TIDMPOW
RNS Number : 4374K
Power Metal Resources PLC
05 May 2022
5 May 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Ditau Camp Project - Exploration Programme Expansion
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces an update from the Ditau
Camp Project ("Ditau" or the "Project") located in southwest
Botswana which is prospective for carbonatite hosted rare-earth
element ("REE") and base-metal mineralisation.
Ditau is held within a 50/50 Joint Venture ("Kanye Resources")
with London-listed Kavango Resources plc (LSE:KAV) ("Kavango").
Kavango is the operator.
Following completion of drillhole DITDD003, which was drilled
into the i10 target, Power Metal in conjunction with Kavango have
decided to expand the ongoing exploration programme. Initial
observations in respect of DITDD03 were announced on 29 April 2022
and can be viewed at the follow link:
https://www.londonstockexchange.com/news-article/POW/ditau-camp-project-botswana-drilling-update/15432783
The expanded exploration programme will include 16.1 line-km of
Audio-Magnetotelluric ("AMT") geophysics surveys over various
target areas.
DITDD003 is the first of six planned exploration drillholes to
be completed at the Ditau Project as part of the ongoing drilling
campaign. Based on results achieved thus far, Kanye Resources has
confidence in the utility of its new AMT inversion modelling
introduced this year and believes the expanded geophysical surveys
will enable it to further optimise the location of planned drill
collar locations.
Kanye Resources also announces the commencement of drilling of
drillhole DITDD004 which is also targeting the i10 Target
geophysical anomaly.
Paul Johnson, Chief Executive Officer of Power Metal Resources,
commented:
"It's great to see the exploration programme at Ditau moving
forward at pace with the second drill hole now underway. The Ditau
Project represents a significant exploration opportunity, with a
district-scale land holding believed to be prospective for
rare-earth element mineralisation. This exploration comes at a
critical time when this commodity group is in great demand,
particularly from stable mining jurisdictions.
The work undertaken thus far, and the building knowledge we are
collating, is highly valuable and I look forward to providing
further updates to the market as additional developments
occur."
Operational Summary
- Commencement of DITDD004, the second hole to target the i10 Target
- The i10 Target is a discrete circular geophysical anomaly which is roughly 2.2km in diameter.
- Kanye modelled the i10 Target using inversions of Aeromagnetic
("AEM") combined with its interpretation of limited existing AMT
data.
- Kalahari sediment thickness was determined to be 105m based on
the first hole drilled (DITDD003) which is consistent with the
estimated thickness based on the AMT modelling completed.
- An additional 16.1 line-km of AMT geophysical surveying is now
planned with coverage over multiple drill target areas
including:
- 1 line-km over the i10 Target;
- 5.5 line-km over the i8 Target; and
- 9.6 line-km over the i1 Target.
The plan is to collect high-frequency AMT profiles over
near-surface potential carbonatite targets with the ultimate goal
of better resolving the location of breccia zones and intrusive
sills/dykes intersected in drillhole DITDD003. AMT surveys can aid
geophysicists and geologists in mapping subsurface geological
structures and layers; further identifying potential areas for
mineralisation which allows for the refinement of drill
targeting.
To date 12 targets from geophysics have been identified at the
Ditau Project (i1 through i12) which Kanye believes could be
carbonatites and/or intrusive complexes that may host carbonatites
pipes. Carbonatites account for the primary source of mined
rare-earth elements; and REEs are vital component materials in many
high-tech industries.
As part of the ongoing exploration programme, Kanye is planning
to drill test three geophysical targets (i10, i1 and i8).
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 Field and assay results
Project to multiple test from on-site work programme.
75% pits and mapping
& sampling.
---------- -------- ----------------------- ----------------------------------
Athabasca Canada 100% Data compilation Interpretation results
Uranium across uranium from all Properties complete.
properties Next steps upcoming.
---------- -------- ----------------------- ----------------------------------
Authier North Canada Earn-in Soil & rock sampling Technical Review of exploration
Lithium to completed results & define next
100% exploration steps.
---------- -------- ----------------------- ----------------------------------
Ditau Project Botswana 50% Drill programme Field updates and receipt
focused on key & review of laboratory
targets notably assay results.
drilling of potential
carbonatites and
targeting rare-earth
elements.
---------- -------- ----------------------- ----------------------------------
Kalahari Botswana 50% Exploration programme Field programme findings
Copper Belt underway across and defined drill targets
the South Ghanzi for near term drilling.
Project and further
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- -------- ----------------------- ----------------------------------
Molopo Farms Botswana 53% Review of recent Determine next exploration
exploration findings. steps and action plan.
---------- -------- ----------------------- ----------------------------------
Haneti Project Tanzania 35% Diamond drill Receipt & review of laboratory
programme completed assay results.
---------- -------- ----------------------- ----------------------------------
Victoria Australia 49.9% Diamond drill Field updates and receipt
Goldfields programme underway & review of laboratory
assay results.
---------- -------- ----------------------- ----------------------------------
Paterson Australia 83.33% Wallal passive Findings from multiple
Projects seismic and 2D work programmes including
seismic processing final approvals and preparations
work programme for planned deep diamond
completed. drilling.
Review of historical
data and target
generation for
Ripon Hills &
Braeside West
projects.
---------- -------- ----------------------- ----------------------------------
Selta Project Australia 83.33% Field reconnaissance Finalising data review
work complete, from field programmes.
which included
mapping and sampling.
---------- -------- ----------------------- ----------------------------------
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