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
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/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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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:
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Project |
Location |
POW % |
Work Completed or Underway |
Results Awaited |
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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. |
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Athabasca Uranium |
Canada |
100% |
Data compilation across uranium properties |
Interpretation results from 5 of 7 properties. |
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Authier North Lithium |
Canada |
Earn-in to 100% |
Soil & rock sampling completed |
Interpretation of laboratory assay results of samples collected defining next exploration steps. |
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Ditau Project |
Botswana |
50% |
Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals
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Field programme findings and defined drill targets for near term drilling. |
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Kalahari Copper Belt |
Botswana |
50% |
Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas |
Field programme findings and defined drill targets for near term drilling. |
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Molopo Farms |
Botswana |
53%A |
Kavango Option to acquire an interest in local project holding company. Option fee payable through defined work programme |
Results from various work activities underway as part of the Kavango Option. |
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Tati Gold/Nickel |
Botswana |
100% |
Reverse circulation drill programme completed |
Laboratory assay results awaited. |
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Haneti Project |
Tanzania |
35% |
Diamond drill programme completed |
Laboratory assay results awaited. |
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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. |
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Victoria Goldfields |
Australia |
49.9% |
Diamond drill programme underway
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Field updates and Laboratory assay results awaited. |
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Paterson Projects |
Australia |
83.33% |
Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects
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Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling. |
A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project