REG - Power Metal Res. - Molopo Farms Complex – Drilling Commences

Power Metal ResourcesAnnouncement

07/02/2024 14:15

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RNS Number : 3804C  Power Metal Resources PLC  07 February 2024

7 February 2024

 

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Drilling Commences

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

DRILLING UPDATE

·    Power Metal confirms the commencement of diamond drilling at Molopo
Farms, targeting a steeply-dipping high-priority conductor at target area
T1-14. The drill hole in progress has a target depth of 700-800m.

 

·    The Company also recently completed ground Audio-frequency
Magnetotelluric ("AMT"), as well as magnetics over target areas T1-14 and
T1-9.

 

·    The goal of the AMT 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.

 

·    The results of the AMT work have now been received and the data has
allowed the Company to further refine its targeting at target area T1-14 in
advance of drill commencement.

 

·    The Company's CEO, Sean Wade, will be arriving on site shortly to
liaise with the Company's in-country operations team.

 

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

 

"I am very pleased to see drilling commence at the Company's Molopo Farms
Complex Project in Botswana. I look forward to visiting the drill site later
this week and spending time with our operations team to discuss the Project.

 

"I also look forward to delivering further updates as the drill programme
advances."

 

 

Figure 1: Drill rig in its final location at target area T1-14.

 

 

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.

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