First Class Metals Update

RNS Number : 2855R

Power Metal Resources PLC

04 November 2021

 

4 November 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Investee Update - First Class Metals

First Class Metals provides a Business Update for Shareholders and Investors

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio  notes the Business Update released by First Class Metals Limited ("First Class") in which Power Metal has a 36.1% interest.

In September 2021 Power Metal sold its Schreiber-Hemlo interests in Ontario, Canada to First Class for a total consideration of £1million, satisfied through the issue of 333,334 First Class shares at a price of £3 per share, further details of which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/completion-of-sale-of-schreiber-hemlo-interests/15179552

Yesterday, First Class released a Business Update providing further information in respect of developments within their Schreiber-Hemlo project portfolio.  The developments include the findings from a Versatile Time Domain Electromagnetic Survey within the Pickle Lake Project, the submission of an exploration permit (in respect of planned drilling) and the completion of a sampling programme.

The Business Update may be viewed on the First Class website through the following link:

https://www.firstclassmetalsplc.com/mining-news

About First Class Metals Limited. 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 properties, in total 176km² 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 year end 2021.

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 - 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 now has the following exploration completed with results awaited or exploration underway:

-  Silver Peak Project (Canada) - diamond drill programme completed targeting high-grade silver (laboratory assay results awaited)

-  Authier North Lithium Project(Canada) - soil & rock sampling completed (laboratory assay results awaited)

-  Athabasca Uranium (Canada) - Phase I exploration commenced and field results, together with laboratory assay testing of samples collected, awaited.

-  Tati Gold/Nickel Project (Botswana) - reverse circulation drilling completed (field results, together laboratory assay results awaited)

-  Molopo Farms Complex (Botswana) - further samples being tested for nickel sulphide and platinum group elements ("PGEs") from diamond drill programme completed (laboratory assay results awaited)

-  Ditau Project (Botswana) - preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals

-  Kalahari Copper Belt (Botswana) - results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

-  Wallal Gold/Copper Project (Australia) - geophysics results from 2D seismic processing and passive seismic awaited

-  Victoria Goldfields (Australia) - results from ongoing exploration across 848km² of granted exploration licences

 

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