RCS - Power Metal - First Class Metals Update

Power Metal ResourcesAnnouncement

04/11/2021 07:00

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RNS Number : 2855R  Power Metal Resources PLC  04 November 2021

4 November 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Investee Update - First Class Metals

First Class Metals provides a Business Update for Shareholders and Investors

 

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project
portfolio notes the Business Update released by First Class Metals Limited
("First Class") in which Power Metal has a 36.1% interest.

In September 2021 Power Metal sold its Schreiber-Hemlo interests in Ontario,
Canada to First Class for a total consideration of £1million, satisfied
through the issue of 333,334 First Class shares at a price of £3 per
share, further details of which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/completion-of-sale-of-schreiber-hemlo-interests/15179552
(https://www.londonstockexchange.com/news-article/POW/completion-of-sale-of-schreiber-hemlo-interests/15179552)

Yesterday, First Class released a Business Update providing further
information in respect of developments within their Schreiber-Hemlo project
portfolio.  The developments include the findings from a Versatile Time
Domain Electromagnetic Survey within the Pickle Lake Project, the submission
of an exploration permit (in respect of planned drilling) and the completion
of a sampling programme.

The Business Update may be viewed on the First Class website through the
following link:

https://www.firstclassmetalsplc.com/mining-news
(https://www.firstclassmetalsplc.com/mining-news)

About First Class Metals Limited. is a minerals exploration company focused on
proving and developing the significant potential of their flagship property
North Hemlo which includes the Pickle Lake Palladium One JV area as well as
systematic exploration of the Esa, Sugar Cube, McKellar, Magical, Enable and
Coco East properties, in total 176km² in the Hemlo - Harte gold mines region
in the Western portion of the Wawa-Abitibi Gold Belt of Ontario, Canada.

Geologically the claim blocks are located within the Schreiber-Hemlo
Greenstone Belt with target minerals gold, silver, base and battery metals in
typical Archaean / Hemlo style mineralised settings. First Class is seeking a
London Listing prior to year end 2021.

For further information please visit https://www.powermetalresources.com/
(https://www.powermetalresources.com/) or contact:

 Power Metal Resources plc
 Paul Johnson (Chief Executive Officer)                                          +44 (0) 7766 465 617

 SP Angel Corporate Finance (Nomad and Joint Broker)
 Ewan Leggat/Charlie Bouverat                                                    +44 (0) 20 3470 0470

 SI Capital Limited (Joint Broker)
 Nick Emerson                                                                    +44 (0) 1483 413 500

 First Equity Limited (Joint Broker)
 David Cockbill/Jason Robertson                                                  +44 (0) 20 7330 1883

 

 

NOTES TO EDITORS

Power Metal Resources plc - Background

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 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 848km(2) of granted exploration licences

 

 

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