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Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an operational update regarding its Kanye Resources Pty Ltd (“Kanye Resources” or “Kanye”) Joint Venture (“JV”) with Kavango Resources PLC (“Kavango”). The JV covers the Ditau Camp Project (“Ditau”) and Kalahari Copper Belt Project (collectively the “Projects”) both located in southwestern Botswana, and is 50% owned by both Power Metal and Kavango. Kavango is the operator.

Highlights:

Ditau

–  Four diamond drillholes successfully completed across three targets (i1, i8 and i10) for a total of 1,623.60m drilled.

–  All drillholes have been logged and sampled, and a wide range of geological units were logged, including sediments, intrusive bodies, and in hole DITDD004, distinctive veining and alteration.

–  Drillcore samples from three holes are now in transit to a accredited laboratory in South Africa for assay testing and petrological analysis. Drillcore samples from hole DITDD004 were previously submitted for expedited assay testing with results expected shortlty.

–  Additional Controlled Source Audio Magneto Telluric (“CSAMT”) geophysical surveys and modelling were carried out over the i1, i8 and i10 targets, with the objective of providing better lateral definition of the geology intersected in each hole.

Kalahari Copper Belt (“KCB”)

–  To date 3,478 soil samples have successfully been collected from the ongoing soil sampling campaign, from a total of approximately 5,750 soil samples planned across the KCB JV licences.

–  Kanye has successfully identifiedthe Ngwako Pan – D’kar Formation contact across multiple KCB licences. 

o  The Ngwako Pan – D’kar contact is a crucial structural control for copper/silver mineralisation within the broader Kalahari Copper Belt.

o  Kanye’s geologists have completed an extensive geological mapping exercise over the company’s KCB Prospecting Licences (“PLs”). 

–  Kanye has deployed a passive seismic geophysics ‘Tromino’ unit to help map overburden and subsoil layers, using resonance frequencies.

–  Discussions are advancing with Reverse Circulation (“RC”) drill contractors for a drilling programme planned for later in 2022. The programme is designed to target structural features in the vicinity of and above the Ngwako Pan – D’kar formation contacts.

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

“The work of the Kanye JV is proceeding at some pace and we await with interest the results of the simultaneous work programmes underway across Ditau and the Kalahari Copper Belt in Botswana.

“At Ditau we are looking forward to the receipt of assay results from the completed drilling, whilst at the KCB the outcomes of the extensive preparatory work, undertaken across the significant licence footprint, are focussing towards targets for a maiden RC drilling programme.

I trust with market conditions still challenging in the junior resource sector, that shareholders will appreciate that Power Metal and Kavango still have the exploration mindset and continue to drive towards making major metal discoveries in Botswana.”

DITAU OVERVIEW

Completed Holes

Details of the drillholes completed during the 2022 Ditau diamond drilling programme are provided in Table 1.

Table 1: Ditau Camp Project Diamond Drill Hole Details

*Urchin Tracking Module

Targets and Intersected Geology

Kanye has identified, using a combination of integrated airborne magnetics, ground magnetics and CSAMT surveys, 12 distinct geophysical structures/targets at Ditau (targets i1 through i12). Kanye believes that these targets could be possible carbonatites and/or intrusive complexes that may host carbonatites.

There are two target types at Ditau:

1)  Discrete kilometre-scale carbonatite pipe-like targets; and

2)  Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives and/or mafic associated mineralisation styles prospective for base-metals.

During the recently completed drilling programme, Kanye evaluated three of these targets; i10, i1, and i8. In parallel with the drilling, additional CSAMT surveys were carried out in order to further aid the interpretation and understanding of the various geological units intersected downhole, a decision supported by the high quality sub-surface imagery achieved early in the programme using this technique.

Target i10

Two drillholes, DITDD003 and DITDD004 were drilled into this target, a discrete circular anomaly with a diameter of 2.2 km. The intersected lithologies are described briefly below.

DITDD003

This hole passed through 83.9 m of Kalahari sands, before intersecting various geological units including a breccia, with a thickness of 20.4 m from 83.9 m downhole as well as a dolomitic carbonate rock at 154.9 m downhole. In addition, a 7.2 m intrusive, considered to be a dolerite, was intersected at 247.7 m downhole.

DITDD004

This hole passed through 105.9 m of Kalahari sands before intersecting dolomitic carbonates, mafic intrusives (from 109.5m to 227.1 m), and mudstone units interbedded with highly magnetic silicified material. Brecciation, veining, and haematitic alteration were observed, which are locally intensely developed, with what is interpreted as a fluidised breccia from 309.0 m to 346.5 m and 356.5 m to 364.0 m. Pyrite is present, both manifested as disseminations and in veining.

Target i1

One hole, DITDD005, was drilled into the i1 target, to investigate a large 7 km x 18.5 km magmatic intrusive complex, within which are circular structures indicative of potential carbonatite intrusives.

This hole passed through 31.0 m of Kalahari sands before passing into units consisting largely of conglomerates made up of mafic, banded iron formation, and marble clasts in a coarse-grained matrix of similar composition. Minor pyrite veining was noted. The unit is interpreted to be stratigraphically part of the Segwagwa Group, part of the Transvaal Supergroup.

Target i8

One hole, DITDD006, was drilled into the i8 target, to evaluate whether this could represent an intrusive dome structure, approximately 4 km in diameter. This hole was originally planned to a target depth of 400 m, and was extended to 586 m in order to ensure that the geophysical target as outlined on a newly implemented high-frequency CSAMT survey was thoroughly investigated.

This hole passed through 125.3 m of Kalahari sands before entering a series of mudstones and siltstones to 229.7 m, with an intruded dolerite from 161.8 m to 228.0 m. The remainder of the hole was comprised of tillites, siltstones and mudstones, interpreted to be of the Dwyka stratigraphic unit. No significant veining or alteration were noted.

KALAHARI COPPER BELT OVERVIEW

Kanye has successfully identified the Ngwako Pan – D’kar Formation contact across several of its prospecting licences within the Kalahari Copper Belt. The Ngwako Pan-D’Kar Formation contact is associated with several copper-silver deposits and discoveries within the district. Elsewhere economic grades of mineralisation can be found along and close to this contact zone due to intense shearing, folding, and tensional failure between the two rock layers.

The discovery of this key geological contact zone was the result of an extensive programme of geological mapping and soil sampling launched by Kanye earlier this year. The goal of this ongoing work programme is to identify and rank a complete range of drill targets across the licences. Kanye is in advance discussions with RC drill contractors for its planned KCB drill programme planend for later in 2022. This drilling will target the contact zone between the Ngwako Pan and D’kar Formational across multiple licences.

Geochemical Survey

Alongside the ongoing drill planning, Kanye is making good progress on its extensive geochemical soil sampling programme and is near midway through collecting a planned ~5,750 samples (Table 2). The results from the programme are aimed at widening coverage over existing licences, and in addition, collecting the first ever samples over licences such as the Mamuno package, located adjacent to the Botswana-Namibia border.

The soil samples are being analysed internally using a ‘Vanta’ X-ray fluorescence (“XRF”) spectrometer, in geochemistry mode with three beams switched on for a total analytical time of 120 seconds per sample. Analyses are done using a desk-top docking station to ensure a consistent presentation distance between the sample and analyser window. Quality Control measures include use of reference materials, which are used to generate user factors for normalising the analytical results prior to follow-up interpretation. Selected samples are also sent to an independent assay laboratory in South Africa for multi-element analyses.

Table 2: KCB 2022 Geochemical Soil Sampling Programme Status as of 20 June 2022

PL36/2020

A total of 3,478 samples have been collected to as of 20 June 2022. At a current sampling rate of approximately 150 samples/day, it is anticipated that the current phase of sampling on PL36/2020 will be completed within the month.

Mamuno Block: PL46, 49, 52, 53/2020

Soil sampling is now underway on the Mamuno Block. These licences (PL46, 49, 52, 53/2020), located near the Namibia-Botswana border, have seen little previous work. The Mamuno Block lies on-strike with the main KCB trend.

Sampling is planned to cover the outcropping Ngwako Pan-D’kar Formation contact zone that has now been mapped in detail by Kanye. A total of 1,319 samples at 50m sample stations across 800m spaced lines are planned, with some extensions across mapped Ngwako Pan Formation to check for any structural repetition.

Ongoing Work July to August 2022

Work will continue to complete the activities currently in progress, integrating these with existing data sets with the ultimate aim of further refining, as well as identifying new drill targets.

All KCB Licences

–  Relogging of remaining relevant historical drillholes (these are predominantly drill chips from water boreholes) is planned to support the next stage of geophysical interpretations.

PL036/2020

–  Completion of soil sampling over the Acacia fold nose and southeastern limb.

–  Completion of interpretation of previous completed detailed ground magnetic survey.

Mamuno Licences

–  Completion of soil sampling.

In parallel with the above, discussions are underway with RC drill contractors for a planned drill programme taregeting for later in 2022, aimed at targeting structural features in the vicinity of and above the Ngwako Pan-D’kar Formation contact zone.

Glossary

Carbonatites – An unusual igneous rock with greater than 50% carbonate (CO3) containing minerals.

Intrusive complexes – Intrusive rocks are those which have crystallized from a magma within the crust, in ‘complexes’ the magma are from a similar source, but the rocks have different textures and compositions.

Kalahari sands – A sandstone rock which mainly consists of air blown sands that cover large parts of Southern Africa.

Breccia/Brecciation – A rock which is formed of angular fragments of broken rock (termed ‘clasts’), which in this case is formed though violent hydrothermal processes, usually related to hot, pressurised fluids and gases breaking rocks. Brecciation is the term for that process.

Clasts – A fragment of rock composed of pre-existing minerals and rock, which has become incorporated into a larger ‘clastic’ rock.

Dolomitic carbonate – A type of limestone, which contains magnesium in addition to calcium carbonate.

Dolerite – Fine grained intrusive rock containing plagioclase feldspar and pyroxene.

Mafic intrusives – Intrusive rocks formed of ‘mafic’ minerals – such as olivine, pyroxene, amphibole, and biotite.

Haematitic alteration – Alteration which replaces other minerals with iron oxide rich minerals.

Pyrite veining – Thin veins of pyrite (iron-sulphide) running though a rock, pyrite can be an important tracer to other sulphides, such as those containing base-metals.

Banded iron formation – An sedimentary rock formed of very high levels of iron oxide interspersed with bands of chert and mudstones.

Marble – Rock composed of metamorphosed (heated) limestone.

Dwyka stratigraphic unit – Rocks which are within the ‘Dwyka Group’. The Dwyka Group is a sequence of sedimentary rocks deposited during the late Carboniferous-early Permian mainly composed of mudstones.

Segwagwa & Transvaal Supergroup – Two groups of metamorphosed sedimentary rocks of a similar age (2.4 – 2.2 billion years).

Contact zone – Where two different rocks meet, in this case, it’s where two different sedimentary units of differing composition overlie each other. Often these difference in the two rock types can act as pathways for metalliferous fluids.

Fold nose – A ‘fold nose’ is the tip of an anticline (the rocks are risen in the middle) which is tilted downward along its length.

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.

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