Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the December 2021 quarterly business operational update for shareholders.
– Completion of a 1,092 metre reverse circulation drill programme at the Tati Project, Botswana, designed to follow up on Phase I and II results which highlighted kilometre-scale gold, arsenic and nickel geochemical anomalies coincident with various geological structures highlighted by ground geophysical surveys.
– Bonanza grade silver achieved in 10 out of 19 drillholes completed during the Phase I Silver Peak Project, Canada, drill programme, follow up overlimit assays confirmed high-grade copper, antimony and lead results increasing the average silver equivalent grade by 18.8%.
– Rock sampling and prospecting programmes conducted at the company’s Tait Hill, Thibaut Lake and Clearwater uranium properties surrounding the Athabasca Basin, Saskatchewan, Canada, returned high-grade assay results up to 38,600ppm (3.86%) uranium.
– Securing the option agreement for Kavango Resources plc (“Kavango”) to acquire current project partner Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key”), through which exploration for nickel, copper and platinum group elements (“PGE”) at the Molopo Farms Complex Project would see a significant step forward. Having Kavango as the operational partner should streamline the ongoing project progression which is key following the discovery of nickel sulphides during the inaugural 2021 drill programme.
– New Ballarat Gold Corporation (“NBGC”): grant of licence applications in Victoria, Australia, further increase the licence footprint to over 1,500km2; NBGC’s inaugural diamond drilling programme has commenced targeting gold mineralisation across a number of exploration targets.
– Golden Metal Resources Limited (“Golden Metal”): Acquisition of Pilot Mountain Project which hosts a substantial JORC compliant Mineral Resource (tungsten with significant silver, copper & zinc credits) in Nevada, USA, into Golden Metal which is seeking a listing in London. Golden Metal is now moving through the listing process with a full management board, suite of listing advisers and has recently completed a £750,000 pre-IPO financing.
– First Development Resources Limited (“FDR Australia”): Further commercial and technical developments within Power Metal’s FDR Australia subsidiary company with preliminary exploration work delineating a number of exciting magnetic bullseye gold/copper targets at the Wallal Project located within the prolific Paterson Province. Further acquisition into FDR Australia of the Selta Project targeting uranium and rare-earth elements in the Northern Territory, Australia.
– Financing conducted in November raising £1,050,000 in a placing conducted at the then mid-market price of 1.75p.
– Operational working capital comprising cash and listed investments at 31/12/2021 amounted to £2.91M and unaudited total assets at 30/11/2021 of £10.1M (before valuation uplift in spin-out vehicles to pre-IPO valuation).
– New team members recruited in the quarter include a Chief Executive Officer for First Development Resources Limited (planned UK listing company) and Power Metal commercial management, accounting and business administration staff. Additional recruitment underway to support the growth of the Company and its various spinouts.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“We have chosen a non-conformist path for Power Metal in order to build a company, and investment proposition, quite unlike any other within the London junior resource space.
We have opted for scale and diversity, assembling a large portfolio, widely spread across multiple jurisdictions and commodities, with a main focus on district scale opportunities.
Our mission, after the first phase of portfolio building, was to create value through proactive exploration and corporate activity. We are doing just that as you will see from the project level detail provided for the most recent quarter below.
We currently sit at an important point in the Power Metal life-cycle, coincidentally, at a time when the world is demanding unprecedented quantities of metals for investment security, new infrastructure builds and to power the ongoing green technological revolution.
Despite the world’s aspirations, the practical reality is that in recent years we have seen metal supply attrition with a lack of large-scale metal discoveries combined with subdued investment in the exploration and project development space.
With such skewed supply/demand fundamentals, sectors can come alive, and we believe 2022 will be an exciting year for the junior mining resource space.
The final quarter of 2021 is captured below with a brief assessment by the Company of each project and company within our portfolio. The work completed during the final quarter of 2021 has set up Power Metal well for the coming year.”
Note: in addition to the material presented below, investors are encouraged to review Power Metal’s corporate presentation which is available on the Company’s website through the following link:
PROJECT OPERATIONS UPDATE
The tables below provide the latest status of each project within the Company’s portfolio and include:
– Exploration project updates from African, North American and Australian interests;
– Corporate development updates for project packages advancing towards spin-out into their own listed vehicles;
– Further updates in respect of the Company’s new project pipeline including Power Capital Investments Ltd, the Company’s wholly-owned project incubator;
– Additional management, compliance and financial information for shareholders.
African Exploration Projects
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
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