Kalahari Key update
Two Shields Investments plc, the AIM-quoted investment company with a strategy to build a high-quality portfolio of investments in fast-growing and scalable digital and technology-enabled businesses, is pleased to reproduce the following announcement issued today by Power Metal Resources PLC. The announcement is in relation to Kalahari Key Mineral Exploration Company Pty Ltd (“Kalahari Key”). Kalahari Key is a special purpose company in which TSI also has a 17.8% stake in.
“Botswana Molopo Farms Complex – Drilling Update
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update on the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.
OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT
Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.
For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing working capital.
· Drilling contract signed with experienced drilling company Discovery Drilling Contractors Africa (“Discovery”). Discovery have a great deal of experience in Botswana including being instrumental in the drill out of the T3 Deposit now owned by Sandfire Resources.
· The Molopo Farms Complex is a major ultramafic-mafic layered intrusion straddling the southern border of Botswana with South Africa. It lies within the south-western part the large igneous province that includes the famous Bushveld Complex which contains the world’s largest reserves of PGMs.
· The Phase 1 Drilling programme is for an initial planned 2,505m across four diamond core drill holes. Target hole depths vary from 525m to 710m and will test the first four of several high priority targets delineated as prospective for massive nickel sulphide mineralisation by airborne and ground geophysics survey data.
· Discovery have started mobilisation of equipment to site and the drilling is expected to commence shortly.
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.
Notes to Editors:
Two Shields Investments plc, the AIM quoted investment company with a strategy to build a portfolio of high-quality investments in fast growing, scalable digital and technology enabled businesses, including those in the cybersecurity, e-commerce services and consumer sectors. The Company has appointed an experienced Board of Directors with a proven pedigree in the origination, acquisition, development & sale of projects and creating value for shareholders. The investment mandate covers unquoted and quoted businesses, as well as direct project investment. Where appropriate the Board will apply its extensive combined experience to directly support investee businesses achieve their growth potential.
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