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

Power Metal ResourcesAnnouncement

23/04/2024 07:00

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RNS Number : 5775L  Power Metal Resources PLC  23 April 2024

23 April 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, is pleased to announce the successful
completion of the drillhole DDH1-14C at its Molopo Farms Complex Project
("Molopo Farms"), where the Company is targeting a district-scale nickel and
platinum group element ("PGE") discovery in southwestern Botswana.

DRILLING UPDATE

·    Diamond core drillhole DDH1-14C has completed to a final depth of
832.6 metres ("m"), with the successful intersection of the targeted steeply
dipping geophysical superconductor at high priority Molopo Farms Target Area
T1-14.

 

·    Geophysical superconductor is interpreted to be a sulphide
mineralised carbonaceous mudstone unit between 760.5 - 813m downhole depth and
from 828.4m - 832.6m (end of hole) where it remains open at depth.

 

·    The mineralised carbonaceous mudstone contains abundant
pyrrhotite-quartz-calcite veining and localised sulphide dominated veins of
what appears to be pyrrhotite (Figure 1). Further mostly vein-hosted sulphides
are present throughout the intervals including dominantly pyrite.

 

·    With the drillhole complete, the in-country geological team will now
select samples from the intervals for certified laboratory multielement and
PGE assay testing, with the assay results expected in the coming months.

 

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

 

"A huge thanks to the entire in-country operations team that was able to
complete drillhole DDH1-14C to an impressive depth of 832.6m. Target Area 1-14
has been of interest to Power Metal for some time due to the superconductor
that was identified by multiple geophysical surveys. The previous drillholes
completed into this area were unsuccessful in intersecting the targeted
conductor, and now, with the completion of this drillhole, we have achieved
this objective.

 

"We now await further updates from the in-country team as they prepare various
sections from the interval for laboratory assay testing and will update the
market in due course."

 

Media

Figure 1: Carbonaceous mudstone with localised dominantly pyrrhotite sulphide
veins - see just right of DPH marker 775.60m.

 

 

 

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.

 

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been reviewed and
approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a
qualified geologist and acts as the Qualified Person under the AIM Rules -
Note for Mining and Oil & Gas Companies. Mr O'Reilly is a principal
consultant working for Mining Analyst Consulting Ltd which has been retained
by Power Metal Resources PLC to provide technical support.

 

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                                                       +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.

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