Haneti Project - Diamond Drilling Commences

RNS Number : 6199Z

Power Metal Resources PLC

26 January 2022

 

26 January 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Haneti Project - Diamond Drilling Commences

Haneti Project Diamond Drilling Programme - Drill Rig has Successfully Mobilised to Site and Drilling has now Commenced

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from the Company's inaugural diamond drilling programme on the nickel-copper-cobalt-platinum group element Haneti Project ("Haneti" or the "Project") located in central Tanzania.

The Company confirms that the mobilisation of the diamond drill rig and operational team has been successfully completed and diamond drilling has now commenced. 

Drill Programme

Details in respect of the planned drill programme can be reviewed in the Company's announcement on 11 January 2022 which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/haneti-project-drill-programme-commencement/15281933  

A map highlighting the planned locations for the 2022 diamond drilling programme can be found at the following link:

https://www.powermetalresources.com/haneti-project-drill-programme/

Joint Venture Ownership Structure

The Haneti Project is currently held under a Joint Venture ("JV") with Katoro Gold Plc (LON:KAT "Katoro") who hold a 65% interest, with the remaining 35% interest held by Power Metal.

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

"This is a great day, one that has been years in the making, as we commence inaugural diamond drilling at the Haneti Project targeting magmatic sulphide hosted nickel, copper, cobalt and platinum group metals.

Haneti represents a district scale opportunity and we hope that drilling will unlock further value from the Project enabling our technical team to better understand the various geological environments. Ultimately, a discovery of the metals targeted could be transformational for Power Metal and our partners Katoro.

Our thanks go to the operational team for battling the challenging weather conditions locally to mobilise the rig and crew safely to site, establish an operational camp, and commence drilling. "

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.

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
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.
Authier North Lithium	Canada	Earn-in to 100%	Soil & rock sampling completed	Interpretation of laboratory assay results of samples collected.
Ditau Project	Botswana	50%	Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals	Field programme findings and defined drill targets for near term drilling.
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%A	Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme	Results from various work activities underway as part of the Kavango Option
Tati Gold/Nickel	Botswana	100%	Reverse circulation drill programme completed	Laboratory assay results awaited
H aneti Project	Tanzania	35%	Diamon drill programme underway	Results from field programme including drill programme underway
Victoria Goldfields	Australia	49.9%	Ongoing exploration across 848km2 of granted exploration licences	Results from field programme including drill programme underway
Wallal Gold/Copper Project	Australia	83.33%B	Passive seismic and 2D seismic processing work programme completed. Ground reconnaissance work underway.	Results awaited

^A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

^B   assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company's announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

 

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