Kalahari Key Acquisition Complete

RNS Number : 9539G

Power Metal Resources PLC

18 November 2022

 

18 November 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Kalahari Key Acquisition Complete - Power Metal Now Holds 87.71% Interest

Molopo Farms Complex Drilling Update

Power Metal Resources PLC (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the completion of the transaction to increase the Company's interest in Kalahari Key Mineral Exploration Pty Limited ("KKME" or "Kalahari Key") further details of which were provided in the Company's announcement of 3 November 2022 (the "Transaction"):

https://www.londonstockexchange.com/news-article/POW/kalahari-key-acquisition-drilling-update/15701532

Kalahari Key holds a 100% interest in the Molopo Farms Complex Project (the "Project", "Molopo Farms"), where a large-scale nickel platinum-group metal ("PGM") discovery is being targeted in southwestern Botswana.

HIGHLIGHTS:

§ Following completion of the Transaction, Power Metal now holds 87.71% of Kalahari Key and therefore the Molopo Farms Project.

§ The 2,600m diamond drill programme at Molopo Farms is progressing well with two holes now completed at target area T1-6, and the third drill hole in progress at target area T1-14.

§ At T1-14 the Company is testing an electromagnetic superconductor identified by a recently completed moving loop electromagnetic (MLEM) survey. The last reported depth from the drillhole in progress, DDH1-14B, was 345 metres.

§ Downhole geophysics is now complete on drill hole DDH1-6B from Target area T1-6, with the geophysics interpretation results expected shortly.

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

"Today's confirmation that Power Metal has now completed the transaction and increased its interest in Molopo Farms to 87.71% is great news for the Company. My thanks to all involved in enabling this Transaction to happen so efficiently.

We have completed the Transaction whilst in the midst of the Molopo Farms drill programme where we are progressing well with the third drill hole targeting the superconductor at target area T1-14.

A further exploration update is expected to follow in the near term as we continue, what for Power Metal, is a particularly exciting drill programme."

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 - Background

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 principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic 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.

Exploration Work Overview

Power Metal has multiple internal exploration programmes completed or underway, with results awaited.  The status for each of the Company's priority exploration projects is outlined in the table below.

Project	Location	Current POW %	Work Completed or Underway	Results Awaited
Athabasca Uranium	Canada	100%	Ground exploration programme complete at 3 properties.  Preliminary planning for work in Spring/Summer 2023 is ongoing.	Assay results from samples collected during fieldwork.
Molopo Farms	Botswana	87.71%	First 2 holes at T1-6 conductor target drilling complete. T1-14 first hole underway. Further MLEM surveys planned over additional AEM targets identified.	Drill programme updates and findings from further MLEM survey work.
Tati Project	Botswana	100%	RC drilling and sampling of mine dumps complete.	Mine dumps processing and project commercial and exploration next steps.

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required.  These interests are summarised in the table below:

Company	Status/Operations	Link
First Class Metals PLC	Investment - POW 27.91% Exploration in the Schreiber-Hemlo region of Ontario, Canada	www.firstclassmetalsplc.com
First Development Resources PLC	Planned IPO - POW 62.12% Exploration in Western Australia and the Northern Territory of Australia	www.firstdevelopmentresources.com
Golden Metal Resources PLC	Planned IPO - POW 83.13% Exploration and development in Nevada, USA	www.goldenmetalresources.com
Kavango Resources PLC	Investment - POW 14.03% (subject to completion of Kanye Resources disposal announced 8.7.22 and issue of Kavango shares e.g. financing announced 24.10.22) Exploration in Botswana	www.kavangoresources.com
New Ballarat Gold PLC	Planned IPO - POW 49.9% Exploration in the Victoria Goldfields of Australia	A new website is currently in development which will be found at www.newballaratgoldcorp.com . In the interim further information in respect of NBGC can be found at: https://www.powermetalresources.com/project/victoria-goldfields/ .
Uranium Energy Exploration PLC	Planned IPO - POW on listing estimated 50-55% Uranium exploration in the Athabasca region of Canada	www.uraniumenergyexploration.com

 

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