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#TM1 Technology Minerals PLC – Seven New Licences Secured at Leinster, Ireland

New prospecting licences expand the Company’s footprint to 760km2 at the Leinster lithium property in South East Ireland

 

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the addition of seven new prospecting licences to its ground holding on its Leinster Lithium Property, Republic of Ireland.  This addition brings the Company’s licence position to 23 licences covering a total of 760km2 of highly prospective geology with verified occurrences of spodumene-bearing lithium pegmatites. Initial reconnaissance at two localities on the new licences have already yielded two clusters of spodumene pegmatite float material with grades of up to 1.73% Li2O.

Highlights:

·    Seven new licences awarded to the Company’s 100% wholly owned subsidiary LRH Resources Limited.

·    The seven licences totalling 235km2 increase the overall ground holding to 760km2.

·    Two localities on the new licences reported historic spodumene-bearing lithium pegmatite occurrences (Irish Base Metals Report 1977).

·    A total of ten float samples were collected at two localities on Prospecting Licence Area (“PLA”) 3895 and PLA 3896.

·    Four samples on PLA 3895 yielded analyses of between 1.54 – 1.79 % Li2O.

·    Four samples on PLA 3896 yielded analyses of between 0.58 – 1.63 % Li2O.

·    The Company believes that the new licences lie on a parallel but less well-defined structural trend to the East Carlow Deformation Zone which itself has been shown to provide the locus for spodumene pegmatite emplacement.

·    The presence of structure is a key component to the anatectic genetic model for pegmatite development and emplacement in South East Ireland.

·    Follow up exploration will commence to further enhance understanding of the spatial distribution of the boulder trains discovered so far, as well as the rest of the licences.

 

New Licences

The seven licences, which were awarded to the Company’s wholly owned subsidiary LRH Resources Limited (“LRH”) on 1 December 2022, are 100% owned. The other 16 licences which form the rest of the Company’s Leinster Property exploration block, are operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ).

 

The seven new licences form a contiguous block with the Company’s previously issued PLA 1597 and extends the ground holding both to the NE and SW of the Knockeen and Carriglead spodumene-bearing boulder trains which were reported on that licence. Together this block of eight licences form the Company’s South Leinster Block (Figure 1 & 2).

 

Project

Licence No.

County

Commencement
Date

Initial Duration

Area
Km
2

SW Leinster

1541

Wexford

01/12/2022

6-years

36.61

SW Leinster

1542

Wexford

01/12/2022

6-years

20.39

SW Leinster

3213

Kilkenny

01/12/2022

6-years

43.42

SW Leinster

3214

Kilkenny

01/12/2022

6-years

43.33

SW Leinster

3895

Wexford

01/12/2022

6-years

23.74

SW Leinster

3896

Wexford

01/12/2022

6-years

34.49

SW Leinster

4054

Wexford

01/12/2022

6-years

33.09

Total

235.07

Table 1: List of seven new licences issued December 2022

Geology and Preliminary Reconnaissance Sampling

The new licences are located along an interpreted NE-SW structural corridor which parallels both the SE margin of the Leinster Granite Batholiths as well as the associated East Carlow Deformation Zone (ECDZ) structural corridor. The ECDZ has provided a structural locus for a series of spodumene pegmatite occurrences which have been identified over 110km of extent between Dublin (and the Company’s Northern Block), and the Company’s Knockeen and Carriglead prospects on PLA 1597 to the south. The second structural corridor is interpreted to trend parallel and to the south of the ECDZ as it passes through the Company’s new licences.

Evidence for spodumene pegmatites relating to two historical boulder trains were reported in archive reports and maps at the Geological Survey of Ireland and date back to 1977. A brief reconnaissance visit to the two areas by the Company’s geologists on PLAs 3895 and 3896 have confirmed the presence of numerous boulders of spodumene pegmatite. Ten samples were collected for analysis during this initial reconnaissance visit.

 

The results of the sampling are presented below in Table 2 with the four samples on PLA 3895 returning assay values of between 1.54 – 1.79 % Li2O with four further samples on PL 3896 reporting between 0.58 – 1.63 % Li2O. Two further samples AES61135 and AES61136 comprising of altered lithologies associated with the pegmatites were also analysed (Table 2). The spatial distribution of the sampling across the two areas are presented in Figures 1-3 below. Ongoing geological mapping, and sampling by the Company will further define this zone and determine the full pegmatite prospectivity.

 

Project

Sample Type

Sample No

Licence

Li ppm

Li2O%

LRHR Leinster Project

Float

AES61127

3895

7260

1.56

LRHR Leinster Project

Float

AES61128

3895

7140

1.54

LRHR Leinster Project

Float

AES61129

3895

7990

1.72

LRHR Leinster Project

Float

AES61130

3895

8300

1.79

LRHR Leinster Project

Float

AES61131

3896

2700

0.58

LRHR Leinster Project

Float

AES61132

3896

5600

1.21

LRHR Leinster Project

Float

AES61133

3896

7570

1.63

LRHR Leinster Project

Float

AES61134

3896

4490

0.97

LRHR Leinster Project

Float

AES61135

3896

119

0.03

LRHR Leinster Project

Float

AES61136

3896

102

0.02

Table 2: Results from reconnaissance prospecting * Li2O % = Li % x 2.153

 

 Map Description automatically generated

Figure 1: Location of the company properties showing the Northern Block (15 licences)

and the Southern Block (eight licences)



Map Description automatically generated

Figure 2: Location of eight licences (seven new) comprising the Southern Block

Map Description automatically generated

Figure 3: Reconnaissance Sampling PLAs 3895 and 3896

 

Graphical user interface, application Description automatically generated

Photo 1: Spodumene pegmatite samples from PLA 3895: AES61127 (1.56% Li2O) and AES61129 (1.72% Li2O) and PLA 3896: AES61132 (1.21% Li2O)

 

 

Alex Stanbury, CEO of Technology Minerals, said: “We are pleased to add seven new prospecting licences to our Leinster Project, increasing our strategic foothold at the Leinster lithium property in South East Ireland by over 40 percent to 760km2. We consider these to be exciting additions to our portfolio and look forward to commencing further exploration to enhance our understanding of the project’s potential. Given the supply squeeze taking place for lithium globally, finding new sources of primary supply will be critical to help power the move to a carbon neutral economy.”

 

 

Competent Person

 

All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.

 

 

Enquiries

Technology Minerals Plc

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 4582 3500

Oberon Investments Limited

Nick Lovering, Adam Pollock

+44 (0)20 3179 0535

Arden Partners Plc

Tim Dainton, Louisa Waddell

+44 207 614 5900

Gracechurch Group

Harry Chathli, Alexis Gore, William Dobinson

+44 20 4582 3500

 

 

Technology Minerals Plc 

 

Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk  



Appendix 1: Analytical Results

Sample_ID

Programme

Li_ppm

Li2O%

Prospect

AES63003

Follow Up Sampling Dec 2022

17,410

3.75

Knockeen

AES63033

Follow Up Sampling Dec 2022

16,860

3.63

Knockeen

AES63519

Follow Up Sampling Dec 2022

13,160

2.83

Knockeen

AES63015

Follow Up Sampling Dec 2022

13,050

2.81

Knockeen

AES63029

Follow Up Sampling Dec 2022

12,920

2.78

Knockeen

AES63042

Follow Up Sampling Dec 2022

12,580

2.71

Knockeen

AES63014

Follow Up Sampling Dec 2022

12,200

2.63

Knockeen

AES63021

Follow Up Sampling Dec 2022

12,040

2.59

Knockeen

AES63018

Follow Up Sampling Dec 2022

11,980

2.58

Knockeen

AES63011

Follow Up Sampling Dec 2022

11,820

2.54

Knockeen

AES63023

Follow Up Sampling Dec 2022

11,620

2.50

Knockeen

AES63028

Follow Up Sampling Dec 2022

11,580

2.49

Knockeen

AES63041

Follow Up Sampling Dec 2022

11,570

2.49

Knockeen

AES63037

Follow Up Sampling Dec 2022

11,510

2.48

Knockeen

AES63016

Follow Up Sampling Dec 2022

11,460

2.47

Knockeen

AES63044

Follow Up Sampling Dec 2022

11,340

2.44

Knockeen

AES63012

Follow Up Sampling Dec 2022

11,180

2.41

Knockeen

AES63008

Follow Up Sampling Dec 2022

9,920

2.14

Knockeen

AES63048

Follow Up Sampling Dec 2022

9,520

2.05

Knockeen

AES63043

Follow Up Sampling Dec 2022

9,360

2.02

Knockeen

AES63027

Follow Up Sampling Dec 2022

8,820

1.90

Knockeen

AES63046

Follow Up Sampling Dec 2022

8,790

1.89

Knockeen

AES63516

Follow Up Sampling Dec 2022

8,370

1.80

Knockeen

AES63036

Follow Up Sampling Dec 2022

8,300

1.79

Knockeen

AES63007

Follow Up Sampling Dec 2022

8,090

1.74

Knockeen

AES63026

Follow Up Sampling Dec 2022

8,030

1.73

Knockeen

AES63010

Follow Up Sampling Dec 2022

7,890

1.70

Knockeen

AES63517

Follow Up Sampling Dec 2022

7,910

1.70

Knockeen

AES63512

Follow Up Sampling Dec 2022

7,840

1.69

Knockeen

AES63017

Follow Up Sampling Dec 2022

7,550

1.63

Knockeen

AES63520

Follow Up Sampling Dec 2022

7,370

1.59

Knockeen

AES63049

Follow Up Sampling Dec 2022

7,100

1.53

Knockeen

AES63515

Follow Up Sampling Dec 2022

7,040

1.52

Knockeen

AES63024

Follow Up Sampling Dec 2022

6,190

1.33

Knockeen

AES63031

Follow Up Sampling Dec 2022

6,140

1.32

Knockeen

AES63013

Follow Up Sampling Dec 2022

5,720

1.23

Knockeen

AES63019

Follow Up Sampling Dec 2022

5,420

1.17

Knockeen

AES63030

Follow Up Sampling Dec 2022

5,300

1.14

Knockeen

AES63034

Follow Up Sampling Dec 2022

4,960

1.07

Knockeen

AES63039

Follow Up Sampling Dec 2022

4,790

1.03

Knockeen

AES63022

Follow Up Sampling Dec 2022

4,710

1.01

Knockeen

AES63514

Follow Up Sampling Dec 2022

4,300

0.93

Knockeen

AES63045

Follow Up Sampling Dec 2022

4,290

0.92

Knockeen

AES63025

Follow Up Sampling Dec 2022

3,940

0.85

Knockeen

AES63032

Follow Up Sampling Dec 2022

3,550

0.76

Knockeen

AES63035

Follow Up Sampling Dec 2022

2,680

0.58

Knockeen

AES63009

Follow Up Sampling Dec 2022

1,920

0.41

Knockeen

AES63047

Follow Up Sampling Dec 2022

1,480

0.32

Knockeen

AES63038

Follow Up Sampling Dec 2022

450

0.10

Knockeen

AES63001

Follow Up Sampling Dec 2022

120

0.03

Knockeen

AES63002

Follow Up Sampling Dec 2022

120

0.03

Knockeen

AES63004

Follow Up Sampling Dec 2022

120

0.03

Knockeen

AES63005

Follow Up Sampling Dec 2022

130

0.03

Knockeen

AES63513

Follow Up Sampling Dec 2022

100

0.02

Knockeen

AES63518

Follow Up Sampling Dec 2022

80

0.02

Knockeen

AES63006

Follow Up Sampling Dec 2022

60

0.01

Knockeen

Table 4: Results from follow up prospecting at Knockeen (December 2022)

* Li2O % = Li ppm % (x 2.153)

 

Sample_ID

Programme

Li_ppm

Li2O%

Prospect

AES63504

Follow Up Sampling Dec 2022

9,720

2.09

Carriglead

AES63503

Follow Up Sampling Dec 2022

8,890

1.91

Carriglead

AES63509

Follow Up Sampling Dec 2022

7,870

1.69

Carriglead

AES63501

Follow Up Sampling Dec 2022

7,460

1.61

Carriglead

AES63507

Follow Up Sampling Dec 2022

5,620

1.21

Carriglead

AES63505

Follow Up Sampling Dec 2022

5,120

1.10

Carriglead

AES63508

Follow Up Sampling Dec 2022

3,280

0.71

Carriglead

AES63511

Follow Up Sampling Dec 2022

500

0.11

Carriglead

AES63506

Follow Up Sampling Dec 2022

330

0.07

Carriglead

AES63502

Follow Up Sampling Dec 2022

290

0.06

Carriglead

Table 5: Results from follow up prospecting at Carriglead (December 2022)

* Li2O % = Li ppm % (x 2.153)

First Class Metals #FCM – Warrant Conversion & Issue of Equity

Exercise of Warrants and Issue of Equity

First Class Metals PLC (LSE:FCM) announces that it has received a notice to exercise warrants over a total of 485,000 Ordinary Shares (the “Warrant Shares”), for which funds of GBP55,375 have been received by the Company.

Application will be made to the Financial Conduct Authority (“FCA”) for admission of the Ordinary Shares to the standard listing segment of the Official List and to trading on the London Stock Exchange’s Main Market for listed securities, with admission and dealings in the new shares expected to take place from 8.00am on 28th December 2022.

Following Admission, the Company’s issued share capital will consist of 69,518,707 Ordinary Shares with voting rights. This figure of 69,518,707 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they require to notify their interest in, or a change to their interest in, the share capital of the Company under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

#GRX GreenX Metals – Report on Payments to Governments

GreenX Metals Limited (“GreenX” or “Company”) and its controlled entities (“Group”) provides information in accordance with DTR 4.3A of the Financial Conduct Authority’s Disclosure and Transparency Rules in respect of payments made by the Company to governments for the year ended 30 June 2022 and 2021 and in compliance with The Reports on Payments to Governments Regulations and its amendment in 2015.

 

The following schedule details payments made to municipal and local Polish government entities, including the Czerwionka-Leszczyny and Zebrzydowice municipalities, by its wholly owned Polish subsidiary Karbonia S.A. (“Karbonia”), which holds the Debiensko project. Municipal and local Polish government entities are the only relevant parties to whom material payments have been made to.

 

 

Total Payments
30 June 2022

Reporting Category

Karbonia:

A$

Karbonia:

PLN

Karbonia:

EUR

 

 

 

 

Production entitlements

Income Taxes

Royalties

Dividends

Signature/discovery/production bonuses

Licence fees (including mining usufruct payments)

2,436

7,259

1,570

Property taxes to local Polish municipalities

71,614

213,401

46,138

Infrastructure improvements

Total

74,050

220,660

47,708

 

Total Payments
30 June 2021

Reporting Category

Karbonia:

A$

Karbonia:

PLN

Karbonia:

EUR

Production entitlements

Income Taxes

Royalties

Dividends

Signature/discovery/production bonuses

Licence fees (including mining usufruct payments)

27,548

78,063

15,284

Property taxes to local Polish municipalities

124,528

352,878

69,089

Infrastructure improvements

Total

152,076

430,941

84,373

 

Exchange Rates

 

In compliance with Polish reporting requirements, figures of the consolidated Report on Payments to Governments have been converted into PLN and EUR (from the Group’s presentation currency) by applying the arithmetic average for the final day of each month for the reporting period, as published by the National Bank of Poland (“NBP”). These exchange rates were 2.9799 AUD:PLN and 4.6253 PLN:EUR for the twelve months ended 30 June 2022, and 2.8337 AUD:PLN and 4.5271 PLN:EUR for the twelve months ended 30 June 2021.  

 

This report is also available to download at www.greenxmetals.com.

 

Enquiries:

 

GreenX Metals Limited

Tel: +44 207 478 3900

Ben Stoikovich, Chief Executive Officer

Email: info@greenxmetals.com

Sapan Ghai, Head of Corporate Development

Kazimierz Chojna, Commercial Officer

#POW Power Metal Resources PLC – Commercial Update

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a commercial update providing the latest position in respect of various corporate activities recently completed or underway.

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

“I am a resolute believer in the junior resource sector and its ability to deliver considerable returns for investors. The sector is, ultimately, driven by cyclicity caused by shifting supply and demand fundamentals for the underlying metals.

Over the past 4 years, Power Metal has assembled a unique and diverse global project portfolio which is ready for what I believe will be a longstanding and robust bull market for junior resource companies.

After a long-sustained bear market for resource juniors, I believe that the sector recovery has now begun as demonstrated by rising metal prices and the evident growing demand for metals in most industrial settings and for investment security.

In the last 6 months we have seen the IPO of Power Metal investee company First Class Metals PLC and completion of the Kanye Resources disposal to Kavango Resources PLC. These two transactions alone brought additional listed securities into the Power Metal portfolio that are together currently worth c.£4.1m (at the mid-market price on 21.12.22 market close).

Below you will see a further five transactions which each have the potential to add considerably to the Power Metal balance sheet. This corporate activity will complement our ongoing and successful exploration work at the Molopo Farms Complex and Tati Gold projects both located in Botswana and our Athabasca Basin uranium interests in Canada.

I would like to thank our professional teams for working so diligently on multiple complex transactions and positioning us where we are today.  I also want to thank our shareholders who have stayed with us, through this challenging part of the cycle, patiently supporting us while we continue to push the business forward in advance of the next bull market.

We approach the Christmas and New Year break with a heightened sense of excitement and optimism for 2023 and beyond.”

 

Company/Operations

POW %

Status

First Class Metals PLC (LON:FCM)

Exploration in the Schreiber-Hemlo region of Ontario, Canada.

www.firstclassmetalsplc.com

27.91%

Following the disposal of Power Metal’s Schreiber-Hemlo interests to FCM in September 2021, FCM successfully secured admission to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules), on 29 July 2022.

Power Metal holds a total of 18,516,097 FCM shares, which are subject to a hard lock-in agreement until 29 July 2023, with a further 12-month orderly market arrangement thereafter. The Company also holds 517,705 warrants to acquire new FCM ordinary shares at a price of 10p and with an expiry date of 29 July 2023.

At the closing market mid-price of 17p on 21 December 2022 the value of Power Metal’s shareholding in FCM is £3,194,027.

Kavango Resources PLC (LON:KAV)

Exploration in Botswana

www.kavangoresources.com

9.85%

Following completion of the disposal of Power Metal’s interest in the Kanye Resources joint venture back to partner KAV, as announced in November 2022, Power Metal’s interests in KAV, which is also on the Official List of the London Stock Exchange, include:

–           69,500,000 KAV ordinary shares.

–           Warrants to acquire 4,750,000 KAV ordinary shares at a price of 2.5p (expiry April 2023)

–           Warrants to acquire 30,000,000 KAV ordinary shares at a price of 4.25p (expiry January 2025)

–           Warrants to acquire 30,000,000 KAV ordinary shares at a price of 5.5p (expiry January 2025)

In addition, Power Metal holds a 1% net smelter return (“NSR”) royalty across all Kanye Resources properties as at 8 July 2022.

At the closing market mid-price of 1.5p on 21 December 2022 the value of Power Metal’s shareholding in KAV is £1,042,500.

Golden Metal Resources PLC (GMT)

Exploration and development in Nevada, USA.

www.goldenmetalresources.com

83.13%

During 2021, Power Metal acquired outright three projects located in Nevada, USA (Pilot Mountain, Garfield and Stonewall) and secured an option to acquire a 100% interest in a fourth project (Golconda Summit).

The projects were acquired through GMT, then a wholly-owned subsidiary of Power Metal and a vehicle incorporated in advance of a planned listing in the London capital markets.

A subsequent Pre-IPO financing for GMT raised £750,000 before expenses.

Power Metal currently holds 49,874,437 GMT shares or 83.13% of GMT issued share capital.

GMT has now completed the pre-IPO work required and a listing document has now been prepared (subject to final data additions) and the IPO financing is underway.

A series of roadshow meetings have been undertaken with interested parties including institutions based in Canada and the UK and to date the GMT business model and listing proposal has been well received. These meetings will continue over the coming weeks and into the new year, allowing those with conflicts during the holidays to finalise their interest in the IPO early in the new year.

GMT is looking to complete the IPO Financing and, subject to standard regulatory approvals, the final listing steps in early 2023.

First Development Resources PLC (FDR)

Exploration in Western Australia and the Northern Territory of Australia.

www.firstdevelopmentresources.com

62.12%*

During 2021. Power Metal acquired three exploration projects in Western Australia (Wallal, Braeside West and Ripon Hills),

The projects were acquired through FDR, then a wholly-owned subsidiary of Power Metal and a vehicle incorporated in advance of a planned listing in the London capital markets.

Subsequently, in 2021, FDR acquired an additional exploration project in the Northern Territory of Australia (Selta). 

Additional commercial transactions were undertaken by FDR in 2022 with the acquisition of a 100% interest in Pardoo Resources Pty Ltd (a project holding company) and the purchase of NSR royalties retained by the vendors of the vehicles holding the above projects.

Power Metal currently holds 38,605,697 FDR shares or 62.12%* of FDR issued share capital.

FDR is nearing completion of all the IPO work streams and is finalising the listing document in preparation for a planned IPO financing roadshow which is expected to commence in early 2023. 

New Ballarat Gold PLC (NBGC)

Exploration in the Victoria Goldfields of Australia.

https://www.powermetalresources.com/project/victoria-goldfields/.

49.9%

In 2020 Power Metal established a joint venture with Red Rock Resources PLC (LON:RRR) focused on exploration projects in the Victoria Goldfields, Australia.

The joint venture has secured a ground footprint in the Victoria Goldfields comprising 1,841km2 of granted licences and 493km2 of exploration licence applications awaiting grant.

The footprint includes two former high-grade working gold mines (Ajax and Berringa), with Berringa currently the subject of an ongoing diamond drilling programme.

A National Instrument 43-101 technical report has been prepared covering 7 of the licences, as an underlying document in preparation for listing of NBGC.

The joint venture has a local operational team and is based out of Ballarat, Victoria.

Across the footprint extensive evidence of historical gold workings exist, and outside of the footprint boundaries numerous positive exploration updates have been noted by fellow exploration companies. 

For example, we note recently the discovery of extensive gold mineralisation by Southern Cross Gold Ltd (a spin-out listing from Mawson Gold Ltd) included an intersection of 305.8m at 2.4g/t gold at their Sunday Creek project situated 5km east of the Kilmore project held by NBGC. Link here:

https://wcsecure.weblink.com.au/pdf/SXG/02612149.pdf

With the increasing confidence in the market and support for high-quality gold exploration investment opportunities, Power Metal is working with partner Red Rock Resources PLC to identify the best commercial structure and expeditious pathway to enable the planned listing to proceed.

NewCo

Exploration in Queensland’s Mount Isa copper belt and in South Australia.

NewCo to be incorporated shortly to allow the merger of three companies and their interests in South Australia and Queensland as per POW RNS 15.12.22).

NewCo website under development.

20%^

Power Metal announced on 15.11.22 the merger of its wholly owned Australian holding company which holds a 100% interest in the Wilan Project located in South Australia, with two other Australian exploration companies with 100% owned interests in the Mount Isa copper belt region of Queensland, Australia.

The intention is to secure a planned new listing on a recognised stock exchange of the new merger company NewCo, comprising the South Australia and Queensland interests, or to dispose of the new merger company into a currently listed or to be listed vehicle.

Work is underway now to consider all available options and updates will be provided to the market in due course.

Uranium Energy Exploration PLC (UEE)

Uranium exploration in the Athabasca region of Canada

www.uraniumenergyexploration.com

50-55%~

Power Metal has agreed the disposal of two uranium properties to UEE subject to completion of a planned listing of UEE.

Following discussions with UEE, Power Metal has agreed to extend the period for completion of the planned listing by 3 months to 31 March 2023. The intention is to list on a different exchange to that previously planned and to add further uranium projects to the UEE portfolio prior to the planned listing.

As a result, UEE is now actively reviewing additional opportunities within the uranium space to bolster their portfolio in advance of the planned listing.

The proposed business model (Uranium exploration focused on the Athabasca Basin area of Saskatchewan, Canada) has the support in principle of proposed investors in an IPO financing and would bring the first Athabasca focused investment proposition to the London capital markets.

Further updates to follow as plans continue to advance.

^ subject to completion of Merger announced 15.12.22.

~ subject to completion of disposal of Reitenbach and E-12 properties, announced on 8.8.22 and 4.11.22, respectively.

* reducing to 58.59% on issue of equity for NSR buyout announced 5.12.22

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

 

 

#TYM Tertiary Minerals PLC – Annual Report & Notice of Annual General Meeting

TYMTertiary Minerals plc (AIM: TYM) is pleased to advise that a full version of the Annual Report, for the year ended 30 September 2022 and the Notice of the 2023 Annual General Meeting (“AGM”) has now been published on the Company’s website at:

 

https://www.tertiaryminerals.com/shareholder-documents

 

A letter or email, depending on individual preference, is being sent to registered shareholders today to notify them of the publication of the Annual Report and Notice. 

 

The AGM has been convened for 10.00 a.m. on Thursday 16 February 2023 at Arundel House, 6 Temple Place, London WC2R 2PG.

 

Proxy Voting will be available from 5.00 p.m. and instructions can be found on page 53 of the Annual Report at the link above.

 

 

For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679        

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Harry Davies-Ball

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

 

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#KAV Kavango Resources PLC – Director appointments

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce the appointments of Peter Wynter Bee and Jeremy S. Brett (the “New Directors”) to the board of directors, effective from 01 January 2023.

Peter Wynter Bee, 67, joins the Company as a non-executive director and is the Chairman of Moxico Resources, the majority owner and operator of the producing Mimbula Copper Project in Zambia. Peter is an experienced lawyer who has focused on financing and managing mining companies. Following a period as a General Counsel for KPMG, he became General Counsel and Director of Reunion Mining plc with 500 employees in Africa and the UK. He has a strong experience in joint venture negotiations, raised project finance and coordinated 15 companies within the Group until the takeover by Anglo-American plc. He has served as Director and Managing Director of ZincOx Resources plc. Peter has raised capital for the development of projects since 1990. Successful projects include the development of a gold mine in Zambia, a copper mine in Zimbabwe and the Skorpion zinc mine in Namibia prior to its takeover by Anglo-American.

Jeremy S. Brett, 55, joins Kavango as an executive director. He is a senior geophysical consultant with 28 years international mineral exploration in most commodities. Jeremy has a strong background in geology, structure, ore deposit models, project management & strategy. He has a B.Sc. in Geophysics & M.Sc. in Geology, University of Toronto.  Jeremy built his career for 26 years with MPH Consulting Limited and has consulted to more than 100 of Canada’s leading junior & major exploration / mining companies & governments on five continents. Jeremy has been working closely with Kavango as a consultant since February 2021. He has been instrumental in overhauling the Company’s exploration processes, professional compliance, and significantly deepened Kavango’s understanding of geophysical surveying technologies and techniques.

David Smith, Non-Executive Chairman of Kavango Resources, commented:

“We are delighted to welcome Peter and Jeremy onto the board of directors. Following our recent strategic financing, this marks another significant step forward for Kavango.

Peter brings a wealth of commercial experience in the mining exploration and developments sectors to the board. As a co-founder of Moxico Resources, Peter has enjoyed considerable success in bringing the 93.7Mt Mimbula Copper Project into production in Zambia.

Jeremy, meanwhile, has been working closely with Kavango since February 2022. Over this period, he has played a key role in enhancing the Company’s exploration programmes. Jeremy now joins the board, as we enter the next crucial growth phase for Kavango.

I look forward to both Peter and Jeremy joining us in the New Year.” 

Further Details

The New Directors hold the following financial instruments in Kavango:

Holder  

No. of shares held

No. of warrants or options held

Jeremy Brett 

0 shares

3,000,000 5p options*

Peter Wynter Bee 

6,218,182 shares**

1,000,000 8.5p warrants**

5,000,000 3p warrants**

* Awarded 4 January 2022 

** Held in Wynter Bee Resources Ltd, a company in which Peter Wynter Bee holds a 25% stake and his wife, Sarah Wynter Bee, holds a 25% stake

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

 

For further information please contact:

Kavango Resources plc                                                                                     

Ben Turney

bturney@kavangoresources.com

+46 7697 406 06

 

First Equity (Broker)

+44 207 374 2212

Jason Robertson              

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

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a drilling update from the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel and platinum group element (“PGE”) discovery in southwestern Botswana.

A short presentation capturing developments at Molopo Farms and Power Metal’s 100% owned Tati gold Project is available on the Company’s website which is available through the following link:

https://www.powermetalresources.com/investors/botswana-in-focus-december-22/

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

“There is a strong momentum with our operations at Molopo Farms in Botswana where we have now commenced drilling at target area T2-3, a 12-kilometre-long magnetic body which represents another stand-out target we are eager to test.

From 5 drillholes across 4 target areas we have completed over 2,000m of diamond drilling, the drill core from which, is now the focus of multiple ongoing technical work streams including detailed core logging, downhole geophysics analysis and assay testing.

I look forward to reporting back to the market on developments at Molopo Farms as soon as practicable.”

HIGHLIGHTS:

 

§ Diamond drillhole DDH1-3A has been completed at target area T1-3 to a depth of 450m.

 

§ The inaugural drillhole (DDH2-3A) into target area T2-3A has progressed well to the current downhole depth of 129.4m (see Fig. 3). Drilling operations have now paused for the holiday season.

 

§ The electromagnetic (“EM”) geophysics conductor at target area T2-3A is located at approximately 400m downhole depth, so will be drill tested following the resumption of drilling operations expected early to mid-January 2023.

 

BACKGROUND INFORMATION

The following three figures outlining the Molopo Farms Complex Project Area, EM geophysics conductor targets, and details of the priority target area T2-3, may also be viewed on the Company’s website through the following link:

https://www.powermetalresources.com/project/molopo-farms-complex/

Further photographs and videos from the drill programme are and will be available on the Company’s website gallery section, through the following link:

https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/

 

Figure 1: Map showing Molopo Farms Complex Project, Named Electromagnetic Targets and Current Drill Programme Status

(Map Projection: UTM Zone 35S WGS84)

Figure 2: Map Showing Location of In-Progress Drillhole DDH2-3A at Target T2-3 with Moving Loop EM Geophysics Section Line (A-A’ Figure 3), over 1st Derivative Magnetic Geophysics Response

Map Description automatically generated

(Map Projection: UTM Zone 35S WGS84)

Figure 3: Moving Loop EM Conductivity Cross-Section over Target Area T2-3 with Downhole Trend of In-Progress Drillhole DDH2-3A (targeted conductor in blue)

(vertical scale interpreted metres)

 

QUALIFIED 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 Qualified 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

#POW Power Metal Resources PLC – Drilling Begins at Historic Berringa Gold Mine

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a diamond drill programme has commenced at the historic Berringa Gold Mine (“Berringa” or the “Project”) held within the Company’s Victoria Goldfields joint venture (“JV”).

HIGHLIGHTS:

  • Diamond drill rig has mobilised to site and drilling has commenced at the historic Berringa former high-grade producing gold mine in the Victoria Goldfields.

 

  • 1,000 metres of diamond drilling planned with an estimated 5 drill holes into 3 priority targets to test for the extensions of gold mineralisation in proximity of previously mined areas.

 

  •  Expedited assay testing arrangements in place with batch sampling process expected to deliver first gold focused assay results in early 2023.

 

  • A video showing the planned drill programme may be viewed through the following link:

https://www.youtube.com/watch?v=825WYdDVdyQ

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

“This is a notable moment for our joint venture focused on the Victoria Goldfields of Australia with diamond drilling to test three priority targets at the historic Berringa Gold Mine.

At Berringa there has been 293,250 ounces of historical high grade gold production and we believe there may be a considerable remaining gold endowment which this drill programme is designed to partly investigate.

It is common for exploration companies to start from ground up with grassroots exploration.  In our Victoria Goldfields JV, we are far further up the progress and value curve and are now drilling to test for the along strike and down dip extensions of previously mined out high-grade mineralised gold lodes.”

BACKGROUND

Acquisition of exploration licence (“EL”) EL5535 (the “Acquisition”), covering the footprint of the Berringa was announced on 22 September 2022 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/acquisition-complete-berringa-gold-mine/15640720

The JV is in the process of renewal for licence EL5535 seeking a 5-year exploration licence period with effect from 16 November 2022.

Background to the Acquisition, including the historical production from Berringa of 293,250 ounces of gold at 8.3g/t, and conceptual (but unproven) exploration targets totalling up to 2.91million ounces of gold was included in the Company’s announcement of 6 July 2022 which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/acquisition-of-historic-berringa-gold-mine/15528927

A map highlighting the location of Berringa may be seen on the Company’s website through the following link:

https://www.powermetalresources.com/berringa-map-2/

Diagrams, images and videos from the Victoria Goldfields will be available on the Company’s website through the following link:

https://www.powermetalresources.com/investors/gallery/VictoriaGoldfields-australia/  

Further information in respect if the JV and the Victoria Goldfields interests may be viewed on the Power Metal website through the following link:

https://www.powermetalresources.com/project/victoria-goldfields/

 

DRILL PROGRAMME FURTHER INFORMATION

Approximately 1,000m of diamond drilling is to be undertaken at Berringa by the JV drilling contractor, Trimac Drilling Pty Ltd based out of Ballarat, Victoria.

An estimated 5 drill holes are planned, with an average depth of 200m per hole which are designed to test three priority gold targets which are outlined below.

South Birthday: 

 

The South Birthday and Birthday mines at Berringa had the most consistent mineralisation within what is known as the Birthday Reef. This Reef consists of a laminated 1-2m quartz lode located within a black shale unit rolling from the west limb into the east limb of a main anticline. This mineralisation remains open to the south and planned drilling is designed to test for the southerly plunge of the Birthday Reef below the historical workings of the previously mined lode.

 

Berringa Syndicate:  

 

Targeting a previously identified non-JORC compliant resource at the Southland mine to confirm the potential grade and tonnage identified by the Berringa Syndicate in the 1980s. Here, drilling will be targeting the downdip mineralisation potential of the Kangaroo quartz reef found within the eastern limb of the main anticline.  

 

Kangaroo East: 

 

Previous mining at the Kangaroo Mine identified a secondary parallel reef named the Big Reef which is located east of the main Kangaroo shaft.  The Big Reef is a laminated quartz reef hosted within a black shale on the western limb of the eastern anticline. The drill target will test for the along-strike extension of the Big Reef.  The successful drill testing of this lodes along strike extension could lead to further exploration opportunities of this lode throughout the entire Berringa goldfields.

 

The first drill location has been prepared and the drill rig has mobilised to site and commenced drilling.

Arrangements have been made with local accredited assay laboratories for gold focused assay testing with expedited turnaround on a batch sampling basis.  Subject to the pre-Christmas drilling timetable, first assay results are expected in early 2023.

FURTHER PROJECT WORK

In parallel with drilling, the JV is currently investigating the potential to excavate and open a buried entrance to Berringa. If deemed to be possible, the reopened adit would provide access to the Berringa shaft sub-surface.

The JV is in ongoing discussions regarding the possibility of processing ore at the nearby Ballarat Gold Mine (located approximately 25km away), should the JV discover and develop an economic gold deposit. This arrangement would dramatically reduce both the mine build-out time horizons and heavy capital requirements for building a new standalone processing facility.

JOINT VENTURE STRUCTURE

The joint venture (“JV”) is held through New Ballarat Gold Corporation PLC (“NBGC”), which is focused on the prolific Victorian Goldfields of Australia. The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%) (together the “JV Partners”).

NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which holds a strong land position comprising 15 granted exploration licences for a total area of 1,841km2 within the gold fields of Victoria, Australia, principally around the mining centre of Ballarat.

In addition, 5 licences covering 493km2 await grant. The company has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.

The JV Partners retain the intention of listing the JV company NBGC and will make further announcements as appropriate.

QUALIFIED PERSON STATEMENT

The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.

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

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

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a drilling update from the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel and platinum group element (“PGE”) discovery in southwestern Botswana.

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

“The Molopo Farms Complex Project represents a substantial discovery opportunity, both in terms of size and potential, and I am thrilled to report the presence of the targeted nickel sulphides* from the inaugural drillhole into target area T1-3, which is an immense target, the scale of which is clearly demonstrated within the figures below.

At T1-6, the targeted pyroxenite intervals originally intersected by the 2020/2021 drillhole KKME1-6 have successfully been intersected by the two new follow-up drillholes into this target area. Drill core samples from DDH1-6B are currently at the lab undergoing assay testing.

At target area T1-14 we await the detailed core logging results and the downhole geophysics survey data which recently completed.  We will report these findings in due course.

We push on with increased confidence and look forward to reporting further results as well as progress updates surrounding the completion of the drillhole at Target T1-3, as well as the commencement of inaugural drilling at target area T2-3.”

*The presence of nickel sulphides was determined via visual inspection of core and subsequent analysis of identified sulphides utilising a portable X-Ray Fluorescence (“XRF”) spectrometer.

 

DRILL OVERVIEW

 

Target T1-3

 

§   The inaugural drillhole (DDH1-3) into target area T1-3A is progressing well with the last reported depth being down to 355.66m. This drillhole is still underway.

 

§    Initial core review identified visible nickel sulphides at 327m and also within the interval from 348-354m, where an increase in intensity of visible disseminated sulphide mineralisation was identified. XRF readings taken within this interval have confirmed the sulphides to be nickeliferous.

 

§    It should be noted that the above findings are from the initial core review, and the grade of any nickel or other mineral intersections, can only be accurately determined from assay testing of homogenised samples at an accredited laboratory.

 

§    Hole T1-3 is continuing to the current planned target depth of approximately 450m. Additional technical details surrounding priority target area T1-3 were released on 30 September 2022 and can be found at the link below:

 

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15651506

 

Target T1-14

 

§    Drillhole DDH1-14B was successfully completed to a depth of 520m.

 

§   A downhole electromagnetic (“EM”) geophysical survey is now complete with results expected in the coming days.

 

§   Detailed technical core review is currently underway and the results of this work in conjunction with the results from the downhole geophysical survey, once received, will advise the Company of next steps at this target area.

 

Target T1-6

 

§   Drillhole DDH1-6B was successfully completed to a depth of 650m with interbedded mafic units, predominantly comprised of pyroxenites and serpentinites intersected throughout the majority of the hole. Pyroxenites were the host rock for nickel sulphide mineralisation found within original drillhole KKME1-6 drilled during the 2020/2021 campaign.

 

§   Preliminary technical core review from DDH1-6B has been completed and select samples were prepared and dispatched to the accredited assay laboratory in South Africa for analysis.

 

§   Drillhole DDH1-6B(2) was completed to a depth of 300m which was designed to test for the up-dip (shallower) extension of the targeting pyroxenites identified by drill hole KKME1-6. Hole DDH1-6B(2) successfully intersected (up-dip) pyroxenites units, with detailed core review currently underway.

 

§   A downhole EM geophysics survey has been completed at target area T1-6, the final results of which will be delivered to the company alongside the geophysical results from target area T1-14 in the near term.

 

Target T2-3

 

§    Following the completion of DDH1-3, the drilling rig will then move to target area T2-3, where the first ever drillhole into this target is planned. Additional details surrounding target area T2-3 were released on 28 September 2022 and can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15647138

 

FURTHER INFORMATION

A plan map of the Project area, including the location of various targets mentioned in this announcement is outlined in Figure 1 below.  

Figure 2 (below) depicts a three dimensional (“3D”) airborne geophysics magnetic inversion model of Target Area T1-3 showing the location of the planned drillhole DDH1-3A and the moving-loop electromagnetic (“MLEM”) geophysics cross-section with the new ‘Jelly Bean’ shaped conductor in blue. The 3D model shows how the ‘Jelly Bean’ conductor sits within an apparent magnetic trough.

Diagram, map Description automatically generated

Figure 1: Map of Molopo Farms Complex Project with Named Airbourne Electromagnetic (“EM”) Geophysics Target Locations and Current Drill Programme Status  (Projection: UTM Zone 35S WGS84)

 

Chart, diagram, surface chart Description automatically generated

Figure 2: Geophysical Interpretation Model of Priority Target Area T1-3 and the Targeted Jelly Bean Conductor. Depicted at 500m grid spacing (UTM Zone 35S WGS84 projection)

QUALIFIED 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 Qualified 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

 

 

Exploration Work Overview

Power Metal holds a number of priority exploration projects with active exploration underway currently. The status of each project is outlined in the table below:

Project

Operations

POW %

Project Status

Athabasca

Uranium

12 properties covering an area of 842km2 in the Athabasca Basin region Canada.

100%

Exploration programmes undertaken across three properties during summer 2022 and preliminary planning for work in Spring/Summer 2023 is ongoing. 

Desktop review work ongoing across the existing portfolio and data rooms established for all the projects, to enable third party review of opportunities for potential acquisition, joint venture or earn-in.

Ongoing review of new opportunities to further expand the Company’s Athabasca uranium property exposure.

Molopo Farms

Nickel – PGMs

3 prospecting licences covering 1,723km2 in south-west Botswana

87.71%

Currently a 2,600m diamond drill programme is underway with a planned 5-6 holes targeting four previously identified magnetic conductors prospective for Nickel – Platinum Group Metals. 

2 drill holes at target conductor T1-6 and one at T1-14 have been completed and drilling at target T1-3 target is underway currently.

Downhole geophysics completed at DDH1-6A and underway at DDH1-14B.

Further Moving Loop Electro-Magnetic surveys are planned over additional Airborne Electro-Magnetic targets identified, to develop further drill targets.

Tati Project

Gold – Nickel

Botswana

100%

Reverse Circulation drilling and soil sampling has confirmed high-grade and bonanza grade gold mineralisation across a gold-in-soil anomaly extending for 8km across the Company’s prospecting licences.

Next stage exploration plans are currently under development.

Sampling of fines dumps, representing waste material from the Cherished Hope gold mine on the project has confirmed circa 1g/t gold and suitability of the fines dumps for processing to extract gold and generate income.  Preparations for the fines dumps processing are advancing.

 

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required.  These interests are summarised in the table below:

Company

Operations

Status

POW %

Further Information Link

First Class Metals PLC

Exploration in the Schreiber-Hemlo region of Ontario, Canada

Listed Investment

27.91%

www.firstclassmetalsplc.com

 

Kavango Resources PLC

Exploration in Botswana

Listed Investment

9.85%

www.kavangoresources.com

 

First Development Resources PLC

Exploration in Western Australia and the Northern Territory of Australia

Planned IPO

62.12%*

www.firstdevelopmentresources.com

 

Golden Metal Resources PLC

Exploration and development in Nevada, USA

Planned IPO

83.13%

www.goldenmetalresources.com

 

New Ballarat Gold PLC

Exploration in the Victoria Goldfields of Australia

Planned IPO

49.9%

New website under development which can be found at www.newballaratgoldcorp.com.

In the interim further information in respect of NBGC can be found at:

https://www.powermetalresources.com/project/victoria-goldfields/.

Uranium Energy Exploration PLC

Uranium exploration in the Athabasca region of Canada

Planned IPO

50-55%~

www.uraniumenergyexploration.com

* reducing to 58.59% on issue of equity for NSR buyout announced 5.12.22.

~ subject to completion of disposal of Reitenbach and E-12 properties, announced on 8.8.22 and 4.11.22, respectively.

#POW Power Metal Resources PLC – Athabasca Uranium – Exploration Update

Summer 2022 Exploration Programme Delivers High-Grade Uranium Rock Samples up to 4.70% (47,000 ppm) U308

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 2022 Phase I field programme covering its Thibault Lake, Clearwater and Tait Hill uranium properties located in the Athabasca Basin area in Saskatchewan, Canada.

Following the earlier releases announcing the fieldwork commencement on 10 August 2022, as well as the completion of work on 5 October 2022, full assays results have been received, analysed and compiled by the Company’s technical team. The announcements may be viewed in the links below:

https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15578933

https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin-canada/15659146

HIGHLIGHTS:

· A total of 46 rock samples were collected as part of the 2022 Phase I programme including 29 samples from Tait Hill, 8 from Thibaut Lake, and 8 from Clearwater. All samples were analysed at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. Power Metal employed a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements (REEs).

· Two extremely high-grade samples were returned from Thibault Lake including individual assay results up to 4.7% and 2.4% U3O8, with further highly radioactive samples located in close proximity.

· During fieldwork on Clearwater, historical mine shafts and former workings were identified, illustrating the property’s overall prospectivity; the Power Metal sampling carried out as part of this programme identified up to 1,120 ppm (0.112%) U3O8.

· Work on Tait Hill has supported the potential identification of a target considered to be geologically analogous to the Rössing Uranium deposit in Namibia, with up to 825 ppm Uranium (“U”) identified at the Mullis Lake Target which will be one of the focuses of future work programmes.

 

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

“We are particularly excited by our Athabasca uranium portfolio, with twelve properties covering some 841km2 of footprint in this highly sought-after region for uranium exploration.  Two of our properties, Reitenbach and E-12 are in the process of disposal as previously announced, and we continue to attract interest across the remainder of the portfolio and have

established data rooms for each property to enable us to efficiently engage with third parties.

Notwithstanding this, we intend to retain a number of the properties and to conduct proactive exploration across them.  Today we have announced positive exploration findings from our latest, Summer 2022 phase I work programme covering three properties, and we will be launching additional ground exploration in 2023.

In the meantime, the commercialisation work in respect of our uranium portfolio continues, including both disposal activities and the search for new uranium focused projects to add into the Power Metal business.”

Programme Overview

The exploration fieldwork conducted over the Thibault Lake, Clearwater and Tait Hill uranium properties consisted of the ground investigation, gamma-ray spectrometer surveying and rock sampling and over pre-defined target areas.

Both Thibault Lake and Clearwater are considered prospective for both Beaverlodge style vein/shear hosted uranium and pegmatite hosted uranium. Tait Hill is considered prospective for both pegmatite hosted uranium and offers a significant intrusive related target; the ‘Mullis Lake Target’.

The results from the exploration programs support these assessments.

Thibault Lake Uranium Property

In the north of Thibault Lake in the vicinity of the West Tazin Lake Target, strongly mineralised samples of sheared, pitchblende infilling structures, typical of Beaverlodge-type uranium mineralisation returned results up to 2.4% and 4.7% U3O8 and represents a significant target for future exploration.

Clearwater Uranium Property

Exploration at Clearwater focussed on two targets including:

1) the Toots Lake Target where samples of folded and foliated gneiss, pegmatites and fracture-controlled veins yielded spectrometer counts per second (“CPS”) readings of up to 1,300 CPS, with corresponding sample assay results up to 206 ppm U.

2) The A-6 North Target which is in close proximity to an identified historical mineshaft included a strongly radioactive sample with ‘off scale’ (i.e. >9,999 CPS) radioactivity, which returned a sample assay of 1,120 ppm U3O8.  Additional samples also had anomalous results of between 133 and 322 ppm U3O8.

The results from this exploration programme on Clearwater indicates the prospectivity of the property for further examples of Beaverlodge-Style uranium mineralisation.

Tait Hill Uranium Property

In the south of Tait Hill, at the Mullis Lake Target, up to 825 ppm U was returned from an outcrop of a brecciated pegmatite dyke, this sample, in close proximity to a mapped granite and folded gneiss that has been interpreted a significant target. The Mullis Lake Target is considered by the Company to have geological similarities to the setting of the intrusive related Rössing Uranium Mine located in Namibia.  As announced on 10 October 2022, additional land has been staked to secure this target for future work.

Summary

The Company is very pleased with the results obtained from the 2022 Phase I work programme where only a few days of prospecting was spent on each of the three Properties. Several additional uranium occurrences have yet to be prospected by Power Metal, and the data obtained during this and the 2021 work programmes, as well as historic data compiled by the Company, will be crucial in allowing Power Metal to unlock additional value from the portfolio during the 2023 exploration season.

URANIUM PROPERTIES – HOLDING STRUCTURE

Power Metal has a 100%-owned subsidiary Power Metal Resources 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 Athabasca uranium portfolio outlined in Table 1.

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

 

Project

Licence ID

Area

(Hectare)

Area

(km2)

Clearwater Uranium Property

MC00015079

1,110

11.1

MC00015083

563

5.63

MC00015082

3,191

31.91

MC00015151

760

7.6

MC00015646

761

7.61

MC00015658

1,541

15.41

Tait Hill Uranium Property

MC00015078

1,576

15.76

MC00015081

968

9.68

MC00015153

1,530

15.3

MC00015152

1,886

18.86

MC00015647

725

7.25

MC00015648

1,129

11.29

MC00016158

3,242

32.42

Thibaut Lake Uranium Property

MC00015077

2,206

22.06

MC00015659

2,195

21.95

Soaring Bay Uranium Property

MC00015080

1,255

12.55

MC00015155

3,375

33.75

MC00015874

748

7.48

MC00015875

2,529

25.29

Cook Lake Uranium Property

MC00015212

984

9.84

E-12 Uranium Property*

MC00015213

1,323

13.23

Reitenbach Uranium Property**

MC00015214

2,135

21.35

MC00015474

1,235

12.35

MC00015655

4,570

45.7

MC00015656

5,322

53.22

MC00015657

886

8.86

MC00015824

528

5.28

MC00016155

1,333

13.33

Reindeer Lake

MC00015522

3,336

33.36

Porter Lake

MC00015561

5,656

56.56

MC00015562

5,198

51.98

Old Woman Rapids

MC00015563

4,851

48.51

MC00015564

5,063

50.63

MC00015565

3,044

30.44

Durrant Lake

AC00018000

5,866

58.66

Badger Lake

MC00016253

1,671

16.71

Total Licence Holding Area

84,291

842.91km2

*E-12 Property conditionally disposed to Teathers Financial PLC as announced 4 November 2022.

**Reitenbach Property conditionally disposed to Teathers Financial PLC as announced 8 August 2022.

GLOSSARY

Beaverlodge-style: A group of small, but moderate to high-grade uranium deposits found to the northwest of the Athabasca Basin. Such deposits are typically present along faults, fractures or shear zones, generally containing pitchblende, quartz, calcite, chlorite and sulphide minerals; or within a brecciated unit containing pitchblende, galena, quartz, calcite, chlorite, and pyrite.

Pegmatites: Pegmatites are coarse grained intrusive rocks which often carry economic mineralisation, they commonly form ‘sheets’ of rock close to larger intrusions.

U3O8 : Uranium oxide,  containing 84.8% uranium.

Uraniferous: Containing uranium

QUALIFIED 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 Qualified 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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