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

Power Metal Completes Gold Focused Drilling Programme and Initial Results from Fines Sampling Demonstrate Extensive Residual Gold

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 from its Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.

The Company announced the commencement of reverse circulation (“RC”) drilling on 22 August 2022 and a link to that announcement is provided below:

https://www.londonstockexchange.com/news-article/POW/tati-gold-project-botswana-drilling-commences/15595699

A map highlighting the location of the RC drill programme can be found at the link below:

https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/

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

“My thanks to the team in Botswana for the completion of a safe and effective drill programme. The samples have been prepared efficiently and sent to Intertek for assay testing and we look forward to receiving the results. Naturally having intersected the targeted geological structures repeatedly and at shallow depth, we are particularly enthused with progress thus far.

The sampling of the fines dumps has also delivered residual gold from all samples taken across the dumps.  The processing potential of this waste mine material is interesting and we are looking at this further based on the results of the sampling. In addition, the fact that the dumps retain material residual gold after previous processing is extremely positive, indicating that higher grade material was originally extracted and processed from the Cherished Hope former working mine.

In summary, we are moving forward at some pace with the Tati Gold Project, and I look forward to reporting further as the assay results are received.”

HIGHLIGHTS:

RC Programme

§ RC drilling programme completed with a total 490m drilled across 9 holes for an average drillhole depth of 55m.

§ Drilling was designed to test for potential along-strike and down-dip extensions of the gold-bearing quartz vein structures, or ‘quartz reef’, worked at the former Cherished Hope mine located, in close proximity to the drilling sites, on the Project.

§ Quartz reef was successfully intersected within all holes drilled, with multiple holes intersecting multiple sub-parallel quartz reef structures. The largest single intersection was from RC hole CHRC00007 which intersected quartz reef from 11-19m (8m intersection).

§ Sulphide mineralisation, including chalcopyrite and arsenopyrite was logged within the quartz reef and in some instances up to 5m into the vein footwall.

§ RC drill chip samples have been prepared and sent to Intertek in Perth, Australia (“Intertek”) for accredited laboratory assay testing to determine gold content.

Fines Sampling Update

§ In total 37 samples were collected from across the former mineral processing fines dumps found on the Project. These dumps consist fine grained waste material resulting from historical processing of ore material mined from the Cherished Hope gold mine.

§ The sampling was to test for residual gold in the dumps, which if confirmed, could offer the potential for reprocessing using more efficient modern gold recovery methods and to generate cashflow, subject to local approvals.

§ The 37 samples were sent to the nearby Mupane Gold Mine laboratory for gold assay testing, with received results confirming the presence of residual gold in every sample tested (ranging from 0.35g/t to 2.16 g/t Au with an average grade across all samples of 0.94g/t Au, see Table 1 below).  Duplicate samples were also sent to Intertek for independent check analysis, the Company is currently awaiting these assay results.

§ The presence of the residual gold in the fines material, could reflect the high grade nature of the ore originally mined at Cherished Hope or the less efficient gold processing methods previously employed there.

Table 1: Tati Gold Project Fines Dump – Assay Table

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.