Last checked at 15 Oct 2021 10:35
15 October 2021
Power Metal Resources plc
("Power Metal" or the "Company")
New Copper Anomalies Identified - Garfield Property, Nevada
Positive Findings from Satellite Imagery Analysed over Garfield Property; Additional Claims Staked to Cover New Target Areas
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results from recently completed satellite imagery analysis over the Garfield Property ("Garfield" or the "Property") located in the prolific Walker Lane Mineral Belt in Nevada, USA.
HIGHLIGHTS:
- Analysis of Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) and European Space Agency Sentinel-2 datasets has been undertaken by global image processing expert Dr. Neil Pendock from Dirt Exploration based out of Cape Town, South Africa.
- This analysis identified two strong anomalies, prospective for copper mineralisation, as evidenced by detailed mathematical analysis of spectral end members that correlate with known copper mineralistion in the area.
- The new anomalies are located over 1km and 1.5km away from the main Garfield showings, expanding the potential copper mineralisation footprint significantly.
- Additional claims have now been staked to cover the identified anomalies, increasing the claims held at the Property from three to eleven claims.
- The Power Metal technical team is reviewing other strong anomalies near to the newly expanded Property which were identified by the satellite imagery analysis.
A map highlighting the newly acquired ground, as well as the copper anomalies identified by the analysis can be found at the following link:
https://www.powermetalresources.com/garfield-project/
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
"Power Metal is grateful to Dr Pendock for his work which has led to the identification of prospective copper anomalies at our 100%-owned Garfield Property
This has been achieved by deploying the latest satellite imagery analysis techniques, undertaken at reasonable cost and is a material outcome from initial exploration work.
Given the findings we have intensified our exploration activities at Garfield and look forward to further updating shareholders with the outcomes from this exploration work."
WORK UNDERTAKEN
Analysis of various datasets including Japanese Aster and European Space Agency Sentinel-2 was undertaken. These datasets offer high spatial resolution visible/near infrared (VNIR), shortwave infrared (SWIR) and longwave infrared (LWIR) imagery.
The analysis was completed by global image processing expert Dr. Neil Pendock from Dirt Exploration based out of Cape Town, South Africa. As a result of the findings, additional staking has now been completed which cover two anomalies identified by the satellite analysis.
The Japanese Aster thermal camera (longwave infrared) allows for remote mapping of mobile metal ions within the earth's upper unconsolidated bedrock and loose soil (regolith) using the emissitivity properties of minerals within the regolith.
This type of analysis is extremely well suited to Nevada, and specifically within the Walker Lake Mineral Belt (WLMB) due to the lack of vegetative cover over most of southwestern Nevada.
Detailed spectral analysis of approximately 380,000-hectares within the WLBM, cross-referenced with hundreds of known mineral occurrences mapped by the United States Geological Survey, allows for the determination of several spectral end-members which are well correlated with copper deposits within the area.
Specifically, spectral end-members represented by the minerals Serpentine (weathering product of ultramafic mireals) and Jarosite (formed by the oxidation of iron sulfides) were determind to have a strong correlation with known copper deposits within the WLMB. Serepentine is a weathering product of ultramafic minerals, and is a well known mineral associated with skarn-type mineralisation, which the Garfield Property is highly prospective for.
By amalgamating the various spectral endmembers associated with copper deposits in the region, areas highly prospective for copper mineralisation, including skarn-type mineralisation, were mapped across Garfield and within the surrounding areas.
Two strong anomlies (shown as warmer colours on map) were identified over 1km (Anomaly A), and 1.5km away (Anomaly B) from the main Garfield showings. Historic rock sampling proximal to these anomalies returned up to 2.6% Copper, and 5.53% respectively - further proving up the accuracy of the analysis completed. Interestingly, the copper indicators at the newly discovered Anomaly A and B are much stronger than dispalyed at the original Garfield showing, suggesting mineralisation may be stronger and more prospective in these newly acquired areas.
Claims have now been staked to cover these areas identified, and the company is reviewing other strong anomalies near to the newly expanded Property which were identified by the analysis which lie on ground currently open for staking.
OWNERSHIP STRUCTURE - GARFIELD PROPERTY
Power Metal's wholly owned subsidiary Golden Metal Resources Limited, a UK company ("Golden Metal UK), holds a 100% interest in the Garfield Property through its wholly owned Nevada operating company, Golden Metal Resources LLC.
Golden Metal UK is currently seeking a listing on the London markets.
The acquisition of a 100% interest in the Garfield Property was announced on 17 June 2021, details of which can be found below:
https://www.londonstockexchange.com/news-article/POW/acquisition-of-gold-copper-projects-nevada-usa/15020989
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 (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.