Power Metal Resources Australia Pty Limited Lodges Applications Covering 1,994Km2 and Targeting Olympic Dam Style Mineralisation in the Gawler Craton, South Australia
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces details of a new Australia Copper-Gold project in South Australia (the “Project”).
The Project is centered on two large licence applications in South Australia and a map highlighting this can be found through the link below:
– Power Metal has established a new wholly-owned Australian subsidiary, Power Metal Resources Australia Pty Limited (“Power Australia”).
– Power Australia will be the host vehicle for new Australian exploration interests of Power Metal, which are being acquired to replace current interests in Australia which are the subject of planned spin-out/disposals (1).
– Power Australia has submitted two licence applications (ELA 2021-00162 & EL 2021-00163) in the Gawler Craton of South Australia. The applications have been received and validated by the Department of Energy and Mining.
– The licence applications cover an area of 1,994Km2 and are situated due south and west of Copper Search Limited’s Ruby Hill project (https://coppersearch.com.au/projects/). Copper Search Limited recently listed on the Australian Securities Exchange (ASX:CUS) and currently has a market capitalisation of circa A$29m (https://coppersearch.com.au/asx/).
– The applications are targeting Olympic Dam(2) style mineralisation and Power Australia are currently undertaking a review exercise to further refine geological understanding and prepare detailed exploration plans in readiness for ground operations when licences are granted.
(1) Including First Development Resources with interests in the Paterson Region and New Ballarat Gold Corporation with interests in the Victoria Goldfields.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“With the preparations underway for the spin-out/disposals of Power Metal’s two existing interests in Australia, we are now looking to rebuild our Australia portfolio.
Through our in-house team we have identified this new opportunity in South Australia, targeting large-scale discoveries in a geological environment that is prospective for Olympic Dam style mineralisation.
I look forward to providing further information in respect of our corporate and exploration plans in respect of this new opportunity.”
Tom O’Driscoll, on behalf of Western Mining Corporation in the 1980’s undertook a detailed lineament analysis across South Australia. His goal was to highlight 1st (major) and 2nd (minor) order structures across the State, and specifically to map the intersection of these various structures in order to assist with mineral exploration targeting. The intersection of these lineaments proved to be a valuable exploration tool as major mineral deposits, including Olympic Dam, were determined to fall near the mapped lineament intersections.
In South Australia, there is a major northwest-southeast oriented lineament (red corridor on attached map) which broadly connects up several mineral deposits and development projects including Olympic Dam, Carrapateena and Elizabeth Creek. This major lineament extends northwest through the new licence applications lodged by Power Australia where it is intersected by second order (white dashed lines on attached map), northeast-southwest trending lineaments which are broadly coincident with mineral deposits and development projects including Peculiar Knob, Snaefell, and Cairn Hill.
The licences therefore cover an intriguing area which is highlighted by various regionally important structural intersections – and covers an extended claim border with Copper Search Limited’s Ruby Hills project, where they will be launching various exploration initiatives in the coming months.
COMPETENT 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 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
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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal now has the following exploration completed with results awaited or exploration underway:
– Silver Peak Project (Canada) – diamond drill programme completed targeting high-grade silver (laboratory assay results awaited)
– Authier North Lithium Project(Canada) – soil & rock sampling completed (laboratory assay results awaited)
– Athabasca Uranium (Canada) – Phase I exploration commenced and field results, together with laboratory assay testing of samples collected, awaited.
– Tati Gold/Nickel Project (Botswana) – reverse circulation drilling completed (field results, together with laboratory assay results, awaited)
– Molopo Farms Complex (Botswana) – further samples being tested for nickel sulphide and platinum group elements (“PGEs”) from diamond drill programme completed (laboratory assay results awaited)
– Ditau Project (Botswana) – preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals
– Kalahari Copper Belt (Botswana) – results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas
– Wallal Gold/Copper Project (Australia) – geophysics results from 2D seismic processing and passive seismic awaited
– Victoria Goldfields (Australia) – results from ongoing exploration across 848km2 of granted exploration licences
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