REG - Power Metal - Kalahari Key Acquisition Complete

Power Metal ResourcesAnnouncement

18/11/2022 14:00

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RNS Number : 9539G  Power Metal Resources PLC  18 November 2022

18 November 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Kalahari Key Acquisition Complete - Power Metal Now Holds 87.71% Interest

Molopo Farms Complex Drilling Update

Power Metal Resources PLC (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces the completion of the transaction to increase the Company's interest
in Kalahari Key Mineral Exploration Pty Limited ("KKME" or "Kalahari Key")
further details of which were provided in the Company's announcement of 3
November 2022 (the "Transaction"):

https://www.londonstockexchange.com/news-article/POW/kalahari-key-acquisition-drilling-update/15701532
(https://www.londonstockexchange.com/news-article/POW/kalahari-key-acquisition-drilling-update/15701532)

Kalahari Key holds a 100% interest in the Molopo Farms Complex Project (the
"Project", "Molopo Farms"), where a large-scale nickel platinum-group metal
("PGM") discovery is being targeted in southwestern Botswana.

HIGHLIGHTS:

§ Following completion of the Transaction, Power Metal now holds 87.71% of
Kalahari Key and therefore the Molopo Farms Project.

 

§ The 2,600m diamond drill programme at Molopo Farms is progressing well with
two holes now completed at target area T1-6, and the third drill hole in
progress at target area T1-14.

 

§ At T1-14 the Company is testing an electromagnetic superconductor
identified by a recently completed moving loop electromagnetic (MLEM) survey.
The last reported depth from the drillhole in progress, DDH1-14B, was 345
metres.

 

§ Downhole geophysics is now complete on drill hole DDH1-6B from Target area
T1-6, with the geophysics interpretation results expected shortly.

 

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

"Today's confirmation that Power Metal has now completed the transaction and
increased its interest in Molopo Farms to 87.71% is great news for the
Company. My thanks to all involved in enabling this Transaction to happen so
efficiently.

We have completed the Transaction whilst in the midst of the Molopo Farms
drill programme where we are progressing well with the third drill hole
targeting the superconductor at target area T1-14.

A further exploration update is expected to follow in the near term as we
continue, what for Power Metal, is a particularly exciting drill programme."

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 - 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.

Exploration Work Overview

Power Metal has multiple internal exploration programmes completed or
underway, with results awaited.  The status for each of the Company's
priority exploration projects is outlined in the table below.

 Project            Location  Current  Work Completed or Underway                                                       Results Awaited

                              POW %

 Athabasca Uranium  Canada    100%     Ground exploration programme complete at 3 properties.  Preliminary planning     Assay results from samples collected during fieldwork.
                                       for work in Spring/Summer 2023 is ongoing.
 Molopo Farms       Botswana  87.71%   First 2 holes at T1-6 conductor target drilling complete. T1-14 first hole       Drill programme updates and findings from further MLEM survey work.
                                       underway. Further MLEM surveys planned over additional AEM targets identified.
 Tati Project       Botswana  100%     RC drilling and sampling of mine dumps complete.                                 Mine dumps processing and project commercial and exploration next steps.

( )

Exploration work programmes may also be underway within Power Metal investee
companies and planned IPO vehicles where Power Metal has a material interest,
the findings from which will be released on their respective websites, with
simultaneous updates through Power Metal regulatory announcements where
required.  These interests are summarised in the table below:

 Company                          Status/Operations                                                           Link
 First Class Metals PLC           Investment - POW 27.91%                                                     www.firstclassmetalsplc.com (http://www.firstclassmetalsplc.com)

                                  Exploration in the Schreiber-Hemlo region of Ontario, Canada
 First Development Resources PLC  Planned IPO - POW 62.12%                                                    www.firstdevelopmentresources.com (http://www.firstdevelopmentresources.com)

                                  Exploration in Western Australia and the Northern Territory of Australia
 Golden Metal Resources PLC       Planned IPO - POW 83.13%                                                    www.goldenmetalresources.com (http://www.goldenmetalresources.com)

                                  Exploration and development in Nevada, USA
 Kavango Resources PLC            Investment - POW 14.03% (subject to completion of Kanye Resources disposal  www.kavangoresources.com (http://www.kavangoresources.com)
                                  announced 8.7.22 and issue of Kavango shares e.g. financing announced

                                  24.10.22)

                                  Exploration in Botswana
 New Ballarat Gold PLC            Planned IPO - POW 49.9%                                                     A new website is currently in development which will be found at

                                                                           www.newballaratgoldcorp.com (http://www.newballaratgoldcorp.com) .
                                  Exploration in the Victoria Goldfields of Australia

                                                                                                              In the interim further information in respect of NBGC can be found at:

                                                                                                              https://www.powermetalresources.com/project/victoria-goldfields/
                                                                                                              (https://www.powermetalresources.com/project/victoria-goldfields/) .

 Uranium Energy Exploration PLC   Planned IPO - POW on listing estimated 50-55%                               www.uraniumenergyexploration.com (http://www.uraniumenergyexploration.com)

                                  Uranium exploration in the Athabasca region of Canada

 

 

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