31 January 2024
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Molopo Farms Complex, Botswana -
Drilling Update
Power Metal Resources PLC (AIM:POW),
the London listed exploration company with a global project
portfolio, announces an update from its
Molopo Farms Complex Project ("Molopo Farms" or the "Project" or
"MFC") where the Company is targeting a district-scale nickel
("Ni") and platinum group element ("PGE") discovery in southwestern
Botswana.
DRILLING UPDATE
In October 2023 Power Metal
announced the identification of the highest priority drill target
to date within a geophysical conductor identified at Molopo Farms
and in December 2023 announced that the Company had advanced plans
to drill test this significant target.
The identified conductor is very
strong, steeply dipping, multi-kilometre in length and importantly
is co-incident with the keel of the feeder zone intrusion within
target area T1-14.
Significantly, this conductor is
geologically located where one would expect to find accumulations
of significant nickel sulphides within a mafic/ultramafic complex,
giving the Company further confidence in the provenance of this
particular conductor.
The Company is pleased to report
that Discovery Drilling Contractors Africa have commenced
mobilisation for the planned drilling programme and this
mobilisation exercise is underway.
Drilling is expected to commence in
the coming days targeting the high priority conductor at target
area T1-14. Additional technical details regarding this conductor
were released to the market on 6 December 2023 and the relevant
announcement can be viewed through the link below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-operational-update/16239525
LICENSE UPDATE
On behalf of the Company, Kalahari
Key Mineral Exploration Pty Ltd, received extension license
documents from the Botswana Department of Mines for Prospecting
Licence 310/2016 and PL311/2026 granting the Company the right to
prospect for metals for a two-year period.
OPERATIONAL UPDATE
The Company recently completed
ground Audio-frequency Magnetotelluric (AMT) as well as magnetics
over target areas T1-14 and T1-9. The goal of this work was to
further refine targeting at two locations along the multi-kilometre
scale steeply dipping conductor, co-incident with the keel of the
feeder zone intrusion and which extends across T1-14 and
T1-9.
Sean Wade, Chief Executive Officer of
Power Metal Resources, commented:
"I
am pleased to confirm the mobilisation for this important drill
programme targeting the highest priority conductor identified to
date at the Molopo Farms Complex Project in
Botswana.
"We are very excited to be getting this work underway, which
is testament to an immense amount of technical analysis and
preparatory work completed by the team.
"I
very much look forward to sharing our progress with this programme
in due course."
Power Metal Interest
Power Metal holds an 87.71% interest
in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private
company, which holds a 100% interest in the Molopo Farms Complex
Project.
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
|
|
Sean Wade (Chief Executive
Officer)
|
+44 (0) 20 3778 1396
|
|
|
SP Angel Corporate Finance (Nomad
and Joint Broker)
|
|
Ewan Leggat/Caroline
Rowe/Harry Davies-Ball
|
+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
BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
|
+44 (0) 20 7330 1883
+44 (0) 20 7138 3204
|
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.