exercise of Warrants

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received a notice to exercise warrants over 5,596,800 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”).

The Warrant Shares are being issued pursuant to the exercise of 5,596,800 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each in the Company. Subscription monies of £55,968 have been received by Power Metal in respect of these exercises.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 5,596,800 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 2 November 2020 (“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 842,849,342 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 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 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.

Alan Green presents the investment case for Power Metal Resources #POW and Red Rock Resources #RRR on his weekly Stockbox Media Research talk

Alan Green presents the investment case for Power Metal Resources #POW and Red Rock Resources #RRR on his weekly Stockbox Media Research talk

Power Metal Resources #POW Raises £41,250 Following Exercise of Warrants

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received notices to exercise warrants over 5,750,000 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”).

The Warrant Shares are being issued pursuant to the exercise of 2,000,000 warrants at an exercise price of 0.75 pence per ordinary share of 0.1 pence each in the Company and 3,750,000 warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence in the Company.  Subscription monies of £41,250 have been received by Power Metal in respect of these exercises.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 5,750,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 30 October 2020 (“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 837,252,542 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 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 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 Raises £63,860 Following Exercise of Warrants

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received notices to exercise warrants over 7,136,000 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”).

The Warrant Shares are being issued pursuant to the exercise of 4,636,000 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each in the Company and 2,500,000 warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence in the Company.  Subscription monies of £63,860 have been received by Power Metal in respect of these exercises.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 7,136,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 29 October 2020 (“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 831,502,542 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 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 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 – Canadian Silver Project – Diamond Drilling Contract Signed

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to  announce the signing of the drilling contract for an initial 500m diamond core confirmatory drill programme to test the Victoria Vein at the Silver Peak Project (the “Silver Peak Project” or the “Project”) in British Columbia, Canada. The Project includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia. 

HIGHLIGHTS:

· Drilling contract signed with an experienced Canadian drilling company for an initial 500m diamond core programme.

· Contractor is expected to mobilise within the next few days with a view to commencing drilling next week.

· Initial programme will entail drilling from two pads with planned core intercepts to test the Victoria Vein where POW due diligence sampling returned bonanza silver (Ag) and significant copper (Cu) and lead (Pb) grades from two 0.5m long surface channel samples as announced 22 September 2020 and as follows:

–  0.50m @ 10,718 g/t Ag (345 troy oz/tonne), 2.14 % Cu & 2.99 % Pb, and;

–  0.50m @ 14,937 g/t Ag (480 troy oz/tonne), 3.05 % Cu & 11.95 % Pb).

· Core drilling will employ a NQ size drilling bit, for a 48mm diameter core sample, with a winter capable track mounted rig operated on a double 12 hour shift basis.

· Drilling oversight, core logging and sampling will be conducted by an experienced independent geologist, with half core samples sent to an accredited independent laboratory for analysis.

· Programme is expected to be completed within a two week window prior to the onset of winter conditions.  The rig will be supported by a bulldozer on site.

CHIEF EXECUTIVE OFFICER’S STATEMENT

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented

“I am very pleased to report the signing of the drilling contract for an initial diamond core programme at Silver Peak, where the recently announced channel sampling returned exceptionally high silver assays.

The team in-country are now focused on mobilisation and commencement of drilling and we are naturally eager to see the outcome of this programme, given the results we achieved from the sampling programme recently announced.

My thanks go to our partners in Canada who have worked incredibly hard to organise this programme and put us in a position to undertake this work prior to the weather window closing.  The expeditious work undertaken has given us an opportunity to assess this unique high-grade silver project through drilling, far earlier than we initially thought possible.”

FURTHER INFORMATION

BackgroundOn 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 ProjectALS Global Analytical MethodAg-GRA22Ag-CON01Cu-OG46Pb-OG46Sample IDChannel Sample Length (m)Ag (ppm)Ag (ppm)#Cu (%)*Pb (%)*SP20-0010.50>10,00010,7182.142.99SP20-0020.506,010
1.712.87SP20-0030.507,530
1.572.07SP20-0040.605,540
1.38
SP20-0050.707,880
1.943.16SP20-0060.50>10,00014,9373.0511.95SP20-0070.805,330
1.26
SP20-0080.551,595
1.78
SP20-0090.454,110

SP20-0100.651,755
1.71
SP20-011N/A Grab sample660

* 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 OverviewThe 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 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 – Exercise of Warrants Raises a Further £38,500

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received notices to exercise warrants over 3,850,000 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”).

The Warrant Shares are being issued pursuant to the exercise of warrants at an exercise price of 1.0 pence per new ordinary share of 0.1p each in the Company.  Subscription monies of £38,500 have been received by Power Metal in respect of these exercises.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 3,850,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 26 October 2020 (“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  824,366,542 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 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 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 – Exercise of Warrants

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received a notice to exercise warrants over 2,200,000 new ordinary shares of 0.1 pence each in the Company.

The Warrant Shares are being issued pursuant to the exercise of warrants including 1,000,000 warrants at an exercise price of 0.75p per ordinary share of 0.1 pence each and 1,200,000 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each.  Subscription monies of £19,500 have been received by Power Metal in respect of these exercises.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 2,200,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 23 October 2020 (“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 820,516,542 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 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 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 – Drilling Commences at Botswana Molopo Farms Complex

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update on the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide and  platinum-group metal (“PGM”) 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.

HIGHLIGHTS:

· Drilling has commenced for the first of four planned holes constituting the Phase 1 Drilling Programme at the Molopo Farms Complex Project in Botswana.

· The Phase 1 Drilling programme is for an initial planned 2,505m across four diamond core drill holes.  Planned target hole depths vary from 525m to 710m.

· Hole 1 has been designed to intersect the first of an initial 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.

· The drilling, logging and sampling is being overseen at site by an experienced independent geological consultancy in line with international best practice.

· Drilling and hole casing is commencing with a rotary tri-cone drill bit through the Kalahari sand cover before switching to a diamond core drill bit at HQ and NQ core diameters for drilling through the host lithologies.

· Core will undergo geological and geotechnical logging and photography ahead of appropriate core sampling and analysis by an accredited laboratory.

· Images from the drilling programme may be viewed through the following link: https://www.powermetalresources.com/gallery/7/molopo-farms-complex-botswana

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

“We are very pleased to report the commencement of drilling 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 drilling is the culmination of a great deal of high quality technical work and studies undertaken by KKME including a helicopter magnetics and electromagnetics survey and targeted Time Domain Electromagnetic and Natural Field Audio Magneto Telluric (“NF-AMT”) ground geophysics surveys.

The technical work is being overseen by a respected independent geological consultancy who have good experience of working on this style of target mineralisation and within Botswana. 

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

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 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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