Additional Pyroxenite Band with Visible Sulphides Assayed Returning up to 1.7% Nickel
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results from further assays received from hole KKME 1-6, the second of three holes drilled at the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project located (“MFC” or the “Project”) in southwest Botswana.
Power Metal currently has a 40% direct MFC interest as well as an 18 % shareholding in Kalahari Key, for a combined effective economic interest of 50.8%.
Based on visual inspections of core, four select intervals were originally sent for assay at Scientific Services Geological Laboratories (“SCISERV”) in Cape Town, South Africa which included the downhole intervals 292.7m – 297.5m, 308.5m – 313.2m, 501.8m – 529.1m, and 585.0m – 597.8m. A full list of results from this first batch of assays, which included up to 4.1m @ 0.49% Ni from 309m downhole, including 1.6m @ 0.72% nickel (Ni) from 309.6m downhole, can be viewed at the link below.
In addition, selected intervals from KKME 1-6 were examined by the University of Witwatersrand who recommended that additional samples should be submitted to SCISERV for assay, specifically the 7m wide downhole interval between 445m – 452m. The laboratory assay results for the 8 samples in this interval have now been received and the full results are set out in Table 1 below.
– Nickel enrichment was encountered throughout the entire 7m interval assayed as part of this batch, including a 0.6m sample which returned 1.696% Ni (16,961ppm), 0.55g/t platinum (Pt), and 0.14g/t gold (Au).
– The results presented herein represent the single highest nickel and platinum results, and the second highest gold result from the 2020 drilling programme to date.
– These results further demonstrate the potential the Molopo Farms Complex Project has of hosting significant nickel-platinum group element (“PGE”) enriched magmatic sulphide mineralisation.
– The fine grained nature of sulphide mineralisation indicates that several other intervals with KKME 1-6 have the potential to host appreciable nickel-sulphide mineralisation. As a result, additional samples will now be sent to the laboratory for assay testing.
– The identification of these additional mineralised pyroxenite horizons within KKME 1-6, is highly encouraging and will assist as we plan for the next phase of drilling on the Project.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“We continue to see data emerging from Molopo Farms which points to the potential for significant nickel-PGE rich magmatic sulphide mineralisation. More assay tests are in process and the results are keenly awaited.
We have been fortunate to identify the targeted mineralisation so early in the exploration campaign, notably nickel sulphides in the second hole of drilling. Now we continue to build on that with some enthusiasm.”
Table 1: Diamond Drill Hole KKME 1-6 Assay Data – New Data
* All depths and intervals are as measured downhole.
COMPETENT PERSON STATEMENT
The drilling and sampling programme has been overseen on site by Mr. Ian McGeorge MSc CGeol FGS a qualified person and chartered geologist working on behalf of the independent mining consultancy The MSA Group (“MSA”). Information in this announcement relating to the exploration drilling results is based on data reviewed by Mr McGeorge. Mr McGeorge has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr McGeorge consents to the inclusion of the exploration results in the form and context in which they appear.
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 Competent 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
Notes to Editors:
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.
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