REG - Power Metal - Tati Project Botswana Final Drill Assay Results

Power Metal ResourcesAnnouncement

07/11/2022 07:00

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RNS Number : 4544F  Power Metal Resources PLC  07 November 2022

7 November 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

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)

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces final results from the Company's recently completed drilling
programme on the 100% owned and operated Tati Project ("Tati" or the
"Project") located within the Tati Greenstone Belt near Francistown, Botswana.

Assay results from the first three holes which included the bonanza intercept
1m of 47.1g/t gold ("Au") from 6m downhole depth in reverse circulation ("RC")
drillhole CHRC0003, were previously announced to the market on 3 November 2022
and can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-initial-drill-assay-results/15699862
(https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-initial-drill-assay-results/15699862)

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

"Tati is becoming a significant Project for Power Metal - with only 175m
strike distance of an 8km long gold-in-soil anomaly drill tested and extensive
high-grade gold confirmed from the RC drilling.

Naturally the 47.1g/t Au and 40.6g/t Au grades peak excitement, which they
should, however more important is the continuity of gold mineralisation over
the 175m strike drill tested thus far, which bodes well for the significant
amount of the anomaly yet to be tested.  That drill testing is now a priority
for Power Metal.

Complementing the extremely exciting gold exploration results we have to note
the practical advantages of the Tati Project.

The gold mineralisation identified to date is near surface, significantly
de-risking any mining proposition. And the Project is centred on the former
working gold mine, Cherished Hope, with gold fines dumps available for
processing at a local processing site, potentially generating revenue for
further exploration and development of the Project.

The processing site for the fines dumps is located within 20 minutes by road
from the Project, and clearly also presents an avenue for processing of gold
from the newly discovered mineralised areas, subject to undertaking commercial
agreements and local regulatory approvals.

All told the Tati Project is making major progress and the Company intends to
accelerate its activity to undertake RC drilling to more fully test the very
large Au-in-soil anomaly, prove up more extensive gold mineralisation and in
parallel develop avenues for future gold production from the Project."

Highlights:

-      A total of nine RC holes totalling 490m were completed at Tati as
part of the August 2022 exploration programme - representing the first ever
known drilling programme carried out on prospecting licence ("PL") 049/2022.
Complete assay results have now been received for the remaining 6 holes and
are presented herein.

 

-      In addition to multiple high-grade gold intersections reported
from the first three RC drillholes, significant near-surface dolerite and
quartz reef hosted gold mineralisation was successfully intersected in 5 of
the 6 remaining holes. Key down-hole intersections (>1g/t Au) include:

§ Hole CHRC0004

Ø 1m @ 1.36 g/t Au from surface

Ø 2m @ 1.81 g/t Au from 2m

Ø 1m @ 1.56 g/t Au from 5m

Ø 1m @ 2.53 g/t Au from 36m

 

§ Hole CHRC0005

Ø 1m @ 1.13 g/t Au from 22m

Ø 2m @ 1.78 g/t Au from 52m

 

§ Hole CHRC0006

Ø 2m @ 23.17 g/t Au from 25m, including

§ 1m @ 40.63 g/t Au from 26m

 

§ Hole CHRC0007

Ø 1m @ 4.80 g/t Au from 1m

Ø 2m @ 6.59 g/t from 5m, including

§ 1m @ 11.27g/t Au

Ø 1m @ 1.55 g/t from 13m

Ø 1m @ 11.16g/t from 54m

 

§ Hole CHRC0009

Ø 2m @ 2.11 g/t Au from 49m

 

-      Drilling intersections have confirmed gold mineralisation over a
strike length of 175m, with mineralisation remaining open towards the
northwest, southeast and downdip.

 

-      Significantly, the Q3 2022 drilling area is located along a major
northwest-southeast oriented regional shear that is thought to be the control
of gold mineralisation observed within the area.

 

-      Along this major regional shear is a coincident Au-in-soil anomaly
that extends for a strike distance of approximately 8km, and which is located
entirely within the 100%-owned Tati Project. The majority of this geochemical
anomaly remains underexplored, with additional mineralisation identified by
Power Metal circa 6.5km to the northwest including Q1 2022 RC drillhole
TGRC00017 which returned 3m of 5.17g/t Au from 9m (1), as well as the
undrilled GoldSource Zone where rock sampling of a northwest-southeast
oriented quartz reef returned up to 26.5g/t Au (2).

 

 

 

FURTHER INFORMATION

Figure 1 - Tati Project Overview Plan Map:

Figure 2 - Tati Project Q3 Drilling Area Zoomed Plan Map:

 

The maps presented above will also be uploaded to the Tati Project page on the
Company's website found at the link below:

https://www.powermetalresources.com/project/tati-greenstone-belt/

One metre RC chip samples were riffle split and sent for analysis by Intertek
Genalysis in Perth Western Australia, by 50g fire assay with inductively
coupled plasma mass spectrometry (ICP-MS) analysis (method FA50/MS). High
grade samples were additionally analysed by 50g fire assay with inductively
coupled plasma optical emission spectroscopy (ICP-OES) (method FA50/OE).
Significant assay results are presented in Table 1, drill collar locations are
set out in Table 2.

Table 1: Full Assay Results for Downhole Intersections >1g/t Au

 Hole ID   From (m)  To (m)  Interval (m)  Au (ppb)  Au (g/t)*  Note
 CHRC0001  21        22      1             2,154

           24        25      1             1,344

           33        34      1             12,490    10.2

 CHRC0002  10        15      5             N/A                  Mined out void
           15        16      1             5,572

 CHRC0003  0         1       1             1,816
           1         2       1             1,261

           5         6       1             1,251
           6         7       1             44,821    47.1
           7         8       1             1,360

 CHRC0004  0         1       1             1,362

           2         3       1             1,911
           3         4       1             1,716

           5         6       1             1,560

           36        37      1             2,377     2.526
           37        39      2                                  Mined out, poor return

 CHRC0005  22        23      1             1,155     1.13

           52        53      1             1,262
           53        54      1             2,641     2.296

 CHRC0006  25        26      1             8,761     5.721
           26        27      1             41,037    40.625

 CHRC0007  1         2       1             1,546     4.802

           5         6       1             1,762     1.915
           6         7       1             10,933    11.272

           13        14      1             1,695     1.546

           54        55      1             12,166    11.157

 CHRC0008                                                       No Significant Values

 CHRC0009  49        50      1             2,514
           50        51      1             2,608     1.707

*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g Fire-Assay)

Table 2: Tati 2022 Drill Programme Collar Table

 Drill Hole ID  Dip   Azimuth  Depth (m)  Northing*  Easting*
 CHRC0001       45°   28°      40         564875     7650896
 CHRC0002       45°   35°      30         564856     7650925
 CHRC0003       45°   31°      30         564842     7650942
 CHRC0004       45°   35°      60         564818     7650929
 CHRC0005       45°   52°      80         564797     7650937
 CHRC0006       45°   44°      50         564798     7650936
 CHRC0007       45°   44°      70         564772     7650950
 CHRC0008       45°   35°      30         564748     7650986
 CHRC0009       45°   48°      100        564744     7650958

* Projection: UTM Zone 35S WGS84

Reference Notes

1.             Company announcement, Tati Project Botswana - Drill
Programme Results, 4 April 2022

(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9klmer
(https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9klmer)
)

 

2.            Company announcement, Tati Project Botswana - Large
Scale Gold Anomaly Confirmed, 14 September 2021

(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w6pve9x
(https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w6pve9x)
)

 

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
 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 multiple internal exploration programmes completed or
underway, with results awaited.  The status for each of the Company's
priority exploration projects is outlined in the table below.

 Project            Location  Current    Work Completed or Underway                                                     Results Awaited

                              POW %

 Athabasca Uranium  Canada    100%       Ground exploration programme complete at 3 properties.  Preliminary planning   Assay results from samples collected during fieldwork.
                                         for work in Spring/Summer 2023 is ongoing.
 Molopo Farms       Botswana  87.71%(#)  First 2 holes at T1-6 conductor target drilling complete. T1-14 first hole     Drill programme updates and findings from further MLEM survey work.
                                         commencing shortly. Further MLEM surveys planned over additional AEM targets
                                         identified.
 Tati Project       Botswana  100%       RC drilling and sampling of mine dumps complete.                               Review of mine dumps sampling and assay results from RC drill programme.

(#) subject to completion of acquisition announced 18.5.22 for which
regulatory approval confirmed 28.10.22

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 27.91%                                                     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 and issue of Kavango shares e.g. financing announced

                                  24.10.22)

                                  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/) .

 Uranium Energy Exploration PLC   Planned IPO - POW on listing estimated 40-55%                               www.uraniumenergyexploration.com (http://www.uraniumenergyexploration.com)

                                  Uranium exploration in the Athabasca region of Canada

 

 

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