Tati Gold Project Botswana - Drilling Commences

RNS Number : 8148W

Power Metal Resources PLC

22 August 2022

 

22 August 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project Botswana - Drilling Commences

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the commencement of reverse circulation ("RC") drilling at its 100% owned Tati Gold Project ("Tati" or the "Project") located within the Tati Greenstone Belt near Francistown,  Botswana.

A map highlighting the location of the RC drill programme can be found at the link below:

https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/

HIGHLIGHTS

§ Drilling team and equipment have mobilised to site and RC drilling has commenced targeting near surface high-grade gold mineralisation.

§ 500 metres of RC drilling are planned within nine holes which are designed to test for the along strike and down-dip extension of the Cherished Hope mine mineralised quartz reef structures.

§ Due to efficiency of RC drilling and the Project's proximity to Francistown, the drill programme is expected to take approximately 1 week to complete and will be undertaken while preparations for the upcoming Molopo Farms Complex drilling campaign are ongoing.

§ Sampling for gold content in fines dumps at the Project (holding waste material from the Cherished Hope gold mine) is complete, with laboratory assay results awaited.

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

" The Company remains focused on preparations for the upcoming Molopo Farms Complex drilling campaign targeting a large-scale nickel-copper-platinum group metal discovery. 

The Tati Project, also in Botswana, has demonstrated potential for high grade and near surface gold mineralisation, and we are therefore moving ahead with an expedited next stage drill programme.

The drilling will take place adjacent to the Cherished Hope former working gold mine, situated within our recently secured exploration licence PL049/022.

In parallel we await the laboratory assay results from sampling of the fines dumps from the Cherished Hope mine, which we expect will contain residual gold that potentially may be capable of processing at an existing plant nearby, subject to any appropriate local approvals."

FURTHER INFORMATION

A recent exploration update covering the Tati Project, and specifically the newly pegged prospecting licence ("PL") 049/2022, was released on 18 July 2022 and can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15543783

PL049/2022 was staked to cover the southeastern extension of the large gold-in-soil anomaly discovered by the company on its licence PL126/2019. Site visits following the pegging of PL049/2022 led to the identification of the historical Cherished Hope Gold mine, as well as multiple fines dumps in the vicinity of the workings. Following that, the company completed a full in-depth review of historical data covering the newly acquired PL. It was determined that the Cherished Hope Gold Mine and associated fines dumps cover only a small portion of the gold-in-soil anomaly which extends across the majority of PL049/2022 (see map linked above).

The ongoing drilling is located approximately 6km to the southeast along the same regional mineralising structure where the Company drilled earlier in 2022 - where up to 5.17g/t gold ("Au") was intersected over 3m from only 9m downhole.

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 internal exploration programmes completed or underway, with results awaited, as outlined in the table below.

Project	Location	Current POW %	Work Completed or Underway	Results Awaited
Athabasca Uranium	Canada	100%	Ground exploration  programme underway at 3 properties.  Continuing data analysis across the property portfolio.	Results from ground exploration including spectrometer analysis, sampling and mapping.
Authier North Lithium	Canada	Earn-in to 100%	Property Evaluation Report completed.	Update covering exploration plans for target areas identified during the Evaluation.
Molopo Farms	Botswana	53%#	Geophysics programme complete.	Final preparations for launch of accelerated drill programme targeting very large scale magnetic conductor.
Tati Project	Botswana	100%	RC drilling underway and previously sampling of mine dumps complete.	Review of mine dumps sampling, and processing potential.  Results from RC drill programme.

^# subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%

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 28.19% Exploration in the Schreiber-Hemlo region of Ontario, Canada	www.firstclassmetalsplc.com
First Development Resources P LC	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) 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/ .

 

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