REG - Power Metal - Haneti Project – Diamond Drilling Commences

Power Metal ResourcesAnnouncement

26/01/2022 07:05

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220126:nRSZ6199Za&default-theme=true

RNS Number : 6199Z  Power Metal Resources PLC  26 January 2022

26 January 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Haneti Project - Diamond Drilling Commences

Haneti Project Diamond Drilling Programme - Drill Rig has Successfully
Mobilised to Site and Drilling has now Commenced

 

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces an update from the Company's inaugural diamond drilling programme on
the nickel-copper-cobalt-platinum group element Haneti Project ("Haneti" or
the "Project") located in central Tanzania.

The Company confirms that the mobilisation of the diamond drill rig and
operational team has been successfully completed and diamond drilling has now
commenced.

Drill Programme

Details in respect of the planned drill programme can be reviewed in the
Company's announcement on 11 January 2022 which may be viewed through the
following link:

https://www.londonstockexchange.com/news-article/POW/haneti-project-drill-programme-commencement/15281933
(https://www.londonstockexchange.com/news-article/POW/haneti-project-drill-programme-commencement/15281933)
 

A map highlighting the planned locations for the 2022 diamond drilling
programme can be found at the following link:

https://www.powermetalresources.com/haneti-project-drill-programme/
(https://www.powermetalresources.com/haneti-project-drill-programme/)

Joint Venture Ownership Structure

The Haneti Project is currently held under a Joint Venture ("JV") with Katoro
Gold Plc (LON:KAT "Katoro") who hold a 65% interest, with the remaining 35%
interest held by Power Metal.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

"This is a great day, one that has been years in the making, as we commence
inaugural diamond drilling at the Haneti Project targeting magmatic sulphide
hosted nickel, copper, cobalt and platinum group metals.

Haneti represents a district scale opportunity and we hope that drilling will
unlock further value from the Project enabling our technical team to better
understand the various geological environments. Ultimately, a discovery of the
metals targeted could be transformational for Power Metal and our partners
Katoro.

Our thanks go to the operational team for battling the challenging weather
conditions locally to mobilise the rig and crew safely to site, establish an
operational camp, and commence drilling."

 

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/
(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 (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.
 Authier North Lithium       Canada     Earn-in to 100%  Soil & rock sampling completed                                                Interpretation of laboratory assay results of samples collected.
 Ditau Project               Botswana   50%              Preparatory exploration work underway on target I10 leading to planned        Field programme findings and defined drill targets for near term drilling.
                                                         accelerated drilling targeting rare-earth elements and base metals

 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%(A)           Kavango Option to acquire an interest in local project holding company.       Results from various work activities underway as part of the Kavango Option
                                                         Option fee payable through defined work programme
 Tati Gold/Nickel            Botswana   100%             Reverse circulation drill programme completed                                 Laboratory assay results awaited
 Haneti Project              Tanzania   35%              Diamon drill programme underway                                               Results from field programme including drill programme underway
 Victoria Goldfields         Australia  49.9%            Ongoing exploration across 848km(2) of granted exploration licences           Results from field programme including drill programme underway

 Wallal Gold/Copper Project  Australia  83.33%(B)        Passive seismic and 2D seismic processing work programme completed.           Results awaited

                                                         Ground reconnaissance work underway.

( )

(A) should Kavango exercise their option to acquire Kalahari Key, Power Metal
interest would reduce to 40% of the Molopo Farms Complex project

(B) assuming all licences held by URE Metals Pty Limited are granted as
outlined in the Company's announcement of 19.11.21 resulting in the issue of
First Development Resources Ltd shares to URE vendors

 

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLDELFLLFLXBBK