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

Power Metal ResourcesAnnouncement

06/12/2023 07:00

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RNS Number : 8003V  Power Metal Resources PLC  06 December 2023

6 December 2023

 

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Operational Update

Power Metal Resources PLC (AIM:POW), the AIM listed exploration company
seeking large-scale metal discoveries across its 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.

BACKGROUND

On 6 October 2023 the Company announced that recently completed geophysical
inversions led to the identification of the highest priority conductor to date
at the Project. This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-exploration-update/16155544
(https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-exploration-update/16155544)

HIGH PRIORITY CONDUCTOR T1-14

The identified conductor is very strong, steeply dipping and 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.

DRILLING UPDATE

Since early October, the Company has advanced plans to drill test this target
at T1-14, with follow up analysis determining up to two areas to optimally
test this conductor.

The Company is now concluding preparations for the planned drill programme and
is in the final stages of negotiating and signing a drill contract, with a
view to commencing drilling operations early in Q1 2024.

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

 

"I am pleased to report further progress at Molopo, and we look forward to
commencing the drilling of this high priority conductor. Molopo has been, and
remains, one our highest priority exploration opportunities, and one that we
remain convinced has the potential to be a significant value driver for Power
Metal.

 

"Given the amount of data collated over previous exploration campaigns at
Molopo Farms, our London based technical team have been working with local
advisors to complete a detailed examination of findings to date. The outcome
of this work was the confirmation of the highest priority conductor identified
to date at Molopo Farms.  It has been important to take the appropriate
amount of time and to diligently prepare for what we believe may be a highly
significant next round of drilling. We look forward to updating shareholders
further on this important next step for Molopo."

 

Figure 1: Inversion results from AMT line 1. The red traces represent the
location of the historical drillholes which targeted what has now been
determined to likely be a shallow dipping sedimentary conductor. The large
purple to blue conductor is the newly discovered steeply dipping conductor
which has not yet been drill tested. The black line represents the approximate
location of one of the planned drillholes.

 

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/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

 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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