REG - Power Metal - Tati Gold Project Botswana - Drilling Commences

Power Metal ResourcesAnnouncement

22/08/2022 15:00

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RNS Number : 8148W  Power Metal Resources PLC  22 August 2022

22 August 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project Botswana - Drilling Commences

Power Metal Resources PLC (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces the commencement of reverse circulation ("RC") drilling at its 100%
owned Tati Gold Project ("Tati" or the "Project") located within the Tati
Greenstone Belt near Francistown,  Botswana.

A map highlighting the location of the RC drill programme can be found at the
link below:

https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/
(https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/)

 

HIGHLIGHTS

 

§ Drilling team and equipment have mobilised to site and RC drilling has
commenced targeting near surface high-grade gold mineralisation.

 

§ 500 metres of RC drilling are planned within nine holes which are designed
to test for the along strike and down-dip extension of the Cherished Hope mine
mineralised quartz reef structures.

 

§ Due to efficiency of RC drilling and the Project's proximity to
Francistown, the drill programme is expected to take approximately 1 week to
complete and will be undertaken while preparations for the upcoming Molopo
Farms Complex drilling campaign are ongoing.

 

§ Sampling for gold content in fines dumps at the Project (holding waste
material from the Cherished Hope gold mine) is complete, with laboratory assay
results awaited.

 

 

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:

"The Company remains focused on preparations for the upcoming Molopo Farms
Complex drilling campaign targeting a large-scale nickel-copper-platinum group
metal discovery.

 

The Tati Project, also in Botswana, has demonstrated potential for high grade
and near surface gold mineralisation, and we are therefore moving ahead with
an expedited next stage drill programme.

 

The drilling will take place adjacent to the Cherished Hope former working
gold mine, situated within our recently secured exploration licence PL049/022.

 

In parallel we await the laboratory assay results from sampling of the fines
dumps from the Cherished Hope mine, which we expect will contain residual gold
that potentially may be capable of processing at an existing plant nearby,
subject to any appropriate local approvals."

 

 

FURTHER INFORMATION

 

A recent exploration update covering the Tati Project, and specifically the
newly pegged prospecting licence ("PL") 049/2022, was released on 18 July 2022
and can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15543783
(https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-exploration-update/15543783)

 

PL049/2022 was staked to cover the southeastern extension of the large
gold-in-soil anomaly discovered by the company on its licence PL126/2019. Site
visits following the pegging of PL049/2022 led to the identification of the
historical Cherished Hope Gold mine, as well as multiple fines dumps in the
vicinity of the workings. Following that, the company completed a full
in-depth review of historical data covering the newly acquired PL. It was
determined that the Cherished Hope Gold Mine and associated fines dumps cover
only a small portion of the gold-in-soil anomaly which extends across the
majority of PL049/2022 (see map linked above).

 

The ongoing drilling is located approximately 6km to the southeast along the
same regional mineralising structure where the Company drilled earlier in 2022
- where up to 5.17g/t gold ("Au") was intersected over 3m from only 9m
downhole.

 

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
 Paul Johnson (Chief Executive Officer)                                          +44 (0) 7766 465 617

 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

 

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.

Exploration Work Overview

Power Metal has internal exploration programmes completed or underway, with
results awaited, as outlined in the table below.

 Project                Location  Current          Work Completed or Underway                                                  Results Awaited

                                  POW %

 Athabasca Uranium      Canada    100%             Ground exploration  programme underway at 3 properties.  Continuing data    Results from ground exploration including spectrometer analysis, sampling and
                                                   analysis across the property portfolio.                                     mapping.
 Authier North Lithium  Canada    Earn-in to 100%  Property Evaluation Report completed.                                       Update covering exploration plans for target areas identified during the
                                                                                                                               Evaluation.
 Molopo Farms           Botswana  53%(#)           Geophysics programme complete.                                              Final preparations for launch of accelerated drill programme targeting very
                                                                                                                               large scale magnetic conductor.
 Tati Project           Botswana  100%             RC drilling underway and previously sampling of mine dumps complete.        Review of mine dumps sampling, and processing potential.  Results from RC
                                                                                                                               drill programme.

(#) subject to completion of acquisition announced 18.5.22 interest will
increase to 87.71%

Exploration work programmes may also be underway within Power Metal investee
companies and planned IPO vehicles where Power Metal has a material interest,
the findings from which will be released on their respective websites, with
simultaneous updates through Power Metal regulatory announcements where
required.  These interests are summarised in the table below:

 Company                          Status/Operations                                                           Link
 First Class Metals PLC           Investment - POW 28.19%                                                     www.firstclassmetalsplc.com (http://www.firstclassmetalsplc.com)

                                  Exploration in the Schreiber-Hemlo region of Ontario, Canada
 First Development Resources PLC  Planned IPO - POW 62.12%                                                    www.firstdevelopmentresources.com (http://www.firstdevelopmentresources.com)

                                  Exploration in Western Australia and the Northern Territory of Australia
 Golden Metal Resources PLC       Planned IPO - POW 83.13%                                                    www.goldenmetalresources.com (http://www.goldenmetalresources.com)

                                  Exploration and development in Nevada, USA
 Kavango Resources PLC            Investment - POW 14.03% (subject to completion of Kanye Resources disposal  www.kavangoresources.com (http://www.kavangoresources.com)
                                  announced 8.7.22)

                                  Exploration in Botswana
 New Ballarat Gold PLC            Planned IPO - POW 49.9%                                                     A new website is currently in development which will be found at

                                                                           www.newballaratgoldcorp.com (http://www.newballaratgoldcorp.com) .
                                  Exploration in the Victoria Goldfields of Australia

                                                                                                              In the interim further information in respect of NBGC can be found at:

                                                                                                              https://www.powermetalresources.com/project/victoria-goldfields/
                                                                                                              (https://www.powermetalresources.com/project/victoria-goldfields/) .

 

 

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