RCS - Power Metal - First Class Metals Update

Power Metal ResourcesAnnouncement

16/05/2022 16:15

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RNS Number : 6669L  Power Metal Resources PLC  16 May 2022

16 May 2022

Power Metal Resources PLC ("Power Metal" or the "Company")

First Class Metals Update

 

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project
portfolio notes the update (the "Update") released by First Class Metals PLC
("First Class") in which Power Metal has a circa 36.3% interest.

The Update outlines the receipt of an exploration permit for the Pickle Lake
area and confirmation that earn-in joint venture partner Palladium One
(TSXV:PDM) is to launch a drill programme at Pickle Lake.

The Update may be viewed through the following link:

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

First Class Metals PLC 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 projects, in total 180km(2) 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 end Q2 2022.

 

 

 

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 has exploration programmes completed or underway, with results
awaited, as outlined below:

 

 Project                Location   POW %            Work Completed or Underway                                                    Results Awaited

 Alamo Gold Project     USA        Earn-in to 75%   Excavation of multiple test pits and mapping & sampling.                      Field and assay results from on-site work programme.
 Athabasca Uranium      Canada     100%             Data compilation across uranium properties                                    Interpretation results from all Properties complete. Next steps upcoming.
 Authier North Lithium  Canada     Earn-in to 100%  Soil & rock sampling completed                                                Technical Review of exploration results & define next exploration steps.
 Ditau Project          Botswana   50%              Drill programme focused on key targets notably drilling of potential          Field updates and receipt & review of laboratory assay results.
                                                    carbonatites and targeting rare-earth elements.
 Kalahari Copper Belt   Botswana   50%              Exploration programme underway across the South Ghanzi Project and further    Field programme findings and defined drill targets for near term drilling.
                                                    exploration at the more recently acquired South Ghanzi Extension and Mamuno
                                                    licence areas
 Molopo Farms           Botswana   53%              Review of recent exploration findings.                                        Determine next exploration steps and action plan.
 Haneti Project         Tanzania   35%              Diamond drill programme completed                                             Receipt & review of laboratory assay results.
 Victoria Goldfields    Australia  49.9%            Diamond drill programme underway                                              Field updates and receipt & review of laboratory assay results.

 Paterson Projects      Australia  83.33%           Wallal passive seismic and 2D seismic processing work programme completed.    Findings from multiple work programmes including final approvals and

                                                                             preparations for planned deep diamond drilling.
                                                    Review of historical data and target generation for Ripon Hills &
                                                    Braeside West projects.

 Selta Project          Australia  83.33%           Field reconnaissance work complete, which included mapping and sampling.      Finalising data review from field programmes.

 

 

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