#POW Power Metal Resources – MFC Project – Prospecting Licence Renewals

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces the renewal of key Prospecting Licences (“PLs”) at the Molopo Farms Complex Project (“MFC Project” or the “Project”) located in southwestern Botswana.

Power Metal holds a 40% direct project interest in the MFC Project and a 20.65% shareholding in Kalahari Key Mineral Exploration Pty Limited (“KKME”), which holds the remaining 60% interest. 

Kavango Resources currently has an option (the “Option”) to acquire up to 85.2% of KKME including Power Metal’s shareholding.  Further details regarding the Option were published in the Company’s announcement released on 26 November 2021 which may be viewed at the following link:

https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717

Renewal documentation has been received in respect of PL310/2016 and PL311/2016, with the latter covering the area where drilling was completed in 2021 from which significant nickel intersections were confirmed.  Further details in respect of the licence renewals is provided below.

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

“The renewal of PL310/2016 and PL311/2016 represents an important milestone for the Project, providing a further 2 years for ongoing exploration following the initial successful drilling campaign completed early in 2021.  That campaign confirmed significant nickel intersections from the second hole drilled (KKME 1-6) including individual assay results up to 1.7% Ni and 0.55g/t Pt, representing the highest nickel grade achieved from the Molopo Farms Complex to date.

Kavango Resources are continuing their Option due diligence work programme, and we are looking forward to the receipt of their findings in the coming weeks.”

Prospecting Licence Information

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: