7 February 2024
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Molopo Farms Complex, Botswana -
Drilling Commences
Power Metal Resources PLC (AIM:POW),
the London-listed exploration company with a global project
portfolio, announces the commencement of
drilling at its Molopo Farms Complex Project ("Molopo Farms" or the
"Project" or the "MFC"), where the Company is targeting a
district-scale nickel ("Ni") and platinum group element ("PGE")
discovery in southwestern Botswana.
DRILLING UPDATE
·
Power Metal confirms the
commencement of diamond drilling at Molopo Farms, targeting a
steeply-dipping high-priority conductor at target area T1-14. The
drill hole in progress has a target depth of
700-800m.
·
The Company also
recently completed ground Audio-frequency Magnetotelluric ("AMT"),
as well as magnetics over target areas T1-14 and
T1-9.
·
The goal of the
AMT 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.
·
The results of the AMT work
have now been received and the data has allowed the Company to
further refine its targeting at target area T1-14 in advance of
drill commencement.
·
The Company's CEO, Sean
Wade, will be arriving on site shortly to liaise with the Company's
in-country operations team.
Sean Wade, Chief Executive Officer of
Power Metal Resources, commented:
"I
am very pleased to see drilling commence at the Company's Molopo
Farms Complex Project in Botswana. I look forward to visiting the
drill site later this week and spending time with our operations
team to discuss the Project.
"I
also look forward to delivering further updates as the drill
programme advances."
Figure 1: Drill rig in its final location at target area
T1-14.
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.