TIDMPOW

RNS Number : 9840X

Power Metal Resources PLC

11 January 2022

11 January 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Haneti Project - Drill Programme Commencement

Mobilisation Underway for Inaugural Haneti Project Diamond Drilling Programme

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that mobilisation has successfully commenced for the Company's inaugural diamond drilling programme on the Haneti Project ("Haneti" or the "Project") located in central Tanzania.

The Haneti Project is currently held under a Joint Venture ("JV") with Katoro Gold Plc (LON:KAT "Katoro") who hold a 65% interest, with the remaining 35% interest held by Power Metal.

A map highlighting the planned locations for the 2022 diamond drilling programme can be found at the following link:

https://www.powermetalresources.com/haneti-project-drill-programme/

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

"The Haneti Project, targeting magmatic sulphide hosted nickel, copper and platinum group metals, represents a unique district-scale opportunity for Power Metal and our JV partner Katoro .

The preparatory work leading up to this campaign has been extensive, though ultimately, it is deep diamond drilling that is now needed in order to broaden our understanding of the geological environments and to unlock the potential for a commercial discovery.

With some considerable enthusiasm we launch the programme and very much look forward to updates from the field, and ultimately the results of the assay testing of drill core samples which will be collected during the 2022 campaign. "

HIGHLIGHTS:

- Mobilisation by the drilling contractor has commenced with the drilling rig expected to be on site around 17 January 2022, and drilling expected to commence on or around 20 January 2022.

- The planned 1,000m drill programme consists of three deep diamond core targeting magmatic nickel (Ni) copper (Cu) platinum group element (PGE) sulphide mineralisation. The work will constitute the first diamond drilling conducted out by the JV within the Haneti Project area.

- In advance of the drilling programme the Haneti Project licences have successfully been renewed for an additional 7 years.

- The planned drillholes are designed to provide a full intersection through the various ultramafic sequences in order to produce fresh rock samples for detailed geochemical and petrographic analysis.

- Two diamond core holes are planned at the Mwaka Target for a combined total of approximately 505m. The holes have current planned depths of 264m and 241m and are designed to test two discrete high-priority conductors which were identified during the 2012 electromagnetic ("EM") geophysics survey.

- A single 495m deep diamond core drill hole is planned at the Mihanza Target. The Mihanza target was subject to a shallow Rotary Air Blast ("RAB") drill programme that was completed in early 2021; the programme confirmed the presence of near-surface Ni-Cu-PGE sulphide mineralisation. The Mihanza Target is centred around coincident magnetic high geophysical and nickel geochemical anomalies. Detailed modelling and inversion analysis of the airborne magnetic data completed in 2014 identified a large plug shaped magnetic anomaly (following work undertaken by consultants to former project owner Kibo Mining plc this was interpreted to represent an ultramafic body) which lies at roughly 300m below surface. This plug shaped body has never been drill tested, and the drill hole planned at Mihanza is specifically designed to intersect the anomaly at depth.

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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

 
Power Metal Resources plc 
Paul Johnson (Chief Executive Officer)                +44 (0) 7766 465 617 
 
SP Angel Corporate Finance (Nomad and Joint Broker) 
Ewan Leggat/Charlie Bouverat                          +44 (0) 20 3470 0470 
 
SI Capital Limited (Joint Broker) 
Nick Emerson                                          +44 (0) 1483 413 500 
 
First Equity Limited (Joint Broker) 
David Cockbill/Jason Robertson                        +44 (0) 20 7330 1883 
 

NOTES TO EDITORS

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

 
       Project         Location      POW %         Work Completed           Results Awaited 
                                                     or Underway 
 
 Alamo Gold               USA       Earn-in    Excavation of multiple    Field and assay 
  Project                            to 75%     test pits and mapping     results from on-site 
                                                & sampling.               work programme. 
                      ----------  ----------  ------------------------  ---------------------- 
 Authier North          Canada      Earn-in    Soil & rock sampling      Laboratory assay 
  Lithium                           to 100%     completed                 results of samples 
                                                                          collected 
                      ----------  ----------  ------------------------  ---------------------- 
 Ditau Project         Botswana       50%      Preparatory exploration   Field programme 
                                                work underway on          findings and defined 
                                                target I10 leading        drill targets for 
                                                to planned accelerated    near term drilling. 
                                                drilling targeting 
                                                rare-earth elements 
                                                and base metals 
                      ----------  ----------  ------------------------  ---------------------- 
 Kalahari Copper       Botswana       50%      Exploration programme     Field programme 
  Belt                                          underway across           findings and defined 
                                                the South Ghanzi          drill targets for 
                                                Project and further       near term drilling 
                                                exploration at 
                                                the more recently 
                                                acquired South 
                                                Ghanzi Extension 
                                                and Mamuno licence 
                                                areas 
                      ----------  ----------  ------------------------  ---------------------- 
 Molopo Farms          Botswana     53%(1)     Kavango Option            Results from various 
                                                to acquire an interest    work activities 
                                                in local project          underway as part 
                                                holding company.          of the Kavango 
                                                Option fee payable        Option 
                                                through defined 
                                                work programme 
                      ----------  ----------  ------------------------  ---------------------- 
 Tati Gold/Nickel      Botswana      100%      Reverse circulation       Laboratory assay 
                                                drill programme           results awaited 
                                                completed 
                      ----------  ----------  ------------------------  ---------------------- 
 Victoria Goldfields   Australia     49.9%     Ongoing exploration       Results from field 
                                                across 848km(2)           programme including 
                                                of granted exploration    drill programme 
                                                licences                  underway 
                      ----------  ----------  ------------------------  ---------------------- 
 Wallal Gold/Copper    Australia   83.33%(2)   Passive seismic           Results awaited 
  Project                                       and 2D seismic 
                                                processing work 
                                                programme completed 
                      ----------  ----------  ------------------------  ---------------------- 
 

(1) should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

(2) assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company's announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

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END

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January 11, 2022 02:00 ET (07:00 GMT)

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