TIDMPOW
RNS Number : 6860O
Power Metal Resources PLC
13 June 2022
13 June 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Victorian Goldfields - Exploration Update
Discovery of Intrusion Related Gold Mineralisation Confirmed at
Mt Bute Prospect in Victoria, Australia
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update in relation to its
joint-venture vehicle New Ballarat Gold Corporation plc ("NBGC"),
which is focused in the prolific Victorian Goldfields of Australia.
NBGC's wholly owned operating subsidiary Red Rock Australasia Pty
Limited ("RRAL") has recently completed a diamond drill programme,
certain results in respect of which are outlined below.
A total of 860m of drilling was completed within 8 holes during
the Phase I diamond drilling programme targeting two prospects,
O'Loughlin's (5 holes; assays received for 4 holes, 1 still
pending) and Mt Bute (3 holes; assays received for 1 hole, 2 still
pending) .
Laboratory results from the first hole drilled (MB22D001) at the
Mt. Bute Prospect, one of two targets addressed in recent drilling,
have now been received and are considered significant. Preliminary
X-ray fluorescence (XRF) analysis of selected Mt. Bute core
intervals had returned highly anomalous molybdenum (Mo) and bismuth
(Bi) results, suggesting the possibility of intrusive related gold
("IRG) mineralization within the Victorian goldfields.
A total of three holes were drilled at the Mt. Bute Prospect and
the results from the second and third holes are still awaited.
Laboratory assay results, not considered of such significance,
have also been received from the drilling completed at the other
prospect, O'Loughlins. Additional assays are still pending.
HIGHLIGHTS
-- Drilling results from MB22D001 have confirmed the existence
of IRG mineralisation overprinting orogenic mineralisation at the
Mt. Bute Prospect, a significant development within the Victorian
Goldfields generally.
-- Over 30% of assays from drill hole MB22D001 between 23.1m to
117.7m returned results greater than 0.1 g/t gold (Au).
-- Including highlight intervals of 0.4m of 5.13 g/t, 0.5m of
2.5 g/t, 1.8m of 1.43 g/t, and 5.9m of 0.42 g/t Au.
-- Additional drilling at the Mt. Bute Prospect is recommended
to step out along strike and down dip.
Paul Johnson, Chief Executive of Power Metal Resources plc
commented:
"The discovery of intrusion related gold mineralisation at Mt.
Bute prospect is exciting for the team locally who have done a
great job with the initial drill programme. It marks a major step
on the pathway to, what we hope will be, multiple potential gold
discoveries within the ground footprint in the Victoria
Goldfields.
Further information to follow in the near term."
FURTHER INFORMATION
2022 Drilling Programme Background
RRAL has been engaged in a multi-phase drill programme
addressing two principal targets, O'Loughlins and Mt Bute. This
announcement relates to the first drill hole on the second target,
Mt Bute.
RRAL has to date completed a total of 860m of drilling during
the Phase I diamond drilling programme targeting the O'Loughlin's
and Mt Bute Prospects, located 30km and 20km from the town of
Ballarat, Australia, respectively. Initial results from the
O'Loughlins Prospect were released on 12 April 2022 and can be
found at the link below:
https://www.londonstockexchange.com/news-article/POW/gold-exploration-update-victoria-goldfields/15410039
Further laboratory assay results of lesser significance returned
from two additional drill holes at the O'Loughlins Prospect are
included in this announcement - further assays are still
pending.
Mt. Bute Update
RRAL has received assays from the first of three holes drilled
at the Mt. Bute Prospect.
The drilling was intended to resolve complexities in the
structural geometry and the first hole, reported on here, has
intercepted several zones of IRG-type gold mineralisation. Located
in close proximity to the Mt. Bute Granite (large I-type granitoid)
the geology within the area is dominated by steeply dipping, folded
metasediments within a hornfels alteration aureole. Results of the
drilling and the discovery of IRG mineralization now suggest that
the target is geologically more complex than previous
interpretations - which originally suggested that the small
historically mined gold reefs were solely orogenic in origin.
Whilst minor historical workings exist on the Property, limited
previous modern-day exploration has been undertaken. In the late
1990's, a 14-hole shallow Reverse Circulation (RC) drill programme
was carried out by a previous operator which concluded that gold
hosted quartz vein reefs were present and possibly continuous, but
insufficient in size to support production via an open pit mining
operation. In contrast, RRAL is now exploring with a view to
exploiting any narrow vein high-grade reefs via underground mining
methods- as well are investigating the significant development of
overprinting IRG-type gold mineralisation.
The reef structures within the area have generally been poorly
understood, including any possible relationship to the nearby Mt.
Bute granite. In addition, complexity within the regional fault
structures as well as the presence of Cambrian age sediments, which
are of similar age and lithology to the nearby Stawell Gold mine,
precluded meaningful geological understanding of the area. To help
resolve this, RRAL completed a short 3-hole diamond drilling
programme within an area of limited outcrop.
RRAL is now encouraged by the likelihood that the Mt. Bute
granite may have had a greater influence on gold mineralisation
than previously thought and intersecting elevated gold across broad
intervals as well as in several mineralised lode structures within
the first drill hole was a result above expectation.
While additional gold and multi-element assay results are still
pending, the Company's technical team is confident that there is
definite continuity to the main mineralised structure and the
drilling result has provided increased geological understanding on
the potential source of gold mineralising fluids.
Final assays are anticipated before the end of the month and a
full and detailed report will be forthcoming once all results have
been received and interpreted by the Company.
Mt. Bute Drill Programme Collar Table:
HoleId Easting Northing RL (m) azimuth dip Length Status
MB22D001 723964 5821996 401.42 280deg -55deg 119.2m Assays received
-------- --------- ------- -------- ------- ------- ----------------
MB22D002 723964 5821996 401.42 300deg -55deg 119.3m Assays pending
-------- --------- ------- -------- ------- ------- ----------------
MB22D003 723964 5821996 401.42 250deg -55deg 101.5m Assays pending
-------- --------- ------- -------- ------- ------- ----------------
Drilled as triple tube HQ core diameter. 1/2 sample core samples
over select intervals chosen by on-site geological staff were
prepared and sent to Minanalytical's laboratory located in Perth,
Western Australian. Here, the samples underwent multielement
analysis using 4-acid digest with a ICP-OES finish. Gold assays
were determined using fire-assay with AAS a finish.
The significant intercepts from the drilling of assays above
0.1g/t are tabled below. All widths are apparent.
Hole MB22D001 Assay Table:
To (m) Interval
From (m) (m) Gold (g/t)
23.1 23.4 0.3 0.12
------- --------- -----------
27.6 28.6 1 0.52
------- --------- -----------
30.7 31.2 0.5 0.56
------- --------- -----------
32.7 33.2 0.5 0.29
------- --------- -----------
34.2 34.7 0.5 0.36
------- --------- -----------
35.2 35.7 0.5 0.23
------- --------- -----------
43.8 44.7 0.9 0.11
------- --------- -----------
45.7 47.2 1.5 0.18
------- --------- -----------
47.9 48.9 1 0.21
------- --------- -----------
49.4 55.3 5.9 0.42
------- --------- -----------
59 59.4 0.4 5.13
------- --------- -----------
67.1 67.4 0.3 0.27
------- --------- -----------
67.4 67.9 0.5 2.50
------- --------- -----------
69.6 71.4 1.8 1.43
------- --------- -----------
77.7 80.0 0.3 1.08
------- --------- -----------
79.4 80.4 1 0.14
------- --------- -----------
82.7 83.2 0.5 0.10
------- --------- -----------
88.5 89.5 1 0.16
------- --------- -----------
95.3 95.8 0.5 0.39
------- --------- -----------
97.7 98.2 0.5 0.14
------- --------- -----------
99.7 100.2 0.5 0.26
------- --------- -----------
103.2 103.6 0.4 1.44
------- --------- -----------
111.4 111.9 0.5 0.39
------- --------- -----------
117.45 117.7 0.25 0.14
------- --------- -----------
Diagrams depicting the Mount Bute (Pitfield) drill location and
cross section may be viewed through the following link to the Power
Metal website:
https://www.powermetalresources.com/drill-results-mt-bute-prospect/
The company now awaits the return of assays from the remaining
two holes and is now looking to conduct further drilling at the Mt.
Bute Prospect before the end of the year.
O'Loughlin's Update
A total of 5 holes were drilled within the O'Loughlins Prospect
as part of the 2022 drilling programme. The results from the first
two holes, which included highlight intercepts of 0.4m of 12.34g/t
from 75.7m downhole, and 0.5m at 1.44g/t Au from 50.6m downhole
were presented in the 12 April 2022 RNS. Drilling results have now
been received for an additional 2 holes at the O'Loughlin's
Prospect. Results from one final hole, OL22D003, are still
outstanding.
Results have now been received from two further holes (OL22D001
& OL22D002). These holes have successfully intersected a
mineralised lode structure, and whilst the tenor of downhole gold
grades differs from surface samples collected at the historical
workings, the results highlight the continuity of the zone of
interest.
The technical team is completing a detailed structural
interpretation of the geology derived from the core drilling and
surface mapping, and it is anticipated that the results of this
work will lead to a future drilling programme at the O'Loughlins
Prospect.
O'Loughlins Drill Programme Collar Table:
HoleID Length Azimuth dip Easting(m) Northing(m) RL (m) Status
-70
OL21D001 80.2m 280 deg deg 755592 5819620 352.8 Assays received
------- -------- ----- ----------- ------------ ------- ----------------
-85
OL21D002 88.7m 278 deg deg 755593 5819620 352.8 Assays received
------- -------- ----- ----------- ------------ ------- ----------------
-74
OL22D001 122.1m 88 deg deg 755539 5819638 354 Assays received
------- -------- ----- ----------- ------------ ------- ----------------
-60
OL22D002 143.5m 71 deg deg 755539 5819638 354 Assays received
------- -------- ----- ----------- ------------ ------- ----------------
-65
OL22D003 91.5m 300 deg deg 755623 5819692 349 Assays pending
------- -------- ----- ----------- ------------ ------- ----------------
O'Loughlins Drillhole Assay Table:
HoleID From (m) To (m) Interval (m) Au (g/t)
OL22D001 51.7 52.2 0.5 0.17
--------- ------- ------------- ---------
OL22D002 16.1 17.2 1.1 0.76
--------- ------- ------------- ---------
OL22D002 24 25 1 0.11
--------- ------- ------------- ---------
OL22D002 113 114.6 1.8 0.16
--------- ------- ------------- ---------
OL22D002 117.05 118 0.95 0.27
--------- ------- ------------- ---------
OL22D002 130.5 131.2 0.7 0.72
--------- ------- ------------- ---------
New Ballarat Gold Corporation
NBGC is a joint venture company, owned as to 50.1% by Red Rock
and 49.9% by Power Metals Resources PLC (AIM:POW), which wholly
owns Red Rock Australasia Pty Ltd , holder of the Victorian
Tenements.
NBGC holds through its wholly owned subsidiary RRAL a land
position comprising 14 granted licences of in total 1,832km(2) in
the rich gold fields of Victoria, Australia, principally around the
mining centre of Ballarat.
Five licences covering 493km(2) await grant. The company has
assembled its portfolio of properties comprising a broad range from
exploration targets to near-term resource potential, all of which
remain largely undeveloped by modern explorers.
With the first tenements granted only in 2021, NBGC has already
conducted initial exploration of selected targets, including a
diamond drill test of two prospects starting in December 2021.
520m of drilling has been carried out at the O'Loughlin's target
within EL 007271and 340m has been carried out at Mt Bute, with
samples sent to MinAnalytical Laboratory Services in Perth, WA, for
laboratory assay testing.
Granted Licences:
The fourteen granted licences cover high priority areas covering
1,832km(2) as outlined below:
Licence Number Project Name Area (km(2)
)
Buninyong
EL007271 (renamed) 133
-------------- --------------------
EL007281 Blue Chip 74
-------------- --------------------
EL007282 Blue Sky 489
-------------- --------------------
EL007285 Blue Ribbon 8
-------------- --------------------
EL007327 Dereel 60
-------------- --------------------
EL007385 Sardinia 4
-------------- --------------------
EL007329 Kilmore 484
-------------- --------------------
Pitfield/Mt
EL007301 Bute 85
-------------- --------------------
EL007328 Blue Yonder 164
-------------- --------------------
State land
within EL007271 - [9]
EL007505
-------------- --------------------
State land
within EL007271 - [9]
EL007506
-------------- --------------------
State land
within EL007271 - [8]
EL007507
-------------- --------------------
Daylesford
EL007330 (renamed) 202
-------------- --------------------
Talbot
EL 007294 (renamed) 129
-------------- --------------------
Total 1,832
--------------------
Licence Applications:
RRAL has applications in process for five other new gold
exploration licence areas covering 493km(2) in the Victoria
Goldfields of Australia including:
Licence Application Project Name Area (km(2)
Number )
EL007540*
(3 competing
applications) Outer Ballarat 142
---------------- ------------
EL007756 Monmouth 22
---------------- ------------
State land Dereel (2) [3]
within EL007327
EL007799
---------------- ------------
EL007826 Ballarat East 4
---------------- ------------
EL007460 Kilmore West 325
---------------- ------------
TOTAL 493
------------
* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and
Loddon Gold Pty Ltd have put in competing applications the same day
as RRAL for the ground covered by EL007540. The application
considered to have greatest merit will eventually be given
priority.
The following applications have been made in Western
Australia:
License Application Project Name Area (km(2) )
Number
EL45/5859 Paterson 227
------------------ --------------
EL45/5885 Pilbara/Paterson 70
------------------ --------------
COMPETENT PERSON
The technical information relating to exploration in this report
is compiled by David Holden, BSc, MBA, MEM, who is a member of the
Australian Institute of Geoscientists and a director of NBGC, and
the Exploration Director of RRAL. He is a member of a recognized
professional organization and has sufficient relevant experience to
qualify as a qualified person as defined in the Guidance Note for
Mining, Oil and Gas Companies published by AIM. Mr Holden consents
to the inclusion of the technical information in the form and
context in which it appears.
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 Current Work Completed Results Awaited
POW or Underway
%
Alamo USA Earn-in Excavation of Field and assay
Gold Project to 75% multiple test results from on-site
pits and mapping work programme.
& sampling.
---------- --------- ------------------------ ----------------------------
Athabasca Canada 100% Data compilation Interpretation results
Uranium across uranium from all Properties
properties complete. Next steps
upcoming.
---------- --------- ------------------------ ----------------------------
Authier Canada Earn-in Soil & rock Technical Review
North to 100% sampling completed of exploration results
Lithium & define next exploration
steps.
---------- --------- ------------------------ ----------------------------
Ditau Botswana 50% Drill programme Field updates and
Project focused on key receipt & review
targets notably of laboratory assay
drilling of results.
potential carbonatites
and targeting
rare-earth elements.
---------- --------- ------------------------ ----------------------------
Kalahari Botswana 50% Exploration Field programme
Copper programme underway findings and defined
Belt across the South drill targets for
Ghanzi Project near term drilling.
and further
exploration
at the more
recently acquired
South Ghanzi
Extension and
Mamuno licence
areas
---------- --------- ------------------------ ----------------------------
Molopo Botswana 53%# Review of recent Determine next exploration
Farms exploration steps and action
findings. plan.
---------- --------- ------------------------ ----------------------------
Victoria Australia 49.9% Diamond drill Field updates and
Goldfields programme completed. receipt & review
of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Paterson Australia 82.78%* Wallal passive Findings from multiple
Projects seismic and work programmes
2D 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 Australia 82.78%* Lithium review Findings from lithium
Project underway including review exploration
desktop and programme.
field mapping
and sampling.
---------- --------- ------------------------ ----------------------------
* Reducing to 62.12% after issue of FDR shares after completion of the Pre-IPO Financing
# subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
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