TIDMTSI
RNS Number : 1763K
Two Shields Investments PLC
20 April 2020
Two Shields Investments plc
("TSI", or the "Company")
Kalahari Key update
Two Shields Investments plc, the AIM quoted investment company
with a strategy to build a high-quality portfolio of investments in
fast growing and scalable digital and technology enabled
businesses, is pleased to reproduce the following announcement
issued by Power Metal Resources PLC, in which TSI has a 4.13% stake
in. The announcement is in relation to Kalahari Key Mineral
Exploration Company Pty Ltd ("Kalahari Key"). Kalahari Key is a
special purpose company in which TSI also has a 17.8% stake in.
"Botswana Molopo Farms Complex - Progress Update
Power Metal Resources PLC (LON:POW) the AIM listed metals
exploration and development company is pleased to provide an update
in respect of the Kalahari Key Mineral Exploration Pty Ltd
("Kalahari Key" or "KKME") Molopo Farms Complex Project (the
"Project" or "MFC Project"), which is targeting prospective massive
nickel sulphide mineralisation in Botswana.
POW has an 18.26% shareholding in Kalahari Key and has elected
to earn in ("Earn-In") to a 40% direct interest in the MFC Project
by expending $500,000 on exploration expenditure, notably target
drilling, in 2020. On completion of the Earn-In, POW will have an
effective economic interest of 50.96% in the MFC Project.
BACKGROUND:
A helicopter-borne electromagnetic survey, followed by ground
geophysics, and subsequent desktop review, has to-date identified a
total of eight targets prospective for nickel - platinum group
metals ("PGMs"). Four high profile drill targets have been selected
for drilling, with eight drill holes designed to test these
targets.
This RNS covers various operational developments in the build up
to drilling of the MFC Project.
DEVELOPMENTS:
OPERATIONAL ELEMENT UPDATE
MFC Project Target Structuring Recognising the scale of the MFC
Project and notably the larger than
expected number of high-profile targets
identified from ground geophysics,
the Project targets have now been
allocated to target groups as follows:
Chipo - Northern Targets
Tshepo - Central Targets
Galaletsang - Southern Targets
Tshenolo - Western Magnetic Targets
--------------------------------------------
MFC Project Drill Targeting Initial drilling is expected to focus
on the Chipo target group in the
Northern area of the MFC Project
where the decay constant from ground
geophysics (up to 530 milliseconds
for certain MFC Project targets)
reaches or exceeds the high levels
associated with other massive sulphide
discoveries in the region (including
above 250 milliseconds in eastern
Botswana).
Subject to approval of the Environmental
Management Plan (see below) and a
fuller understanding of the impact
of the COVID-19 pandemic on Botswana,
Kalahari Key will formulate a drilling
timetable in due course and POW are
working with Kalahari Key in this
regard.
--------------------------------------------
Gravity Surveys Gravity surveys undertaken over principal
targets have been successful demonstrating
that the selected conductor targets
for drilling are associated with
gravity highs usually associated
with massive nickel sulphide bodies.
--------------------------------------------
Licence Renewals Two MFC Project licences, PL310/2016
and PL311/2016, have been successfully
renewed for a two-year period with
formal renewal documentation now
received from the Department of Mines,
Botswana.
--------------------------------------------
Impact of Covid-19 on Botswana In response to the Covid-19 pandemic
Operations Botswana is now in a 28-day lockdown
to the end of April 2020 which includes
local day to day restrictions and
also travel restrictions in and out
of country.
The Kalahari Key team are utilising
the lockdown period to review all
available geological and geophysical
data to further refine exploration
and drilling plans in respect of
the MFC Project and to support liaison
with third parties who have expressed
an interest in the Project.
--------------------------------------------
Environmental Management Following submission of the EMP feedback
Plan ("EMP") has been received from the Department
of Environmental Affairs ("DEA"),
Botswana and the EMP has been updated
as required. The updated EMP is to
be delivered to the DEA on cessation
of the Covid-19 lockdown.
--------------------------------------------
Review of New Project Opportunities Given the additional time available
during the lockdown the Kalahari
Key team are reviewing a number of
additional opportunities in Botswana
to complement the MFC Project interest.
--------------------------------------------
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"The scale of potential prospectivity at the MFC project was
demonstrated by the large number of Nickel-PGM targets identified
during ground geophysics and this has now led to a clustering of
targets into four groups. The MFC project is increasingly
attractive and we look forward to the pursuit of ground
exploration, notably high-profile target drilling.
POW notes the positive approach taken by Kalahari Key during the
period of Covid-19 lockdown in the UK and Botswana, and the
determination to use this opportunity to advance their knowledge of
the MFC Project and to assess additional project opportunities.
We are also grateful to the Botswana authorities for their
support and engagement, once again demonstrating that Botswana is a
robust and supportive operating environment for exploration
companies.
In the currently fast changing environment further updates will
be provided in respect of Kalahari Key and the MFC Project, as
appropriate."
Kalahari Key and MFC Project Background
Kalahari Key Mineral Exploration Company (Pty) Ltd, registered
in Botswana, is a mineral exploration and geological consultancy
company.
The MFC Project originally consisted of three licenses in
covering an area of 2,725 square kilometres that are considered
prospective for Nickel-Copper-PGMs mineralisation and 100% owned by
Kalahari Key.
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.
Licences PL310/2016 and PL311/2016 were due for renewal in late
2019 and renewal applications were submitted including evidence of
work undertaken and associated costings in excess of the minimum
stipulations for maintaining the licences and seeking renewal.
Renewals have been granted, with the usual provision of circa 50%
land area relinquishment.
The exploration work undertaken to date has proved extremely
useful in identifying the ground hosting the potential
mineralisation and the remaining areas held under the renewal
applications contains the key potentially mineralised
structures.
A helicopter-borne electro-magnetic ("EM") survey over the
Molopo Farms Feeder Zone project area completed in Q2 2019
identified 17 sub-surface conductor targets and follow up ground EM
surveys over 14 of the targets produced eight priority targets of
considerable size and scale. Four high-priority targets will be
subject to initial drilling for which 8 drill holes have been
designed to penetrate all targets.
The targets are highly conductive bodies which could potentially
be host to massive nickel sulphides due to the spatial location,
particular geological setting and associated magnetic response.
KKME appointed consultants Wellfields Consulting Services in
Gaborone, Botswana to complete a pre-drilling Environmental
Management Plan ("EMP") and the EMP was submitted to the DEA In Q4
2019. Feedback has been received from the DEA and the EMP updated
as required, with the updated report ready for re-submission (upon
ending of the Covid-19 lockdown).
KKME implemented gravity surveys over the key drill targets, to
eliminate as far as possible any chance that the targets are
graphite rather than sulphide bodies, since the former although
conductive would not be of interest, although this is considered
unlikely given the geological setting. This work was successfully
completed and the final gravity survey report confirms that all
targets remain valid.
Further liaison with drilling contractors is underway, including
some who have expressed a willingness to consider equity in lieu of
cash for a portion of their drilling costs in respect of the
initial programme.
There is interest in the MFC Project from third parties and KKME
are maintaining liaison with external organisations.
Power Metal Resources Interest in Kalahari Key and The MFC
Project
Power Metal Resources has an 18.26% shareholding in Kalahari Key
and on 31 December 2019 elected to earn into a 40% direct project
interest in the MFC project by investing US$500,000 in the Project
by 31 December 2020 (the "Earn-in").
Following completion of the Earn In, Power Metal Resources will
hold an effective economic interest of 50.96% in the Project.
The Company's Kalahari Key acquisition agreement was announced
on 13 May 2019 and readers can review this announcement through the
following link:
https://www.powermetalresources.com/n/n104/acquisition-and-earn-in-agreement-botswana-project
Further Information on the POW Project Level 40% Earn-In to the
MFC Project
On 31 December 2019 POW elected 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 an MFC Project operational
committee (the "Committee") was 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, following POW electing to Earn-in, Paul Johnson (POW
Director) joined the Board of Kalahari Key.
Also, now POW has elected to Earn-in, a Joint Venture Agreement
("JVA") is being 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:
Andrew Lawley Two Shields Investments Tel: +44 (0)20
plc 3143 8300
Spark Advisory
Neil Baldwin Partners Limited +44 (0) 20 3368
/ Andrew Emmott (Nominated Adviser) 3554
Turner Pope Investments
(TPI) Ltd +44 (0) 20 3657
Andy Thacker (Joint -broker) 0050
Optiva Securities
Limited +44 (0) 20 3137
Robert Emmett (Joint -broker) 1902
Robin Tozer Newgate Communications +44 (0) 203 757
/ Bob Huxford (PR) 6880
Notes to Editors:
Two Shields Investments plc, the AIM quoted investment company
with a strategy to build a portfolio of high-quality investments in
fast growing, scalable digital and technology enabled businesses,
including those in the cyber security, e-commerce services and
consumer sectors. The Company has appointed an experienced Board of
Directors with a proven pedigree in the origination, acquisition,
development & sale of projects and creating value for
shareholders. The investment mandate covers unquoted and quoted
businesses, as well as direct project investment. Where appropriate
the Board will apply its extensive combined experience to directly
support investee businesses achieve their growth potential.
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
UPDIMMRTMTJTMRM
(END) Dow Jones Newswires
April 20, 2020 03:39 ET (07:39 GMT)
Grafico Azioni Brandshield Systems (LSE:BRSD)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Brandshield Systems (LSE:BRSD)
Storico
Da Apr 2023 a Apr 2024
