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Wednesday 12 February, 2020

Power Metal

Kisinka Project Update

RNS Number : 6834C
Power Metal Resources PLC
12 February 2020
 

12 February 2020

Power Metal Resources PLC

("Power Metal" or the "Company")

Kisinka Project - 6.8km Copper Anomaly Exploration

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update in respect of its 70% owned Kisinka Copper-Cobalt Project located some 30km East of the regional capital of Lubumbashi in the southern part of the Katangan Copperbelt in the Democratic Republic of the Congo.

In 2019 the Company carried out a programme of 663 termite mound samples on a 400m by 200m grid, that led to the identification of a 6.8km by 600m zone of apparent copper anomaly in the Undifferentiated Roan mineralisation running through the license (see releases of 7 June 2019 and 11 July 2019).

Power Metal has now commissioned Minex Consulting SA to carry out a follow up programme to include pitting focussed on the target area containing the 6.8km copper anomaly ("Target Area", as shown in Figure 6 of the 11 July 2019 RNS announcement).

HIGHLIGHTS

·    24 pits totalling c230 metres are to be dug on 9 cross-sections across the Target Area for copper, with channel and bottom sampling of pits; detailed mapping based on lithological units encountered, and preparation of samples for analysis including laboratory analysis to identify cobalt mineralisation.

 

·    The programme will seek to confirm the copper trend established by termite mound sampling during the 2019 programme.

 

·   This trend also at its north-west end intersects a part of the auger drilling traverse carried out by the Company in 2018 that produced indications of copper mineralisation in field XRF readings.

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

"When we came into the Company as a new management team early last year, the Kisinka exploration was the first work we carried out, before moving on to review of other parts of our project portfolio.

Our expectations were not high, and we were surprised and encouraged by the discovery of a very extensive copper anomaly following the trend of the Roan 1, 2 and 3 mineralisation.

Faced with a number of recommendations and alternatives and wishing to achieve exploration progress in the most cost-effective manner, we have considered various exploration possibilities. 

We have decided to utilise the last part of the rainy season in carrying out a programme of pitting, sampling, and mapping that will not be excessively weather-dependent and which if successful will confirm a significant copper anomaly and advance our geological understanding of the area, and prepare for follow up work including geophysics and drilling.

This programme will also enable us to test the cobalt mineralisation of the Target Area."

 

FURTHER PROGRAMME INFORMATION

Planned pit locations are shown in Figure 1 which may be accessed through the following link:

http://www.rns-pdf.londonstockexchange.com/rns/6834C_1-2020-2-11.pdf

In addition to soil samples collected from the pits, rock chip  samples will be prepared at the University of Lubumbashi Preparation Laboratory.  Readings will then be taken at the Minex office using an XRF Niton Analyser, before samples are sent to an accredited laboratory for testing.

The programme in the field will commence imminently and is expected to take between 12 and 20 days, depending on weather conditions.

 

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)

+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

 

 

First Equity Limited (Joint Broker)

 

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

 

 

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed 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. 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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