Ditau Project Botswana - Exploration Update

RNS Number : 0023Q

Power Metal Resources PLC

22 October 2021

 

22 October 2021

Power Metal Resources plc

("Power Metal" or the "Company")

Ditau Project Botswana - Exploration Update

Geophysics Work Underway Shortly on Ditau Project in Advance of Planned Q4 2021 Drilling

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update in regards to the Ditau Project located in southwestern Botswana targeting Rare Earth Elements ("REEs") and base metals.

The Ditau Project is held in a 50/50 Joint Venture with Kavango Resources plc ("Kavango"). Kavango is the Operator.  

HIGHLIGHTS:

· Further to the exploration programme announced on 02 July 2021, Kavango has increased the exploration scope of Ditau to include base metals as well as REEs

· Accelerated drilling on I10 Target

o  Previous exploration by Kavango has identified a 2.5km by 2.8km target area at I10 with high AMT resistivity, coincidental with a gravity high anomaly.

o  Spectral Geophysics is to conduct a Time Domain Electromagnetic ("TDEM") survey over I10 imminently.

o  Drilling of I10 planned in Q4 2021, together with a downhole electromagnetic survey ("EM").

o  Environmental Management Plan currently in place.

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

"We believe the Ditau Project holds much potential and it is very good to see the next phase of work underway culminating in drilling of a key target planned for this year.

The interest in REEs is growing worldwide and to be actively progressing Ditau could not be more timely.

The Power Metal Botswana portfolio of projects continues to advance with exploration work underway across all interests.  Within Botswana, we expect the reverse  circulation drill programme currently underway at the Tati Project targeting gold and nickel near Francistown, to be completed in the coming days."

Power Metal/Kavango Resources Joint Venture Structure

The Ditau Project is held by Kanye Resources Pty Ltd, a Botswana joint venture company in which Power Metal and Kavango each company hold a 50% interest. Exploration costs are equally shared. Kavango is the operator.

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)	[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 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.

 

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