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#FCM First Class Metals PLC – Zigzag-Further Lithium & Critical Metal trend

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce the results of a mobile metal ion (MMI) soil sampling programme as well as accompanying rock-grab samples on the Company’s Zigzag Property , (the “Property”) located in the Seymour-Falcon corridor in northwestern Ontario, Canada.

Soil samples were collected along six north-north-west to south-south-east soil sample lines between 100-200m in length, with 12.5m sample station spacing (see Map 1). These included four lines along strike to the west and east of the main 400m ‘core zone’ which was subject to the drilling campaign in December 2023. A further two lines starting ~200m orthogonal to the dominant strike and to the south of the trend of the main zone were sampled. All soil samples were analysed using the Mobile Metal Ion (MMI) method of SGS Labs.

The sample results support the belief that the ‘core 400m zone’ is open along strike. As previously reported, both the most eastern and western holes of the recent drilling programme intersected pegmatite. The soil sample results further confirm the mineralisation is open.

HIGHLIGHTS

·      The results from 64 rock-grab and 68 soil samples collected late last year are now available.

·      Soil sampling lines to the east west of the core section show anomalous lithium (Li) ratios.

·      Results from soil lines 200m to the south of the ‘Main zone’ indicate the probability of a second subparallel structure.

·      Grab samples anomalous in Li and other pegmatite associated elements indicate a possible third trend.

·      Assay results from the recent drill programme are anticipated in the coming days.

Marc J Sale Chief Executive Officer Commented- The results from this combined sampling programme validate the belief by FCM that the ‘Main Zone’; is open along strike for a considerable distance. Furthermore, the strong evidence of a second structure to the south with the possibility of a third structure compels FCM to engage in discussions with the First Nations to initiate the application for an Exploration Permit to be able to fully evaluate these new zones”.

 

 

Map 1, showing the location of the MMI samples as well as the response ratio (RR) for caesium, (Cs) which overall is the most representative of the anomalism. Note[1]: values are generally considered anomalous when the response ratio is above 5.

RR Response Ratio Highlights from MMI sampling

·     Highest lithium (“Li”) response ratio (“RR”) of 11 obtained ~100m along strike to the east of the eastern most DDH from December 2023 (ZIG-23-07).

·     Highest caesium (“Cs”) RRs of 15 and 30 obtained at consecutive stations ~100m along strike to the west of the western extent of sampling on the main zone.

·     Li RRs up to 10 on the southern lines.

·     Multiple MMI anomalies in other elements, especially on the eastern and southern lines, zinc RRs up to 40, silver up to 50, molybdenum up to 51, copper up to 21.

 

[1] According to SGS Labs, response ratios generally need to be greater than 2-5 to be considered anomalous. https://www.sgs.com/en-ca/-/media/sgscorp/documents/corporate/brochures/sgs-minerals-mmi-tb-23-processing-and-presenting-mmi-geochemical-data.cdn.en-CA.pdf

Grab Samples

·      Grab samples of pegmatite at two sites 200-250m across strike to the south of the main zone returned up to: 2600 ppm Li; 4290 ppm Rubidium; 920 ppm Cs (highest value of 2023 sampling); and 686 ppm Tantalum. Sampled dykes could represent offshoots of a parallel zone to the main zone.

·      Grab samples of pegmatite ~500m across strike to the south of the eastern extension of the main zone, near the eastern property boundary, returned up to 186 ppm Li; 1240 ppm Rb; 102 ppm Cs, potentially a third structure.

Coleman Robertson, Project Geologist from Emerald Geological Services commented– “There is compelling geochemical evidence to indicate that a second subparallel trend at Zigzag could be present.

The combined results of both the soil sampling programme and the associated ‘grab’ samples support the belief that the ‘core zone/ Main zone’ that was drilled in December is open to both the west and east.

Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of the Main Zone. Additional work is needed to expand and confirm the anomalism identified. As well follow up sampling is required to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.

A significant silver anomaly was identified over the two eastern most MMI lines off the Main Zone. This also requires further investigation.

Ends

For further information, please contact:

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

 

Novum Securities Limited

(Financial Adviser)

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

Qualified Person

The technical disclosures contained in this announcement have been drafted in line with the  Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.

#KAV Kavango Resources PLC – KCB – Acquisition of six new PLs completes

Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to confirm completion of its acquisition of a 90% working interest in six Prospecting Licences (“PLs”) located in Botswana’s Kalahari Copper Belt (“KCB”) (the “Acquisition”)

The Acquisition provides the Company with an extensive single contiguous project area in the KCB covering 7,629km2. Kavango is now one of the KCB’s largest individual mineral rights holders.

Kavango believes its expanded project area is underlain by similar stratigraphy to that along strike of Sandfire Resources’ (ASX:SFR) A4 deposit and Motheo Mine. Analysis of existing exploration data by the Company suggests this could incorporate a regional system that contains domal structures with folded and sheared trap sites. These are key exploration targets in the search for large-scale copper/silver mineralisation.

Kavango plans to commence follow-up work in the KCB later this month, and an update on this programme will follow.

Figure 1: Kavango’s expanded, contiguous KCB land package

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“These new licences grant us complete control of a contiguous, prospective system in an underexplored section of the KCB, a proven copper/silver region that hosts numerous mines and deposits.

I’d like to thank ENRG Elements for its support during our due diligence process. The mapping, soil geochemistry and drilling data it has provided has been highly valuable.

Kavango has strengthened its geological understanding of its new licences by mapping their lithological sequences and stratigraphy. Meanwhile, the presence of galena and sphalerite – two important pathfinder minerals for copper mineralisation – is also encouraging.

We will now continue to advance our understanding of the new licences’ mineral potential by investigating the potential sub-basin we have identified and interpreting their structure with satellite imagery.

Both of these workflows will help us to develop priority drill targets over the coming months.

Further details

Kavango’s six new PLs cover ground adjacent to its existing Karakubis Block next to the Namibian border. This is currently the priority focus area for the Company’s KCB copper/silver exploration programme. The new PLs are also adjacent to the Company’s South Ghanzi licence block.

In preparation for the completion of the Acquisition, Kavango carried out a detailed review of ENRG’s previous exploration work, including mapping, soil geochemistry and drilling together with historical exploration work.

As a result of this review, Kavango believes the lower D’Kar Formation it mapped across PL049/2020 & PL052/2020 (two of its Karakubis PLs) extends into PL203/2016, PL127/2017 & PL205/2016 (three of its six new PLs).

During the review, Kavango received drill samples and logs from 5,566m of historical drilling completed by Icon and Ashmead.

Kavango’s geologists have begun to interpret the lithological sequences on its new PLs by completing geological work on these drill logs in combination with systematic magnetic susceptibility measurements. The sequences comprise siltstones, carbonates and sandstones.

The Company’s geologists have also begun to compile a stratigraphy for the new PLs that they believe to match existing field mapping and conform to sequences in the lower D’Kar Formation present across other parts of the KCB.

During its review, Kavango identified visible galena and sphalerite hosted in quartz-carbonate veins in the drill core and chips taken from this area. These are two important pathfinder minerals for copper mineralisation.

Additionally, systematic pXRF analysis along the cores and drill chips has confirmed the presence of elevated copper, lead and zinc at correlatable intervals.

Finally, Kavango’s geologists and geophysicists believe they may have identified a gravity low likely related to a deeper sub-basin during a review of ENRG’s previously acquired Airborne Electromagnetic (“AEM”), Gravity and Magnetic data over the Kara Antiform. The margins of this sub-basin could provide priority targets for trap site development and deposit formation. They can be further prioritised when cross-referenced with ENRG’s historic magnetic, AEM, and soil geochemical datasets.

Background to the agreement

Kavango entered an agreement to acquire a 90% interest in the six new PLs earlier this year (announced >>> 25 September 2023) with Global Exploration Technologies (Pty) Limited (“GET”), a wholly-owned subsidiary of ENRG Elements (ASX:ENRG) (“ENRG”).

Under the terms of the agreement, Kavango has now paid a total of AUD$1.5 million in cash to acquire 90% of the issued shares of Icon Trading (Pty) Ltd (“Icon”) and Ashmead Holdings (Pty) Ltd (“Ashmead”), two of GET’s subsidiary companies. Kavango will pay GET two further instalments of AUD$500,000 within 90 days and 180 days of the acquisition’s completion.

The names of the six new PLs, along with their holding company, status, and expiry date, are found below.

PL Number

Company

Status

Expiry Date

PL127/2017

Ashmead Holdings (Pty) Ltd

2nd Renewal 

30/06/2024

PL128/2017

Ashmead Holdings (Pty) Ltd

2nd Renewal 

30/06/2024

PL129/2017

Ashmead Holdings (Pty) Ltd

2nd Renewal 

30/06/2024

PL203/2016

Icon Trading (Pty) Ltd

3rd Renewal 

30/09/2025

PL204/2016

Icon Trading (Pty) Ltd

3rd Renewal 

30/09/2025

PL205/2016[1]

Icon Trading (Pty) Ltd

3rd Renewal 

30/09/2025

Figure 2: Details of the GET PLs

Planned work

Kavango is currently procuring satellite imagery to advance its structural interpretation and mapping of alterations across the new PLs. The Company will share more details of its upcoming work plans in due course.

The Company is also in the final stages of awarding a contract for the flying of an AEM survey over its KCB PLs. The goal will be to map possible sub-basin and domal structures.

Further information in respect of Kavango 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

+46 7697 406 06

First Equity (Broker)

Jason Robertson

+44 207 374 2212

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

#FCM First Class Metals PLC- West Pickle Lake (Pezim II)Joint Venture Confirmed

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that Palladium One Inc. (TSXV: PDM) (“Palladium One”) has completed the requirements of the earn in rights to gain an 80% interest in the West Pickle Lake Project (“West Pickle Lake Project” or the “Project”). A joint venture will now be instituted with Palladium One continuing to be the operator.

Highlights

·      Earn-in rights now completed by Palladium One which will now lead to the formal creation of a Joint Venture Agreement (“JV”).

·      The West Pickle Lake Project returned very high levels of nickel/copper sulphide drill intercepts during the 2022/23 Palladium One operated drilling campaign, including:10.4% Nickel, 3.4% Copper over 2.3m (TK-22-070) & 10.3% Nickel, 2.9% Copper over 1.8m (TK-22-073)

 

Figure 1. The West pickle Lake Project area (formerly knowns as Pezim II), and described by Palladium One as the ‘West Pickle Zone’ discovery (outlined in yellow), includes the high-grade nickel-copper sulphide within the wider Palladium One ‘Tyko’ project area extending to the east.

Marc Sale CEO Commented:

The obvious merit of the exploration potential of the Pezim II block and environs has been validated by Palladium One exercising their right to enact the JV. With a robust field programme in progress, we share their enthusiasm for the newly identified extensive anomalous nickel-copper zone. Furthermore, FCM is actively exploring the contiguous 100% owned areas for similar potential and this will include the OnGold area to the north.

 

Background

In July 2021, an ‘earn-in’ agreement with Palladium One was secured over the West Pickle Lake Project (comprising 33 single cell mining claims). Palladium One had the option to earn-in up to an 80% interest in the Project subject to a three-year work program commitment. The JV sits on the eastern flank of FCM’s Flagship North Hemlo Project. See Figure 2

 

Figure 2. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) is now the renamed ‘West Pickle Lake Project’ constituting the Palladium One JV/earn in property. 

 

Palladium One had the option to earn up to an 80% undivided interest in the Project over a 3-year earn-in period by incurring aggregate C$325,000 as exploration expenses. This earn-in agreement has now been completed and a Joint Venture agreement with Palladium One remaining the operator will now be instituted.  

Palladium One has embarked on an ambitious work programme this season and we wish them continued success. The initial results which they posted today are very encouraging:

“Palladium One is pleased to announce it has discovered several highly anomalous nickel, copper, and cobalt soil anomalies potentially linking the West Pickle and RJ Zones, which are 2.5 kilometres apart.”

An important aspect of the viability of WPL and the area in general is confirmation of strike extent: volume.

Figure 3. Hemlo area FCM property map showing the West Pickle Lake Project (formerly known as Pezim II), now Palladium One JV area in the eastern portion of the 100% owned FCM North Hemlo Property. Also note the OnGold property to the north, now under an Earn-In agreement.

 

For further information, please contact:

 

First Class Metals PLC

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

 

First Equity Limited

(Financial Adviser & Broker)

Jonathan Brown

0207 3742212

Jason Robertson

0207 3742212

 

#GMET Golden Metal Resources – Publication of research note

Golden Metal Resources PLC (AIM:GMET), a mineral exploration company focused on tungsten, lithium, gold, copper and silver within Nevada, USA, announces that First Equity Limited has released a research note, commissioned by Golden Metal, on the Company. The research note is available to view at https://tdy.lol/gujyS: For further information visit www.goldenmetalresources.com or contact the following:

Golden Metal Resources plc

Oliver Friesen (CEO)

Tel: +44 (0) 20 7583 8304

Cairn Financial Advisers LLP

Nominated Adviser

Sandy Jamieson/Jo Turner/Louise O’Driscoll

Tel: +44 20 7213 0880

First Equity Limited

Broker

Jonathan Brown/Jason Robertson

Tel: +44 20 7374 2212

 

The Projects:

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.

Kibby Basin Lithium Project

The Kibby Basin Project covers two claim packages which are prospective for lithium brine mineralisation. The southern claim package is less than 250m from a 2022 drillhole which returned a significant interval (169m) of lithium brine mineralisation which was determined to be open in all directions. The Project is less than 5km to the southeast of the Company’s flagship Pilot Mountain Project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.

Garfield Project

The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.

Golden Metal Resources #GMET – US Funding Strategy

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, announces the Company’s strategy relating to funding opportunities that are available through the US Government.  The Company intends to pursue this strategy with a particular focus on seeking non-dilutive government supported grant funding for its flagship 100% owned Pilot Mountain Project (“Pilot Mountain” or the “Project”).

Highlights:

–      The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the US.

–      The US is currently without any domestic primary tungsten production with their largest import partner for the critical defense metal being China. Beginning January 2026, the US Department of Defense (DOD) is banning the use of mined tungsten from China, Russia, North Korea and Iran in defence procurement.1

–      Golden Metal recently signed a tungsten concentrate off-take letter of intent with Global Tungsten & Powders LLC, a leading United States supplier of tungsten powders and semi-finished parts.

–      As a result of the above, the Company believes it is in a strong position to seek out non-dilutive grant funding. If Golden Metal were to receive such funds, it would enable exploration and development at Pilot Mountain to be accelerated.

–      Golden Metal is actively working with Mrs. Chang Turkmani, who on 5 June 2023 was officially engaged as Strategic United States Government Advisor, on how to shape its general strategy as it relates to further increasing the profile of Golden Metal Resources and Pilot Mountain within the US and abroad.2

Next Steps:

–      Golden Metal has commenced the application process for a short list of relevant grant programmes identified by the Company’s management team, alongside Mrs. Turkmani, from the available Company-eligible funding opportunities.

–      Some grants targeted by the Company are applied for by way of an unsolicited application process, meaning Golden Metal can neither disclose which grants have or will be applied for nor the expected timing of an award.

–      Securing non-dilutive financial support for Pilot Mountain remains a priority of the Company, and all endeavours are being made in this respect to give Golden Metal the best chance of achieving this goal.

–      As soon as it is possible to do so, Golden Metal will provide the market with updates as it relates to progress made towards securing non-dilutive grant funding, which would allow the Company to fast-track exploration and development at its flagship Pilot Mountain Project – with the ultimate goal of establishing Pilot Mountain as the only domestic US primary mined source of tungsten.

Oliver Friesen, CEO of Golden Metal, commented: 

“While at this time we cannot disclose many details about our strategy as it relates to government funding opportunities, the recent appointment of Mrs. Turkmani should clearly signify to the market the endeavours we are making on this front.

“The time for the United States to reduce its reliance on other countries for their imports of critical and defence metals is now, and we at Golden Metal strongly believe that as 100% owners of what we consider is the largest undeveloped tungsten deposit located on US soil, we can be a part of this urgent process.

“Targeting non-dilutive funding is a critical focus of the Company. However, minimal updates will be given for the time being, as such disclosure may interfere with our ongoing endeavours in this regard. However, it is important for our investors to know that, while this key part of the business ticks away in the background, we will continue pushing forward exploration and development across the portfolio at pace.”

Notes and References

1https://www.jdsupra.com/legalnews/department-of-defense-expands-scope-of-8754647/

2https://www.londonstockexchange.com/news-article/GMET/appointment-of-strategic-advisor-issue-of-shares/15985547

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events. 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information visit www.goldenmetalresources.com or contact the following:

Golden Metal Resources plc

Oliver Friesen (CEO)

Tel: +44 (0) 20 7583 8304

Cairn Financial Advisers LLP

Nominated Adviser

Sandy Jamieson/Jo Turner/Louise O’Driscoll

Tel: +44 20 7213 0880

First Equity Limited

Broker

Jonathan Brown/Jason Robertson

Tel: +44 20 7374 2212

Golden Metal Resources #GMET – Pilot Mountain: Significant Exploration Targets

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce a significant outcome from the interpretation of results from the high-resolution induced polarisation (“IP”) geophysics survey completed over its 100% owned flagship Pilot Mountain Project (“Pilot Mountain” or the “Project”) located within the prolific Walker Lake Mineral Belt in Nevada, USA.

Highlights:

–      Detailed analysis of the IP geophysics results have highlighted the presence of three significant undrilled exploration targets (1- Desert Scheelite Parallel West Zone; 2- Porphyry Depths Zone; and 3- Desert Scheelite East Extension Zone; collectively the “Targets”) which are highly prospective for further tungsten (“W”)-copper(“Cu”)-silver(“Ag”)-zinc(“Zn”) mineralisation.

–      The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the USA (with the US currently without any domestic primary tungsten production), and these newly identified targets indicate the potential for a significantly greater in-ground resource than currently known marking a significant uplift in Project potential.

–      Any increase in potential mineralisation will further bolster the inherent value of the Project and its attractiveness as a target for non-dilutive grant funding for Project exploration and development, which the Company is actively working on at present.

Oliver Friesen, CEO of Golden Metal, commented: 

“While it was the criticality and in-situ value of the W-Cu-Ag-Zn mineral resource that originally attracted us to Pilot Mountain, our due diligence highlighted considerable untapped exploration upside which is what ultimately led us to acquire 100% of the Project back in November 2021.

“Review of all historical data available highlighted several conceptual exploration targets, all of which lay under thin sand cover. As a result, we set out to complete IP geophysics over these targets and the results now received and presented herein have exceeded  our expectations with three significant high-priority untested zones now successfully identified on our flagship Project.

“The scale of the opportunity presented to us as 100% owners of this advanced tungsten Project is large, and with these three new exploration targets now identified the opportunity has grown significantly.”

Detailed Overview:

1)    Desert Scheelite Parallel West Zone (Figure 1)

 Mineralisation at Desert Scheelite (“DS”; Total Resource 10.7Mt @ 0.26% WO3, see Table 1) is hosted within a very well-defined resistivity low (conductivity high) geophysical feature that is mapped for approx. 500m in a generally east-west direction (see dark blue feature on Figure 1).

 The 2023 IP geophysical results have led to the discovery of the Desert Scheelite Parallel West Zone (“DSPW Zone”) which is defined by a resistivity low (conductivity high) with nearly identical geophysical characteristics to DS. The DSPW Zone is located approx. 200m to the north/north-west of DS and have never been drill tested. The 2023 IP results show that the DSPW Zone is larger than the DS Zone, and if drilling successfully proves that the DSPW Zone contains skarn-style W-Cu-Ag-Zn mineralisation, it would represent a highly significant discovery at Pilot Mountain.

2)    Porphyry Depths Zone (Figure 2)

 The Good Hope (“GH”) and Desert Scheelite (“DS”) Zones are located approximately 1,400m apart. The area in between these two zones is blanketed by a thin layer of post-mineral sedimentary and basaltic cover which historically precluded effective exploration between these two zones (despite both zones displaying very similar skarn-type alteration and mineralisation).

 The 2023 IP geophysical results have successfully highlighted a significant geophysical feature which appears to broadly connect the DS and GH zones at depth. This feature is defined by a resistivity and chargeability high and as a result it is postulated that it is related to a porphyry intrusion at depth. Skarn-type systems are ultimately spatially related to porphyry mineral deposits at depth, and this newly identified geophysical zone may represent the ultimate source of W-Cu-Ag-Zn mineralisation found across the entire Pilot Mountain Project. As a result, the discovery of the Porphyry Depths Zone (“PDZ”)may represent a significant development at Pilot Mountain.

3)    Desert Scheelite East Extension Zone (Figure 3)

 One of the furthest east historical drillholes completed at Desert Scheelite returned some of the strongest copper and tungsten mineralisation ever found at Pilot Mountain which includes 17.5m @ 1.8% Cu (incl. sub-interval of 13.9m @ 0.89% W03). Because of this, the previous operator in 2013 completed a two dimensional IP survey across and to the east of Desert Scheelite. The goal of this survey was to profile the eastern extension of mineralisation from the main Desert Scheelite Zone.

 Re-interpretation of these 2013 results by Golden Metal have clearly shown that the mineralisation at Desert Scheelite (Total Resource 10.7Mt @ 0.26% WO3) is strongly coincident with a resistivity low (conductivity high) signature which corroborates with the 2023 IP results (see DSPW Zone writeup). Review of the historical results highlight that the DS resistivity low signature extends for an additional  circa 500m towards the southeast (dipping under cover) where it remains untested by drilling. This similarly represents a very high-priority exploration target for Golden Metal going forward.

Further Project Information

Overview

The Pilot Mountain tungsten-copper-silver-zinc Project is located approximately 200km southeast of Reno, in Nevada. Nevada ranked first in overall mining investment attractiveness in the Fraser Institute 2022 annual survey 1. The Project is located entirely on United States Bureau of Land Management (“BLM”) land – allowing for efficient and cost-effective permitting.

The 3,656-acre Project is centred around four existing mineral deposits including Garnet, Good Hope, Gunmetal and Desert Scheelite all which possess significant skarn-style W-Cu-Ag-Zn mineralisation.

The Desert Scheelite and Garnet deposits host a combined Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% tungsten trioxide (“WO3“) with significant Cu-Ag-Zn credits (see Table 1). This in-ground resource is believed to be the largest and most advanced undeveloped tungsten resource located in the USA.

Table 1: Pilot Mountain Project Updated Mineral Resource Estimate, dated 13 December 2018 2

Resource

Tungsten Tri-Oxide

Silver

Copper

Zinc

Mt

Grade (%)

Contained metal (t)

Grade (g/t)

Cont. metal (t)

Grade (%)

Cont. metal (t)

Grade (%)

Cont. metal (t)

Desert Scheelite

Ind.

9.01

0.26

23,400

20.73

187

0.15

13,200

0.41

37,100

Inf.

1.69

0.25

4,300

12.24

21

0.16

2,800

0.19

3,200

 

Total

10.7

0.26

27,700

19.38

207

0.15

16,000

0.38

40,300

Garnet

Ind.

0

0

0

Inf.

1.83

0.36

6,590

 

Total

1.83

0.36

6,590

Summary

Ind.

9.01

0.26

23,400

 

Inf.

3.53

0.31

10,890

Total

 

12.53

0.27

34,290

Notes:         All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

·           Cut-off grade 0.15% WO₃

·           Garnet deposit resource reported 22 May 2017. Thor Mining stated it is not aware of any information or data which would materially affect this previously announced resource estimate, and all assumptions and technical parameters relevant to the estimate remain unchanged.

·           The estimates are considered by SRK Exploration Services Limited to be non-compliant with the JORC Code (2012) reporting standard due to insufficient disclosure of the technical and economic support for the cut-off assumptions applied and are therefore viewed as historical.

Development Potential

There is currently no known domestic United States primary tungsten production, and tungsten is classified as a strategic mineral by the United States Geological Survey (USGS) 3. Set against this backdrop, the Pilot Mountain Project is key strategic and defense metal deposit located on American soil.

Potential production viability was reinforced with a scoping study 4 commissioned by Thor Mining plc and completed in 2018 on the Project which indicated the potential for an initial 12-year operational life based on processing ore from an open pit at Desert Scheelite supplemented by potential production from Garnet.

Furthermore, previous independent metallurgical testwork on 694kg of mineralised rock from Pilot Mountain 5 highlighted strong metallurgical results including the successful production of two saleable concentrates (scheelite, and copper/silver) from a coarse grind treated by floatation or by flotation and wet high-intensity magnetic separators (“WHIMS”).

Shallow mineral resources at the Desert Scheelite and Garnet deposits may be amenable to shallow open-cut mining methods (as modelled in the 2018 scoping study) which would allow for rapid low-cost start-up costs.

Exploration Upside

The previous operator, Thor Mining plc, conducted a study which looked into exploration potential at Pilot Mountain. Thor Mining’s exploration targets were broken into Tier 1 and Tier 2 targets for which a total Exploration Target of 11.0 – 23.0Mt with an expected average grade of 0.3-0.5% WO3 was published 6 (see Table 2).

Table 2: Pilot Mountain Exploration Targets (stated by Thor Mining plc) 6

Target Type

Size (Mt)

Grade (WO3 %)

Description

Tier 1 Targets

7-5 – 13.5

0.3 – 0.5

Based on historical drill intersections

Tier 2 Targets

3.5 – 9.1

0.3 – 0.5

Based on favourable geology and proximity to known mineralisation

Total Exploration Target*

11.0 – 23.0

0.3 – 0.5

Combined Tier 1 & 2

*Exploration Targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determine of a Mineral Resource.

Considering the current Mineral Resource tonnage equates to 12.53Mt 2, should the exploration targets postulated be converted to Resources they could deliver a significant increase to the potential Pilot Mountain project value. The IP geophysics results presented today have further corroborated and supported the likelihood of proving up some of the Tier 1 and Tier 2 targets published historically.

Media

High-resolution versions of the below three figures can be found at the link below:

https://www.goldenmetalresources.com/pmgeophysical-survey/

Figure 1 – Desert Scheelite Parallel West (DSPW) Zone Resistivity Map. Eastern resistivity low (conductivity high) or dark blue feature is strongly coincident to W-Cu-Ag-Zn mineralisation found at the Desert Scheelite Zone which hosts the majority of the in-ground resource at Pilot Mountain (10.7Mt at 0.26% WO3). The sub-parallel, larger, dark blue zone (resistivity low/conductivity high) represents the undrilled DSPW Zone.

Figure 2 – Resistivity and Chargeability Cross-Sections across Porphyry Depths (PD) Zone. PD Zone is characterised by a slightly concave up resistivity and chargeability high which broadly connects the Good Hope (GH) and Desert Scheelite (DS) zones at depth.

 

Figure 3 – Desert Scheelite (East Extension) Target Zone. White lines represent resistivity low (conductivity high) that extends from known mineralisation at Desert Scheelite towards the east under cover where it has never been drill tested.

 

Property Ownership

Golden Metal holds a 100% interest in the Pilot Mountain Project through its wholly-owned Nevada-based operating companies BFM Resources Inc and Pilot Metals Inc.

Reference Notes:

1:            Fraser Institute Annual Survey of Mining Companies, 2022, published 4 May 2023

                (https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2022 )

 

2:            Thor Mining PLC, regulatory news announcement, ‘Increased Mineral Resource Estimate – Pilot Mountain Nevada USA’, dated 13 December 2018

                ( https://wcsecure.weblink.com.au/LSE_news/2018/12/13/Thormining_14158543.pdf )

 

2:            News announcement: ‘The United States Geological Survey has released a new list of 50 mineral commodities critical to the U.S. economy and national security after an extensive multi-agency assessment’, 22 February 2022
(
 https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals )

 

4:            Thor Mining PLC, regulatory news announcement, ‘Twelve Year Open Pit Life for Desert Scheelite

Pilot Mountain Scoping Study’, dated 7 September 2018

                ( https://wcsecure.weblink.com.au/LSE_news/2018/09/07/Thormining_14049369.pdf )

5:            Unpublished metallurgical testwork report by Guangzhou Research Institute of Nonferrous Metals commissioned by Black Fire Minerals Ltd: ‘The Development of Separation Technology from the Pilot, Mountain Tungsten Project, Nevada, USA: Process Mineralogy Mineral processing Preliminary Testing’, dated 31 August 2013.

6:            Thor Mining PLC, regulatory news announcement, ‘Development Plan Pilot Mountain Tungsten Project – Nevada USA’, dated 1 December 2014
(
 https://wcsecure.weblink.com.au/LSE_news/2014/12/01/Thormining_13057433.pdf )

 

 

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 Golden Metal Resources plc to provide technical support.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events. 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information visit www.goldenmetalresources.com or contact the following:

Golden Metal Resources plc

Oliver Friesen (CEO)

Tel: +44 (0) 20 7583 8304

Cairn Financial Advisers LLP

Nominated Adviser

Sandy Jamieson/Jo Turner/Louise O’Driscoll

Tel: +44 20 7213 0880

First Equity Limited

Broker

Jonathan Brown/Jason Robertson

Tel: +44 20 7374 2212

 

The Projects:

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.

Garfield Project

The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.

#GMET Golden Metal Resources PLC – First Day of Dealings

Golden Metal Resources plc, a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA, is pleased to announce that, at 08:00 today, its ordinary shares will commence trading on AIM under the ticker GMET. As part of the process of admission to trading on AIM (“Admission”), the Company has raised gross proceeds of £1.98m through the issue of 23,317,643 new ordinary shares of £0.01 each at a placing price of 8.5 pence per share, equating to a market capitalisation of £7.16 million on Admission.

Overview

The key strengths and attributes of Golden Metal can be summarised as follows:

Location:

The state of Nevada is a well-regarded, mining investment friendly jurisdiction. It was ranked third in the Fraser Institute’s global mining investment attractiveness index survey in 2021 and has a long history of mining and a strong mining and ancillary business support network. Nevada is one of the principal producers of precious metals in the world, with 25 precious metal mines currently in production, accounting for approximately 70 per cent. of the United States total gold production in 2020. In 2018 Nevada accounted for 83 per cent. of the US’s total gold production.

According to the Nevada Mining Association (2022), as of November 2021, 11,000 people were employed by the metal mining sector within the state, with a Nevada Gross Domestic Product contribution of US$3.2 billion in 2020.

Projects with Critical and High-Demand Minerals:

The Company’s 100% owned Pilot Mountain Project (“Pilot Mountain”) hosts a tungsten-copper-silver-zinc Mineral Resource Estimate (MRE) which includes 12.53Mt at 0.27% W03 (tungsten tri-oxide) with significant copper-silver-zinc credits. Tungsten is an in-demand and critical metal as outlined below:

·         Tungsten is included in the British Geological Survey’s UK Critical Minerals list (2022), the US Geological Survey’s (USGS) Critical Minerals list (2022) and the European Commission’s Critical Raw Materials list (2020).

·         The global demand for tungsten is forecast to rise annually (3-7 per cent. per annum according to the British Geological Survey) and is predicted to outstrip available supply, which is likely to place continued upward pressure on prices in the near-term.

Management Team:

A proven management team with:

·         a broad spectrum of knowledge and capabilities;

·         substantial technical and listed company experience; and

·         extensive North American operating experience with connections to various in-country consulting teams.

Diverse Project Base:

The Golden Metal portfolio consists of four Nevada based projects (collectively the “Nevada Projects”) comprising the Pilot Mountain Project and three exploration stage projects: the Golconda Summit Project (gold), the Garfield Project (copper-gold-silver) and the Stonewall Project (gold-silver).

The Nevada Projects are all well located within major metallogenic belts containing active, globally important precious- and base-metal mining operations. All the assets have favourable geology which is prospective for skarn, carlin, epithermal and porphyry deposit types.  The portfolio is focussed on tungsten, gold, silver and base metal mineralisation.

In particular, the Pilot Mountain Project offers significant exploration upside potential as well as the opportunity for Golden Metal to de-risk the Project on a number of fronts. These include building on the existing MRE, furthering and updating technical studies relating to the potential development of the known resources, further permitting, making relevant grant applications, including to the DOD Defence Production Act (DPA) Title III grant office as well as commodity marketing and further metallurgical studies.

In total, the Nevada Projects cover a combined area of approximately 22.83 km2.

Oliver Friesen, CEO of Golden Metal, commented: 

Golden Metal’s admission to AIM comes at a time when it is clear that the world needs more critical, precious-and base-metals. This represents an exciting opportunity for a company such as ours with ownership of four diverse exploration and development assets located wholly within one of the top mining jurisdictions in the world. I believe that our Pilot Mountain Project, with its tungsten MRE, offers the greatest potential for exploitation, given that the US currently has no domestic primary production of the metal and is looking to reduce its heavy reliance on imports of critical metals from China. We are looking forward to actively pushing forward various exploration and corporate developments both within the US and UK and will provide further updates to the market on these various plans in due course.

I would like to thank all of the Golden Metal team and pre-IPO investors for their patience as we methodically worked through the various exploration and corporate developments which have led the Company to the exciting position it is in now. “

Background

Golden Metal is a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA. It was established for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (“Power Metal”) and progressing the exploration and development of those assets. The Company holds four mining assets comprising the 100% owned Pilot Mountain, Garfield and Stonewall Projects together with an earn in option over the Golconda Summit Project. Each Project consists of unpatented lode mining claims located entirely on land managed by the United States Bureau of Land Management.

The Directors believe that the combination of a suite of high-quality, diversified Nevada based mining assets within a single, US-focused AIM-quoted vehicle creates a compelling investment opportunity. It is their opinion that the Nevada Projects hold several underexplored, highly prospective tungsten, gold, copper, silver and zinc exploration targets. The Directors consider that the Pilot Mountain Project has the potential to increase its existing tungsten focused MRE and to expand on multiple tungsten, copper, silver and zinc-rich zones identified by minimal historical drilling. In addition, the Directors consider that the Golconda Summit Project has the potential for a major gold discovery to follow the identification of significant surface gold mineralisation during a 1989 trenching programme. Accordingly, the Company’s exploration focus will be on these two projects but the Directors also believe there is potential value to be realised at the Garfield and Stonewall Projects.

On 8 April 2022, the Company raised £750,000 through a pre-IPO Financing at a price of 6.67 pence per Ordinary Share, following which Power Metal held 83.13 per cent. of the existing ordinary shares. On Admission, Power Metal will hold 62.1 per cent. of the Company’s enlarged share capital.

Placing, Subscription, Acquisition and Use of Proceeds

The Company has raised gross proceeds of £1,982,000 through a placing and subscription through the issue of 12,449,208 Placing Shares and 10,868,435 Subscription Shares at a price of 8.5 pence per share.

The net proceeds from the Placing and Subscription will be used by the Company to:

·         provide funding for the Company to further explore and develop the Nevada Projects; and

·         provide the Company with ongoing working capital to support its business operations.

Warrants

Together with every two Placing Shares and every two Subscription Shares, each Placee and Subscriber will also be granted one warrant entitling the holder to subscribe for one further new Ordinary Share at 10.75 pence per Ordinary Share, for a period of 12 months from Admission, and one warrant entitling the holder to subscribe for one further new Ordinary Share at 17 pence per Ordinary Share, for a period of 24 months from Admission. Further details of the warrants are set out in Part VI of the Company’s AIM admission document.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).  

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events. 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information visit www.goldenmetalresources.com or contact the following:

Golden Metal Resources plc

Oliver Friesen (CEO)

Tel: +44 (0) 20 7583 8304

Cairn Financial Advisers LLP

Nominated Adviser

Sandy Jamieson/Jo Turner/Louise O’Driscoll

Tel: +44 20 7213 0880

First Equity Limited

Broker

Jonathan Brown/Jason Robertson

Tel: +44 20 7374 2212

 

The Projects:

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.

Garfield Project

The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.

#POW Power Metal Resources PLC – AGM Statement

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio is holding its Annual General Meeting (“AGM”) today at 11am.

At the AGM Sean Wade, Chief Executive Officer of Power Metal, will provide the following statement:

I have been in the role of Power Metal CEO for three weeks, and during that time, I have been working hard with the team to further accelerate our operational and corporate activities.  We recognise the eagerness of shareholders to see the results of our strategy, and we are focused on delivering those as soon as possible.

Our aim is to unlock the inherent value existing in the portfolio and I am pleased to update shareholders on the progress we are making in that regard.

Diamond drilling at the Molopo Farms Complex Project in Botswana and the Berringa Project in the Victoria Goldfields was completed earlier this quarter, as was the first stage of the Tati Gold Project 2023 exploration programme including geophysics and trenching. 

Complete accredited laboratory assay tests for all the above projects are expected to be received imminently and we look forward to releasing a series of exploration updates containing these results when they are received.

The focus of corporate activity has been the progression of the Golden Metal Resources PLC, First Development Resources PLC and Uranium Energy Exploration PLC planned IPOs.

For Golden Metal, in addition to the existing IPO financing interest, we are liaising with new institutional investors who recognise the strategic significance of Pilot Mountain Project, in an era of tungsten criticality for the United States.  We aim to complete the Golden Metal IPO listing shortly.

Thereafter we will be focused on First Development Resources and its IPO financing and listing with the aim to also complete this process in the near term.

For Uranium Energy Exploration, and our wider uranium portfolio, we have experienced considerable interest and are working, not only on exploration preparations for 2023, but also reviewing various corporate initiatives to accelerate progress and value generation in the portfolio.

The Company therefore expects to release a series of announcements in respect of its corporate activities in the near term.

Each successful disposal or spin-out IPO will, in our view, add material value to our asset base and notably listed investments and will build on the Company’s total assets of circa £14.6 million (as at 30 September 2022 year end). 

We are focused on completing as many disposals in 2023 as possible, both to unlock value and to focus the Company on uranium exploration and the development of its key interests in Botswana.

I would like to thank the Power Metal team for their energy and enthusiasm in my first few weeks in office.  Also my  thanks go to shareholders for their engagement, support and patience as I have taken up this important role. I believe Power Metal has a great future ahead with a world class portfolio providing multiple opportunities for creating shareholder value.”

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

Sean Wade (Chief Executive Officer)

+44 (0) 20 3778 1396

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 – Tati Project, Botswana – 2023 Exploration Underway

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, is underway.

EXPLORATION PROGRAMME KEY OBJECTIVES

–      To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.

–      Through Power Metal’s largest and most comprehensive exploration campaign across the Tati Project, to date.

 Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation (“RC”) drilling and diamond core drilling.

 Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.

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

The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.

Our exploration programmes in 2021 and 2022 have built a robust picture of the Project’s potential and we are particularly excited as we proceed with the next stage of exploration – the largest ever completed on the Project by Power Metal.

So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.

Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented.”

EXPLORATION PROGRAMME OVERVIEW

Exploration Work

Rationale and Targeted Outcome

TRENCHING

A circa 500 metre mechanised trenching programme (underway).

Trenching will be focused along various strike-length extensions of the known outcropping gold mineralised quartz reef structure.

Quartz reef as well as mineralised wall rock will be sampled when intersected within the exposed trenches.

This work will look to extend the already known strike length extension of the main quartz reef structure at the Cherished Hope gold mine (the “Cherished Hope”) within the Project licence area. The quartz reef currently remains open towards the northwest and southeast as well as down dip.

If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (~175m) strike length extents as defined by the recently completed RC drilling campaign.

By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions.

SOIL GEOCHEMISTRY

High-resolution soil geochemistry programme focussed on approximately 3km of strike-length (see red area highlighted on figure 1 below).

Approximately 500-600 individual soil samples are planned with follow up assay testing of samples.

Soil samples will be collected along a grid which will be focussed northwest of the 2022 RC drilling area. The goal is to improve the resolution and definition over several kilometres of the currently defined ~8km long gold-in-soil anomaly.

Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along 400m spaced lines at 40m sample spacing.

This programme looks to infill the line spacing so that the definition and location of already proven Au-in-soil anomalies is vastly improved.

This work will then allow Power Metal to follow up with more focussed next exploration steps which could include trenching and RC drilling of these new areas during subsequent work programmes.

By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint.

GEOPHYSICS

A ground magnetometer geophysics survey focussed on the northwestern strike length extension of the Cherished Hope Mine (underway).

The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures.

Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling.

REVERSE CIRCULATION (“RC”) DRILLING(1)

~15 RC drillholes are planned to an average planned  depth of ~100m for ~1,500m in total.

This RC programme is designed to test for the along strike and down dip extension of the main mineralised quartz reef structure.

The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface.

The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling.

DIAMOND CORE DRILLING(2)

~5 diamond drill holes are planned to an average expected depth of 100m for ~500m in total.

The diamond drilling programme is designed to drill test select portions of the quartz reef structures which were previously successfully delineated by the RC drilling conducted during fall 2022.

Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation.

The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project.

KEY:

(1)  RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.

(2)  Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.

FURTHER INFORMATION

Figure 1 – Tati Project Overview Plan Map:

 

 

Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:

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

#GRX GreenX Metals – Notice of AGM

 

DATE OF ANNUAL GENERAL MEETING 

 

GreenX Metals Limited (GreenX or the Company) advises that the Annual General Meeting (AGM) of the Company will be held at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia on Wednesday, 16 November 2022 at 10.00am (AWST).

 

Further information relating to the AGM, including the resolutions proposed and explanatory information in respect of such resolutions, is set out in the Notice of AGM which is available for download on GreenX’s website at: https://greenxmetals.com/investors/announcements/.

 

A Form of Instruction will be sent to all depository interest holders allowing them the opportunity to vote via proxy at the AGM.

 

For further information please contact:

Dylan Browne                                                                                             

Company Secretary

+61 8 9322 6322                                                                                                                                

info@greenxmetals.com

 

 

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