Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the commencement of reverse circulation (“RC”) drilling at its 100% owned Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.
A map highlighting the location of the RC drill programme can be found at the link below:
§ Drilling team and equipment have mobilised to site and RC drilling has commenced targeting near surface high-grade gold mineralisation.
§ 500 metres of RC drilling are planned within nine holes which are designed to test for the along strike and down-dip extension of the Cherished Hope mine mineralised quartz reef structures.
§ Due to efficiency of RC drilling and the Project’s proximity to Francistown, the drill programme is expected to take approximately 1 week to complete and will be undertaken while preparations for the upcoming Molopo Farms Complex drilling campaign are ongoing.
§ Sampling for gold content in fines dumps at the Project (holding waste material from the Cherished Hope gold mine) is complete, with laboratory assay results awaited.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“ The Company remains focused on preparations for the upcoming Molopo Farms Complex drilling campaign targeting a large-scale nickel-copper-platinum group metal discovery.
The Tati Project, also in Botswana, has demonstrated potential for high grade and near surface gold mineralisation, and we are therefore moving ahead with an expedited next stage drill programme.
The drilling will take place adjacent to the Cherished Hope former working gold mine, situated within our recently secured exploration licence PL049/022.
In parallel, we await the laboratory assay results from sampling of the fines dumps from the Cherished Hope mine, which we expect will contain residual gold that potentially may be capable of processing at an existing plant nearby, subject to any appropriate local approvals.”
A recent exploration update covering the Tati Project, and specifically the newly pegged prospecting licence (“PL”) 049/2022, was released on 18 July 2022 and can be found at the link below:
PL049/2022 was staked to cover the southeastern extension of the large gold-in-soil anomaly discovered by the company on its licence PL126/2019. Site visits following the pegging of PL049/2022 led to the identification of the historical Cherished Hope Gold mine, as well as multiple fines dumps in the vicinity of the workings. Following that, the company completed a full in-depth review of historical data covering the newly acquired PL. It was determined that the Cherished Hope Gold Mine and associated fines dumps cover only a small portion of the gold-in-soil anomaly which extends across the majority of PL049/2022 (see map linked above).
The ongoing drilling is located approximately 6km to the southeast along the same regional mineralising structure where the Company drilled earlier in 2022 – where up to 5.17g/t gold (“Au”) was intersected over 3m from only 9m downhole.
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
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