TIDMPOW

RNS Number : 0896J

Power Metal Resources PLC

22 April 2022

22 April 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Project, Botswana - New Licence Granted

Prospecting Licence 049/2022 Successfully Granted Covering Major Gold Anomalies

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a further update from the Company's 100% owned Tati Project ("Tati" or the "Project") located within the Tati Greenstone Belt near Francistown, Botswana, following the release of the 2021 drilling results announced on 4 April 2022:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-results/15396365

Highlights:

- Prospecting Licence ("PL") PL049/2022, covering the historical Cherished Hope Gold Mine as well as a large gold-in-soil anomaly coincident with a prominent northeast-southwest oriented regional structure has been granted.

- The 16.14 km(2) licence is held in the name of Tati Greenstone Resources Pty Ltd, which is a 100% owned, Botswana-based, subsidiary of Power Metal.

- The Company's land position within the exciting Tati Greenstone Belt ("TGB") has now been enhanced materially, and highly prospective grounds with strong historical gold results are 100% owned by Power Metal.

- The Company is undergoing an in-depth review of all historical results covering the newly granted PL, and will update the market in due course with next exploration steps.

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

"The grant of this additional prospecting licence is a significant achievement for the Tati Project, covering a number of major gold anomalies identified by our team during a in-depth desktop analysis completed following the receipt of our 2021 drilling programme assay results.

With this new PL now granted, our upsized exploration footprint covers multiple targets across a highly prospective area for gold mineralisation, and we are accelerating exploration efforts to test the new Au-in-soil anomalies secured.

For readers wishing to learn more of the gold prospectivity at Tati, the maps immediately following this comment provide a clear picture."

Figures:

Maps highlighting the newly granted licence can be found below at the following link:

Tati 049/2022 Licence Grant Map - Power Metal Resources plc (LON: POW)

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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April 22, 2022 08:38 ET (12:38 GMT)

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