TIDMPOW
RNS Number : 0574H
Power Metal Resources PLC
04 April 2022
4 April 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project Botswana - Drill Programme Results
Company's Inaugural Drill Programme Confirms Target Geological
Formations, Returns Near Surface Gold and Application for Adjacent
Prospective Land Successfuly Lodged
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces results from the Company's
inaugural drilling programme on the Tati Project ("Tati" or the
"Project") located within the Tati Greenstone Belt near
Francistown, Botswana.
Highlights:
- Drill programme completed safely and on-budget. Primary
programme objective to confirm prospective geological formations
was completed successfully.
- Near surface gold mineralisation intersected, including
shallow depth Reverse Circulation ("RC") drilling results of up to
5.17g/t gold ("Au") over 3m from 9m downhole.
- Further Prospecting Licence ("PL") application lodged,
covering along strike extension of identified major regional gold
prospective structure.
- The 1614-hectare lodged PL application covers a strong
gold-in-soil anomaly and the historical Cherished Hope Gold
Mine.
Maps highlighting various aspects of the 2021 drilling programme
can be found below at the following link:
https://www.powermetalresources.com/tati-project-drill-results/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"It took a certain boldness for our team to advance the Tati
Project to the drilling stage so quickly. However, due to the thin
sand cover over most of the Project, we felt that gaining knowledge
of the underlying geological formations through relatively
inexpensive RC drilling was crucial in order to better gauge the
overall prospectivity of the Project. The drilling results achieved
will now allow us to continue to push our Tati exploration forward
at pace.
The RC drillholes completed within PL126/2019 targeted a
relatively small area within a much broader gold-in-soil anomaly.
Our main goal was to better understand how the geochemical anomaly
correlated with the thinly blanketed geological formations. What we
found was very encouraging.
Whilst our main programme goals were to gain a better
understanding of the subsurface geology over the Project, we were
encouraged to obtain near surface gold including results of up to
5.17g/t Au over 3m from a shallow depth of only 9m. Importantly, as
noted above, these results were achieved from only a small area
tested within a much larger geochemical anomaly.
In parallel with our ground exploration work programmes, we
completed a further detailed analysis of the broader Tati
Greenstone Belt surrounding the Project - with the hopes of
identifying additional gold targets located near to the
Project.
Significantly, we were able to identify a 1614-hectare area
adjacent to our PL126/2019 licence, and further along strike of a
regionally important northwest-southeast trending structure, which
contained widespread, strong gold soil anomalism - including
several targets of greater than 100ppb gold-in-soil (much stronger
than the area tested by the 2021 drilling campaign). As a result,
we moved swiftly to secure this area by submitting a new licence
application to cover all anomalous zones identified.
By applying the positive drill findings from this early RC
programme across the entire Project and specifically into this new
application area, we have in our view confirmed that the Tati
Project is a major target for gold discoveries.
We are seeking to accelerate our work on this exciting
Project."
Programme Background:
Drill Programme A total of 1,062m of RC drilling was completed
across five target zones which was undertaken
by Power Metal's drill partners Equity
Drilling Ltd and Mindea Exploration and
Drilling Services (Pty) Ltd.
All drill holes as part of this programme
were shallow, and completed to depths
ranging from 21-81m, with an average depth
of 47m. RC drilling provides a inexpensive,
and rapid testing method which is well
suited for an early-stage drilling campaign.
The RC chip samples collected were sent
to Intertek Group plc's laboratory located
in Perth, Australia, for multi-element
analysis.
Exploration to Date Exploration on the Project has advanced
at a rapid pace to its current stage since
Power Metal exercised its option to acquire
a 100% interest in the Project on 28 July
2021.
Work to date has included soil sampling,
ground-based magnetics and radiometrics,
as well as intermittent prospecting and
rock sampling over select targets.
------------------------------------------------
Rationale for Early Kalahari sands which blanket the majority
Drilling of the Project have precluded widespread
geological mapping and prospecting, as
a result the Company decided to launch
the drilling campaign in order to obtain
bedrock RC chip samples from the various
target areas below Kalahari sand cover.
The main goal of the drill programme was
to test for the presence of the geological
formations which host many of nearby historic
and currently operating gold and nickel
mines within the Tati Greenstone Belt.
The laboratory assay results, combined
with geological logging of the RC bedrock
samples have provided the company with
important geological information which
will help guide future exploration and
drilling campaigns on the Project.
------------------------------------------------
Key Findings Include:
A northwest-southeast oriented quartz reef was intersected in
multiple drillholes over a combined strike length of 200m;
including highlight results of 5.17g/t Au over 3m (TGRC00017) from
9-12m and 1.3g/t Au over 3m from 15-18m.
-- The drillholes were targeting only 200m of strike length
along a 2,000m Au-in-soil anomaly (open to east and west)
discovered by the Company during a Phase I geochemical survey
completed over PL126/2019 and announced on 14 September, 2021. The
Au-in-soil anomaly is coincident with a prominent
northeast-southwest oriented structure which extends for at least
14km to the nearby Monarch Gold Mine.
-- Based on the work undertaken to date, Power Metal, through
its 100%-owned Botswana subsidiary Tati Greenstone Resources Pty
Ltd., lodged a new Prospecting Licence ("PL") application in order
to cover the southeastern extension of this regionally important
gold prospective structure.
-- The PL applicaton covers an additional 6km of strike-length
along this significant structure, including several large-scale
Au-in-soil anomalies as well as the historical Cherished Hope Mine.
If granted, this area represents a high-priority exploration target
for the Company going forward.
All RC samples were shipped to Johannesburg for sample
preparation at Intertek Genalysis' ("Intertek") prepararatory
facility, and further sent on to Intertek's laboratory located in
Perth, Australia, where they underwent analysis. All samples from
this programme were sent as 3m composite samples. Subsequently, 1m
samples from the zones of interest returned from the sample
composites have been compiled and sent off to Intertek for further
sample preparation and analysis.
PL126/2019 Drill Results
A total of 7 RC drillholes (TGRC00017-TGRC00023) were completed
on PL126/2019 targetting 200m of strike length within a >2,000m
long (open to the east and west) Au-in-soil anomaly defined by the
company during its 2021 Phase I geochemical work programme. 6 of
the drillholes were completed within a fan array, at a set dip of
-50 deg , with each hole being stepped back 20m from another. The
two fans were positioned exactly 200m along strike from one
another, with the 7(th) hole being completed within the middle of
the array - approximately 100m equidistant from each drillhole
fan.
Drillholes intersected a modest to shallow dipping quartzite
unit with variable gold grades including highlight results up to 3m
of 5.17g/t Au. The drill results highlighted the down dip extent of
the quartzite, which remains open at depth and along strike.
Mapping within the area identified a northwest-southeast
oriented structure which extends at least 17km, intersecting the
nearby Monarch Gold Mine along its extent. The structure extends
from the 2021 drilling area, as well as to previously unstaked
ground to the southeast of PL126/2019. Additionally, Power Metal
was able to obtain historically geochemical data collected over
this ground, which showed a larger and higher-tenor Au-in-soil
anomaly than the area targeted during the 2021 drilling campaign.
As a result, a Prospecting Licence application was lodged with the
Botswana Department of Mines ("DOM"). The Company is waiting for
the results of this PL application, and will update the market once
an update is available.
PL127/2019 Drill Results
A total of 6 RC drillholes (TGRC0001-TGRC0006) were drilled
targeting along the strike extension of the Signal Hill gold mine.
The drillholes were drilled along two fan arrays, which included 3
holes per fan. The holes were drilled to a maximum depth of 81m. No
significant results were achieved in these holes. The drillholes
all intersected various banded iron formation ("BIF"), schist and
siltstones intervals with variable calcite alteration.
A total of 6 RC drillholes (TGRC0007-TGRC0012) were drilled
targeting a nickel ("Ni")-in-soil anomaly which was postulated to
represent an extension of mafic-ultramafic units which host the
nearby Selkik and Tekwane nickel mines. The drillholes were drilled
along two fan arrays, which included 3 holes per fan. The holes
were drilled to a maximum depth of 81m. Several holes intersected
variable BIF, dacite, shale and schist intervals, and locally,
disseminated pentlandite and pyrite mineralisation were logged.
A total of 4 RC drillholes (TGRC0013-TGRC0016) were drilled
targeting a northwest-southeast oriented As-in-soil anomaly
identified by the Company during its Phase I soil sampling
programme. The holes were drilled to maximum depth of 51m. The
drillholes were drilled along two fan arrays, which included 2
holes per fan. The drillholes intersected variable meta andesite,
dolerite, schist and quartzite with variable hematite
alteration.
In all instances, the drillholes completed as part of the
programme on PL127/2019 were targeting geochemical anomalies
identified by Power Metal during its 2021 Phase I soil samping
programme. In many cases, these Ni- and arsenic ("As")-in-soil
anomalies were kilometre scale, and as a result only minimal parts
of these anomalies were adequately tested during this
programme.
Programme Data:
Tati 2021 Drill Programme Assay Table
Hole ID From To Interval Au (ppb) Au* (gram/ton)
(m) (m) (m)
TGRC00001 No Significant Values
to TGRC00016
---------------------------------------------------
TGRC00017 9 12 3 >2,000 5.174
----- ----- --------- --------- ---------------
TGRC00018 0 3 3 101 -
----- ----- --------- --------- ---------------
TGRC00019 No Significant Values
---------------------------------------------------
TGRC00020 0 3 3 106 -
----- ----- --------- --------- ---------------
Incl. 15 18 3 1,299 -
----- ----- --------- --------- ---------------
TGRC00021 21 24 3 591 -
----- ----- --------- --------- ---------------
TGRC00022 39 42 3 255 -
----- ----- --------- --------- ---------------
TGRC00023 0 3 3 131 -
----- ----- --------- --------- ---------------
*Overlimit assay anaylsed via FA25/OE (25g Fire-Assay)
Tati 2021 Drill Programme Collar Table
Drill Dip Azimuth Hole Depth Northing** Easting**
hole ID (m)
TGRC00001 -50deg 90deg 21 584342 7635151
-------- --------- ----------- ----------- ----------
TGRC00002 -50deg 66deg 51 589342 7634767
-------- --------- ----------- ----------- ----------
TGRC00003 -50deg 90deg 81 584303 7635156
-------- --------- ----------- ----------- ----------
TGRC00004 -50deg 90deg 21 584324 7634902
-------- --------- ----------- ----------- ----------
TGRC00005 -50deg 90deg 51 584305 7634903
-------- --------- ----------- ----------- ----------
TGRC00006 -50deg 90deg 81 584284 7634903
-------- --------- ----------- ----------- ----------
TGRC00007 -50deg 340deg 21 581941 7638331
-------- --------- ----------- ----------- ----------
TGRC00008 -50deg 340deg 51 581965 7638298
-------- --------- ----------- ----------- ----------
TGRC00009 -50deg 340deg 81 581965 7638298
-------- --------- ----------- ----------- ----------
TGRC00010 -50deg 270deg 21 582330 7638996
-------- --------- ----------- ----------- ----------
TGRC00011 -50deg 270deg 51 582347 7638985
-------- --------- ----------- ----------- ----------
TGRC00012 -50deg 270deg 81 582366 7638972
-------- --------- ----------- ----------- ----------
TGRC00013 -50deg 66deg 21 589360 7634776
-------- --------- ----------- ----------- ----------
TGRC00014 -50deg 66deg 51 589342 7634767
-------- --------- ----------- ----------- ----------
TGRC00015 -50deg 66deg 21 589752 7634113
-------- --------- ----------- ----------- ----------
TGRC00016 -50deg 66deg 51 589735 7634113
-------- --------- ----------- ----------- ----------
TGRC00017 -50deg 45deg 21 559931 7653529
-------- --------- ----------- ----------- ----------
TGRC00018 -50deg 45deg 51 559916 7653512
-------- --------- ----------- ----------- ----------
TGRC00019 -50deg 45deg 81 559904 7653493
-------- --------- ----------- ----------- ----------
TGRC00020 -50deg 45deg 21 559780 7653652
-------- --------- ----------- ----------- ----------
TGRC00021 -50deg 45deg 51 559763 7653639
-------- --------- ----------- ----------- ----------
TGRC00022 -50deg 45deg 81 559749 7653624
-------- --------- ----------- ----------- ----------
TGRC00023 -50deg 45deg 30 559849 7653602
-------- --------- ----------- ----------- ----------
TGRC00001 -50deg 90deg 21 584342 7635151
-------- --------- ----------- ----------- ----------
** Projection: WGS84 - UTM Zone 35S
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 - Background
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.
---------- --------- ------------------------ ----------------------------
Athabasca Canada 100% Data compilation Interpretation
Uranium across uranium results from 2
properties of 7 properties.
---------- --------- ------------------------ ----------------------------
Authier North Canada Earn-in Soil & rock sampling Technical Review
Lithium to 100% completed of exploration
results & define
next exploration
steps.
---------- --------- ------------------------ ----------------------------
Ditau Project Botswana 50% Drill programme Field updates and
focused on key receipt & review
targets notably of laboratory assay
drilling of potential results.
carbonatites and
targeting rare-earth
elements.
---------- --------- ------------------------ ----------------------------
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% Review of recent Determine next
exploration findings. exploration steps
and action plan.
---------- --------- ------------------------ ----------------------------
Haneti Project Tanzania 35% Diamond drill programme Receipt & review
completed of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Victoria Goldfields Australia 49.9% Diamond drill programme Field updates and
underway receipt & review
of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Paterson Projects Australia 83.33% Wallal passive Findings from multiple
seismic and 2D work programmes
seismic processing including final
work programme approvals and preparations
completed. for planned deep
Review of historical diamond drilling.
data and target
generation for
Ripon Hills & Braeside
West projects.
---------- --------- ------------------------ ----------------------------
Selta Project Australia 83.33% Field reconnaissance Field updates.
work now underway,
including mapping
and sampling.
---------- --------- ------------------------ ----------------------------
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