Power Metal - Project Portfolio Update

RNS Number : 1359B

Power Metal Resources PLC

05 October 2020

 

5 October 2020

Power Metal Resources PLC

("Power Metal" or the "Company")

Power Metal - Project Portfolio Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide a project portfolio update for shareholders.

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

"Power Metal has built a diverse portfolio of interests and has multiple projects in the active exploration phase.  The latest position for all our project interests is outlined below, together with details of targeted near-term news flow across our business.

To assist investors and shareholders keep track as we push ahead with multiple exploration programmes we continue to enhance our communications tools embracing both public and investor relations disciplines.  The Company's corporate website is being updated at present and a new website is to be launched in the coming month.  We are also looking to launch or enhance project level websites where appropriate.

We work hard to keep our corporate presentation fully up to date with each Company announcement, so it should remain a primary tool for shareholders wishing to learn more.  Today we are also launching  a Project Dashboard for shareholders which will be held on our website and contain an updated overview of each project, its status and near-term plans.

Power Metal are seeking large scale metal discoveries through active exploration, much of which is currently underway or about to commence.  Given the level of activity it's important we remain open to feedback.  Therefore, should shareholders have any questions, or suggestions, please let us know via [e-mail]."

Project Information Sources for Shareholders:

Further details in respect of Power Metal's nine project interests can be found on the Company's website https://www.powermetalresources.com/s/30/projects

The Company maintains a frequently updated Corporate Presentation which provides an overview of each project and additional corporate information and this may be viewed through the following link:

https://www.powermetalresources.com/p/193/presentations

Recognising the breadth of the Company's projects, and the ongoing active exploration across numerous projects, Power Metal have today launched a Project Dashboard.  This provides an updated list of Company's projects, their current status and each project's targeted near term newsflow.

The Dashboard is now embedded into the Company's website and a pdf copy may be downloaded through the following link:

https://www.powermetalresources.com/Uploads/8668-POW_Project_Summary_Updated.pdf 

The latest project status and targeted news flow is also outlined below.  Shareholders should note that the targeted outcomes and plans may be impacted by a variety of factors, of which readers will be aware the continuing Covid-19 pandemic remains a material factor.  Power Metal works with its in-country partners to mitigate and manage all risks proactively and efficiently to ensure where possible the safe continuation of ground operations.

Power Metal Project Status and Targeted News Flow:

PROJECT	METAL	POW INTEREST	CURRENT STATUS	TARGETED KEY NEWS 2020
AUSTRALIA Victoria Goldfields Joint Venture	Gold	49.9%	12 applications over (2,188 km2.) Completed historic project reports, exploration planning and NI 43-101.	Potential grant of exploration licences, starting with first 3 priority applications, then launch of exploration programmes. Progress updates for listing on North American stock exchange.
BOTSWANA Ditau Camp Project	Rare Earths	50%	2 licences (1,386km2) Rare earths potential established from recent exploration work.	Commence orientation study to assist in the characterisation and exploration vectoring for the Ditau Project carbonatite ring-structures potentially hosting rare earths.
BOTSWANA Kalahari Copper Belt Project	Copper Silver	50%	2 licences (1,386km2 ) southwest of Sandfire Resources' T3 and A4 Dome copper-silver discoveries.	Exploration results from soil sampling, then ground magnetic surveying, and possibly airborne electromagnetic surveying, leading into drill target development.
BOTSWANA Molopo Farms Complex Project	Nickel Copper PGMs	Up to 50.96%	3 licences (1,780km2) with multiple targets identified from electromagnetic survey and ground geophysics.	Planned launch of maiden drill programme and thereafter delivery of results from drilling to the market including on-site findings and laboratory assays.
CAMEROON Cobalt Blue Project	Cobalt Nickel	100%	4 licences adjacent to, or within 50km of the Nkamouna/Nada cobalt/nickel deposit.	Announce findings from review of exploration strategies and potential commercialisation options.
CANADA Silver Peak Project	Silver	30%	Mineral claims over historical Eureka-Victoria Silver Mine and high grade, intrusion related, polymetallic Ag-Pb-Zn-Cu veins.	Planned launch of drill programme targeting high grade silver veins and following channel sampling in September 2020 which highlighted bonanza grade of up to 14,937g/t (482 oz/t).
DRC Kisinka Project	Copper Cobalt	70%	Exploration licence of 41 carrés miniers (each 84.95 ha) with a 6.8km copper anomaly identified.	Copper/cobalt assay results pending from 2020 pitting programme. C onversion of the licence to a Permis d'Exploitation (production license) with a 25 year life.
TANZANIA Haneti Project	Nickel Copper PGMs Gold etc	35%	Large polymetallic land package of c5,000 km2  including 80km long ultramafic complex with drill ready nickel sulphide/PGM targets.	Planned launch of maiden drill programme and thereafter delivery of results from drilling to the market including on-site findings and laboratory assays
USA Alamo Gold Project	Gold	Up to 75%	Package of mining claims covering c766 acres prospective for gold following the discovery of native gold nuggets near surface.	Planned follow on exploration programme after initial short reconnaissance survey conducted successfully in August 2020.

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.

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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