REG - Power Metal Res. - Molopo Farms Complex, Botswana – Drilling Update

Power Metal ResourcesAnnouncement

31/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240131:nRSe4499Ba&default-theme=true

RNS Number : 4499B  Power Metal Resources PLC  31 January 2024

31 January 2024

 

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Drilling Update

Power Metal Resources PLC (AIM:POW), the London listed exploration company
with a global project portfolio, announces an update from its Molopo Farms
Complex Project ("Molopo Farms" or the "Project" or "MFC") where the Company
is targeting a district-scale nickel ("Ni") and platinum group element ("PGE")
discovery in southwestern Botswana.

DRILLING UPDATE

In October 2023 Power Metal announced the identification of the highest
priority drill target to date within a geophysical conductor identified at
Molopo Farms and in December 2023 announced that the Company had advanced
plans to drill test this significant target.

The identified conductor is very strong, steeply dipping, multi-kilometre in
length and importantly is co-incident with the keel of the feeder zone
intrusion within target area T1-14.

Significantly, this conductor is geologically located where one would expect
to find accumulations of significant nickel sulphides within a
mafic/ultramafic complex, giving the Company further confidence in the
provenance of this particular conductor.

The Company is pleased to report that Discovery Drilling Contractors Africa
have commenced mobilisation for the planned drilling programme and this
mobilisation exercise is underway.

Drilling is expected to commence in the coming days targeting the high
priority conductor at target area T1-14. Additional technical details
regarding this conductor were released to the market on 6 December 2023 and
the relevant announcement can be viewed through the link below:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-operational-update/16239525
(https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-operational-update/16239525)

LICENSE UPDATE

On behalf of the Company, Kalahari Key Mineral Exploration Pty Ltd, received
extension license documents from the Botswana Department of Mines for
Prospecting Licence 310/2016 and PL311/2026 granting the Company the right to
prospect for metals for a two-year period.

OPERATIONAL UPDATE

The Company recently completed ground Audio-frequency Magnetotelluric (AMT) as
well as magnetics over target areas T1-14 and T1-9. The goal of this work was
to further refine targeting at two locations along the multi-kilometre scale
steeply dipping conductor, co-incident with the keel of the feeder zone
intrusion and which extends across T1-14 and T1-9.

Sean Wade, Chief Executive Officer of Power Metal Resources, commented:

 

"I am pleased to confirm the mobilisation for this important drill programme
targeting the highest priority conductor identified to date at the Molopo
Farms Complex Project in Botswana.

 

"We are very excited to be getting this work underway, which is testament to
an immense amount of technical analysis and preparatory work completed by the
team.

 

"I very much look forward to sharing our progress with this programme in due
course."

 

 

Power Metal Interest

Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty
Ltd, a Botswana private company, which holds a 100% interest in the Molopo
Farms Complex Project.

 

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
 Sean Wade (Chief Executive Officer)                                             +44 (0) 20 3778 1396

 SP Angel Corporate Finance (Nomad and Joint Broker)
 Ewan Leggat/Caroline Rowe/Harry Davies-Ball                                     +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

 BlytheRay (PR Advisors)

 Tim Blythe/Megan Ray                                                            +44 (0) 20 7138 3204

 

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.

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  DRLXBLLXZFLEBBL