Power Metal Resources plc (LON: POW) the AIM-listed metals exploration and development company announces an update in respect of its 70% owned Kisinka Copper-Cobalt Project (“Kisinka” or the “Project”).
The Project is located some 30km East of the regional capital of Lubumbashi in the southern part of the Katangan Copperbelt in the Democratic Republic of the Congo.
· On 20 November 2020 the Company announced laboratory assay results confirming high cobalt and copper values in parts of the 6.8km+ anomalous zone identified by the Company’s previous exploration work.
· The local operating team are to mobilise this week to begin a programme of geophysics at the Project under the supervision of Minerals Exploration Associates SARL (“Minex Consulting SA”).
· The programme will consist of the following:
– A 277 Line Kilometres (“KmL”) ground magnetics survey on a north-south spacing of 100m and an east-west spacing of 1,000m to be carried out by Progress SARL;
– A 12 KmL induced polarization survey on six lines of 2 KmL each to be carried out by Progress SARL;
– Provision of raw data to Ranacher McKenzie Geoscience for interpretation.
· Programme is to be focussed on the central and southern anomalies and the open area south-east of the southern anomaly.
· The object of the survey work will be to detect low magnetics lithologies, to obtain a more accurate picture of structures and carbonate rocks, and to identify conductive targets, in order to optimise subsequent drill targeting.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented: “This work is an important follow up to the geochemical work conducted over the last two years and will help us tie the laboratory results and the identified anomalies to the underlying lithologies and structure of the area.
This in turn will enable us to assess additional potential directions in areas where the anomalies are open, and to prioritise targets for drilling.
Given the size and scale of the copper and cobalt anomaly we have confirmed to date through exploration Kisinka is now a key project for Power Metal and we are accelerating our exploration work to advance the Project as quickly as possible.”
Power Metal has completed two programmes of geochemical work at the Kisinka Project.
The first programme, reported on 11 July 2019, defined a target area containing a 6.8 km copper anomaly.
The second programme, reported on 3 July 2020 and 20 November 2020, focussed on two areas of the anomaly in the south-eastern 3 km, and confirmed promising copper and cobalt anomalous zones, open along strike to the south-east and north-west.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.