REG - Power Metal - Molopo Farms, Botswana – Drill Programme Complete

Power Metal ResourcesAnnouncement

07/02/2023 10:00

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RNS Number : 1717P  Power Metal Resources PLC  07 February 2023

7 February 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms, Botswana - Current Drill Programme Complete

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 a 2,402m diamond drill programme at the Molopo
Farms Complex Project ("Molopo Farms" or the "Project") targeting a
large-scale nickel and platinum group element ("PGE") discovery in
southwestern Botswana.

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

"Completion of this drill programme represents an important step forward for
Power Metal and my thanks go out to the operational teams for a job well
done.  This exercise required some flexibility, with teams mobilising to
multiple locations requiring rapid adaptation to the changing technical
demands on an iterative basis.

Historical exploration work completed at Molopo Farms prior to this drill
programme demonstrated the validity of the feeder zone geological model with
evidence of the targeted nickel sulphides.  From our recent work and
technical findings from this drill programme thus far, the model has been
further validated.

With diamond drilling, downhole geophysics, technical core review and assay
testing we are bringing together a significant amount of data with multiple
final datasets awaited, including assay results and the interpretation
thereof.

We expect the data and interpretations from this drill programme will add
considerably to the existing understanding of what we believe is a
particularly exciting opportunity at Molopo Farms. Further updates will follow
in due course."

HIGHLIGHTS:

 

§ The inaugural drillhole (DDH2-3A) into target area T2-3 has been completed
to a final downhole depth of 483m.

 

§ A total of 2,402m was drilled in this campaign across five drillholes
targeting four individual target areas including:

o  DDH2-3A (483m), DDH1-3A (450m), DDH1-14B (519m), DDH1-6B (2) (300m),
DDH1-6B (650m).

 

§ The programme was completed safely and efficiently thanks to the Company's
various in-country drilling and geological contractors.

 

§ The Company is now working on completing detailed logging of all remaining
cores, as well as cutting, processing, and shipping of all remaining samples
for assay testing at an accredited laboratory located in Johannesburg, South
Africa.

 

§ Once all technical information, including assays, have been received and
interpreted, the Company will release a comprehensive RNS covering all results
from the programme, including geological interpretations, downhole
electromagnetic and assay data.

 

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.

 

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