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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