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

Power Metal ResourcesAnnouncement

03/11/2022 07:00

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RNS Number : 1455F  Power Metal Resources PLC  03 November 2022

3 November 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

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

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces initial 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.

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

"The Tati Project now covers the formerly producing Cherished Hope gold mine
and is within the underexplored Tati Greenstone Belt, where the Company is
exploring for near surface, high-grade extensions of the Cherished Hope mine.

The successful intersection of high-grade gold in the three holes for which
assay results have been received is very exciting, and the bonanza grade gold
assay result already identified naturally inspires us to push ahead with
further accelerated exploration work.

Further assay results from the remaining six holes, several of which
intersected significant quartz reef intersections (up to 8m thick), are
awaited with great interest."

Highlights:

-      A total of nine reverse circulation ("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 first three holes, with results from the six remaining holes
expected in the coming weeks.

 

-      Significant near-surface, dolerite and quartz reef hosted gold
mineralisation was intersected in all three holes. Key down-hole intersections
(>1g/t Au) include:

o  Hole CHRC0001

Ø 1m @ 2.15 g/t Au from 21m

Ø 1m @ 1.34 g/t Au from 24m

Ø 1m @ 10.20g/t Au from 33m

 

o  Hole CHRC0002

Ø 1m @ 5.57 g/t Au from 15m

 

o  Hole CHRC0003

Ø 2m @ 1.54 g/t Au from surface

Ø 3m @ 16.77 g/t Au from 5m, including

§ 1m @ 47.17 g/t Au from 6m

 

-      RC hole CHRC0002 was designed to target one of the thicker
portions of the quartz reef structure, and due to a shallow dip chosen for the
hole it ended up intersecting a mined-out void from 10-15m. The 1m @ 5.6g/t Au
from 15m downhole intersection represents the footwall of the main quartz reef
structure. The Company is considering steepening the dip and redrilling the
section in order to test the entire section of this quartz reef.

 

-      Results for the remaining six holes are pending, including
CHRC0007 which returned the single largest quartz reef intersection from
11-19m (8m intersection) of the 2022 drilling programme.

 

A map highlighting the location of the Tati Project 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/)

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: Assay Results for Significant Downhole Intersections

 Hole ID   From (m)  To    Interval (m)  Au (ppb)  Au (g/t)*  Note

                     (m)
 CHRC0001  0         1     1             688
           1         2     1             411

           21        22    1             2,154
           22        23    1             226
           23        24    1             209
           24        25    1             1,344

           29        30    1             987

           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
           2         3     1             105
           3         4     1             84
           4         5     1             105
           5         6     1             1,251
           6         7     1             44,821    47.1
           7         8     1             1,360

*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

 

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%(#)  T1-6 conductor target drilling underway. Further MLEM surveys planned over     Drill programme updates and findings from further MLEM survey work.
                                         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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