Home » Posts tagged 'discoveries'
Tag Archives: discoveries
First Class Metals #FCM – ‘Pickle Lake Property’Earn-In
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to announce that it has signed an agreement with OnGold Investment Corp (“OnGold”) in respect to the Pickle Lake Property, McGill Township in Ontario.
Highlights:
· The property consists of 163 single cell mining claims, comprising 3,455ha (hectares). Contiguous to both First Class Metals’ North Hemlo Property and Palladium One’s (TSXV:PDM) Tyko Project.
· The West Pickle Lake Nickel (Ni) Copper (Cu) discovery, with grades of up to 10.4% Ni & 3.4% Cu over 2.3m is situated immediately south of the Pickle Lake Property. See FCM news release 29th November 2022 polaris.brighterir.com/public/first_class_metals/news/rns/story/xz0603r
· Eleven high priority targets defined on the property from previous operators work program.
· Winter Lake Sediment sampling by FCM across the area as part of the due diligence process returned gold grades of up to 103ppb gold (Au) which is deemed to be extremely high for the wider area.
· FCM’s footprint in the area is now substantially increased, in a district that holds numerous high grade nickel copper sulphide discoveries in the near locality.
Figure 1-Regional location map showing the ‘Pickle Lake’ Property to the North and east of FCM’s 100% owned North Hemlo Property.
The project is located roughly 21kms southeast from the town of Manitouwadge, Ontario (see Figure 1), comprising of 163 single cell mining claims (all of which are in good-standing through the 2023 field season). Limited previous exploration has been focussed to investigate several discreet magnetic anomalies thought to be associated with Ni-Cu-PGE mineralised mafic-ultramafic intrusions. Similar rock types comprise the Tyko, RJ, Smoke Lake and the recently discovered West Pickle massive sulphide discovery. The recently identified 103ppb Au lake sediment sample collected by FCM also now shows the gold potential of the area.
FCM, as part of the due diligence process, conducted an extension to our wider North Hemlo lake sediment sampling campaign in April to March 2023. The initial results from this campaign have reported gold grades of up to 103ppb. The program was led under the supervision of Bruce MacLachlan, Principle of Emerald Geological Services (EGS). Bruce has been quoted as saying “To the best of our knowledge the 103ppb Au Lake sediment value is the highest lake sediment value collected in the Hemlo Belt outside of the deposit area”. While at a very early stage, these initial results are extremely encouraging and add to the potential for the prospectivity of the property.
Terms of the deal:
The deal is structured so that FCM has an option to earn-in up to an 80% interest over the property. The payments for the exercise of this option are 1,000,000 shares of FCM Shares to be issued by the 31st of October 2023 and a work commitment of $300,000 over a three year term. At the end of the ‘earn-in’ it is expected a JV will be created.
|
Ordinary FCM Shares |
Annual Work Commitment (CAD$) |
|
|
By 31st October 2023 |
1,000,000 |
0.00 |
|
By 10th July 2024 |
$50,000 |
|
|
By 10th July 2026 |
$300,000 (aggregate) |
The JV possess a dilution mechanism on the basis of non-contribution. Should Ongold not wish to contribute, or their ownership falls below 10%, the remainder of their holding is automatically converted in to a 2% NSR. FCM has the right to acquire 67% of the stated NSR for C$ 750,000 and a first right of refusal over the remaining NSR.
Marc Sale CEO commented:
I am very pleased with this acquisition which has significantly increased our area of exploration, not only because its is contiguous to North Hemlo, but also for its proximity to West Pickle Lake and also the significant gold assay in the lake sediment sample. Furthermore a share-issue deal for such an asset further confirms the industries confidence in our ability to deliver success. FCM will now formulate an exploration programme to follow on from the excellent work by OnGold.”
For further information, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
#POW Power Metal Resources PLC – Result of AGM
Power Metal Resources PLC (LON:POW) the London-listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results of its Annual General Meeting held today.
All 8 resolutions put to members were passed on a poll. Resolutions 1 to 6 were passed as ordinary resolutions and resolutions 7-8 were passed as special resolutions.
The results of the poll (including proxy votes) are outlined in the table below.
The number of votes cast for and against each of the resolutions proposed and the number of votes withheld (including proxy votes) were as follows:
|
Resolution |
Votes for |
% Votes Cast |
Votes against |
% Votes Cast |
Votes withheld |
|
Resolution 1 (Ordinary) To receive the report and accounts for the year ended 30 September 2022 |
164,656,922 |
99.72 |
459,109 |
0.28% |
78,146 |
|
Resolution 2 (Ordinary) To re-appoint the auditors |
164,978,142 |
99.88 |
199,627 |
0.12% |
16,408 |
|
Resolution 3 (Ordinary) To authorise the directors to determine the auditor’s fees |
165,046,481 |
99.93 |
111,288 |
0.07% |
36,408 |
|
Resolution 4 (Ordinary) To appoint Owain Morton |
164,759,664 |
99.88 |
202,780 |
0.12% |
231,733 |
|
Resolution 5 (Ordinary) To re-appoint Edmund Shaw |
163,980,579 |
99.74 |
427,694 |
0.26% |
785,904 |
|
Resolution 6 (Ordinary) To authorise the directors to allot equity |
164,464,061 |
99.60 |
659,537 |
0.40% |
70,579 |
|
Resolution 7 (Special) To disapply pre-emption rights |
163,282,428 |
99.00 |
1,649,941 |
1.00% |
261,808 |
|
Resolution 8 (Special) To authorise the buyback of Company shares |
164,321,240 |
99.54 |
759,627 |
0.46% |
113,310 |
As at 30 March 2023, there were 1,739,033,678 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.
The full text of each resolution is available in the Notice of Annual General Meeting, published on the Company’s website.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
|
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 PLC – AGM Statement
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio is holding its Annual General Meeting (“AGM”) today at 11am.
At the AGM Sean Wade, Chief Executive Officer of Power Metal, will provide the following statement:
“I have been in the role of Power Metal CEO for three weeks, and during that time, I have been working hard with the team to further accelerate our operational and corporate activities. We recognise the eagerness of shareholders to see the results of our strategy, and we are focused on delivering those as soon as possible.
Our aim is to unlock the inherent value existing in the portfolio and I am pleased to update shareholders on the progress we are making in that regard.
Diamond drilling at the Molopo Farms Complex Project in Botswana and the Berringa Project in the Victoria Goldfields was completed earlier this quarter, as was the first stage of the Tati Gold Project 2023 exploration programme including geophysics and trenching.
Complete accredited laboratory assay tests for all the above projects are expected to be received imminently and we look forward to releasing a series of exploration updates containing these results when they are received.
The focus of corporate activity has been the progression of the Golden Metal Resources PLC, First Development Resources PLC and Uranium Energy Exploration PLC planned IPOs.
For Golden Metal, in addition to the existing IPO financing interest, we are liaising with new institutional investors who recognise the strategic significance of Pilot Mountain Project, in an era of tungsten criticality for the United States. We aim to complete the Golden Metal IPO listing shortly.
Thereafter we will be focused on First Development Resources and its IPO financing and listing with the aim to also complete this process in the near term.
For Uranium Energy Exploration, and our wider uranium portfolio, we have experienced considerable interest and are working, not only on exploration preparations for 2023, but also reviewing various corporate initiatives to accelerate progress and value generation in the portfolio.
The Company therefore expects to release a series of announcements in respect of its corporate activities in the near term.
Each successful disposal or spin-out IPO will, in our view, add material value to our asset base and notably listed investments and will build on the Company’s total assets of circa £14.6 million (as at 30 September 2022 year end).
We are focused on completing as many disposals in 2023 as possible, both to unlock value and to focus the Company on uranium exploration and the development of its key interests in Botswana.
I would like to thank the Power Metal team for their energy and enthusiasm in my first few weeks in office. Also my thanks go to shareholders for their engagement, support and patience as I have taken up this important role. I believe Power Metal has a great future ahead with a world class portfolio providing multiple opportunities for creating shareholder value.”
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 |
|
|
Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
|
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 |
#FCM First Class Metals PLC – Change of Auditor
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam Project land holding is pleased to announce, Royce Peeling Green Limited (“RPG”) has been appointed as the Company’s new auditor with immediate effect.
RPG is a long established firm of Chartered Accountants and a PIE registered auditor based in Manchester, England. RPG is a UK member of DFK International, the sixth largest accounting association in the world according to the International Accounting Bulletin’s annual World Survey Report in 2022, with worldwide revenues in excess of $1.5 billion across 94 countries. In the UK, RPG operates from two offices with around 80 staff, including 11 directors.
On 6th February 2023, KNAV Limited gave written notice to the Company of their resignation as the auditors of the Company. KNAV certified that there are no circumstances connected with their resignation which they consider should be brought to the attention of the Company’s members or creditors and stated that they resigned because they had decided not to register as an auditor eligible to undertake audits of Public Interest Entity companies.
Following a competitive selection process, the Audit Committee recommended to the Board of Directors that Royce Peeling Green Limited be appointed as Auditors. On the 9th of February, the Directors accepted that recommendation, and resolved to appoint RPG as the Auditors of the Company to fill the vacancy in the office of auditor pursuant to s. 489 (3) (c) of the Companies Act 2006.
The Board would like to thank KNAV for their services and support during its time as auditor to the company.
Enquiries
|
James Knowles, Executive Chairman |
JamesK@Firstclassmetalsplc.com |
07488 362641 |
|
Marc J Sale, CEO |
MarcS@Firstclassmetalsplc.com |
07711 093532 |
|
Ayub Bodi, Executive Director |
AyubB@Firstclassmetalsplc.com |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
#POW Power Metal Resources PLC – Victoria Goldfields Australia – Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a corporate and exploration update from the Company’s Victoria Goldfields joint-venture (“JV”).
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Diamond drilling at the historic Berringa Gold Mine has efficiently recommenced after the Christmas break and the first hole is progressing well.
In other positive news we can announce the grant of 3 further licence applications as well as rock sampling results from the Dereel project which returned extensive gold mineralisation with a highlight result of 229g/t Au.
Work continues at pace in Victoria, Australia, and further updates will follow in due course.“
HIGHLIGHTS:
Diamond Drilling – Berringa Gold Mine
On 13th December 2022, Power Metal announced the commencement of a 5 hole, approximately 1,000m, diamond drilling programme at the historic Berringa Gold Mine (“Berringa”). Drilling of the first hole (BE23D001), into the Birthday South target (see announcement 13.12.22 for further information), paused on 23rd December 2022, for the holiday season at a downhole depth of 125.7m.
Drilling successfully recommenced on 3rd January 2023 with BE23D001 at end-of-day 5th January 2023, at a downhole depth of 167m at which point the HQ (96mm) drill bit was replaced by an NQ (75.7mm) bit. Drilling continues with an expected final target depth of approximately 420m.
Grant of Exploration Licences
A further three exploration licences (“ELs”) have now been granted including:
– EL 7756: a 22km2 inlier of Crown land within EL 7271, the prominent EL south of Ballarat gold mine within the Ajax project containing the old Monmouth and Happy Thought mines but where forest cover has limited modern exploration.
– EL 7799: a 3km2 inlier of Crown land originally excluded from licence EL 7327 within the Dereel Project. Investigations have identified the Golden Reef (Dereel) mine as an active high grade mine at the turn of the last century and Crown land will improve access for any future drill programme. The JV has gathered a number of rock chip samples in the area.
– EL 7826: a 4km2 tenement enhancing the land position surrounding Ballarat mine itself and covering potential for southern extension of the main Ballarat lode system known as Ballarat south within the Ajax project.
With the above now granted, seventeen EL grants have now been received from the nineteen original applications. Table 1 below provides a full breakdown.
Rock Sampling Results
A rock chip sampling programme was successfully completed within the Dereel project (EL 7799 & EL7327). The sampling campaign included the collection of 24 rock samples. Gold mineralisation was successfully identified with 16 of the 24 samples returning gold assays >0.1g/t, including a highlight result of 229g/t Au.
Table 2 below provides a breakdown of all rock sampling results.
JOINT VENTURE STRUCTURE
The joint venture (“JV”) is held through New Ballarat Gold Corporation PLC (“NBGC”), which is focused on the prolific Victoria Goldfields of Australia. The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%) (together the “JV Partners”).
NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which holds a strong land position comprising 17 granted exploration licences and one purchased licence for a total area of 1,867km2 within the gold fields of Victoria, Australia, principally surrounding the mining centre of Ballarat, Australia.
In addition, 2 licences covering 467km2 await grant. The JV has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, which remain largely under-explored by modern explorers.
The JV Partners have the intention of listing the JV company on a recognised stock exchange and will make further announcements as appropriate.
TABLE 1: LICENCE TABLES
The seventeen granted and one purchased licence (EL005535) cover high priority areas, covering 1,867km2 as outlined below.
|
Licence Number |
Project Name |
Area (km2) |
|
EL007271
|
Buninyong (renamed) |
133 |
|
EL007281
|
Blue Chip |
74 |
|
EL007282
|
Blue Sky |
489 |
|
EL007285
|
Blue Ribbon |
8 |
|
EL007327 |
Dereel |
60 |
|
EL007385 |
Sardinia |
4 |
|
EL007329 |
Kilmore |
484 |
|
EL007301 |
Pitfield/Mt. Bute |
85 |
|
EL007328 |
Blue Yonder |
164 |
|
State land within EL007271
EL007505 |
–
|
[9] |
|
State land within EL007271
EL007506 |
– |
[9] |
|
State land within EL007271
EL007507 |
–
|
[8] |
|
EL007330 |
Daylesford (renamed)
|
202 |
EL 007294 |
Talbot(renamed)
|
129 |
EL 5535 |
Berringa |
9 (228 net ha) |
EL007756 |
Monmouth |
22 |
|
State land within EL007327
EL007799 |
Dereel (2) |
[3] |
EL007826 |
Ballarat East |
4 |
|
Total
|
1,867 |
Licence Applications:
RRAL has applications in process for two other new gold exploration licence areas, covering 467 km2 in the Victoria Goldfields of Australia including:
|
Licence Application Number |
Project Name |
Area (km2) |
|
EL007540* (3 competing applications)
|
Outer Ballarat |
142 |
|
EL007460 |
Kilmore West
|
325 |
TOTAL |
467 |
*Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.
The following applications have also been made in Western Australia.
|
EL45/5859
|
Paterson |
227 |
|
EL45/5885 |
Pilbara/Paterson |
70 |
Table 2: ROCK CHIP SAMPLING RESULTS
Each sample below represents a 1kg sample which was pulverised and analysed with a aqua regia digest (AAS finish).
|
Sample ID |
Tenement |
Easting |
Northing |
Gold (g/t) |
|
41514 |
EL007799 |
743094.1 |
5809362 |
229 |
|
41562 |
EL007327 |
743239.5 |
5809050 |
1.67 |
|
41513 |
EL007799 |
743102.2 |
5809331 |
0.79 |
|
41515 |
EL007799 |
743095.4 |
5809397 |
0.39 |
|
41560 |
EL007327 |
743233.9 |
5809046 |
0.33 |
|
41564 |
EL007327 |
743248.8 |
5809037 |
0.3 |
|
41561 |
EL007327 |
743232.1 |
5809046 |
0.28 |
|
41563 |
EL007327 |
743252.6 |
5809041 |
0.15 |
|
41565 |
EL007327 |
743243.8 |
5809041 |
0.15 |
|
41511 |
EL007799 |
743110.2 |
5809315 |
0.08 |
|
41516 |
EL007799 |
743082.2 |
5809399 |
0.04 |
|
41512 |
EL007799 |
743108.7 |
5809318 |
0.02 |
|
41566 |
EL007327 |
743270.9 |
5809071 |
0.01 |
|
41510 |
EL007799 |
743119.2 |
5809285 |
0.01 |
|
52525 |
EL007327 |
743264.7 |
5809564 |
<0.04 |
|
58299 |
EL007327 |
743259 |
5809518 |
0.97 |
|
58300 |
EL007327 |
743262.8 |
5809508 |
0.21 |
|
58523 |
EL007327 |
743264.7 |
5809583 |
0.07 |
|
58524 |
EL007327 |
743267.8 |
5809572 |
0.1 |
|
58526 |
EL007327 |
743260.3 |
5809550 |
0.2 |
|
58295B |
EL007327 |
743267.1 |
5809491 |
0.13 |
|
58296B |
EL007327 |
743267.5 |
5809496 |
0.31 |
|
58297B |
EL007327 |
743268.8 |
5809521 |
0.27 |
|
58298B |
EL007327 |
743266.5 |
5809530 |
<0.04 |
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.
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 – Tati Project Botswana Final Drill Assay Results
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces final results from the Company’s recently completed drilling programme on the 100% owned and operated Tati Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.
Assay results from the first three holes which included the bonanza intercept 1m of 47.1g/t gold (“Au”) from 6m downhole depth in reverse circulation (“RC”) drillhole CHRC0003, were previously announced to the market on 3 November 2022 and can be found at the link below:
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Tati is becoming a significant Project for Power Metal – with only 175m strike distance of an 8km long gold-in-soil anomaly drill tested and extensive high-grade gold confirmed from the RC drilling.
Naturally the 47.1g/t Au and 40.6g/t Au grades peak excitement, which they should, however more important is the continuity of gold mineralisation over the 175m strike drill tested thus far, which bodes well for the significant amount of the anomaly yet to be tested. That drill testing is now a priority for Power Metal.
Complementing the extremely exciting gold exploration results we have to note the practical advantages of the Tati Project.
The gold mineralisation identified to date is near surface, significantly de-risking any mining proposition. And the Project is centred on the former working gold mine, Cherished Hope, with gold fines dumps available for processing at a local processing site, potentially generating revenue for further exploration and development of the Project.
The processing site for the fines dumps is located within 20 minutes by road from the Project, and clearly also presents an avenue for processing of gold from the newly discovered mineralised areas, subject to undertaking commercial agreements and local regulatory approvals.
All told the Tati Project is making major progress and the Company intends to accelerate its activity to undertake RC drilling to more fully test the very large Au-in-soil anomaly, prove up more extensive gold mineralisation and in parallel develop avenues for future gold production from the Project.”
Highlights:
– A total of nine RC holes totalling 490m were completed at Tati as part of the August 2022 exploration programme – representing the first ever known drilling programme carried out on prospecting licence (“PL”) 049/2022. Complete assay results have now been received for the remaining 6 holes and are presented herein.
– In addition to multiple high-grade gold intersections reported from the first three RC drillholes, significant near-surface dolerite and quartz reef hosted gold mineralisation was successfully intersected in 5 of the 6 remaining holes. Key down-hole intersections (>1g/t Au) include:
§ Hole CHRC0004
Ø 1m @ 1.36 g/t Au from surface
Ø 2m @ 1.81 g/t Au from 2m
Ø 1m @ 1.56 g/t Au from 5m
Ø 1m @ 2.53 g/t Au from 36m
§ Hole CHRC0005
Ø 1m @ 1.13 g/t Au from 22m
Ø 2m @ 1.78 g/t Au from 52m
§ Hole CHRC0006
Ø 2m @ 23.17 g/t Au from 25m, including
§ 1m @ 40.63 g/t Au from 26m
§ Hole CHRC0007
Ø 1m @ 4.80 g/t Au from 1m
Ø 2m @ 6.59 g/t from 5m, including
§ 1m @ 11.27g/t Au
Ø 1m @ 1.55 g/t from 13m
Ø 1m @ 11.16g/t from 54m
§ Hole CHRC0009
Ø 2m @ 2.11 g/t Au from 49m
– Drilling intersections have confirmed gold mineralisation over a strike length of 175m, with mineralisation remaining open towards the northwest, southeast and downdip.
– Significantly, the Q3 2022 drilling area is located along a major northwest-southeast oriented regional shear that is thought to be the control of gold mineralisation observed within the area.
– Along this major regional shear is a coincident Au-in-soil anomaly that extends for a strike distance of approximately 8km, and which is located entirely within the 100%-owned Tati Project. The majority of this geochemical anomaly remains underexplored, with additional mineralisation identified by Power Metal circa 6.5km to the northwest including Q1 2022 RC drillhole TGRC00017 which returned 3m of 5.17g/t Au from 9m 1, as well as the undrilled GoldSource Zone where rock sampling of a northwest-southeast oriented quartz reef returned up to 26.5g/t Au 2.
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:
The maps presented above will also be uploaded to the Tati Project page on the Company’s website found at the link below:
One metre RC chip samples were riffle split and sent for analysis by Intertek Genalysis in Perth Western Australia, by 50g fire assay with inductively coupled plasma mass spectrometry (ICP-MS) analysis (method FA50/MS). High grade samples were additionally analysed by 50g fire assay with inductively coupled plasma optical emission spectroscopy (ICP-OES) (method FA50/OE). Significant assay results are presented in Table 1, drill collar locations are set out in Table 2.
Table 1: Full Assay Results for Downhole Intersections >1g/t Au
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppb) |
Au (g/t)* |
Note |
|
CHRC0001 |
21 |
22 |
1 |
2,154 |
||
|
24 |
25 |
1 |
1,344 |
|||
|
33 |
34 |
1 |
12,490 |
10.2 |
||
|
CHRC0002 |
10 |
15 |
5 |
N/A |
Mined out void |
|
|
15 |
16 |
1 |
5,572 |
|||
|
CHRC0003 |
0 |
1 |
1 |
1,816 |
||
|
1 |
2 |
1 |
1,261 |
|||
|
5 |
6 |
1 |
1,251 |
|||
|
6 |
7 |
1 |
44,821 |
47.1 |
||
|
7 |
8 |
1 |
1,360 |
|||
|
CHRC0004 |
0 |
1 |
1 |
1,362 |
||
|
2 |
3 |
1 |
1,911 |
|||
|
3 |
4 |
1 |
1,716 |
|||
|
5 |
6 |
1 |
1,560 |
|||
|
36 |
37 |
1 |
2,377 |
2.526 |
||
|
37 |
39 |
2 |
|
|
Mined out, poor return |
|
|
CHRC0005 |
22 |
23 |
1 |
1,155 |
1.13 |
|
|
52 |
53 |
1 |
1,262 |
|||
|
53 |
54 |
1 |
2,641 |
2.296 |
||
|
CHRC0006 |
25 |
26 |
1 |
8,761 |
5.721 |
|
|
26 |
27 |
1 |
41,037 |
40.625 |
||
|
CHRC0007 |
1 |
2 |
1 |
1,546 |
4.802 |
|
|
5 |
6 |
1 |
1,762 |
1.915 |
||
|
6 |
7 |
1 |
10,933 |
11.272 |
||
|
13 |
14 |
1 |
1,695 |
1.546 |
||
|
54 |
55 |
1 |
12,166 |
11.157 |
||
|
CHRC0008 |
No Significant Values |
|||||
|
CHRC0009 |
49 |
50 |
1 |
2,514 |
|
|
|
50 |
51 |
1 |
2,608 |
1.707 |
*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g Fire-Assay)
Table 2: Tati 2022 Drill Programme Collar Table
|
Drill Hole ID |
Dip |
Azimuth |
Depth (m) |
Northing* |
Easting* |
|
CHRC0001 |
45° |
28° |
40 |
564875 |
7650896 |
|
CHRC0002 |
45° |
35° |
30 |
564856 |
7650925 |
|
CHRC0003 |
45° |
31° |
30 |
564842 |
7650942 |
|
CHRC0004 |
45° |
35° |
60 |
564818 |
7650929 |
|
CHRC0005 |
45° |
52° |
80 |
564797 |
7650937 |
|
CHRC0006 |
45° |
44° |
50 |
564798 |
7650936 |
|
CHRC0007 |
45° |
44° |
70 |
564772 |
7650950 |
|
CHRC0008 |
45° |
35° |
30 |
564748 |
7650986 |
|
CHRC0009 |
45° |
48° |
100 |
564744 |
7650958 |
* Projection: UTM Zone 35S WGS84
Reference Notes
1. Company announcement, Tati Project Botswana – Drill Programme Results, 4 April 2022
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9klmer )
2. Company announcement, Tati Project Botswana – Large Scale Gold Anomaly Confirmed, 14 September 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w6pve9x )
QUALIFIED 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 Qualified 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:
|
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 |