Last checked at 16 May 2022 16:12
16 May 2022
Power Metal Resources PLC ("Power Metal" or the "Company")
First Class Metals Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the update (the "Update") released by First Class Metals PLC ("First Class") in which Power Metal has a circa 36.3% interest.
The Update outlines the receipt of an exploration permit for the Pickle Lake area and confirmation that earn-in joint venture partner Palladium One (TSXV:PDM) is to launch a drill programme at Pickle Lake.
The Update may be viewed through the following link:
https://www.firstclassmetalsplc.com/mining-news
First Class Metals PLC is a minerals exploration company focused on proving and developing the significant potential of their flagship property North Hemlo which includes the Pickle Lake Palladium One JV area as well as systematic exploration of the Esa, Sugar Cube, McKellar, Magical, Enable and Coco East projects, in total 180km2 in the Hemlo - Harte gold mines region in the Western portion of the Wawa-Abitibi Gold Belt of Ontario, Canada.
Geologically the claim blocks are located within the Schreiber-Hemlo Greenstone Belt with target minerals gold, silver, base and battery metals in typical Archaean / Hemlo style mineralised settings. First Class is seeking a London Listing prior to end Q2 2022.
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, which included mapping and sampling. | Finalising data review from field programmes. |