Last checked at 22 Apr 2022 13:38
22 April 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Tati Project, Botswana - New Licence Granted
Prospecting Licence 049/2022 Successfully Granted Covering Major Gold Anomalies
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a further update from the Company's 100% owned Tati Project ("Tati" or the "Project") located within the Tati Greenstone Belt near Francistown, Botswana, following the release of the 2021 drilling results announced on 4 April 2022:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-results/15396365
Highlights:
- Prospecting Licence ("PL") PL049/2022, covering the historical Cherished Hope Gold Mine as well as a large gold-in-soil anomaly coincident with a prominent northeast-southwest oriented regional structure has been granted.
- The 16.14 km2 licence is held in the name of Tati Greenstone Resources Pty Ltd, which is a 100% owned, Botswana-based, subsidiary of Power Metal.
- The Company's land position within the exciting Tati Greenstone Belt ("TGB") has now been enhanced materially, and highly prospective grounds with strong historical gold results are 100% owned by Power Metal.
- The Company is undergoing an in-depth review of all historical results covering the newly granted PL, and will update the market in due course with next exploration steps.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
"The grant of this additional prospecting licence is a significant achievement for the Tati Project, covering a number of major gold anomalies identified by our team during a in-depth desktop analysis completed following the receipt of our 2021 drilling programme assay results.
With this new PL now granted, our upsized exploration footprint covers multiple targets across a highly prospective area for gold mineralisation, and we are accelerating exploration efforts to test the new Au-in-soil anomalies secured.
For readers wishing to learn more of the gold prospectivity at Tati, the maps immediately following this comment provide a clear picture."
Figures:
Maps highlighting the newly granted licence can be found below at the following link:
Tati 049/2022 Licence Grant Map - Power Metal Resources plc (LON: POW)
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 |
|
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|
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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 now underway, including mapping and sampling. | Field updates. |