Last checked at 29 Apr 2022 16:41
29 April 2022
Power Metal Resources plc ("Power Metal" or the "Company")
Ditau Camp Project Botswana - Drilling Update
Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from the Ditau Camp project (the "Project") in Botswana.
The Project is held by Botswana based Kanye Resources Pty Limited ("Kanye"), which is a 50/50 joint-venture partnership with Kavango Resources plc (LSE:KAV) ("Kavango") - who are the operators.
Kavango confirm the completion of the first diamond drill hole at the Ditau Camp Project, Botswana, hole DITDD003 (the "Borehole").
The hole was completed to a total depth of 300.14m, which the Company's technical team believes has tested the geophysical target at this specific location.
The Borehole intersected units including a breccia of 20.44m from 83.9m, and a dolomitic carbonate rock from 154.89m. This latter may contain stromatolitic features.
Kavango's technical team is now assessing the provenance of the breccia unit, which it believes may represent either a weathered carbonatitic ash flow or a weathered Dwyka tillite.
In addition, a 7.16m intrusive, considered to be a dolerite, was intersected from 247.73m.
While the provenance of the breccia unit is uncertain Kavango has performed some initial portable X-Ray Fluorescence ("pXRF") readings on the matrix and larger clasts, with a view to comparing these with both carbonatitic ash flow and also unweathered Dwyka tillite. The latter has been drilled in recent Kavango diamond drillholes in the region and will be used for these pXRF checks.
Subsequent to this the cores from DITDD003 will be cut and sent to an accredited laboratory for whole rock analysis with petrological work also carried out on selected samples.
Hole DITDD003 is one of six planned boreholes in the current programme. The drill rig is currently being moved to the pad for the next hole in the campaign, DITDD004.
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 - 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.
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 or Underway | Results Awaited |
Alamo Gold Project | USA | Earn-in to 75% | Excavation of multiple test pits and mapping & sampling. | Field and assay results from on-site work programme. |
Athabasca Uranium | Canada | 100% | Data compilation across uranium properties | Interpretation results from all Properties complete. Next steps upcoming. |
Authier North Lithium | Canada | Earn-in to 100% | Soil & rock sampling completed | Technical Review of exploration results & define next exploration steps. |
Ditau Project | Botswana | 50% | Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements. | Field updates and receipt & review of laboratory assay results. |
Kalahari Copper Belt | Botswana | 50% | Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas | Field programme findings and defined drill targets for near term drilling. |
Molopo Farms | Botswana | 53% | Review of recent exploration findings. | Determine next exploration steps and action plan. |
Haneti Project | Tanzania | 35% | Diamond drill programme completed | Receipt & review of laboratory assay results. |
Victoria Goldfields | Australia | 49.9% | Diamond drill programme underway
| Field updates and receipt & review of laboratory assay results. |
Paterson Projects | Australia | 83.33% | Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects.
| Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling. |
Selta Project | Australia | 83.33% | Field reconnaissance work complete, including mapping and sampling. | Finalising data review from field programmes. |