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Power Metal (POW)

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Friday 25 February, 2022

Power Metal

USGS Releases 2022 List of Critical Minerals

RNS Number : 7827C
Power Metal Resources PLC
25 February 2022
 

25 February 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

USGS Releases 2022 List of Critical Minerals

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio highlights the United States Geological Survey's ("USGS") 2022 List of Critical Minerals which was published on February 22, 2022. The full announcement can be found at the following link:


U.S. Geological Survey Releases 2022 List of Critical Minerals | U.S. Geological Survey (usgs.gov)

 

The Critical Minerals list is published every three years and is determined using modern scientific methods to evaluate mineral criticality. The new list that was recently published contains 50 non-fuel mineral or mineral material that that are considered essential to the economic or national security of the United States of America ("USA") and which has a supply chain vulnerable to disruption. Additionally, critical minerals are characterized as serving an essential function in the manufacturing various critical products, the absence of which would have significant consequences for the economy or national security of the USA.

The notable changes from the 2018 list include the additional of nickel and zinc, as well as the removal of helium, potash, rhenium and strontium. Tungsten, lithium, cobalt, rare earth elements and platinum group metals all retained their inclusion in the 2022 Critical Minerals list.

Power Metal's Exposure

Tungsten (W) was once again included on the USGS's Critical Minerals list. The main uses can be viewed at the following link: Tungsten Statistics and Information | U.S. Geological Survey (usgs.gov). Power Metal, through its portfolio company Golden Metal Resources ("Golden Metal") maintains significant exposure to the critical mineral through its 100% holding of the Pilot Mountain Project located in Nevada, USA. Pilot Mountain hosts a robust Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% WO3 with significant silver, copper and zinc credits. Golden Metal is undertaking a planned listing on the London capital markets in 2022.

 

-  Power Metal also maintains significant global exploration exposure to several other metals on the Critical Minerals list including: 

Lithium: Through its Authier North Property located in Quebec, Canada, as well as its Haneti Project located in Tanzania.

Rare Earth Elements (REEs): Through its Ditau Property located in Botswana, as well as its Selta Project located in the Northern Territory, Australia, held through its portfolio company, First Development Resources Limited.

Platinum Group Metals (PGMs): Through its Molopo Farms project located in Botswana.

Nickel: Through its Tati and Molopo Farms projects located in Botswana, as well as its Haneti Project located in Tanzania.

 

For further information and to view the new corporate presentation please visit the newly launched website at: https://www.goldenmetalresources.com

 

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 and assay results from on-site work programme.

Athabasca Uranium

Canada

100%

Data compilation across uranium properties

Interpretation results from 5 of 7 properties.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Interpretation of laboratory assay results of samples collected defining next exploration steps.

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%A

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.

Haneti Project

Tanzania

35%

Diamond drill programme completed

Laboratory assay results awaited.

Selta Uranium Rare Earth Element Project

Australia

83.33%

Geological, geophysical and geochemical review across the project.

Findings of review including confirmation of key targets for next stage exploration.

Victoria Goldfields

Australia

49.9%

Diamond drill programme underway

 

Field updates and Laboratory assay results awaited.

Paterson Projects

Australia

83.33%

Wallal passive seismic and 2D seismic processing work programme completed.

Review of historical data and target generation for Ripon Hills & Braeside West projects

 

Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling.

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

 

 

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