Australia Gold JV - Additional Project Reports

RNS Number : 2007Z

Power Metal Resources PLC

16 September 2020

 

16 September 2020

Power Metal Resources plc ("POW" or the "Company")

Australia Gold JV - Additional Project Reports

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce a further operational update in respect of its Australian gold joint venture ("JV") company Red Rock Australasia Pty Ltd ("RRAL") in which POW has a 49.9% interest.

RRAL commissioned and has received final historical reports and targeting assessments (the "Reports") for all license applications in the Victoria goldfields, with the exception of recently acquired EL007460 ("Kilmore West" project) and EL007385 ("Sardinia" project).  The Reports have been used to inform the preparation of a NI 43-101 technical report in respect of eight of the license applications and develop exploration programmes.

To date four Reports have been uploaded to the Power Metal website, namely:

-  EL007285, the Blue Ribbon project;

-  EL007271, the Blue Whale project, and:

-  EL007281, the Blue Chip project

-  EL007329, the Evergreen project.

The Company has now uploaded six further Reports to the Power Metal website, namely:

-  EL007282, the Blue Sky project

-  EL007294, the Red Queen project

-  EL007301, the Mt Bute project

-  EL007327, the Blue Stocking project

-  EL007328, the Blue Yonder project

-  EL007330, the Blue Angel project

All the above Reports are available through the following link:

https://www.powermetalresources.com/s/52/australia  

An initial summary report in respect of recently acquired license application EL007460 ("Kilmore West") has also been uploaded to the website and an initial summary report on EL007385 (Sardinia project) which was also recently acquired, will be uploaded when finalised for publication.

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

"A key priority for RRAL is finalisation of the NI 43-101 technical report, which now provides coverage of the recently acquired Kilmore West license application.

The project Reports provide extensive evidence of gold mineralisation throughout the licence application ground and demonstrates multiple initial targets for exploration work.

RRAL is working with Earth Resources Victoria and RRAL's land management partners with regard to grant of licenses which will, with appropriate approvals and permits, enable exploration to commence.

RRAL continues to work with advisers with regard to the potential listing of some or all of RRAL interests on a North American stock exchange, and also with third parties seeking to earn-in or joint venture with RRAL with regard to certain of its business interests."

FURTHER JV INFORMATION:

Joint Venture Company - RRAL

RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.

RRAL has lodged applications for twelve new gold exploration license areas covering 2,188 km² in the Victoria Goldfields of Australia as follows:

License Application Number	Project Name	Area (km2)
EL007271	Blue Whale	133
EL007281	Blue Chip	74
EL007282	Blue Sky	489
EL007285	Blue Ribbon	8
EL007294	Red Queen	130
EL007301	Mt Bute	85
EL007327	Blue Stocking	60
EL007328	Blue Yonder	168
EL007329	Evergreen	486
EL007330	Blue Angel	202
EL007385	Sardinia	4
EL007329	Kilmore West	349
Total		2,188

ONLINE MAP

Readers wishing to view the current application footprint may do so through the following link to the POW website: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint

REGULATORY STATEMENT

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

CONTACT INFORMATION

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	[phone]
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	[phone]
SI Capital Limited (Joint Broker)
Nick Emerson	[phone]
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	[phone]

NOTES TO EDITORS

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

 

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