TIDMTSI
RNS Number : 3051O
Two Shields Investments PLC
01 October 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
Two Shields Investments plc
("TSI", "Two Shields" or the "Company")
Kalahari Key Botswana - Results from Ground Geophysics
Two Shields Investments plc, the AIM quoted investment company
with a strategy focused on building a portfolio of investments in
to fast growing disruptive markets including technology metals,
cyber security, e-commerce and technology enabled businesses, is
pleased to provide the results of the ground operations which were
undertaken by Kalahari Key Mineral Exploration Pty Ltd ("Kalahari
Key") at the Molopo Farms Complex project ("MFC" or the "Project")
a Botswana Nickel-Copper-PGMs exploration project 100% owned by
Kalahari Key ("Report").
The Project consists of licences covering an area of 2,725
square kilometres that are considered prospective for
Nickel-Copper-PGMs mineralisation and is 100% owned by Kalahari
Key.
Two Shields has a 17.8% interest in Kalahari Key. In addition,
TSI owns 15,195,826 shares in Power Metal Resources plc ("POW")
representing approximately 4.1% of the issued share capital of POW.
POW has an 18.26% shareholding in Kalahari Key and also has a right
by 31 December 2019 to elect to earn into a 40% direct project
interest in the Molopo Farms Complex project, through an investment
of US$500,000 in the Project by 31 December 2020.
Kalahari Key has received the Report and today provided the same
to its shareholders via a shareholder update.
Background and Summary of the Report:
-- In late 2018 a helicopter airborne electromagnetic programme
was undertaken at the MFC from which 17 conductor targets were
identified within the feeder/shear zone;
-- Kalahari Key completed a ground geophysics programme in early
August 2019 which included 11 loops over a total of 14 nickel-PGM
mineralisation targets (increased from the 10 targets previously
advised due to clustering of targets, and certain loops covering
more than one target);
-- The Report describes the results of an electromagnetic
survey, conducted during June to August 2019, to investigate
conductor targets generated from the interpretation of helicopter
airborne electromagnetic programme
-- Several discreet, highly conductive ore bodies were detected
that can be classified as close to super-conductors. The identified
conductors can possibly be massive nickel sulphides due to the
spatial location, particular geological setting and associated
magnetic response.
Kalahari Key - Next Steps
The following summary was noted in the shareholder report from
Kalahari Key:
(a) the directors of Kalahari Key believe the Report is
extremely positive and the basis for further work;
(b) Kalahari Key is in the process of awarding a contract to
Botswana contractor, to carry out the necessary environmental
surveys including the statutory consultations with landowners and
other stakeholders; and
(c) Kalahari Key is in discussion with a number of drilling
companies with a view to the drilling programme commencing around
the end of 2019.
BACKGROUND TO KALAHARI KEY AND THE MFC PROJECT
Kalahari Key, registered in Botswana, is a mineral exploration
and geological consultancy company that was established by Roger
Key, Andy Moore, Simon Bate and Rick Bonner in November 2014.
In November 2016 the company acquired two mineral exploration
licences (PL310/2016 and PL311/2016) from the Botswana Government.
The licences cover the eastern and central parts of a shear/feeder
zone through the centre of the Bushveld-related Molopo Farms
Complex in southern Botswana. A third licence (PL202/2018) was
acquired in early 2018 immediately to the south of PL311/2016.
The target mineralization is Ni-PGM in the shear/ feeder zone.
Re-processing and re-interpretation of existing high-resolution
airborne magnetic data and regional gravity data was initially used
to identify target areas. Selected core from previous exploration
programmes has also been examined to better understand the geology
of the Complex.
Towards the end of 2018, NRG(TM) was contracted to complete a
high-resolution helicopter airborne magnetic and Electro Magnetic
survey over the feeder/shear zone using their Xcite (TM)
methodology. The preliminary analysis of the new geophysical data
identified 17 conductor targets within the feeder/shear zone.
In mid-2019 a ground geophysics programme was undertaken. The
system employed was the High-Power Electro-Magnetic ("HPEM")
transmitter capable of transmitting up to 200A together with the
ultra-sensitive Supracon Jesse-Deep SQUID ("superconducting quantum
interference device ") sensor hooked up to the industry standard
EMIT Smartem24 receiver.
Transmitter loops of approximately 1km by 1km were laid out
using 35mm2 aluminium wire and lines (100 or 200m spacing) were
surveyed at either 50m or 100m reading interval, depending on depth
to target. In total 11 loops were undertaken around 14 individual
targets from the original helicopter EM Survey.
The data generated from the ground geophysics programme was
reviewed in South Africa in August 2019 and 6 priority drill
targets have been identified from which it is expected that 4 key
targets will be the focus of a Phase 1 drilling programme.
PROJECT LEVEL 40% EARN-IN TO THE MFC PROJECT
Not later than 31 December 2019, POW may elect, at its sole
discretion, to earn-in to 40% of the MFC Project by entering into
and then fulfilling a commitment to spend US$500,000 ("Committed
Spend") during the period to 31 December 2020.
Upon POW entering into the Earn-in (or earlier with the
agreement of all parties) an MFC Project operational committee (the
"Committee") will be established comprising members Roger Key
(Kalahari Key Director), Andrew Bell (POW Director) and Andrew
Moore (Kalahari Key Director). The Committee will determine the
allocation of the Committed Spend and management of operational
activities. Upon completion of the Earn-in expenditure requirement
POW will hold 40% of the MFC Project
The Committed Spend will be applied primarily to the completion
of drilling of four targets at the MFC Project.
Also, upon POW entering into the Earn-in (or earlier if agreed
by all parties) Paul Johnson (POW Director) will join the Board of
Kalahari Key.
Neither the Committee members nor the existing or new directors
of Kalahari Key will be remunerated for their services.
Also, upon the Company entering into the Earn-in, a Joint
Venture Agreement will be established between the parties which
will determine strategy, operational management and corporate
structuring. This will include the usual fund or dilute provisions
unless an alternate structure is agreed by the parties.
For further information please visit https://twoshields.co.uk/
or contact:
Two Shields Investments +44 (0)20 3143
Andrew Lawley plc 8300
Spark Advisory Partners
Ltd +44 (0) 20 3368
Neil Baldwin / Andrew Emmott (Nominated Adviser) 3554
Turner Pope Investments
Ltd +44 (0) 20 3621
Andy Thacker (Brokers) 4120
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.
END
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