REG - Power Metal - Update - Kavango Option - Kalahari Key Botswana

Power Metal ResourcesAnnouncement

02/03/2022 07:00

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RNS Number : 2930D  Power Metal Resources PLC  02 March 2022

2 March 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)
(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)
 

The Option was extended by four days as announced on 25 February 2022, and a
further extension has now been agreed with the new Option expiry date set to
18 March 2022.

The Option period has been extended to enable further progress in the Option
work programme detailed in the above 26 November 2021 announcement.  The
ongoing Option work programme has highlighted positive initial findings in
respect of the Molopo Farms Complex Project (the "Project" or "Molopo").  A
further update in respect of this work will be provided to the market in due
course.

Alongside due diligence outcomes, it is important that the action plan post
Option exercise is optimised to support accelerated work programmes,
principally following up on the nickel sulphide mineralisation in the drill
core from hole K1-6 at Molopo which was confirmed in the 2020/2021 diamond
drill programme.

Further information will be provided in due course with regard to the Option
exercise and next step exploration plans for the Project.

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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