Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 15 September 2022 the Company announced an update regarding progress being made towards the first Power Metal managed and operated diamond drilling programme at Molopo Farms. The link to this announcement is below:
§ Power Metal’s inaugural drilling campaign at Molopo Farms has now commenced.
§ Diamond core drilling at drillhole DDH1-6B is now underway and is targeting a large southerly dipping conductor that was identified by the Company’s recently completed moving loop electromagnetic (“MLEM”) geophysics survey over the priority Target area 1-6 (“T1-6”).
§ DDH1-6B is located 530m to the south of December 2020 drill hole KKME 1-6 which intersected significant nickel mineralisation 1, 2 subsequently interpreted to be on the edge of a large electromagnetic (“EM”) conductor.
§ The second diamond core drillhole DDH 1-6C planned for the ongoing drilling campaign will be located 830m to the south of KKME1-6. Site preparations are underway and will be completed shortly.
§ Additional ground magnetic and MLEM geophysics surveys over target areas 1-3, 2-3 and 1-14 have now been completed.
§ Preliminary geophysical data has now been received, and the Company is now compiling and interpreting these results.
§ Power Metal will release a further update to the market in due course with the findings of this geophysical work and the additional drill targets derived from the analysis undertaken.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“The world needs security of metal supply, which is enhanced if from a stable and supportive operating environment, such as Botswana.
Molopo Farms presents the possibility for a district scale nickel exploration opportunity, with priority drill target T1-6 expected to be the first in a series of prospective drill targets based on current geophysical work and exploration planning.
We are targeting a large-scale nickel-copper-PGE discovery or discoveries, which would be transformational for the Company and, importantly, may lead to Molopo Farms being a focal point for investment and lead to significant job creation and opportunity.
We are therefore enthused with the opportunity the Molopo Farms Complex Project offers and are particularly pleased to announce the commencement of drilling.
I appreciate all our shareholders, and other current and potential stakeholders in the Project, will be watching developments with interest.”
Figure 1 – Molopo Farms Complex Project Plan Map: A plan map of the Project area, including the location of various elements mentioned above is outlined in Figure 1 below.
Figure 2 – Priority Target Area T1-6 Cross-Section: A cross-section showing the location of the first two planned holes, DDH1-6b and DDH1-6c, can be found in Figure 2 below.
Image – Diamond Drill Rig in Position at K1-6: In addition, an image of the drill rig at hole DDH1-6b is provided below, after positioning with the azimuth and dip set for drilling.
The diagrams and image presented above may also be viewed on the Company’s website through the following link:
Further photographs and videos from the drill programme are and will be available on the Company’s website gallery section, through the following link:
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
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.
1: Power Metal PLC announcement, Botswana Molopo Farms Complex – Drilling Progress Update, 14 December 2020
2: Power Metal PLC announcement, Significant Nickel Intersections Confirmed by Drill Sample Assay Results, 8 April 2021
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