Katoro Gold Update - Haneti Nickel PGM Project

RNS Number : 8821H

Power Metal Resources PLC

06 August 2021

 

6 August 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Katoro Gold Update - Haneti Nickel PGM Project

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, draws investors' attention to the announcement issued today by Katoro Gold plc (LON: KAT)("Katoro Gold")("Katoro").

The Katoro announcement may be viewed through the following link:

https://polaris.brighterir.com/public/katoro_gold/news/rns/story/rg784zr

An extract from the Katoro announcement, relating to the Haneti Project and planned drilling is provided below

"Further to our announcement of 7 April 2021 in which a planned d iamond drilling project was announced with the objective to intersect the TDEM and magnetic geophysics anomalies, i.e. the primary sulphide mineralisation and fresh unaltered rock samples for mineralogical analysis, the Company can now confirm that planning for the campaign has been completed. The planning process involved amongst others the careful consideration of exploration results to date to ensure accurate hole positioning and required extensive technical consultation.

The drill programme and associated budget for Haneti will now be submitted for approval and subsequent implementation."

POWER METAL - HOLDING IN KATORO

Power Metal Resources currently holds 10,000,000 Katoro shares and 10,000,000 warrants in Katoro Gold exercisable at 1.25p  (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).  

POW also has a direct 35% interest in the Haneti project in Tanzania.

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

"The Haneti PGM Project offers Katoro Gold and Power Metal shareholders exposure to a district scale exploration opportunity.

As shareholders will note the project is moving forward into the next phase of drilling and Power Metal is looking forward to getting this underway.

Haneti is one of a number of drill programmes planned within our African portfolio including projects in Botswana, the DRC and Tanzania.  We are targeting major metal discoveries across each project drill programme."

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 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 principle focus on opportunities offering district scale potential across a global portfolio including precious and base 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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