Information  X 
Enter a valid email address

Power Metal (POW)

  Print   

Wednesday 15 December, 2021

Power Metal

New Ballarat - Licence Grant & Drilling Commences

RNS Number : 6659V
Power Metal Resources PLC
15 December 2021
 

15 December 2021

Power Metal Resources plc ("Power Metal" or the "Company")

New Ballarat - Licence Grant and Drilling Commences

New Ballarat Gold Corporation - Local Subsidiary in the Victoria Goldfields has Additional Licence Granted and  Gold Drill Programme Commences

Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from its joint venture subsidiary New Ballarat Gold Corporation PLC ("NBGC") which is undertaking gold exploration at its granted exploration licences in the Victoria Goldfields in Australia.

 

Highlights

 

· NBGC's first diamond drill programme begins at O'Loughlin's prospect south of Buninyong

 

· Grant of new 489 km2 exploration licence EL007282 (Blue Sky) in Victoria, Australia, with 9 licences now granted covering 1,501 km2

Further information in respect of the granted licences and licence applications is provided below and for additional information regarding the above drill programme, now commenced, please review the Company's announcement dated 7 December 2021 which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-australasia/15240196

Paul Johnson, Chief Executive Officer of Power metal Resources commented: "Today marks an important point in the life of New Ballarat Gold Corporation as inaugural gold exploration drilling commences.  We look forward to the results feeding out from the project.

We also have the welcome news that a further large exploration licence, EL007282 (Blue Sky), has been granted, taking the total portfolio of granted licences to over 1,500km2 for the first time.  To hold such a large land granted footprint in the Victoria Goldfields is a tremendous positive."

 

Granted Licences

The granted licences cover high priority areas covering 1,501 km2 where NBGC has early drill targets and in which exploration has already started.

Licence Number

Project Name

Area (km2)

EL007271

 

Buninyong

(renamed)

133

EL007281

 

Blue Chip

74

EL007285

 

Blue Ribbon

8

EL007327

Dereel

60

EL007385

Sardinia

  4

EL007329

Kilmore

484

EL007301

Pitfield/Mt Bute

85

EL007328

Blue Yonder

164

EL007282

Blue Sky

(Announced today)

489

Total


c 1,501

 

 

Licence Applications

RRAL has applications in process for seven other new gold exploration licence areas covering approximately 805 km2 in the Victoria Goldfields of Australia including:

 

Licence Application Number

Project Name

Area (km2)

EL007294

Red Queen

130

EL007330

Daylesford

(renamed)

202

EL007460

Kilmore West

325

State land within EL007271

 

[EL007505

EL007506

EL007507]

 

 

 

 

 

 

 

[9

9

8]

EL007540*

(3 competing applications)

 

Outer Ballarat

148

Total


c 805

 

 

 

* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.

 

New Ballarat Gold Corporation PLC 

 

NBGC is a privately owned joint venture company owned 50.1% by Red Rock Resources plc (LON:RRR) and 49.9% by Power Metal.

 

NBGC holds a 100% interest in local operating subsidiary Red Rock Australasia Pty Limited a private Australian company which holds a 100% interest in all operating granted licences and licence applications ("RRAL").

 

NBGC holds a strong land position of 2,306km2 (1,501km2 granted licences) in the rich gold fields of Victoria, Australia, principally around the mining centre of Ballarat, as the result of a focused exploration strategy targeting high grade quartz hosted gold veins systems in a region where the exploration models and targets are well understood.

 

NBGC has carefully assembled its portfolio of properties comprising a broad range of robust exploration targets, all of which remain largely undeveloped by modern explorers.

 

With the first tenements granted only in 2021 NBGC is already at an advanced stage of exploration with three promising gold prospects one of which is the subject of the diamond drilling now underway.

 

Still able to actively operate in the current global pandemic, NBGC has exploration geologists and field crews active in the field. This is coupled with a technical team holding an in-depth knowledge of Victorian geology including extensive underground experience gained from working in currently operating mines in the area.

 

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 - 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.

 

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 results from on-site work programme.

Athabasca Uranium

Canada

100%

Phase I field exploration completed

Laboratory assay results of samples collected for uranium and REEs

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%

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

Victoria Goldfields

Australia

49.9%

Ongoing exploration across 1,501km2 of granted exploration licences

 

Results from field programme including drill programme underway

Wallal Gold/Copper Project

Australia

83.33%1

Passive seismic and 2D seismic processing work programme completed

Results awaited

 

1   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 Limited shares to vendors.

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCTIBTTMTTBTTB

a d v e r t i s e m e n t