Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the quarterly business update for shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The Power Metal business is positioned exactly where we want it to be, which is in readiness for a resurgent commodity and junior exploration climate. However, we are not merely waiting for more upbeat conditions to return.
Instead, we are building towards the goal of making major mineral discoveries alongside corporate value generation which includes spin-outs and other crystallisation events, that of themselves may build the value of the Company substantially.
We are actively drilling high priority exploration targets at Molopo Farms in Botswana where we are targeting a major mineral discovery or discoveries, with the first hole well underway and progressing well. We also await impending drill programme assay results from our Tati gold project in Botswana and sampling assay results from our uranium work programmes at certain of our Athabasca Basin focussed projects in Canada.
I appreciate investors are keen for further exploration updates and we look forward to releasing additional information, which we will do at the earliest opportunity.
Our work continues and as I have said before and will say again, my thanks to our amazing team within the business and externally to our corporate advisers and in-country operational teams for their unstinting support.”
HIGHLIGHTS SINCE OUR LAST QUARTERLY REPORT OF 27 JULY 2022:
- Diamond drill programme commenced at the Molopo Farms Complex project (“Molopo Farms”) located in Botswana. The 2,600m programme is underway with the latest update from site prior to preparation of this report confirming progress of the first hole, DDH1-6B, to a depth of ~450m and drilling is continuing.
- Geophysical work completed led to the identification of three Power Metal designated high-priority (A+) geophysical conductors at Molopo Farms, all of which will be drilled during the ongoing campaign.
- Ground exploration including field mapping and sampling successfully completed across three of our Athabasca Basin focused uranium properties located in Saskatchewan, Canada. Assay results are awaited. Additionally, we announced the considerable expansion of our uranium portfolio to a total of 12 properties, as well as the conditional disposal of the Reitenbach property.
- Reverse circulation (RC) drilling completed successfully at our Tati Gold project located in Botswana, where we are targeting high-grade near surface gold, with 490m drilled in 9 holes, all of which intersected targeted quartz reef structures.
- Listing of First Class Metals PLC, in which Power Metal has a 27.91% interest and that holding is currently valued at c.£2.6m.
- Golden Metal Resources PLC (“GMT”) advanced to readiness for listing in London, ground exploration successfully completed at two of GMT’s 4 Nevada projects and multiple initiatives underway with various third parties.
- First Development Resources PLC (“FDR”) has completed a large proportion of pre-IPO listing workstreams, advanced technical work across its portfolio and completed a detailed field trip including field-based Heritage Survey work at the Wallal Project in Western Australia.
- New Ballarat Gold Corporation PLC (“NBGC”) has advanced its Victoria Goldfields interests with two former high-grade producing gold mines now included in the portfolio and where drilling is planned for later in the year.
- Various exploration and corporate initiatives underway to seek advancement of wider portfolio interests including Silver Peak, Authier North, Haneti and Wilan projects.
- New non-executive director, Owain Morton, appointed 10 October 2022, bringing geological and mine engineering expertise to the Power Metal board.
- £1.08m financing undertaken in early September with current cash and listed investments of £4.4m as at the date of this report.
GUIDANCE FOR READERS
The tables below include the latest position of each project and our near-term plans, with projects grouped in the categories of Priority Exploration, Project Disposal or IPO Process Underway, and Projects with Next Steps Under Consideration. Below the project tables additional information is provided covering New Opportunities and updates regarding Management/Financial/Compliance.
For additional information please review Power Metal’s corporate website and presentation which are regularly updated and are available through the following links:
Website: www.powermetalresources.com
Corporate Presentation: https://www.powermetalresources.com/presentation/
PRIORITY EXPLORATION PROJECTS
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
