TIDMPOW
RNS Number : 9840X
Power Metal Resources PLC
11 January 2022
11 January 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Haneti Project - Drill Programme Commencement
Mobilisation Underway for Inaugural Haneti Project Diamond
Drilling Programme
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces that mobilisation has
successfully commenced for the Company's inaugural diamond drilling
programme on the Haneti Project ("Haneti" or the "Project") located
in central Tanzania.
The Haneti Project is currently held under a Joint Venture
("JV") with Katoro Gold Plc (LON:KAT "Katoro") who hold a 65%
interest, with the remaining 35% interest held by Power Metal.
A map highlighting the planned locations for the 2022 diamond
drilling programme can be found at the following link:
https://www.powermetalresources.com/haneti-project-drill-programme/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The Haneti Project, targeting magmatic sulphide hosted nickel,
copper and platinum group metals, represents a unique
district-scale opportunity for Power Metal and our JV partner
Katoro .
The preparatory work leading up to this campaign has been
extensive, though ultimately, it is deep diamond drilling that is
now needed in order to broaden our understanding of the geological
environments and to unlock the potential for a commercial
discovery.
With some considerable enthusiasm we launch the programme and
very much look forward to updates from the field, and ultimately
the results of the assay testing of drill core samples which will
be collected during the 2022 campaign. "
HIGHLIGHTS:
- Mobilisation by the drilling contractor has commenced with the
drilling rig expected to be on site around 17 January 2022, and
drilling expected to commence on or around 20 January 2022.
- The planned 1,000m drill programme consists of three deep
diamond core targeting magmatic nickel (Ni) copper (Cu) platinum
group element (PGE) sulphide mineralisation. The work will
constitute the first diamond drilling conducted out by the JV
within the Haneti Project area.
- In advance of the drilling programme the Haneti Project
licences have successfully been renewed for an additional 7
years.
- The planned drillholes are designed to provide a full
intersection through the various ultramafic sequences in order to
produce fresh rock samples for detailed geochemical and
petrographic analysis.
- Two diamond core holes are planned at the Mwaka Target for a
combined total of approximately 505m. The holes have current
planned depths of 264m and 241m and are designed to test two
discrete high-priority conductors which were identified during the
2012 electromagnetic ("EM") geophysics survey.
- A single 495m deep diamond core drill hole is planned at the
Mihanza Target. The Mihanza target was subject to a shallow Rotary
Air Blast ("RAB") drill programme that was completed in early 2021;
the programme confirmed the presence of near-surface Ni-Cu-PGE
sulphide mineralisation. The Mihanza Target is centred around
coincident magnetic high geophysical and nickel geochemical
anomalies. Detailed modelling and inversion analysis of the
airborne magnetic data completed in 2014 identified a large plug
shaped magnetic anomaly (following work undertaken by consultants
to former project owner Kibo Mining plc this was interpreted to
represent an ultramafic body) which lies at roughly 300m below
surface. This plug shaped body has never been drill tested, and the
drill hole planned at Mihanza is specifically designed to intersect
the anomaly at depth.
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 (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.
---------- ---------- ------------------------ ----------------------
Authier North Canada Earn-in Soil & rock sampling Laboratory assay
Lithium to 100% completed results of samples
collected
---------- ---------- ------------------------ ----------------------
Ditau Project Botswana 50% Preparatory exploration Field programme
work underway on findings and defined
target I10 leading drill targets for
to planned accelerated near term drilling.
drilling targeting
rare-earth elements
and base metals
---------- ---------- ------------------------ ----------------------
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%(1) Kavango Option Results from various
to acquire an interest work activities
in local project underway as part
holding company. of the Kavango
Option fee payable Option
through defined
work programme
---------- ---------- ------------------------ ----------------------
Tati Gold/Nickel Botswana 100% Reverse circulation Laboratory assay
drill programme results awaited
completed
---------- ---------- ------------------------ ----------------------
Victoria Goldfields Australia 49.9% Ongoing exploration Results from field
across 848km(2) programme including
of granted exploration drill programme
licences underway
---------- ---------- ------------------------ ----------------------
Wallal Gold/Copper Australia 83.33%(2) Passive seismic Results awaited
Project and 2D seismic
processing work
programme completed
---------- ---------- ------------------------ ----------------------
(1) should Kavango exercise their option to acquire Kalahari
Key, Power Metal interest would reduce to 40% of the Molopo Farms
Complex project
(2) assuming all licences held by URE Metals Pty Limited are
granted as outlined in the Company's announcement of 19.11.21
resulting in the issue of First Development Resources Ltd shares to
URE vendors
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBRGDBXBBDGDG
(END) Dow Jones Newswires
January 11, 2022 02:00 ET (07:00 GMT)
Grafico Azioni African Battery Metals (LSE:ABM)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni African Battery Metals (LSE:ABM)
Storico
Da Apr 2023 a Apr 2024
