TIDMPOW
RNS Number : 5045I
Power Metal Resources PLC
19 April 2022
19 April 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Ditau Project Botswana - Drilling Commences
Diamond Drilling Commences at the i10 Target - Seeking
Rare-Earth Element Carbonatite Intrusives
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces that diamond drilling has
now commenced at the i10 Target ("i10" or the "Target") located
within the Ditau Camp Project ("Ditau"), southwestern Botswana.
The i10 Target is marked by a discrete, circular, geophysical
anomaly that is 2.2km in diameter and under an estimated 120m of
sand cover. Kanye's primary objective is to retrieve diamond core
to establish whether the Target's geophysical anomaly is caused by
a carbonatite intrusive. Carbonatites are the world's primary
source of rare-earth elements ("REEs") and other
strategic/industrial metals including copper.
The Ditau Camp Project is held by Botswana based Kanye Resources
Pty Limited ("Kanye"), which is a 50/50 joint-venture partnership
with Kavango Resources plc (LSE:KAV) ("Kavango") - who are the
operators.
Highlights
- Drill motivation
- The i10 Target is highlighted by a discrete circular magnetic
anomaly, measuring 2.2km in diameter
- The Target is interpreted to lie at a shallow depth, below an
estimated 120m of Kalahari sand cover - based on
Audio-Magnetotelluric ("AMT") data obtained over i10.
- Kanye has successfully completed aeromagnetic and AMT inversions over the Target.
- The Target has been independently verified to conform to an
idealised model for carbonatite intrusives, based on its
aeromagnetic signature.
- Idealised Ore Deposit Model
- I10 is a carbonatite pipe intrusive target
- Based on the magnetic signature, the Target has concentric
"ring-like" lithological zonation, which could relate to rare-earth
element mineralised horizons
- Target lies near the margin of the Kaapvaal Craton, a tectonic
context common to other carbonatites globally
- Drill operations
- Camp secured, road access and drill pads completed
- Water borehole successfully drilled and solar powered water pump installed
- First of two planned drillholes at i10, hole DITDD003,
commenced drilling on 15 April 2022, which is targeting the core of
the magnetic high and has a target depth of 400m
- Drilling is being conducted by Mindea Exploration & Drilling Services (Pty) ("Mindea")
- The plan is to drill up to six 400m deep diamond drillholes at
Ditau, including 2 drillholes at three separate magnetic anomlies,
including i10.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"I have talked previously about the confidence we hold in the
geological prospectivity across our projects in Botswana. That
confidence means within an 18 month period, with Molopo, Tati and
now Ditau, we have launched three drill programmes.
The Molopo drill programme successfully confirmed the presence
of nickel, Tati confirmed the presence of gold and now we seek
confirmation of rare earth elements at Ditau.
To say we are excited about the prospects for our interests in
Botswana is an understatement. Let's see what this drill programme
delivers."
Background Targeting
The Ditau Camp Project is centred around 12 unique geophysical
anomalies (targets i1 through i12), which Kanye believes could be
caused by possible carbonatites and/or intrusive complexes that may
host rare-earth element mineralisation.
Targets i1 - i12 are seperated into two main target types:
1) Discrete kilometre-scale carbonatite pipe targets, and
2) Larger, multi-kilometre scale intrusive complex targets that
may also be host to carbonatites and/or mafic intrusive bodies
prospective for base-metal mineralisation.
The 12 Ditau geophysical targets are not known to have been
drill tested for either REEs or base-metal mineralisation
historically. Kanye originally identified these targets, which
range in size from 1km to 20km in diameter, using interpretation of
airborne magnetic data. To date, Kanye has used combined airborne-
and ground-magnetic, and AMT surveys in the exploration at
Ditau.
Target i10
Kanye believes the i10 Target anomaly could be caused by a
discrete, 2.2km wide carbonatite pipe. The Target is interpreted as
a simple, single phase carbonatite pipe with a possible outer ring
indicated by a weak magnetic low ringing the main magnetic high
feature.
A 3D inversion of the aeromagnetic data with an AMT section
overlay of the I10 Target can be found at Kavango's website at the
link below:
https://www.kavangoresources.com/media-library/news-release-media/rns19april2022
Based on analysis of the AMT data over i10, the Kalahari sand
cover is estimated to be roughly 120m thick. The magnetic inversion
results confirm that the primary target zone lies just underneath
this sand cover.
To confirm the current geophysical interpretation of the i10
Target, Kanye is currently planning to drill two diamond drillholes
into i10. The first drillhole, which is currently underway, will
target the core of the magnetic high, while the second hole is
designed to test the edge of the geophysical anomaly.
Target i10 Idealised Ore Deposit Model
In the analysis of geophysical data over i10, Kavango has used
the rare-earth element bearing Kangankunde carbonatite pipe
("Kangankunde") located in Malawi as a model.
Kangankunde is one of the largest carbonatites within the Chilwa
Alkaline Province ("Chilwa") at 1.5km in diameter. Chilwa is a
roughly 300km in diameter, and is comprised of Late Jurassic-Early
Cretaceous alkaline rocks with clusters of carbonatite pipes -
including Kangankunde.
At the surface, Kangankunde forms a low hill, which rises
approximately 200m above the surrounding plains, with lower slopes
composed of fenitised and locally fractured (brecciated) rocks with
the upper slopes predominantly of carbonatite intrusive rocks.
Although the i10 target is buried under roughly 120m of Kalahari
sand cover, Kanye's geological team believe that the geophysical
signatures are comparable to that of Kangankunde. The highlight the
various similarities, a geological map of Kangankunde can be found
on Kavango's website at the link below:
https://www.kavangoresources.com/media-library/news-release-media/rns19april2022
Carbonatites can exhibit significant lithological and structural
variation, both between and within individual pipes. As such, to
maximise the chances of exploration success in exploring for
carbonatite hosted REE deposits, it is common practice to drill
multiple boreholes along a fence pattern into a single target. The
geological map of Kangankunde illustrates its concentric geological
complexity and therefore the necessity for drilling multiple
drillholes within i10 to elucidate the geology and locate potential
indicators of REE or base-metal mineralisation.
Ongoing Drilling Operations
The drill camp has been constructed. All supporting equipment
and key personnel are currently located on site.
Kanye has successfully drilled a 180m deep water borehole, which
should yield enough water to support ongoing drilling operations. A
solar powered pump has been installed and is currently
operational.
Road access between the drill camp, drill collar locations and
water sources is also complete.
Drilling operations successfully commenced on Friday 15 April
2022. In total, Kanye expects to drill up to 6 diamond drillholes
as part of the current campaign (totalling 2,400m). Each hole has
an anticipated target depth of 400m, and Kanye aims to test 3 of
the 12 geophysical targets as part of the ongoing drilling
campaign.
Kanye and its contractors have designed the current Ditau drill
campaign to be flexible and guided by ongoing visual results. Kanye
will release field and laboratory results on the current planned
6-hole drill campaign once all data has been received, processed
and verified.
Contingent on results from the ongoing drilling campaign, Kanye
has identified a further 17 drill collar locations for future drill
testing across all 12 geophysical targets/structures at Ditau.
Regional Geological Setting
Carbonatite intrusives often occur in swarms or clusters,
oriented along favourable and clearly defined deep continental
scale geological and structural trends. The 12 geophysical
structures at Ditau occur within a southwest-northeast oriented
corridor, part of the same corridor that host the Mabuasehube and
Kokong kimberlites. Desktop analysis of regional geological and
geophysical data by Kanye's geologists suggest that this trend is
sub-parallel to other corridors that host other kimberlite groups
in Botswana and northwest Angola. In the latter, these trends are
known to host both kimberlite and carbonatite intrusives, meaning
that the presence of one is a strong indicator for the other.
In addition to the known presence of kimberlites within the
geological corridor where Ditau is located, and further enhancing
the prospectivity for Carbonitites on the Project, there is a small
known cluster of carbonatite intrusives including KW2, Definite,
KS12 and KS36 (the "Falconbridge Carbonatites") which are located
near to the Project. The Falconbridge Carbonatites were drilled by
Falconbridge Exploration Botswana (Pty) Ltd in the late 1970s and
early 1980s, to the immediate north of and 30km along strike to the
northeast of the Ditau Project.
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 all
properties Properties complete.
Next steps upcoming.
---------- --------- ------------------------ ----------------------------
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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