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#KAV Kavango Resources PLC – Ditau: 470m Strike Extension to Mineralised BIF
31st March 2023 / Leave a comment
Kavango Resources (LSE:KAV) (“Kavango”), the Southern Africa focussed metals exploration company, is pleased to announce that it has confirmed an extension of at least 470m to the Mineralised Banded Iron Formation (the “Mineralised BIF”) intercepted at Target i10 with Hole DITDD004 in the Ditau Project, Botswana.
Kavango has now completed an initial review of drill core and logs from an exploration hole, drilled in 2021, 470m to the NW of DITDD004. This hole (Hole X077-H002, “X077”) was drilled by a company that held an overlapping diamond prospecting licence to Kavango’s Ditau metal prospecting licences.
X077 appears to have intercepted the same Mineralised BIF as DITDD004.
Having already confirmed the Mineralised BIF is >100m thick in Hole DITDD004 (announced >>> 06 March 2023), Kavango is increasingly encouraged that Target i10 could represent a large-scale, continuous system that is prospective for lode gold mineralisation.
Figure 1: Cross-section viewed west, showing Hole DITDD004 and Hole DITDD003, drilled by Kavango, and Hole X077, drilled by the Third Party. Zones of interpreted mineralised BIF are shown in red hatch at the end of Hole DITDD004 and Hole X077, indicating a broader mineralised BIF system extending for at least 470m between holes.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“The initial results of our review of neighbouring exploration holes to DITDD004 are highly encouraging. We have been able to establish at least a 470m strike extent of the Banded Iron Formation directly from DITDD004 to Hole X077, bounded by the i10 magnetic anomaly. Both holes show evidence of the same mineralisation style. We’ve achieved this without any further drilling.
Given that both DITDD004 and X077 remain open at depth in the Mineralised BIF, the large-scale promise of this system is strongly underlined. In the context of Dr. Mumin’s view of the lode gold potential here, this is very positive.
We are now in the process of cutting core to send for assay testing and look forward to receiving the results.“
OVERVIEW
· A third party completed an independent diamond core drilling programme in 2021 targeting some of the same geophysical anomalies Kavango has identified at Ditau.
o The company held a diamond prospecting licence that overlapped Kavango’s Ditau metals exploration prospecting licences.
· Following Kavango’s recent identification of lode gold potential from Hole DITDD004, the Company approached the third party to request permission to review core from holes drilled in the vicinity of its i10 Target (“i10”) at Ditau.
o Kavango drilled Hole DITDD004 to intercept Target i10 in April 2022.
o That hole encountered a 100m thick mineralised “Zone of Interest” from a depth of 293m to 393m. This zone remains open at depth at the End of Hole.
o DITDD004 contained anomalous gold and copper values.
o Subsequent analysis by Dr. Hamid Mumin concluded that the “Zone of Interest” appears to represent a high-potential BIF-hosted lode gold system.
o Based on the proximity of Hole X077 to Target i10, Kavango was keen to see if the same BIF was intersected during drilling.
· Kavango has performed initial analysis on core from Hole X077.
o Hole X077 lies 470 NW of DITDD004 and was drilled to a depth of 189m.
o Hole X077 was abandoned after it was confirmed the target was not a kimberlite and therefore had no potential to host diamonds.
o Hole X077 remained open for mineralisation at the End of Hole.
· Based on its initial review of drill core, Kavango concludes that Hole X077 intercepted the same BIF as DITDD004, with clear visual evidence of a mineralising system (‘mineralisation’), in the form of pyrite, chalcopyrite, and carbonate alteration. This strongly supports that the Mineralised BIF is continuous for at least 470m. As with Hole DITDD004, Hole X077 remains open in mineralisation at depth.
· Kavango will now complete more thorough analysis of core from Hole X077 and one other exploration hole drilled by the third party in the vicinity.
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’
#SVML Sovereign Metals Ltd – Drilling Indentifies Mineralisation At Depth
8th September 2022 / Leave a comment
KASIYA AIR-CORE DRILLING INDENTIFIES HIGH-GRADE MINERALISATION AT DEPTH
-First drilling results from the Company’s deeper air-core (AC) program confirm rutile mineralisation extends at depth beneath previous drilling in most of the targeted areas
-Results demonstrate the growth potential of Kasiya at depth and confirm that extensive rutile mineralisation remains outside of the current Mineral Resource Estimate (MRE) and pit shells
-Core areas of the previously designed pit shells averaged about 15m depth with new drilling commonly extending mineralisation to between 20m and 30m depth
-The new deeper and thicker rutile intercepts highlight the potential to increase the mineral resource at depth
-Highlights include:
- 28m @ 1.05% inc. 5m @ 1.78% rutile
- 25m @ 1.06% inc. 13m @ 1.15% rutile
- 20m @ 1.26% inc. 16m @ 1.37% rutile
- 22m @ 1.15% inc. 8m @ 1.51% rutile
- 20m @ 1.29% inc. 6m @ 1.27% rutile
- 20m @ 1.29% inc. 6m @ 1.27% rutile
-Identification of high-grade mineralisation at depth is expected to contribute to the MRE update targeted for Q1 2023
-Kasiya’s Pre-Feasibility Study (PFS) and Environmental and Social baseline workstreams are advancing with all major project and consultant teams appointed with a scheduled completion date in Q2 2023
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to report first results from its H1 2022 AC drilling program at the Kasiya Rutile Project (Kasiya), the world’s largest rutile deposit in Malawi.
The results confirm that rutile mineralisation is continuous in many pit areas from surface down to the top of saprock, normally between 20m and 30m from surface. Results reveal the potential for mining pits to be extended at depth to the top of saprock in numerous areas.
Sovereign’s Managing Director Dr Julian Stephens commented: “The early results from this deeper drilling re-asserts the truly remarkable Tier 1 nature of Kasiya in terms of size, grade and mineralisation consistency. We have now answered the question on the potential to deliver additional tonnes for the mineral resource at depth. Kasiya continues to grow and will likely become a multi generational project capable of supplying a reliable and sustainable source of high-purity titanium as natural rutile.”
ENQUIRIES
Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
|
Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson
+44 20 3440 6800
Joint Brokers
Berenberg
Matthew Armitt
Jennifer Lee
+44 20 3207 7800
Optiva Securities
Daniel Ingram
Mariela Jaho
Christian Dennis
+44 20 3137 1902
To view the announcement in full, including all illustrations and figures, please refer to the announcement at http://sovereignmetals.com.au/announcements/.
KASIYA AIR CORE DRILLING
The 191-hole air-core drilling program at the Kasiya rutile deposit was completed in two phases from May to August 2022 by Thompson Drilling. The program was divided into an initial 32-hole sighter phase with results reported herein, and a second more expansive and targeted 159-hole phase. The drilling was completed on a nominal 200m x 200m grid spacing targeting upgrading of mineralisation into the Indicated category which could convert to Probable Reserves as part of the forthcoming PFS. A total of 32 drill-holes for 814m are reported (Figure 1) with results from the remaining 159 holes for 3,846m pending.
The initial sighter AC drilling program focused on mineralised corridors where high-grade rutile mineralisation was hypothesised to persist at depth, below the limit of the previous drilling. Results show that the mineralisation is pervasive throughout the saprolite zones with many holes showing mineralisation with 20-30m thickness from surface. Further MRE depth extensions are likely where the AC holes have extended known mineralisation beyond the base of the current MRE bound.
Second phase targeted drilling on the planned pit areas considered in the ESS has also been completed with the expectation that these pit designs may be modified if additional rutile mineralisation is encountered at depth.
Coarse flake graphite is present in all AC holes in association with rutile mineralisation. Graphite grades appear to improve with depth averaging +2% TGC in numerous holes.
PRE-FEASIBILITY STUDY PROGRESS
There are numerous technical work packages in progress for the Kasiya PFS including;
· Further drilling to refine and extend the MRE and then the final PFS mining inventory
· Preliminary hydrogeological pilot and test boreholes
· Continued metallurgical test-work focused on the planned first 10 years of mining
· Site visits throughout September by the principal PFS consultants
· Updated JORC resource estimate planned for Q1 2023
· Ongoing product marketing with further offtake MOUs expected to be executed
PERFORMANCE RIGHTS PLAN
The Company will seek shareholder approval to amend the terms of all existing performance rights currently on issue to amend the performance conditions as detailed in the table below (Amendment).
The Amendment is being sought to ensure that management are not disadvantaged by the impacts of COVID and the Company’s decision to complete the Expanded Scoping Study (ESS) which was underpinned by the substantial MRE update as announced in April 2022. The decision to complete the ESS has further enhanced the Kasiya economics but delayed the commencement of the PFS and subsequent Definitive Feasibility Study (DFS).
The Company does not envisage that it will require the full life of each tranche of performance rights to satisfy the relevant performance conditions, but the Amendment provides the Company with maximum flexibility to ensure the highest quality PFS and DFS can be completed whilst also allowing time to consider any funding opportunities or other corporate transactions that may present themselves as the Company approaches the completion of a PFS and DFS. The Company expects to complete the PFS in the June 2023 quarter.
The Board believes that the Amendment is required to ensure that the performance rights currently on issue continue to incentivise and retain existing key management personnel and to ensure continuing alignment between the strategic goals of the Company and the creation of shareholder value.
The Company will seek shareholder approval in November at its 2022 Annual General Meeting to make the Amendment as follows:
TRANCHE |
ORIGINAL PERFORMANCE CONDITIONS |
ORIGINAL EXPIRY DATE |
AMENDED PERFORMANCE CONDITIONS |
AMENDED EXPIRY DATE |
No. of Performance Rights |
2 |
Feasibility Study Milestone means announcement of a positive Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code. Feasibility Study has the meaning given in the JORC Code. |
31 December 2023 |
Pre-Feasibility Study Milestone means announcement of a positive Pre-Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code. Pre-Feasibility Study has the meaning given in the JORC Code. |
30 September 2023 |
5,120,000 |
3 |
Decision to Mine Milestone means announcement of a Decision to Mine for the Malawi Rutile Project. Decision to Mine means a decision to commence mining operations. |
31 October 2025 |
Feasibility Study Milestone means announcement of a positive Feasibility (DFS) Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code. Feasibility Study has the meaning given in the JORC Code. |
31 October 2025 |
7,320,0
|
Further, and subject to shareholder approval following his appointment as Chairman, the Company will also issue an additional 240,000 tranche 2 (PFS) performance rights and 120,000 tranche 3 (DFS) performance rights to director, Mr Ben Stoikovich.
Following the change in focus from exploration to development activities and the associated requirement for additional human resources, the Company will also issue, subject to shareholder approval of the Amendment, 1,140,000 tranche 2 (PFS) performance rights and 1,520,000 tranche 3 (DFS) performance rights to existing and incoming staff.
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to the Mineral Resource Estimate is extracted from the announcement dated 5 April 2022. The announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the announcement; b) all material assumptions included in the announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcement.
Table 1: Kasiya Mineral Resource Estimate at 0.7% Rutile Cut-off |
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|
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Mineral Resource Category |
Material Tonnes (millions) |
Rutile |
Rutile Tonnes (millions) |
Total Contained Graphite (TGC) |
TGC Tonnes (millions) |
RutEq. Grade* |
Indicated |
662 |
1.05% |
6.9 |
1.43% |
9.5 |
1.76% |
Inferred |
1,113 |
0.99% |
11.0 |
1.26% |
14.0 |
1.61% |
Total |
1,775 |
1.01% |
18.0 |
1.32% |
23.4 |
1.67% |
* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken from this Study ** Any minor summation inconsistencies are due to rounding
Qualified Person
Data disclosed in this press release have been reviewed and verified by Sovereign’s Qualified Person, Dr Julian Stephens (B.Sc (Hons), PhD, MAIG), Managing Director, for the purposes of the AIM Rules for Companies.
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
APPENDIX I – DRILL RESULTS
Rutile and graphite drilling results from Kasiya are shown below in Table 2.
Hole ID |
Interval Thickness |
Rutile % |
TGC % |
From (m) Downhole |
Hole Type |
KYAC0001 |
19.0 |
0.88 |
1.8 |
0.0 |
AC |
incl |
6.0 |
1.23 |
1.5 |
0.0 |
|
KYAC0002 |
16.0 |
0.84 |
1.3 |
0.0 |
AC |
incl |
5.0 |
1.12 |
0.7 |
0.0 |
|
KYAC0003 |
11.0 |
0.84 |
0.8 |
1.0 |
AC |
incl |
3.0 |
1.27 |
0.3 |
1.0 |
|
KYAC0004 |
16.0 |
1.05 |
1.9 |
2.0 |
AC |
incl |
13.0 |
1.10 |
1.8 |
2.0 |
|
KYAC0005 |
22.0 |
1.06 |
1.5 |
1.0 |
AC |
incl |
15.0 |
1.16 |
1.4 |
1.0 |
|
KYAC0006 |
28.0 |
1.05 |
2.0 |
2.0 |
AC |
incl |
5.0 |
1.78 |
2.4 |
10.0 |
|
KYAC0007 |
5.0 |
1.15 |
0.2 |
1.0 |
AC |
incl |
3.0 |
1.36 |
0.1 |
1.0 |
|
KYAC0008 |
19.0 |
0.95 |
1.5 |
1.0 |
AC |
incl |
3.0 |
1.24 |
0.2 |
1.0 |
|
KYAC0009 |
NSR |
AC |
|||
KYAC0010 |
24.0 |
1.03 |
1.9 |
0.0 |
AC |
incl |
5.0 |
1.87 |
0.3 |
0.0 |
|
KYAC0011 |
20.0 |
1.17 |
2.1 |
0.0 |
AC |
incl |
11.0 |
1.21 |
1.7 |
0.0 |
|
KYAC0012 |
20.0 |
0.70 |
1.2 |
1.0 |
AC |
KYAC0013 |
20.0 |
1.03 |
1.5 |
1.0 |
AC |
incl |
6.0 |
1.46 |
1.1 |
1.0 |
|
KYAC0014 |
7.0 |
1.64 |
1.0 |
0.0 |
AC |
KYAC0015 |
19.0 |
0.97 |
1.7 |
1.0 |
AC |
incl |
10.0 |
1.12 |
1.9 |
3.0 |
|
KYAC0016 |
7.0 |
1.16 |
0.5 |
0.0 |
AC |
KYAC0017 |
20.0 |
0.97 |
1.5 |
0.0 |
AC |
incl |
4.0 |
1.53 |
0.4 |
0.0 |
|
KYAC0018 |
25.0 |
1.06 |
2.5 |
0.0 |
AC |
incl |
13.0 |
1.15 |
2.5 |
0.0 |
|
KYAC0019 |
20.0 |
0.98 |
1.6 |
0.0 |
AC |
incl |
3.0 |
1.67 |
0.3 |
0.0 |
|
KYAC0020 |
14.0 |
0.95 |
2.1 |
0.0 |
AC |
incl |
3.0 |
1.51 |
0.0 |
0.0 |
|
KYAC0021 |
14.0 |
0.99 |
2.2 |
0.0 |
Twin AC |
incl |
3.0 |
1.37 |
0.0 |
0.0 |
|
KYAC0022 |
20.0 |
1.26 |
2.4 |
0.0 |
AC |
incl |
16.0 |
1.37 |
2.4 |
0.0 |
|
KYAC0023 |
23.0 |
0.86 |
2.2 |
0.0 |
AC |
incl |
7.0 |
1.08 |
2.9 |
7.0 |
|
KYAC0024 |
17.0 |
1.06 |
1.7 |
0.0 |
AC |
incl |
4.0 |
1.56 |
0.6 |
0.0 |
|
KYAC0025 |
23.0 |
1.08 |
2.4 |
0.0 |
AC |
incl |
10.0 |
1.50 |
1.9 |
0.0 |
|
KYAC0026 |
22.0 |
1.15 |
3.5 |
0.0 |
AC |
incl |
8.0 |
1.51 |
2.3 |
0.0 |
|
KYAC0027 |
30.0 |
0.95 |
2.7 |
0.0 |
AC |
incl |
3.0 |
2.19 |
0.2 |
0.0 |
|
KYAC0028 |
23.0 |
0.85 |
1.6 |
0.0 |
AC |
incl |
2.0 |
2.06 |
0.3 |
0.0 |
|
KYAC0029 |
16.0 |
0.86 |
1.1 |
0.0 |
AC |
incl |
4.0 |
1.45 |
0.1 |
0.0 |
|
KYAC0030 |
20.0 |
1.29 |
1.6 |
0.0 |
AC |
incl |
6.0 |
1.70 |
0.5 |
0.0 |
|
KYAC0031 |
26.0 |
1.18 |
2.1 |
0.0 |
AC |
incl |
6.0 |
1.66 |
0.4 |
0.0 |
|
KYAC0032 |
27.0 |
1.06 |
1.5 |
0.0 |
AC |
incl |
6.0 |
1.48 |
0.5 |
0.0 |
APPENDIX II: DRILL HOLE COLLAR DATA – TABLE 3
Hole ID |
Easting |
Northing |
RL |
Depth |
|
Hole ID |
Easting |
Northing |
RL |
Depth |
KYAC0001 |
542200 |
8480400 |
1117 |
23.0 |
KYAC0017 |
544200 |
8471800 |
1126 |
20.0 |
|
KYAC0002 |
542399 |
8480401 |
1123 |
18.0 |
KYAC0018 |
544400 |
8471800 |
1128 |
27.0 |
|
KYAC0003 |
542601 |
8480400 |
1126 |
25.0 |
KYAC0019 |
544600 |
8471800 |
1130 |
23.0 |
|
KYAC0004 |
542800 |
8480402 |
1129 |
21.0 |
KYAC0020 |
544800 |
8471800 |
1132 |
27.0 |
|
KYAC0005 |
543001 |
8480400 |
1132 |
26.0 |
KYAC0021 |
544801 |
8471800 |
1132 |
27.0 |
|
KYAC0006 |
548200 |
8478600 |
1144 |
32.0 |
KYAC0022 |
543599 |
8468204 |
1129 |
22.0 |
|
KYAC0007 |
548399 |
8478603 |
1143 |
33.0 |
KYAC0023 |
543800 |
8468200 |
1136 |
25.0 |
|
KYAC0008 |
548600 |
8478600 |
1140 |
24.0 |
KYAC0024 |
544000 |
8468197 |
1139 |
36.0 |
|
KYAC0009 |
548800 |
8478600 |
1137 |
18.0 |
KYAC0025 |
544200 |
8468200 |
1142 |
25.0 |
|
KYAC0010 |
549000 |
8478600 |
1134 |
26.0 |
KYAC0026 |
544401 |
8468200 |
1142 |
24.0 |
|
KYAC0011 |
549180 |
8478600 |
1130 |
21.0 |
KYAC0027 |
544600 |
8468200 |
1140 |
33.0 |
|
KYAC0012 |
549400 |
8478600 |
1125 |
23.0 |
KYAC0028 |
544798 |
8468201 |
1136 |
27.0 |
|
KYAC0013 |
543400 |
8471800 |
1121 |
23.0 |
KYAC0029 |
544998 |
8465399 |
1162 |
30.0 |
|
KYAC0014 |
543600 |
8471800 |
1123 |
21.0 |
KYAC0030 |
545196 |
8465401 |
1164 |
21.0 |
|
KYAC0015 |
543800 |
8471800 |
1124 |
21.0 |
KYAC0031 |
545399 |
8465398 |
1166 |
27.0 |
|
KYAC0016 |
544000 |
8471800 |
1125 |
29.0 |
KYAC0032 |
545600 |
8465400 |
1167 |
36.0 |
APPENDIX III: JORC CODE, 2012 EDITION – TABLE 1
SECTION 1 – SAMPLING TECHNIQUES AND DATA
Criteria |
JORC Code explanation |
Commentary |
Sampling Techniques |
Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
|
Air-Core samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 2m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses.
|
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
|
Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard.
Each sample is sun dried and homogenised. Sub-samples are carefully riffle split to ensure representivity. The 1.5kg composite samples are then processed.
An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment.
Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.
|
|
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
|
Logged mineralogy percentages, lithology information and TiO2% obtained from handheld XRF are used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together |
|
Drilling Techniques |
Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).
|
A total of 32 Air-Core holes for 814m are reported here from drilling at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).
Placer has reviewed SOPs for Air-Core and found them to be fit for purpose and support the resource classifications as applied to the MRE.
|
Drill Sample Recovery |
Method of recording and assessing core and chip sample recoveries and results assessed.
|
Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. Air-Core drilling recovery in the top few metres are moderate to good. Extra care is taken to ensure sample is recovered best as possible in these metres. Recoveries are recorded on the rig at the time of drilling by the geologist. Drilling is ceased when recoveries become poor once Sap rock has been encountered. |
Measures taken to maximise sample recovery and ensure representative nature of the samples.
|
The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process.
Air-core drilling samples are recovered in large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing.
|
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Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
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No relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range.
No bias related to preferential loss or gain of different materials is observed. |
|
Logging |
Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.
|
Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation.
All individual 1-metre intervals are geologically logged, recording relevant data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference.
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Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
|
All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.
|
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The total length and percentage of the relevant intersection logged
|
100% of samples are geologically logged. |
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Sub-sampling techniques and sample preparation |
If core, whether cut or sawn and whether quarter, half or all core taken.
|
N/A
|
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. |
Air-Core samples are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed.
An equivalent mass is taken from each primary sample to make up the composite.
The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.
|
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For all sample types, the nature, quality and appropriateness of the sample preparation technique.
|
Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists.
Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.
|
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Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
|
The sampling equipment is cleaned after each sub-sample is taken.
Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.
|
|
Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
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Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.
|
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Whether sample sizes are appropriate to the grain size of the material being sampled.
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The sample size is considered appropriate for the material sampled. |
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Quality of assay data and laboratory tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
Rutile The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated.
Final results generated are for recovered rutile i.e, the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC.
The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF.
All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi; · Dry sample in oven for 1 hour at 105℃ · Soak in water and lightly agitate · Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material · Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105℃ · Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC) · Pan HMC to remove retained light minerals · Dry HMC in oven for 30 minutes at 105℃ · Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction.
Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination. · The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS.
Graphite All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg. The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA. A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC).
The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon. An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.
|
For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
|
Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination. |
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Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
|
Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting.
Accuracy monitoring is achieved through submission of certified reference materials (CRM’s). ALS and Intertek both use internal CRMs and duplicates on XRF analyses. Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20.
Three Rutile CRMs used by Sovereign. Rutile A (AMIS0602) containing TiO2 XRF 90.62%. The CRM is supplied by African Mineral Standards (AMIS), South Africa. Rutile B containing TiO2 XRF 70.71%. The CRM is supplied by OREAS and has been designed and matrix matched specifically for Sovereign. Rutile C containing TiO2 XRF 40.76%. The CRM is supplied by OREAS and has been designed and matrix matched specifically for Sovereign.
Two Graphite Standards are used by Sovereign. MPHLG1 containing 3.22% TGC TCMG1 containing 7.54% TGC Both these CRMs are supplied by OREAS and has been designed and matrix matched specifically for Sovereign.
Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative. Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch.
Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy.
Acceptable levels of accuracy and precision are displayed in geostatistical analyses.
|
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Verification of sampling & assaying |
The verification of significant intersections by either independent or alternative company personnel.
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Results are reviewed in cross-section using Micromine software and any spurious results are investigated. The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered. Significant mineralisation intersections.
|
The use of twinned holes. |
Twinned holes are drilled across a geographically-dispersed area to determine short-range geological and assay field variability. Twin drilling is applied at a rate of 1 in 20 routine holes.
Acceptable levels of precision are displayed in the geostatistical analysis of twin drilling data.
No twin holes are reported here. |
|
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
All data are collected initially on paper logging sheets and codified to the Company’s templates. This data is hand entered to spreadsheets and validated by Company geologists. This data is then imported to a Datashed5 and validated automatically and then manually.
A transition to electronic field and laboratory data capture is underway.
|
|
Discuss any adjustment to assay data.
|
QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction.
Recovered rutile is therefore defined and reported here as: TiO2 recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e recoverable rutile within the whole sample.
|
|
Location of data points |
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
|
A Trimble R2 Differential GPS is used to pick up the Air-Core collars. Daily capture at a registered reference marker ensures equipment remains in calibration. No downhole surveying of Air-Core holes is completed. Given the vertical nature and shallow depths of the Air-Core holes, drill hole deviation is not considered to significantly affect the downhole location of samples.
|
Specification of the grid system used. |
WGS84 UTM Zone 36 South.
|
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Quality and adequacy of topographic control. |
DGPS pickups are considered to be high quality topographic control measures.
|
|
Data spacing & distribution |
Data spacing for reporting of Exploration Results. |
The Air-Core collars are spaced on a 200m x 200m grid which is deemed to adequately define the mineralisation.
|
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.
|
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Whether sample compositing has been applied. |
Individual 1m intervals have been composited, based on lithology, at a max 2m sample interval for the 32 air-core holes.
|
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Orientation of data in relation to geological structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type
|
Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.
|
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
|
There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit. |
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Sample security |
The measures taken to ensure sample security |
Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete.
A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia.
At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.
|
Audits or reviews |
The results of any audits or reviews of sampling techniques and data
|
Richard Stockwell (CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice.
Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported. |
SECTION 2 – REPORTING OF EXPLORATION RESULTS
Criteria |
Explanation |
Commentary |
Mineral tenement & land tenure status |
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environment settings. |
The Company owns 100% of the following Exploration Licences (ELs) and Retention Licence (RL) under the Mines and Minerals Act 2019, held in the Company’s wholly-owned, Malawi-registered subsidiaries: EL0609, EL0492, EL0528, EL0545, EL0561, EL0582 and RL0012. A 5% royalty is payable to the government upon mining and a 2% of net profit royalty is payable to the original project vendor. No significant native vegetation or reserves exist in the area. The region is intensively cultivated for agricultural crops. |
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
The tenements are in good standing and no known impediments to exploration or mining exist. |
|
Exploration done by other parties
|
Acknowledgement and appraisal of exploration by other parties. |
Sovereign Metals Ltd is a first-mover in the discovery and definition of residual rutile and graphite resources in Malawi. No other parties are involved in exploration. |
Geology |
Deposit type, geological setting and style of mineralisation |
The rutile deposit type is considered a residual placer formed by the intense weathering of rutile-rich basement paragneisses and variable enrichment by elluvial processes. Rutile occurs in a mostly topographically flat area west of Malawi’s capital, known as the Lilongwe Plain, where a deep tropical weathering profile is preserved. A typical profile from top to base is generally soil (“SOIL” 0-1m) ferruginous pedolith (“FERP”, 1-4m), mottled zone (“MOTT”, 4-7m), pallid saprolite (“PSAP”, 7-9m), saprolite (“SAPL”, 9-25m), saprock (“SAPR”, 25-35m) and fresh rock (“FRESH” >35m). The low-grade graphite mineralisation occurs as multiple bands of graphite gneisses, hosted within a broader Proterozoic paragneiss package. In the Kasiya areas specifically, the preserved weathering profile hosts significant vertical thicknesses from near surface of graphite mineralisation. |
Drill hole information |
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northings of the drill hole collar; elevation or RL (Reduced Level-elevation above sea level in metres of the drill hole collar); dip and azimuth of the hole; down hole length and interception depth; and hole length |
All collar and composite data are provided in the body and appendices of this report.
|
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case |
No information has been excluded. |
|
Data aggregation methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated. |
All results reported are of a length-weighted average of in-situ grades. The results reported in the body of the report are on a nominal lower cut-off of 0.5% Rutile and exclude bottom of hole samples where saprock has been geologically logged.
|
Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
No data aggregation was required. |
|
The assumptions used for any reporting of metal equivalent values should be clearly stated. |
No metal equivalent values are used in this report. |
|
Relationship between mineralisation widths & intercept lengths |
These relationships are particularly important in the reporting of Exploration Results. |
The mineralisation has been released by weathering of the underlying, layered gneissic bedrock that broadly trends NE-SW. It lies in a laterally extensive superficial blanket with high-grade zones reflecting the broad bedrock strike orientation of ~045°. |
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. |
The mineralisation is laterally extensive where the entire weathering profile is preserved and not significantly eroded. Minor removal of the mineralised profile has occurred in alluvial channels. These areas are adequately defined by the drilling pattern and topographical control. |
|
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’. |
Downhole widths approximate true widths limited to the sample intervals applied. Mineralisation remains open at depth and in areas coincident with high-rutile grade lithologies in basement rocks, is increasing with depth. Graphite results are approximate true width as defined by the sample interval and typically increase with depth. |
|
Diagrams |
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of the drill collar locations and appropriate sectional views. |
Refer to figures in the body of this report. |
Balanced reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of exploration results. |
All results are included in this report. |
Other substantive exploration data |
Other exploration data, if meaningful and material, should be reported including (but not limited to: geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
Rutile has been determined, by QEMSCAN, to be the major TiO2-bearing mineral at and around several rutile prospects within Sovereign’s ground package. The company continues to examine areas within the large tenement package for rutile and graphite by-product mineralisation. |
Further work |
The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large-scale step-out drilling). |
Core-drilling and water exploratory drilling is planned and ongoing throughout the remainder for 2022. |
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
Refer to diagrams in the body of this report. |
#POW Power Metal Resources – Molopo Farms – Drill Contract Signed
30th August 2022 / Leave a comment
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 relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 23 August 2022 the Company announced an update regarding progress being made towards the first Power Metal managed and operated diamond drilling programme at Molopo Farms, as well the expansion of the geophysics programme over target (“T”) areas T1-6 and T1-14 (covering prior 20/21 drill holes K1-6 and K1-14) and two new target areas T1-3 and T2-3. The link to this announcement is below:
Key Updates:
§ Diamond drilling contract has been signed with Mindea Exploration and Drilling Services (Pty) Ltd (“Mindea”), an experienced Botswana-based company with extensive drilling experience in-country. Mindea is 100% Botswana citizen owned.
§ The current planned programme is for circa 2,600m of diamond drilling across an expected 6 drillholes, with at least two drillholes planned into the newly identified conductor within the T1-6 target area.
§ The drilling will be paid for on a part-cash, part-equity basis, with over 50% of the expected contract cost to be satisfied through the issue of up to 10,000,000 new ordinary shares of 0.1p each in the Company at an issue price of 2.25p per share (“Drilling Cost Shares”). The Drilling Cost Shares will be issued by the Company within one month of the completion of 2,600 metres of drilling.
§ Mindea’s base of operations is located only 98km from Molopo Farms allowing for quick and efficient mobilisation of crews and equipment, with the expected mobilisation and drilling commencement scheduled for mid-September 2022.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“It has been an incredible effort by the team to put us in the position to launch expedited drilling at Molopo Farms only a matter of weeks after the discovery, through geophysical surveys, of a new and very compelling conductor in target T1-6 located immediately south of previous drillhole K1-6.
The electromagnetic conductor, the edge of which was intersected by previous diamond drillhole K1-6 at a similar stratigraphic level to a broad nickel sulphide mineralisation interval, represents a high-priority target during the upcoming drilling programme.
The potential offered by this drill programme is amply demonstrated by Mindea, the drill contractor, taking a significant portion of the contract costs in Power Metal shares.
Now the real work begins, with the few weeks prior to drilling commencement to be used to undertake the expanded geophysical surveys to confirm precision drill targeting at T1-6, and the follow up surveys at targets T1-14, T1-3 and T2-3. That survey work is underway currently.
Further Molopo drilling updates are expected prior to and following mobilisation, alongside updates in respect of the expanded geophysics drill target generation programme.”
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
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:
Power Metal Resources plc |
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
SI Capital Limited (Joint Broker) |
|
Nick Emerson |
+44 (0) 1483 413 500 |
First Equity Limited (Joint Broker) |
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POW Power Metal Resources – Molopo Farms- Drill Programme & Geophysics Update
23rd August 2022 / Leave a comment
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 relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 16 August 2022 the Company announced an update highlighting the identification of a large electromagnetic (“EM”) conductor, the edge of which, had been intersected by previous diamond core drillhole KKME 1-6 (“K1-6”), at similar stratigraphic levels to a broad nickel sulphide mineralised interval. As announced, drill testing this conductor is to be the focus of the upcoming expedited diamond drill programme. The link to this announcement is below:
HIGHLIGHTS
§ Preparations for the first Power Metal managed and operated diamond drill programme at Molopo Farms are advancing at pace and the commencement date for drilling is expected to be announced shortly.
§ The drilling will target the core of the new conductor, immediately south of K1-6, with multiple drillholes planned of varying positions in order to maximise the discovery potential of the programme.
§ Precision drill hole targeting work at K1-6 is also underway, given the size of the conductor the first two holes are expected to be located approximately 500m and 1,000m to the south of original hole K1-6.
§ The programme is being designed to ensure expeditious core analysis to include: geologists on site to conduct continuous core inspection and logging, identification of visible sulphides, selection of core samples for assay testing and the arrangement where appropriate of expedited laboratory assays to minimise turnaround time.
§ Two additional high-priority targets located southwest of K1-6 have been selected for moving loop electro-magnetic (“MLEM”) surveys, to provide further targets for planned diamond drilling.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“It is encouraging to see the interest in Molopo Farms shown by shareholders and investors. We share the excitement this Project brings, and the K1-6 conductor is considered by our technical team to be a very compelling drill target.
We are seeking commencement of drilling as soon as possible and making expedited final preparations for this. There will be further announcements to follow in this regard.
Expanding the geophysics programme to cover two new targets demonstrates the size and scale of the Molopo Farms opportunity.
As this work progresses, in parallel, we continue to engage with third parties that have expressed an interest in Molopo Farms and the high-impact exploration work we are undertaking.
The level of interest in the Project is notable, demonstrating we believe not only the Project’s geological potential, but also its geographic location, Botswana, which is a secure, supportive and positive operating environment for resource exploration and development.”
FURTHER INFORMATION
Drill Programme Planning
§ Following detailed review of the geophysical data and in consultation with Power Metal’s in-country technical team, the Company is planning to drill multiple holes targeting the southerly dipping conductor at K1-6, the core of which has never been drilled. The conductor is highlighted in Figure 2 and 3 in the link below:
https://www.powermetalresources.com/molopo-farms-complex-rns/
§ The first two drill holes are planned to be located approximately 500m and 1,000m south of previous diamond drillhole K1-6. The drill holes will be drilled towards the north at a ~70 degree angle in order to best intersect the southerly dipping conductor.
§ Spectral Geophysics are undertaking inversions of the MLEM data collected to date as well as high-resolution ground-magnetic surveys over drillholes K1-6 and KKME 1-14 (“K1-14”), to enable further refinement of the target areas prior to selecting final drillhole parameters (precise collar location, dip and azimuth).
§ The Company is finalising all preparations for the upcoming programme, including drill contract finalisation and the engagement of drill rig geologists, field technicians, core cutting personnel and general labourers. The senior project geologist from MSA Consulting Inc. engaged to help manage the Project in-country on behalf of Power, and who has extensive working knowledge of the Project, will be responsible for day-to-day oversight while drilling is ongoing.
Expansion of Geophysics over Additional Targets
§ The Company has also engaged Spectral Geophysics to undertake additional MLEM surveys over two additional targets K1-3 and K2-3, located approximately 30km and 60km southwest of target K1-6 and within prospecting licence (“PL”) 310/2016.
§ The additional targets are considered by the Power Metal technical team to hold significant potential prospectivity for nickel, copper and platinum group element mineralisation and the MLEM surveys will assist in the development of additional drill targets in those locations.
§ A location plan map of the Project highlighting the location of all geophysical target areas can be found at the link below:
https://www.powermetalresources.com/molopo-farms-complex-airborne-em-target-map/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
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:
Power Metal Resources PLC |
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
SI Capital Limited (Joint Broker) |
|
Nick Emerson |
+44 (0) 1483 413 500 |
First Equity Limited (Joint Broker) |
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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