Company in Final Stages of Planning Next Exploration Steps which will Include Soil Sampling, Geophysics, Trenching and Reverse Circulation & Diamond Drilling
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“ At the Tati Gold Project we are focused on discovering a large gold deposit. So far, in our view, the evidence gathered is increasingly compelling.
We have therefore accelerated next stage Project exploration plans, through which we believe we can move the Project forward quite considerably.
Those plans are outlined in further detail below and will test a much larger portion of the 8km gold-in-soil anomaly. The plans also include the first testing of gold at depth to add to the near surface mineralisation already identified.
Further announcements will follow in due course as we execute on the plans outlined below.”
KEY PROJECT FEATURES
|
Gold-in-soil anomaly identified (the “Anomaly”). |
Anomaly coincident with a major regional shear structure extending over a strike distance of approximately 8 kilometresthrough the centre of Project (Figure 1 below).
|
|
Soil sampling and reverse circulation (“RC”) drilling undertaken within the Anomaly. |
To date, shallow high-grade and bonanza grade gold (up to 47.1g/t Au) intersected within northwest and southeast segments of the Anomaly. |
|
Extensive near-surface gold mineralisation. |
Identified from the 175m strike length tested with the prospect of further mineralisation across the remainder of the 8km Anomaly. |
|
Potential for further gold mineralisation at depth. |
Maximum RC drillhole depth to date of 55m, additional drill testing expected to test for further gold mineralisation at depth. |
|
Cherished Hope, a former working gold mine, situated within the Project footprint. |
Extensive evidence of gold production from Cherished Hope, providing a focal point for initial and follow-on exploration. |
|
Local processing plant. |
Within 20km from the Project, capable of processing fines dumps and any other material mined from the Project (subject to relevant local approvals). |
DRILL RESULTS TO DATE LEAD TO EXPEDITED NEXT STAGE EXPLORATION
Assays results from the August 2022 reverse circulation (“RC”) drilling programme returned multiple near-surface bonanza grade intercepts including 1m of 47.1g/t gold (“Au”) from 6m downhole in drillhole CHRC0003 as well as 1m of 40.6g/t Au (from 2m of 23.2g/t Au) from 26m downhole in drillhole CHRC0006.
Due to the high-grade nature of the results achieved, the Company has fast tracked planning for the next stage of exploration, the details of which are highlighted below.
Full drill programme assays were released on 3 & 7 November 2022 and can be found at the links below:
NEXT STAGE EXPLORATION HIGHLIGHTS
The next stage planned exploration programme will include various elements which are highlighted below:
· High-resolution soil geochemistry programme focused on approximately 3km of strike-length extension from the Cherished Hope mine where a historical widely spaced soil sampling programme highlighted multiple gold-in-soil anomalies with individual results up to 2,150ppb (2.15g/t) Au-in-soil. Approximately 500-600 individual soil samples are planned with follow up assay testing of samples.
· A ground magnetometer geophysics survey focusing on the northwestern strike length extension of the Cherished Hope Mine. The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures.
· A mechanised trenching programme focused on extending the known strike-length extension of the main quartz reef structure at Cherished Hope which has currently been intersected by drilling over a ~175m strike-length (see Figure 2 below). The quartz reef currently remains open towards the northwest and southeast as well as down dip.
Approximately 12-15 RC drillholes are planned which will be designed to test for the along strike, and down dip extension of the main mineralised quartz reef structure. Multiple holes from the 2022 programme intersected mined-out voids, including drillhole CHRC0002 which was designed to test one of the thicker portions of the quartz reef, but due to the shallow dip chosen, it intersected a mining void from 10-15m downhole. Interestingly, 1m of 5.6g/t Au was intersected from 15-16m representing the footwall of the main quartz reef structure. At least one planned hole will have a steepened dip here in order to drill test the entire section of this quartz reef.
· Following the completion of the RC drilling component, approximately 3-5 diamond drillholes are planned which will be designed to drill test select portions of the quartz reef structures which were successfully delineated by the RC drilling. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation.
· Preparations for the above programme are currently underway and the Company will provide further information in due course as programme elements are launched, commencing in early 2023. Components of the planned exploration programme could be changed dependent on results from the various elements planned.
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:
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.
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 |
