Tati Project Botswana - Exploration Commences

RNS Number : 3769D

Power Metal Resources PLC

28 June 2021

 

28 June 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Project Botswana - Ground Exploration Commences

Team Mobilises to Project Licences to Undertake Geochemical Sampling, Mapping and Prospecting

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce that the Phase I work programme has commenced on the gold-nickel properties in the Tati Greenstone Belt (the "Tati Projects" or the "Projects") located near Francistown, Botswana.

Power Metal has an option (the "Option") to acquire a 100% interest in the Tati Projects through its local wholly owned operating subsidiary Power Metal Resources Botswana Pty Limited.

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

"We have been able to expedite the arrival of the ground team to the Tati Projects to undertake this key initial exploration programme with due dispatch.

The findings from our due diligence work to date have demonstrated several kilometre-scale arsenic, gold and nickel anomalies which highlight the potential of the Tati Projects and which require validation and target escalation through this Phase I work programme.

Further information will follow as we progress our work on these exciting prospects."

BACKGROUND

Readers wishing to review the background should refer to the Company's announcement dated 6 May 2021 detailing the full terms of the Option and which may be viewed here:

https://www.londonstockexchange.com/news-article/POW/option-agreement-botswana-gold-nickel-properties/14966683

A historical data compilation completed on the recently acquired Projects led to the identification of several kilometre-scale nickel, arsenic and gold in-soil anomalies on PL127/2019 and PL126/2019. The historic data collected and interpreted is of widely spaced soil sampling surveys which were collected and analysed by previous operators.

The results from the data compilation were announced in a due diligence update by the Company on 23 June 2021  and which may be viewed here:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-due-diligence-update/15029851  

EXPLORATION PROGRAMME

Power Metal is now commencing a systematic, infill and extensional, geochemical soil sampling programme which will include over 1,000 planned sample points, together with outcrop rock sampling prospecting, to follow-up on the orogenic gold and magmatic nickel targets identified during the historic data compilation.

The Phase I exploration campaign will include infill soil sampling and prospecting over:

· >2km long gold-in-soil anomaly located near the northwestern end of PL126/2019;

· >1km long nickel-in-soil anomaly located near the southeastern end of PL126/2019 which is coincident with a government mapped mafic/ultramafic intrusive unit;

· >2km long nickel-in-soil anomaly located near the northwestern end of PL127/2019 which remains open towards the Phoenix, Selkirk and Tekwane nickel-copper-PGE rich deposits located less than 7km northwest of the Licence;

· several kilometre-scale arsenic-in-soil anomalies located near the eastern end of PL127/2019 which appear to be spatially related to the nearby Jim's Luck and Signal Hill gold mines; plus

· hand trenching over a historic soil sample locality near the northern end of PL127/2019 which returned a highly anomalous 3.6g/t gold.

The goal of the Phase I work programme is to further develop some of the high-priority exploration targets on the Tati Projects which, subject to Option exercise, the Company plans to drill test later in the year.

Results from this programme will be released to the market following receipt, compilation and interpretation by Power Metal.

GLOSSARY

Orogenic Gold (Deposits) - Gold deposits found within metamorphic belts which form as a result of major crustal deformation events.

Intrusive Magmatic Nickel (Deposits) - Nickel deposits found at the base of large mafic and ultramafic intrusive bodies. 

Arsenic/Gold/Nickel-in-soil anomaly - Geochemical anomaly defined by increased arsenic/gold/nickel levels over background.

PGE - Platinum group elements (ruthenium, rhodium, palladium, osmium, iridium, and platinum)

M afic I ntrusive U nit - Igneous rock that is dominated by magnesium and iron rich silicate minerals including pyroxene, amphibole, olivine, and mica.

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 and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests 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.

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.

 

END

 

 

MSCBUGDLLDDDGBI