Power Metal Resources PLC Kisinka Project Update (6834C)
12 Febbraio 2020 - 08:00AM
UK Regulatory
TIDMPOW
RNS Number : 6834C
Power Metal Resources PLC
12 February 2020
12 February 2020
Power Metal Resources PLC
("Power Metal" or the "Company")
Kisinka Project - 6.8km Copper Anomaly Exploration
Power Metal Resources PLC (LON:POW) the AIM listed metals
exploration and development company is pleased to provide an update
in respect of its 70% owned Kisinka Copper-Cobalt Project located
some 30km East of the regional capital of Lubumbashi in the
southern part of the Katangan Copperbelt in the Democratic Republic
of the Congo.
In 2019 the Company carried out a programme of 663 termite mound
samples on a 400m by 200m grid, that led to the identification of a
6.8km by 600m zone of apparent copper anomaly in the
Undifferentiated Roan mineralisation running through the license
(see releases of 7 June 2019 and 11 July 2019).
Power Metal has now commissioned Minex Consulting SA to carry
out a follow up programme to include pitting focussed on the target
area containing the 6.8km copper anomaly ("Target Area", as shown
in Figure 6 of the 11 July 2019 RNS announcement).
HIGHLIGHTS
-- 24 pits totalling c230 metres are to be dug on 9
cross-sections across the Target Area for copper, with channel and
bottom sampling of pits; detailed mapping based on lithological
units encountered, and preparation of samples for analysis
including laboratory analysis to identify cobalt
mineralisation.
-- The programme will seek to confirm the copper trend
established by termite mound sampling during the 2019
programme.
-- This trend also at its north-west end intersects a part of
the auger drilling traverse carried out by the Company in 2018 that
produced indications of copper mineralisation in field XRF
readings.
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"When we came into the Company as a new management team early
last year, the Kisinka exploration was the first work we carried
out, before moving on to review of other parts of our project
portfolio.
Our expectations were not high, and we were surprised and
encouraged by the discovery of a very extensive copper anomaly
following the trend of the Roan 1, 2 and 3 mineralisation.
Faced with a number of recommendations and alternatives and
wishing to achieve exploration progress in the most cost-effective
manner, we have considered various exploration possibilities.
We have decided to utilise the last part of the rainy season in
carrying out a programme of pitting, sampling, and mapping that
will not be excessively weather-dependent and which if successful
will confirm a significant copper anomaly and advance our
geological understanding of the area, and prepare for follow up
work including geophysics and drilling.
This programme will also enable us to test the cobalt
mineralisation of the Target Area."
FURTHER PROGRAMME INFORMATION
Planned pit locations are shown in Figure 1 which may be
accessed through the following link:
http://www.rns-pdf.londonstockexchange.com/rns/6834C_1-2020-2-11.pdf
In addition to soil samples collected from the pits, rock chip
samples will be prepared at the University of Lubumbashi
Preparation Laboratory. Readings will then be taken at the Minex
office using an XRF Niton Analyser, before samples are sent to an
accredited laboratory for testing.
The programme in the field will commence imminently and is
expected to take between 12 and 20 days, depending on weather
conditions.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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 +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 and development company exploring for the key metals
used in power generation, transmission, storage and utilisation.
The Board and team of advisors, who have proven expertise in
exploration, mining and project generation, have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors to gain exposure to the power metal
commodity suite, particularly cobalt, lithium, copper and
nickel.
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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