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Power Metal (POW)

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Thursday 13 January, 2022

Power Metal

MFC Project - Prospecting Licence Renewals

RNS Number : 3926Y
Power Metal Resources PLC
13 January 2022
 

13 January 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Project Botswana - Prospecting Licence Renewals

Key Prospecting Licences Successfully Renewed at the Molopo Farms Complex Project where 2021 Drill Programme Results Confirmed up to 1.7% Nickel

 

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces the renewal of key Prospecting Licences ("PLs") at the Molopo Farms Complex Project ("MFC Project" or the "Project") located in southwestern Botswana.

Power Metal holds a 40% direct project interest in the MFC Project and a 20.65% shareholding in Kalahari Key Mineral Exploration Pty Limited ("KKME"), which holds the remaining 60% interest. 

Kavango Resources currently has an option (the "Option") to acquire up to 85.2% of KKME including Power Metal's shareholding.  Further details regarding the Option were published in the Company's announcement released on 26 November 2021 which may be viewed at the following link:

https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717

Renewal documentation has been received in respect of PL310/2016 and PL311/2016, with the latter covering the area where drilling was completed in 2021 from which significant nickel intersections were confirmed.  Further details in respect of the licence renewals is provided below.

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

"The renewal of PL310/2016 and PL311/2016 represents an important milestone for the Project, providing a further 2 years for ongoing exploration following the initial successful drilling campaign completed early in 2021.  That campaign confirmed significant nickel intersections from the second hole drilled (KKME 1-6) including individual assay results up to 1.7% Ni and 0.55g/t Pt, representing the highest nickel grade achieved from the Molopo Farms Complex to date.

Kavango Resources are continuing their Option due diligence work programme, and we are looking forward to the receipt of their findings in the coming weeks."

Prospecting Licence Information

Licence Number

Size

Licence Type

Licence Term

Licence Period End

PL310/2016

221.4km2

Second Renewal

2 years

31.12.2023

PL311/2016

486.2km2

Second Renewal

2 Years

31.12.2023

PL202/2018

771.0km2

First Renewal

2 years

30.09.2023

 

 

 

 

 

Total

1,478.6km2

 

 

 

 

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)

+44 (0) 7766 465 617



SP Angel Corporate Finance (Nomad and Joint Broker)


Ewan Leggat/Charlie Bouverat

+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 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.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project

Location

POW %

Work Completed or Underway

Results Awaited

 

 

 

 

 

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Laboratory assay results of samples collected

Ditau Project

Botswana

50%

Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals

 

Field programme findings and defined drill targets for near term drilling.

Kalahari Copper Belt

Botswana

50%

Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

Field programme findings and defined drill targets for near term drilling

Molopo Farms

Botswana

53%1

Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme

Results from various work activities underway as part of the Kavango Option

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Laboratory assay results awaited

H aneti Project

Tanzania

35%

Diamon drill programme underway

Results from field programme including drill programme underway

Victoria Goldfields

Australia

49.9%

Ongoing exploration across 848km2 of granted exploration licences

 

Results from field programme including drill programme underway

Wallal Gold/Copper Project

Australia

83.33%2

Passive seismic and 2D seismic processing work programme completed.

Ground reconnaissance work underway.

Results awaited

1 should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

2   assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company's announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

 

 

 

 

 

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