REG - Power Metal - Tati Project, Botswana – New Licence Granted

Power Metal ResourcesAnnouncement

22/04/2022 13:45

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RNS Number : 0896J  Power Metal Resources PLC  22 April 2022

22 April 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Project, Botswana - New Licence Granted

Prospecting Licence 049/2022 Successfully Granted Covering Major Gold
Anomalies

 

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces a further update from the Company's 100% owned Tati Project ("Tati"
or the "Project") located within the Tati Greenstone Belt near Francistown,
Botswana, following the release of the 2021 drilling results announced on 4
April 2022:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-results/15396365
(https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-results/15396365)

 

Highlights:

-      Prospecting Licence ("PL") PL049/2022, covering the historical
Cherished Hope Gold Mine as well as a large gold-in-soil anomaly coincident
with a prominent northeast-southwest oriented regional structure has been
granted.

 

-      The 16.14 km(2) licence is held in the name of Tati Greenstone
Resources Pty Ltd, which is a 100% owned, Botswana-based, subsidiary of Power
Metal.

 

-      The Company's land position within the exciting Tati Greenstone
Belt ("TGB") has now been enhanced materially, and highly prospective grounds
with strong historical gold results are 100% owned by Power Metal.

 

-      The Company is undergoing an in-depth review of all historical
results covering the newly granted PL, and will update the market in due
course with next exploration steps.

 

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

"The grant of this additional prospecting licence is a significant achievement
for the Tati Project, covering a number of major gold anomalies identified by
our team during a in-depth desktop analysis completed following the receipt of
our 2021 drilling programme assay results.

With this new PL now granted, our upsized exploration footprint covers
multiple targets across a highly prospective area for gold mineralisation, and
we are accelerating exploration efforts to test the new Au-in-soil anomalies
secured.

For readers wishing to learn more of the gold prospectivity at Tati, the maps
immediately following this comment provide a clear picture."

 

Figures:

Maps highlighting the newly granted licence can be found below at the
following link:

Tati 049/2022 Licence Grant Map - Power Metal Resources plc (LON: POW)
(https://www.powermetalresources.com/tati-licence-grant-map/)

COMPETENT 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 Competent 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.

 

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results
awaited, as outlined below:

 Project                Location   POW %            Work Completed or Underway                                                       Results Awaited

 Alamo Gold Project     USA        Earn-in to 75%   Excavation of multiple test pits and mapping & sampling.                         Field and assay results from on-site work programme.
 Athabasca Uranium      Canada     100%             Data compilation across uranium properties                                       Interpretation results from all Properties complete. Next steps upcoming.
 Authier North Lithium  Canada     Earn-in to 100%  Soil & rock sampling completed                                                   Technical Review of exploration results & define next exploration steps.
 Ditau Project          Botswana   50%              Drill programme focused on key targets notably drilling of potential             Field updates and receipt & review of laboratory assay results.
                                                    carbonatites and targeting rare-earth elements.
 Kalahari Copper Belt   Botswana   50%              Exploration programme underway across the South Ghanzi Project and further       Field programme findings and defined drill targets for near term drilling.
                                                    exploration at the more recently acquired South Ghanzi Extension and Mamuno
                                                    licence areas
 Molopo Farms           Botswana   53%              Review of recent exploration findings.                                           Determine next exploration steps and action plan.
 Haneti Project         Tanzania   35%              Diamond drill programme completed                                                Receipt & review of laboratory assay results.
 Victoria Goldfields    Australia  49.9%            Diamond drill programme underway                                                 Field updates and receipt & review of laboratory assay results.

 Paterson Projects      Australia  83.33%           Wallal passive seismic and 2D seismic processing work programme completed.       Findings from multiple work programmes including final approvals and

                                                                                preparations for planned deep diamond drilling.
                                                    Review of historical data and target generation for Ripon Hills & Braeside
                                                    West projects.

 Selta Project          Australia  83.33%           Field reconnaissance work now underway, including mapping and sampling.          Field updates.

 

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