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RNS Number : 3926Y Power Metal Resources PLC 13 January 2022
13 January 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Project Botswana - Prospecting Licence Renewals
Key Prospecting Licences Successfully Renewed at the Molopo Farms Complex
Project where 2021 Drill Programme Results Confirmed up to 1.7% Nickel
Power Metal Resources plc (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio,
announces the renewal of key Prospecting Licences ("PLs") at the Molopo Farms
Complex Project ("MFC Project" or the "Project") located in southwestern
Botswana.
Power Metal holds a 40% direct project interest in the MFC Project and a
20.65% shareholding in Kalahari Key Mineral Exploration Pty Limited ("KKME"),
which holds the remaining 60% interest.
Kavango Resources currently has an option (the "Option") to acquire up to
85.2% of KKME including Power Metal's shareholding. Further details
regarding the Option were published in the Company's announcement released on
26 November 2021 which may be viewed at the following link:
https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717
(https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717)
Renewal documentation has been received in respect of PL310/2016 and
PL311/2016, with the latter covering the area where drilling was completed in
2021 from which significant nickel intersections were confirmed. Further
details in respect of the licence renewals is provided below.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
"The renewal of PL310/2016 and PL311/2016 represents an important milestone
for the Project, providing a further 2 years for ongoing exploration following
the initial successful drilling campaign completed early in 2021. That
campaign confirmed significant nickel intersections from the second hole
drilled (KKME 1-6) including individual assay results up to 1.7% Ni and
0.55g/t Pt, representing the highest nickel grade achieved from the Molopo
Farms Complex to date.
Kavango Resources are continuing their Option due diligence work programme,
and we are looking forward to the receipt of their findings in the coming
weeks."
Prospecting Licence Information
Licence Number Size Licence Type Licence Term Licence Period End
PL310/2016 221.4km(2) Second Renewal 2 years 31.12.2023
PL311/2016 486.2km(2) Second Renewal 2 Years 31.12.2023
PL202/2018 771.0km(2) First Renewal 2 years 30.09.2023
Total 1,478.6km(2)
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 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%(1) 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%(2) Passive seismic and 2D seismic processing work programme completed. Results awaited
Ground reconnaissance work underway.
(1) should Kavango exercise their option to acquire Kalahari Key, Power Metal
interest would reduce to 40% of the Molopo Farms Complex project
(2) 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
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