Team Successfully Mobilised and Phase II Geophysical Programme Commences
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that exploration crews have successfully mobilised and the Phase II work programme has commenced on its gold-nickel properties in the Tati Greenstone Belt (the “Tati Project” or the “Project”) located near Francistown, Botswana.
Power Metal exercised its option to acquire a 100% interest in the Project on 28 July 2021 through its local wholly owned operating subsidiary Power Metal Resources Botswana Pty Limited. Details of the option exercise can be found below.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“We are planning to launch our first drill programme at the Tati Project next month, and this expedited geophysics programme will provide valuable information to further target the drilling activity.
Exploration at the Tati Project is moving very rapidly and we believe there is potential for significant nickel and gold discoveries within the Project footprint.
Further information will be provided on progress in the near term.”
Phase II Exploration Programme
Following the completion and interpretation of the recent Phase I soil geochemical survey (announced 19 August 2021) Power Metal is planning ground-based magnetometer and radiometric geophysical surveys over selected soil anomalies, the planned survey will consist over 125 line-km split across three survey grids.
The planned Phase II ground geophysics programme, all within licence area PL127/2019, consists close spaced (100m line-spacing) combined ground magnetic and radiometric geophysics surveys over three priority survey grids (grid 3, 4 and 5) containing high priority soil anomalies:
· Grid 3: 37.5 line-km of combined geophysics over a circa 3,000m long high-tenor (>100 ppm As) arsenic-in-soil anomaly.
· Grid 4: 37.5 line-km of combined geophysics centred over a roughly 1,000m by 400m wide north-south trending arsenic-in-soil anomaly which is coincident with a mapped contact between the Last Hope Formation, and the Eastern successful Volcanics. This grid has an analogous geological position to the Signal Hill gold mine which is located less than 2.5km to the southeast on the same geological structure.
· Grid 5: 50 line-km of combined geophysics centred over a roughly 1,500m long by 300m wide northeast-southwest trending high-tenor (>250ppm Ni) nickel-in-soil anomaly.
The geophysics surveys will employ Gem Systems GSM-19TW proton magnetometers and Radiation Solutions RS-125 spectrometers. These surveys will assist with identifying important geological structures and help discriminate between various lithological units which may correlate with orogenic gold and/or magmatic nickel mineralisation.
The goal of the above Phase II work programme is to further refine high-priority targets identified by the Phase I programme geochemical results which will then be targeted by Power Metal’s inaugural Rotary Air Blast (“RAB”) drilling campaign on the Project which is planned to start mid-September. Results from this programme and updates on the planned drilling campaign will be released to the market in the coming weeks.
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
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