Tati Project Botswana Initial Drill Assay Results

RNS Number : 1455F

Power Metal Resources PLC

03 November 2022

 

3 November 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Project Botswana Initial Drill Assay Results

Assays for First Three Drillholes Received; High-Grade Gold Intersections in All Three Holes Including a Bonanza intersection of 1m @ 47.17g/t Au

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces initial results from the Company's recently completed drilling programme on the 100% owned and operated Tati Project ("Tati" or the "Project") located within the Tati Greenstone Belt near Francistown, Botswana.

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

"The Tati Project now covers the formerly producing Cherished Hope gold mine and is within the underexplored Tati Greenstone Belt, where the Company is exploring for near surface, high-grade extensions of the Cherished Hope mine.

The successful intersection of high-grade gold in the three holes for which assay results have been received is very exciting, and the bonanza grade gold assay result already identified naturally inspires us to push ahead with further accelerated exploration work.

Further assay results from the remaining six holes, several of which intersected significant quartz reef intersections (up to 8m thick), are awaited with great interest. "

Highlights:

-  A total of nine reverse circulation ("RC") holes totalling 490m were completed at Tati as part of the August 2022 exploration programme - representing the first ever known drilling programme carried out on prospecting licence ("PL") 049/2022. Complete assay results have now been received for the first three holes, with results from the six remaining holes expected in the coming weeks.

-  Significant near-surface, dolerite and quartz reef hosted gold mineralisation was intersected in all three holes. Key down-hole intersections (>1g/t Au) include:

o  Hole CHRC0001

Ø 1m @ 2.15 g/t Au from 21m

Ø 1m @ 1.34 g/t Au from 24m

Ø 1m @ 10.20g/t Au from 33m

o  Hole CHRC0002

Ø 1m @ 5.57 g/t Au from 15m

o  Hole CHRC0003

Ø 2m @ 1.54 g/t Au from surface

Ø 3m @ 16.77 g/t Au from 5m, including

§ 1m @ 47.17 g/t Au from 6m

-  RC hole CHRC0002 was designed to target one of the thicker portions of the quartz reef structure, and due to a shallow dip chosen for the hole it ended up intersecting a mined-out void from 10-15m. The 1m @ 5.6g/t Au from 15m downhole intersection represents the footwall of the main quartz reef structure. The Company is considering steepening the dip and redrilling the section in order to test the entire section of this quartz reef.

-  Results for the remaining six holes are pending, including CHRC0007 which returned the single largest quartz reef intersection from 11-19m (8m intersection) of the 2022 drilling programme.

A map highlighting the location of the Tati Project can be found at the link below:

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

One metre RC chip samples were riffle split and sent for analysis by Intertek Genalysis in Perth Western Australia, by 50g fire assay with inductively coupled plasma mass spectrometry (ICP-MS) analysis (method FA50/MS). High grade samples were additionally analysed by 50g fire assay with inductively coupled plasma optical emission spectroscopy (ICP-OES) (method FA50/OE).  Significant assay results are presented in Table 1, drill collar locations are set out in Table 2.

Table 1: Assay Results for Significant Downhole Intersections

Hole ID	From (m)	To (m)	Interval (m)	Au (ppb)	Au (g/t)*	Note
CHRC0001	0	1	1	688
	1	2	1	411
	21	22	1	2,154
	22	23	1	226
	23	24	1	209
	24	25	1	1,344
	29	30	1	987
	33	34	1	12,490	10.2
CHRC0002	10	15	5	N/A		Mined out void
	15	16	1	5,572
CHRC0003	0	1	1	1,816
	1	2	1	1,261
	2	3	1	105
	3	4	1	84
	4	5	1	105
	5	6	1	1,251
	6	7	1	44,821	47.1
	7	8	1	1,360

*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g Fire-Assay)

Table 2: Tati 2022 Drill Programme Collar Table

Drill Hole ID	Dip	Azimuth	Depth (m)	Northing*	Easting*
CHRC0001	45°	28°	40	564875	7650896
CHRC0002	45°	35°	30	564856	7650925
CHRC0003	45°	31°	30	564842	7650942
CHRC0004	45°	35°	60	564818	7650929
CHRC0005	45°	52°	80	564797	7650937
CHRC0006	45°	44°	50	564798	7650936
CHRC0007	45°	44°	70	564772	7650950
CHRC0008	45°	35°	30	564748	7650986
CHRC0009	45°	48°	100	564744	7650958

* Projection: UTM Zone 35S WGS84

QUALIFIED 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 Qualified 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 - 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%#	T1-6 conductor target drilling 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.	Review of mine dumps sampling and assay results from RC drill programme.

^# subject to completion of acquisition announced 18.5.22 for which regulatory approval confirmed 28.10.22

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 40-55% Uranium exploration in the Athabasca region of Canada	www.uraniumenergyexploration.com

 

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