#POW Power Metal Resources – Tati Project, Botswana – Exploration Update

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update in respect of the Company’s 100% owned Tati Project (“Tati” or the “Project”) located within the prolific Tati Greenstone Belt near Francistown, Botswana.

Collectively the Tati Project covers three individual prospecting licences (“PLs”) for gold and nickel mineralisation including PL126/2019, PL127/2019, as well as the newly acquired 16.14km² PL049/2022 which covers the historic Cherished Hope gold mine.

A map highlighting the current licences and key features can be found on the Company’s website through the following link:

Cherished Hope Gold Mine

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

“It is particularly exciting to get on the ground at our newly granted prospecting licence PL049/2022 and the initial findings are extremely positive.  Not only have we identified extensive gold workings, but also two large sized fines dumps.

We will be back on site to undertake further mapping and sampling, including the fines dumps to assay test for gold as there may be sufficient gold grades remaining to consider processing the material to generate income to fund more extensive exploration.

Importantly we have moved to plan for the near term launch of reverse circulation drilling to test along-strike and the down-dip extent of the Cherished Hope mineralised quartz reef structures.

Further updates will follow in the near term on this exciting project where Power Metal has a 100% interest.”

Highlights

–  A site visit has been successfully completed to the historical Cherished Hope gold mine which is located entirely within the newly acquired PL049/2022.

–  Ground mapping has shown the historical gold workings are significantly more extensive than previously understood, with at least 10 individual workings comprising a combination of vertical shafts and trial pits, extending over approximately 175m of strike-length.

–  Two fines dumps (representing waste material from the Cherished Hope gold mine) are located proximal to the historical workings.  A survey is required to determine the volume of fines material in each dump, against which, with sampling, the amount of contained gold may be estimated.

–  It is a common practice within the Tati Greenstone belt, to excavate and truck historical fines dump material to operational processing plants, as these modern plants are capable of extracting gold from lower grade material rendering historical waste as potentially economic.  This possibility is being investigated further as a potential source of low-cost near-term revenues to help fund more extensive and expeditious exploration activities.

–  The Cherished Hope gold mine and fines dumps cover only a small portion of the gold-in-soil anomaly which extends across the majority of PL049/2022 (see map linked above).

–  The Company is undergoing an in-depth review of the site visit report covering the newly acquired licence and is finalising next exploration steps. It is anticipated that this programme will include sampling of the fines dump material and a volumetric survey in order to determine an average gold grade range for each fines dump.

–  In addition, planning is underway for an early and low-cost reverse circulation (“RC”) drilling programme aimed at testing the along-strike and down-dip extent of the Cherished Hope mineralised quartz reef structures.

–  Further updates in regards of this programme will be announced to the market in due course.

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/ or contact: