REG - Power Metal Res. - Tati Project - Sampling Confirms Extensive Gold

Power Metal ResourcesAnnouncement

06/02/2024 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:20240206:nRSF0837Ca&default-theme=true

RNS Number : 0837C  Power Metal Resources PLC  06 February 2024

6 February 2024

 

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project, Botswana - Sampling Confirms Extensive Gold

 

Power Metal Resources PLC (AIM:POW), the London-listed exploration company
with a global project portfolio, announces an update from its 100%-owned Tati
Gold Project ("Tati" or the "Project"), located on the Tati Greenstone Belt
("TGB") near Francistown, Botswana.

The exploration results herein cover extensive soil sampling undertaken at
Tati in 2023, a fundamental step in the exploration process to identify areas
with potential gold mineralisation and the discovery of new gold deposits.
Specifically at Tati, the work was critical to further demonstrate gold
mineralisation continuity within the previously identified 8km-long gold trend
within the project boundaries.

 

HIGHLIGHTS

·    2024 geochemical soil sampling assay results confirm the presence of
three significant gold-in-soil geochemical anomalies, proving further
continuity within the 8km-long gold trend at Tati.(1) The anomalies, including
1) Northwest ("NW") Anomaly, 2) Southwest ("SW") Anomaly and 3) Cherished Hope
("CH") Anomaly, are highlighted in Figure 1 below, with further detail over
the CH Anomaly found in the Figure 1 'Inset Map'.

 

·    A total of 446 individual soil samples were taken from four separate
grid areas. The main programme goal was to test for additional gold
mineralised zones within the 8km-long gold mineralised trend which extends in
a northwest-southeast direction through Tati (see black dashed line in Figure
1).

 

·    Of the 446 samples taken, 3 returned greater than 500 parts per
billion ("ppb") gold ("Au"), including individual soil sample gold assay
results of 568ppb, 831ppb and 1,076ppb Au (equivalent to 1.076 grammes per
tonne ("g/t") Au).

 

·    An impressive 29 samples returned 100ppb Au or above, the vast
majority of which form part of the CH Anomaly, a now greater than 600m-wide
zone which remains open in multiple directions.

 

·    The CH Anomaly represents a significant extension zone trending
southwest from the original Cherished Hope historical mine workings where
Power Metal in 2022 drilled 3m at 16.77g/t Au from 5m (including 1m at
47.17g/t) in hole CHRC0003 as well as 2m at 23.17g/t from 25m (incl. 1m at
40.63g/t Au) in hole CHRC0006.(1,2)

 

·    The SW and NW anomalies are located approximately 1,500m and 3,000m
from the CH Anomaly respectively. The position of these anomalies shows the
potential for a significantly larger anomalous gold-in-soil footprint at Tati
subject to further infill sampling work.

 

·    Power Metal continues to push forward commercial discussions
regarding the potential for small-scale mining at its Cherished Hope Gold
Mine, in parallel with continuing exploration work, further details of which
are expected to be announced in the near term.

 

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

"This gold soil sampling programme has delivered quite remarkable results in
terms of a confirmation of the significant area mineralised and also the
consistency of positive results across the areas tested.

"Each stage of work at Tati has delivered extremely positive findings and we
are more confident than ever that the Project holds very significant value for
the Company.

"As a result, we are positively moving forward to next stage exploration
whilst in parallel continuing discussions with potential partners interested
in the early-stage mining possibility that exists at Tati.

"Further updates will be provided in due course."

 

Figure 1: Tati Gold Project 2024 Soil Results Map (Gold - ppb)

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 at 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 at 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)
)

 

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read 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/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

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)                            +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.

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  UPDSSAFWIELSEEE