{"id":85599,"title":"Power Metal (POW.L) Kalahari Copper Belt – Significant Expansion","publisher":"Share Talk","author":"sharetalk","published":"2021-08-02T06:48:17+00:00","modified":"2021-08-02T06:48:17+00:00","canonical_url":"https://www.share-talk.com/power-metal-pow-l-kalahari-copper-belt-significant-expansion/","markdown_url":"https://www.share-talk.com/power-metal-pow-l-kalahari-copper-belt-significant-expansion.md","json_url":"https://www.share-talk.com/power-metal-pow-l-kalahari-copper-belt-significant-expansion.json","category":"Mining","categories":["Mining"],"tags":["Arizona","Australia","Australian","Botswana","British Columbia","Cameroon","canada","Canadian","Christian Schaffalitzky","Cobalt","Coco East","COPPER","Copperbelt","Democratic Republic of Congo","Democratic Republic of the Congo","Ditau Project","drilling","Exploration","Farms","Gold","Golden Metal Resources","group metals","Haneti","Haneti Project","helicopter","Jupiter Mines","KAT","Katoro Gold","KAV","Kavango Resources","Kenya","Kisinka","KKME","Lithium","Lubumbashi","Magical","McKellar","Molopo","Molopo Farms","Nevada","Nickel","Paul Johnson","pegmatite","Piedmont Lithium","platinum","PLL","POW","Power Metal","Power Metal Resources","Project","Québec","Red Rock Australasia","Red Rock Resources","RRR","Sayona Mining","Silver Peak Project","SYA","Tanzania","USA","Victoria","Victoria Goldfields"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Acquisition of 8 new Prospecting Licences increase the ground holding of local operating company Kanye Resources to 4,257km2\n\n**Power Metal Resources PLC (LON:POW)** the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces a significant expansion of exploration ground, targeting district scale copper-silver discoveries, in the Kalahari Copper Belt (“KCB”), Botswana.\n\nThe acquisition of eight prospecting licences (“PLs”) increases the strategic ground held by the South Ghanzi Project (“South Ghanzi” or the “Project”) by 229% to 4,257km2, making one of the largest licence footprints in the KCB.\n\nThe acquisition was completed by the Project’s local operating company Kanye Resources Pty Ltd (“Kanye”), in which Power Metal and joint venture (“JV”) partner Kavango Resources plc (LON:KAV) (“Kavango”) each have a 50% interest.\n\nA map showing all the PLs held by Kanye can be viewed on the Company’s website through the following link:\n\nhttps://www.powermetalresources.com/kalahari-copper-belt-licence-map/\n\nThe acquisition was originally announced to the market on 29 March 2021 and was subject to due diligence and licence transfer which has now been completed successfully. The original announcement may be viewed through the following link:\n\n[https://www.londonstockexchange.com/news-article/POW/kalahari-copper-belt-business-update/14916399](https://www.londonstockexchange.com/news-article/POW/kalahari-copper-belt-business-update/14916399)\n\n**Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:**\n\n“With the exploration success Power Metal and Kavango have achieved to date at the South Ghanzi Project, this substantial expansion of our land position within the KCB is a major development for our Company.\n\nWithout question the KCB joint venture with Kavango is currently one of Power Metal’s highest priorities and we have got to this point in short order through the exceptional work undertaken by the Kavango operational team.\n\nThe progress achieved in the KCB demonstrates the value we can generate for our shareholders when we focus our financial and managerial resources on projects that deliver high-impact exploration results efficiently and effectively.\n\nWe eagerly look forward to the planned drill programme at South Ghanzi, as well as inaugural and ongoing exploration results at our newly expanded land package within the KCB.”\n\n**ACQUIRED LICENCE HIGHLIGHTS:**\n\nKanye has completed two separate acquisitions to purchase 100% of the eight PLs. All the PLs have now been transferred to Kanye by the Ministry of Mines and new Prospecting Licence documentation has been issued. These include:\n\n– Four PLs in proximity to the town of Ghanzi in the central zone of the Botswana KCB from Shongwe Resources (Pty) Ltd for US$200,000 (the “South Ghanzi Extension Licences”).\n\n– Four PLs near the town of Mamuno on the Namibian border for US$230,000, from Vinmarsh Interprises (Pty) Ltd (the “Mamuno Licences”).\n\nCash acquisition costs have been funded equally by Power Metal and Kavango from existing cash resources and Kanye now controls 4,257km2 of PLs in the KCB. The cost to Power Metal amounts to US$215,000 (c.£153k) funded from existing cash resources.\n\n**The South Ghanzi Extension Licences (481km2)**\n\n· The original South Ghanzi Project included two licences (PL036/2020 and PL037/2020) covering an area of 1,294km2 south of the town of Ghanzi in the KCB.\n\n· The South Ghanzi Extension PLs include four licences, two of which are adjacent to the South Ghanzi Project, which cover prospective structures identified from their recently completed Airborne Electromagnetic (“AEM”) survey.\n\n· A further two licences include one licence comprising an area previously relinquished by MOD Resources Ltd (MOD Resources Ltd was acquired by Sandfire Resources NL (ASX:SFR) in October 2019), containing a soil-sampling anomaly, and one licence in an area west of PL036/2020 which is considered to be prospective for copper-silver mineralisation.\n\n· Exploration at South Ghanzi is considerably advanced, with seven major copper/silver targets identified to date and locations for the planned upcoming drill programme currently being finalised.\n\n**The Mamuno Licences (2,482km2)**\n\n· The Mamuno Licences are four contiguous PLs on the western boundary of the KCB that cover a large anticlinal (possibly dome) system; that is plunging towards the west.\n\n· The anticlinal structures at Mamuno are similar to that recently identified at the South Ghanzi Project (within PL 036/2020) and appear to be significantly larger.\n\n· Within the licence area, the Ngwako Pan and D’kar Formation contact zone is variably exposed for over 100km (covering a possible reduction-oxidation (“redox”) boundary). The Kalahari sand cover over this exposed contact zone is relatively thin.\n\n· The area is well accessed by the Trans-Kalahari Highway, which links the cities of Gaborone and Johannesburg with Windhoek and Walvis Bay in Namibia. Mamuno is a border town located near the Botswana and Namibia border.\n\nKCB Environmental Management Plan (“EMP”)\n\nKavango has received final feedback from the Ministry of Mines and final processing of the KCB EMP is underway. Receipt of EMP approval is a key step required before exploration drilling can take place on PL areas.\n\nThe proposed EMP covers both the South Ghanzi, South Ghanzi Extension and Mamuno Licences.\n\nImmediate expansion of exploration in the KCB\n\nIn-depth desktop analysis is underway on the recently acquired licences.\n\nKavango will deploy four field teams to the KCB to begin extensive soil sampling and plans are being finalised to further increase number of teams on the ground.\n\nThis work is in addition to the planned drill programme at the South Ghanzi Project targeting copper-silver discoveries. Further information with regard to drill targets and the programme itself will be provided to the market in due course.\n\n**JOINT VENTURE STRUCTURE**\n\nThe KCB PLs (South Ghanzi, South Ghanzi Extension and the Mamuno Licences) are held in the name of Kanye Resources (Pty) Ltd, a private Botswana company in which Power Metal and Kavango each have a 50% interest through Kanye Resources plc, a UK holding company.\n\nExploration costs are equally shared. Kavango is the operator. There are plans to IPO Kanye Resources plc on a recognised stock exchange.\n\n**COMPETENT PERSON STATEMENT**\n\nThe 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.\n\nThis 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.\n\nFor further information please visit [https://www.powermetalresources.com/](https://www.powermetalresources.com/) or contact:\n\n**Power Metal Resources plc**\n\n**Paul Johnson (Chief Executive Officer)**\n\n**+44 (0) 7766 465 617**\n\n**Notes to Editors:**\n\nPower 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.\n\nThe Company has a principle focus on opportunities offering district scale potential across a global portfolio including precious and base metal exploration in North America, Africa and Australia.\n\nProject interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.\n\nPower 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.\n\nValue 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."}