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Monday 22 July, 2019

Power Metal

Cameroon Cobalt-Nickel Project Update

RNS Number : 2762G
Power Metal Resources PLC
22 July 2019
 

22 July 2019

Power Metal Resources plc ("POW" or the "Company")

Cobalt-Nickel Project Cameroon - Field Exploration Concluded

Power Metal Resources plc (LON:POW) the AIM listed battery metal exploration and development company is pleased to announce the conclusion of field activities in the Company's pitting, mapping and sampling programme its 100% owned Cobalt-Nickel project (the "Project") in Cameroon.

Exploration Background:

The Company in 2018 acquired license interests in south-eastern Cameroon including 4 adjacent or near to the Nkamouna Co-Ni deposit of Geovic Mining Corporation ("Geovic"). Nkamouna is believed to be the largest defined cobalt Resource outside the Democratic Republic of Congo and is exceptional among laterites for its high Cobalt to Nickel ratio.

Geovic identified and holds 7 lateritic plateaus in its 1250 sq km permit area, of which Nkamouna and Mada have been explored, and the 4km by 2km Nkamouna deposit is the most defined.

The Company holds nearly 2000 sq km containing a number of potentially similar plateaus, on which it conducted a preliminary reconnaissance and sampling programme last year but failed to reach the depth at which the target laterised strata might be encountered.   

The rains in this part of Cameroon become too heavy by July to conduct programmes of the type planned by the Company, so a short-notice programme to access the key laterised horizons, enabling samples to be taken, was planned, with 2 pits in each of three licenses.

Highlights:

·    Four pits dug across three licenses to depths of between 9m and 12m;

 

·    The fifth and final pit achieved a depth of 5m by the time weather conditions forced an end to the programme;

 

·   65 samples have been submitted to the Mississauga Mining and Exploration Cameroon sarl ("MMEC") laboratory in Douala for sample preparation and preliminary X-ray fluorescence ("XRF") analysis with a XL3 Niton XRF analyser;

 

·    Should results justify it, samples will then be sent for further laboratory testing;

 

·    All pits encountered the distinct laterite profile that is most likely to be mineralized from average depths of 5m, which is consistent with depths in the mineralized zones at the adjacent Nkamouna project;

 

·    As the objective of the programme was to test the theory that the Company's licence interests would demonstrate geological similarity to the nearby significant Nkamouna deposit, indications so far are positive.

 

Note: With respect to Nkamouna Geovic published an NI 43-101 compliant Mineral Resource1 on the Nkamouna deposit with a total Measured, Indicated and Inferred Mineral Resource of 323mt of 0.21% cobalt, 0.61% nickel and 1.26% manganese.

 1 Source: NI 43-101 Technical Report, Geovic Mining Corp by SRK Consulting, 02 June 2011 (viewable at Edgar Online)

 

Paul Johnson, Executive Director of Power Metal Resources commented: "I am pleased to announce the successful completion of field operations in Cameroon, and our thanks go to the operational team who delivered the programme in a timely and safe manner.

It is extremely encouraging to have all pits encountering the lateritic profile we were targeting and we are looking forward to receipt of the XRF findings, in respect of cobalt-nickel mineralisation, in due course.

It is worth noting again that should we be able to confirm geological similarity of our licence areas to the nearby Nkamouna deposit, our Cameroon interests become a very important strategic interest for the Company."

Competent Person Statement

The technical and related information in this report relates to exploration results based on information from third parties and data compiled by Mr John Asafo-Akowuah who is a member of Australian Institute of Geoscientists. Mr John Asafo-Akowuah has sufficient experience in the style of mineralisation and type of deposit under consideration. Mr John Asafo-Akowuah consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.

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 (Executive Director)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

 

Ewan Leggat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                                    +44 (0) 1483 413 500

 

 

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed African focused metals exploration and development company exploring for the key metals used in power generation, transmission, storage and utilisation. The Board and team of advisors, who have proven expertise in exploration, mining and project generation, have identified an opportunity to utilise the Company's position to become a leader in the London market for investors to gain exposure to the power metal commodity suite, particularly cobalt, lithium, copper and nickel. 

 


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