REG - Power Metal Res. - Tati Gold Project – Gold Anomaly Exploration

Power Metal ResourcesAnnouncement

05/10/2023 10:30

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RNS Number : 8322O  Power Metal Resources PLC  05 October 2023

5 October 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project, Botswana - Gold Anomaly Exploration

 

Power Metal Resources PLC (AIM:POW), the AIM listed metals exploration and
development company, announces the expedited recommencement of field
exploration at its 100% owned Tati Gold Project ("Tati" or the "Project"),
located on the Tati Greenstone Belt ("TGB") near Francistown, Botswana.

HIGHLIGHTS

·    2023 geochemical soil sampling assay results confirmed two
significant gold-in-soil geochemical anomalies and continuity within the 8km
gold trend at Tati.(1) The anomalies are highlighted in Figure 2 below, with
Figure 1 demonstrating the positioning within the wider Tati Project licence
area.

 

·    Six unique additional target areas have been identified for detailed
soil sampling which is expected to include a total of c. 450 individual soil
samples for follow on accredited laboratory gold assay testing.

 

·    One of the six targets includes a key focus area where recent
geochemical sampling highlighted a clear 400m long southward trending
extension (remaining open to the south and southwest) of the soil anomaly
associated with the Cherished Hope historical mine workings which were the
subject of Power Metal's successful diamond drilling programme in Q3
2022.(1)(,2)

 

·    Further sampling at this target area will be focussed on in-fill as
well as step-out sampling to better understand the size and orientation of
this priority zone.

 

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

"It is very pleasing to be able to report, despite ongoing difficult
conditions in capital markets, that Power Metal continues to generate positive
news flow across the portfolio. Tati has always been a very high priority
project for us and I am delighted that we have been able to follow up the
recent positive announcement with further progress.

After the successful confirmation of two significant gold anomalies, we wanted
to expedite this ground follow up, and that is what we have done. Whilst it is
always important to manage expectations, we are very optimistic that this
follow up programme will further our geological understanding of the Project
and lead us towards what we hope will be a significant economic discovery."

 

BACKGROUND

On 15 September 2023, the Company announced the results of gold exploration at
Tati, namely, confirmation of two significant gold anomalies, further details
of which are available through the link below:

https://www.londonstockexchange.com/news-article/POW/tati-gold-two-significant-anomalies-identified/16125488
(https://www.londonstockexchange.com/news-article/POW/tati-gold-two-significant-anomalies-identified/16125488)

The gold anomalies both sit within an established 8km gold trend where
previous Power Metal drill programmes have returned bonanza near surface gold
up to 47.1g/t over 1m.

Given the scale of the gold trend at Tati and the significance of the
confirmed anomalies, the Company's operational team has now returned to site
to commence follow up exploration.

This work and follow on programmes are designed to rapidly assemble an
evidential dataset to demonstrate the extent and intensity of gold
mineralisation throughout a greater portion of the 8km gold trend. Extensive
gold mineralisation has already been validated to date in multiple areas at
the Project by the presence of historical mine workings, robust grade fines
dumps from historical mining, extensive soil sampling, trenching and reverse
circulation drilling.

 

Figure 1: Tati Project Overview Map

Figure 2: Tati Project 2023 Geochemical Results Map

 

REFERENCES

1:                    Power Metal RNS announcement, dated 7
November 2022: Tati Project Botswana Final Drill Assay Results, Assays
Received for Remaining Six Holes; Further Bonanza Grade Intercepted including
1m @ 40.6g/t Au (from 2m of 23.2g/t Au)

(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wko9odx
(https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wko9odx)
)

2:             Power Metal RNS announcement, dated 3 November
2022: Tati Project Botswana Initial Drill Assay Results, Assays for First
Three Drillholes Received; High-Grade Gold Intersections in All Three Holes
Including a Bonanza intersection of 1m @ 47.17g/t Au.

(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9e761r
(https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9e761r)
)

 

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

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

 

 

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.

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 grow the
Company, or may be returned to shareholders through share buy backs, dividends
or in-specie distributions of assets.

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