Last checked at 27 Jun 2024 07:00
27 June 2024
Power Metal Resources PLC
("Power Metal" or the "Company")
Molopo Farms Complex, Botswana - Drilling Results
Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, is pleased to announce the results from drillhole DDH1-14C at its Molopo Farms Complex Project ("Molopo Farms" or "Project"), where the Company is targeting a district-scale nickel (Ni) and platinum group element ("PGE") discovery in southwestern Botswana.
DRILLING UPDATE
· Diamond core drill hole DDH1-14C was completed to a final depth of 832.6m, with the successful intersection of the targeted steeply dipping geophysical superconductor at high priority Molopo Farms Target Area T1-14.
· The geophysical superconductor, identified by the ground moving loop electromagnetic ("MLEM") and audio-frequency magnetotelluric ("AMT") surveys 1, is determined be a sulphide mineralised carbonaceous to graphitic mudstone intersected between 760.5m - 813m downhole depth and from 828.4m - 832.6m (end of hole) where it remains open at depth. A total of 8 samples were collected from this interval for laboratory assay testing.
· The mineralised carbonaceous mudstone contains abundant pyrrhotite-quartz-calcite veining and localised sulphide dominated veins of what appears to be pyrrhotite (Figure 1). Further, mostly vein-hosted sulphides are present throughout the intervals including dominantly pyrite.
· Significant sulphur assays of up to 3.46% were identified, alongside one sample which returned anomalous nickel (IMK-05242: 0.128% Ni). This shows that the carbonaceous mudstones are a potential source of sulphur which, if mixed with the ultramafic intrusives of the Molopo Farms Complex, could lead to the formation of nickel sulphide deposits.
· The carbonaceous rocks are part of the Transvaal Supergroup country rocks into which the Molopo Farms Complex is emplaced, and occur at a number of horizons within the stratigraphy and have considerable lateral extent.
· The importance of sulphur within these systems cannot be understated, considering that without abundant sulphur, magmatic sulphide deposits cannot form. With the successful identification of this sulphide rich horizon, the Company has further confidence in the ability for the Molopo Farms Complex to host a nickel sulphide deposit or deposits.
· With this important hole completed, and with the findings obtained demonstrating the potential for the Project as outlined above, the Company is looking to progress potential commercial pathways with a view to moving Molopo Farms to the next stage in its exploration programme.
Sean Wade, Chief Executive Officer of Power Metal Resources, commented:
"I am pleased to be able to announce this drill result, which shows continued progress at Molopo Farms. We achieved our principal objective, which was the intersection of the sharply dipping conductor, and I am grateful to the drilling team and the geophysicists who worked so hard to define and prove this difficult target.
As we have always maintained, Molopo Farms is a potential district-scale deposit, and for that to be ascertained, considerable investment needs to be made at this stage to undertake the scale of exploration required.
The Company continues to look at possible solutions to this requirement, which is aided by the extensive exploration data gathered, the potential for discovery and the supportive operating environment for this type of opportunity in Botswana. Further developments on that front will be communicated in due course."
Media
Figure 1: Carbonaceous mudstone with localised dominantly pyrrhotite sulphide veins - see bronze coloured mineralisation just right of downhole depth ("DPH") marker 775.60m.
Laboratory Assay Results
Sample ID | Downhole depth From (m) | Downhole depth To (m) | Sample length (m) | Geological description | Sulphur (S) % Assay * |
IMK-05236 | 758.33 | 758.70 | 0.37 | carbonaceous mudstone | 0.3 |
IMK-05237 | 769.60 | 770.00 | 0.40 | carbonaceous mudstone | 2.55 |
IMK-05238 | 779.10 | 779.50 | 0.40 | carbonaceous mudstone, minor sulphide | 0.59 |
IMK-05239 | 788.42 | 788.90 | 0.48 | carbonaceous mudstone | 1.14 |
IMK-05240 | 799.12 | 799.60 | 0.48 | carbonaceous mudstone | 0.5 |
IMK-05241 | 810.00 | 810.38 | 0.38 | carbonaceous mudstone, some pyrrhotite | 2.63 |
IMK-05242 | 826.60 | 826.80 | 0.20 | talcose ultramafic | 0.47 |
IMK-05243 | 763.23 | 763.60 | 0.37 | carbonaceous mudstone, well mineralised | 3.46 |
* Using certified laboratory ALS Chemex (South Africa) analytical method ME-ICP81.
Power Metal Interest
Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company, which holds a 100% interest in the Molopo Farms Complex Project.
Reference
1: Source: Company announcement, 'Molopo Farms Complex, Botswana' dated 6 October 2023
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/xlkndgw )
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been reviewed and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, 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/ or contact:
Power Metal Resources plc | |
Sean Wade (Chief Executive Officer)
| +44 (0) 20 3778 1396 |
SP Angel Corporate Finance LLP (Nomad and Joint Broker) | |
Ewan Leggat/Caroline Rowe
| +44 (0) 20 3470 0470 |
Tamesis Partners LLP (Joint Broker) | |
Richard Greenfield/Charlie Bendon | +44 (0) 20 3882 2868 |
BlytheRay (PR Advisors) Tim Blythe/Megan Ray |
+44 (0) 20 7138 3204 |
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (AIM:POW, OTCQB:POWMF) is a London-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, Saudi Arabia 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.