TIDMPOW

RNS Number : 3926Y

Power Metal Resources PLC

13 January 2022

13 January 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Project Botswana - Prospecting Licence Renewals

Key Prospecting Licences Successfully Renewed at the Molopo Farms Complex Project where 2021 Drill Programme Results Confirmed up to 1.7% Nickel

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces the renewal of key Prospecting Licences ("PLs") at the Molopo Farms Complex Project ("MFC Project" or the "Project") located in southwestern Botswana.

Power Metal holds a 40% direct project interest in the MFC Project and a 20.65% shareholding in Kalahari Key Mineral Exploration Pty Limited ("KKME"), which holds the remaining 60% interest.

Kavango Resources currently has an option (the "Option") to acquire up to 85.2% of KKME including Power Metal's shareholding. Further details regarding the Option were published in the Company's announcement released on 26 November 2021 which may be viewed at the following link:

https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717

Renewal documentation has been received in respect of PL310/2016 and PL311/2016, with the latter covering the area where drilling was completed in 2021 from which significant nickel intersections were confirmed. Further details in respect of the licence renewals is provided below.

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

"The renewal of PL310/2016 and PL311/2016 represents an important milestone for the Project, providing a further 2 years for ongoing exploration following the initial successful drilling campaign completed early in 2021. That campaign confirmed significant nickel intersections from the second hole drilled (KKME 1-6) including individual assay results up to 1.7% Ni and 0.55g/t Pt, representing the highest nickel grade achieved from the Molopo Farms Complex to date.

Kavango Resources are continuing their Option due diligence work programme, and we are looking forward to the receipt of their findings in the coming weeks."

Prospecting Licence Information

 
 Licence Number        Size        Licence Type    Licence Term   Licence Period 
                                                                        End 
 PL310/2016         221.4km(2)    Second Renewal     2 years        31.12.2023 
                  -------------  ---------------  -------------  --------------- 
 PL311/2016         486.2km(2)    Second Renewal     2 Years        31.12.2023 
                  -------------  ---------------  -------------  --------------- 
 PL202/2018         771.0km(2)    First Renewal      2 years        30.09.2023 
                  -------------  ---------------  -------------  --------------- 
 
 Total             1,478.6km(2) 
                  -------------  ---------------  -------------  --------------- 
 

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 
                      ----------  ----------  ------------------------  ---------------------- 
 H aneti Project       Tanzania       35%      Diamon drill programme    Results from field 
                                                underway                  programme including 
                                                                          drill programme 
                                                                          underway 
                      ----------  ----------  ------------------------  ---------------------- 
 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. 
                                                Ground reconnaissance 
                                                work underway. 
                      ----------  ----------  ------------------------  ---------------------- 
 

(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 13, 2022 08:38 ET (13:38 GMT)

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