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RNS Number : 7835C Power Metal Resources PLC 25 February 2022
25 February 2022
Power Metal Resources plc
("Power Metal" or the "Company")
Update - Kavango Option - Kalahari Key Botswana
Power Metal Resources plc (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio,
announces an update in respect of the Kalahari Key Mineral Exploration Pty
Limited ("KKME") option held by Kavango Resources plc ("Kavango")(LON:KAV)
which was due to expire on 24 February 2022 (the "Option").
The 3-month Option was announced on 26 November 2021 and this announcement may
be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717
(https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717)
A four-day extension to the Option period has been agreed by KKME, ending at
18.00 on Monday 28 February 2022 and a further update will be provided in due
course.
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 5 of 7 properties.
Authier North Lithium Canada Earn-in to 100% Soil & rock sampling completed Interpretation of laboratory assay results of samples collected defining next
exploration steps.
Ditau Project Botswana 50% Preparatory exploration work underway on target I10 leading to planned Field programme findings and defined drill targets for near term drilling.
accelerated drilling targeting rare-earth elements and base metals
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%(A) Kavango Option to acquire an interest in local project holding company. Results from various work activities underway as part of the Kavango Option.
Option fee payable through defined work programme
Tati Gold/Nickel Botswana 100% Reverse circulation drill programme completed Laboratory assay results awaited.
Haneti Project Tanzania 35% Diamond drill programme completed Laboratory assay results awaited.
Selta Uranium Rare Earth Element Project Australia 83.33% Geological, geophysical and geochemical review across the project. Findings of review including confirmation of key targets for next stage
exploration.
Victoria Goldfields Australia 49.9% Diamond drill programme underway Field updates and Laboratory assay results awaited.
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
(A) should Kavango exercise their option to acquire Kalahari Key, Power Metal
interest would reduce to 40% of the Molopo Farms Complex project
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