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#SVML Sovereign Metals PLC – Kasiya Indicated Resource Increased By Over 80%
· Kasiya Indicated Resource now stands at 1.2 Billion tonnes at 1.0% rutile and 1.5% graphite
· Updated Mineral Resource Estimate (MRE) moves over 0.5 Billion tonnes from Inferred to Indicated – an increase of 81% to the Indicated category
· Over 66% of total MRE now in the Indicated category
· Kasiya’s global MRE over 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite
· Kasiya remains the world’s largest natural rutile deposit and second largest flake graphite deposit
· Updated MRE to underpin the mining inventory and mine plan for the forthcoming Pre-feasibility Study (PFS)
Sovereign’s Managing Director Dr Julian Stephens commented: “The increase of over 80% in the Indicated component at a one-for-one conversion from Inferred is an outstanding outcome. The conversion rate confirms the very consistent geological and grade continuity and is testament to the high-quality and robustness of the deposit. Kasiya is poised to become a major long-term supplier of the critical minerals natural rutile and graphite, with both forecast to be in near-term and significant supply deficit. The PFS work program on this highly strategic and globally significant project is progressing well and approaching its final stages. The Company is looking forward to presenting the outcomes of the PFS in the coming months.”
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM |
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RFC Ambrian |
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Andrew Thomson |
+61 8 9480 2500 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingrams |
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Mariela Jaho |
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Christian Dennis |
Read further announcement here
#KAV Kavango Resources PLC – Ditau: Additional Exploration Holes Logged
Kavango Resources (LSE:KAV), the Southern Africa focussed exploration company, is pleased to announce that it has identified further evidence of a potential wider mineralised system at the Company’s Ditau Project in SW Botswana.
Having confirmed the 470m strike extent of the mineralised Banded Iron Formation (“BIF”) encountered in Hole DITDD004 (announced >>> 31 March 2023), Kavango has completed logging of two historic exploration holes that were drilled in the vicinity of Target i10. Kavango drilled DITDD004 in April 2022 to test Target i10.
Drill core from the two historic exploration holes X077_H002 (“X077”) & X081_H001 (“X081”) both exhibit clear evidence of mineralisation.
X077 is 470m from DITDD004. It was drilled to 189m and intercepted the same mineralised BIF that Dr. Hamid Mumin recently identified as a large-scale system, primarily prospective for possible lode gold mineralisation. The mineralised BIF in X077 remained open at depth and Kavango is considering drilling a twin hole to test this target.
FIGURE 1: End of Hole X077 at 188.93m, pyrite and carbonate both increase at end of hole, suggesting increasing mineralisation, open at depth.
X081 is 3km to the SW of DITDD004 and was drilled to a depth of 144m. The core is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins. There are clear signs of locally intense hydrothermal activity.
Kavango has sent samples from X077 and X081 for assay testing.
Ben Turney, Chief Executive Officer of Kavango, stated,
“Gaining access to exploration Holes X077 and X081 via the Botswana Geological Institute could prove to be decisive in our Ditau exploration programme.
X077 has already demonstrated the potential strike extent of the thick mineralised Banded Iron Formation we intercepted with our Hole DITDD004 last April.
However, the identification of X081 opens an even more intriguing line of investigation for us. Evidence of intense local hydrothermal activity and the clear presence of iron oxides and sulphides strengthen the possibility of a regional exploration play.
We now look forward to assay results to guide our next steps.“
OVERVIEW
· Two exploration holes were drilled in the vicinity of Kavango’s Target i10 at Ditau. The core from these holes is now the property of the Botswana Geoscience Institute (the “BGI”).
o Hole X077_H002 (“X077”) drilled to 189m & lies 470m NW of DITDD004
o Hole X081_H001 (“X081”) drilled to 144m & lies 3km to the SW of DITDD004
o Holes X077 & X081 were abandoned by the party who drilled them, once it was established the underlying targets were not kimberlites and therefore had no potential for diamonds.
· With the cooperation of the BGI, Kavango has reviewed the drill core from X077 and X081. The Company’s initial findings are:
o X077 encountered the same BIF as DITDD004, with clear visual evidence of mineralisation. This confirms the mineralised BIF is continuous for at least 470m. X077 is open at depth.
FIGURE 2: Mineralised Banded Iron Formation (BIF) identified in Hole X077 appears to represent acontinuation of the same mineralised BIF Kavango intercepted in its Hole DITDD004
o X081 has further clear visual evidence of mineralisation and locally intense hydrothermal activity.
Kavango will now send samples from X077 and X081 for assay testing.
INITIAL REVIEW OF DRILL CORE
The BGI granted a team from Kavango permission to log two previous drillholes (X077 and X081) drilled in the vicinity of Kavango’s Hole DITDD004 in the Ditau Project.
Holes X077 and X081 were drilled with diamond core to depths of 188.93m and 143.93m respectively.
X077 is located 470m NW of DITDD004 and X081 is 3km to the SW and is coincident with a small magnetic anomaly.
DITDD004 contained anomalous gold and copper values, hosted in a Banded Iron Formation (BIF), and has been characterised by Dr. Hamid Mumin [announced >>> 06 March 2023] as a BIF hosted lode gold style of mineralising system, with the possibility for Volcanogenic Massive Sulphides also to be investigated.
Kavango has carried out detailed logging, pXRF determinations, and magnetic susceptibility measurements on X077 and X081. Initial results from this analysis are as follows:
Hole X077
· Extensive brecciated BIF seen, as in Hole DITDD004. This confirms the 470m strike extent of this formation.
· Pyrite observed, plus (at 147m) blebs of chalcopyrite, 15mm in diameter.
FIGURE 3: Extensive pyrite seen in X077, this example is at 155m depth.
· X077 stopped at 188.93m in strong carbonate alteration with pyrite, associated with veining. The degree of alteration was observed to be increasing with depth.
· The mineralising system that has caused this is considered by Kavango to extend beyond the end of the hole. Termination of X077 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.
· X077 confirms that the mineralisation seen in hole DITDD004 is not isolated and is part of a wider system.
Hole X081
· X081 was drilled on a different magnetic target to Target i10.
· X081 is a shallower hole (drilled to 143.93m) and is significantly oxidised.
FIGURE 4: Increasing levels of (now oxidised) sulphides indicated towards the end of Hole X081, which was drilled to 143.93m, with mineralisation open at depth
· It is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins.
· There are clear signs of locally intense hydrothermal activity.
· Again, the mineralising system in X081 is considered by Kavango to extend beyond the end of the hole. It is unclear whether the mineralising system is related to that seen between Holes DITDD004 and X077. Kavango will investigate this through assay testing of core samples.
· Termination of X081 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.
NEXT STEPS:
· Core cutting is complete and Kavango’s team will send samples from X077 and X081 for assay testing.
· Kavango will in the interim review pXRF and other data in parallel with this to advance its interpretation at Ditau.
· Kavango to share all data and samples with Dr. Mumin in order to upgrade confidence in this exploration model and refine our exploration plan.
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’.
#KAV Kavango Resources PLC – Ditau: 470m Strike Extension to Mineralised BIF
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’
#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:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#FCM First Class Metals PLC – Ontario Junior Exploration Program-Grant Receipt
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 land holding is pleased to announce that it has received payment in full of the 2022/3 Ontario Junior Exploration Grant ‘OJEP’ for work carried out on the flagship North Hemlo property.
Highlights
· Final payment of CAD$140,000 of the maximum CAD$200,000 OJEP Grant received in lieu of the successful completion of the 2022 work program on the North Hemlo property.
· First UK listed company to have a successful completed application from the Ontario-Ministry of Northern Development, Mines, Natural Resources and Forestry
· The OJEP Grant assisted with costs relating to exploration expenditure incurred from the high definition low-level magnetic survey and field work across the property. This work was pivotal in the exploration success we had through the period, which included the discovery of the ‘Dead Otter Lake Trend’ reporting grab samples of up to 19.6 g/t gold (Au) over a +3km long strike.
https://polaris.brighterir.com/public/first_class_metals/news/rns/story/rnkq30r
· First Class have applied for funding from the 2023/4 OJEP intake for use on the Sunbeam gold project and we await feedback from the Ministry of Northern Development on this application.
Marc Sale CEO Commented: “On behalf of FCM I would like to thank the Ministry of Northern Development for the approval and receipt of the full $200,000 relating to the 2022/3 OJEP Program. Following this success, FCM have applied for the 2023/4 intake of OJEP with a focus on funding the work programme at Sunbeam. A detailed historical review of all the data pertaining to the Sunbeam property is in its final stages: and we eagerly await the conclusions which will help define our exploration programme in the coming season. On the wider company picture we have confidence that our projects in Ontario will be further advanced, building in 2023 on what was a very successful maiden field season”.
About OJEP: OJEP helps junior mining companies finance early stage exploration projects in Ontario. These projects help boost mineral exploration, growth, and job creation for northern and indigenous communities in the province. The 2022 OJEP fund totalled CAD$5m with a maximum allocation of $200,000 per applicant.
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
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Jonathan Brown |
0207 3742212 |
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Jason Robertson |
0207 3742212 |
#SVML Sovereign Metals Ltd – Demerger Timetable
Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) provides an update to the indicative timetable in relation to the demerger of NGX as disclosed below.
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Effective date of Distribution |
20 March 2023 |
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Repositioning of securities between the Australian share register and UK Depositary Interest register is suspended at the close of business |
21 March 2023 |
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Ex Date |
22 March 2023 |
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Record Date |
23 March 2023 |
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Repositioning of securities between the Australian share register and UK Depositary Interest register recommences |
24 March 2023 |
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Date for Distribution to Shareholders (Distribution Date) |
24 March 2023 |
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Despatch of holding statements for NGX Shares transferred under the Distribution |
27 March 2023 |
Note: The dates shown in the table above are indicative only and may vary subject to the Corporations Act, the Listing Rules, the AIM Rules and other applicable laws.
ENQUIRIES
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Dylan Browne Company Secretary info@sovereignmetals.com |
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Nominated Adviser on AIM |
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RFC Ambrian |
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Andrew Thomson |
+61 8 9480 2500 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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#KAV Kavango Resources PLC – Ditau Core Review
Kavango Resources plc (LSE:KAV) (“Kavango”), the Southern Africa focussed metals exploration company, is pleased to announce completion of relogging of drillhole DITDD004 at the Ditau Project.
CORE REVIEW RESULTS
· Relogging of Hole DITDD004 complete, following the recent recommendations from Dr. Hamid Mumin (>>> announced 06 March 2023) who has proposed a possible Banded Iron Formation (BIF) Hosted Lode Gold system at Ditau.
· Hole DITDD004 was drilled to test the i10 Target.
· Key observations from relogging of Hole DITDD004 include:
· Localised brecciation of the BIF has enhanced permeability, allowing passage of sulphide and gold bearing fluids.
· The previously reported gold assays (>>> announced 14 October 2022) are seen to coincide with the presence of fine pyrite in the BIF.
· The association of pyrite with the gold, typical in gold deposits, is useful confirmation of some of the characteristics of the Ditau mineralisation. These characteristics will then be targeted in the next stage of exploration.
· Kavango is developing a working hypothesis that some of the sediments above the BIF may be of Proterozoic age, rather than of the much younger Karoo age sediments.
· If this is the case, then mineralising fluid flow could also have taken place through these.
· Proterozoic age BIFs, such as at Ditau, can be associated with Lode Gold systems.
Brett Grist, Chief Operations Officer of Kavango, stated,
“Dr. Hamid Mumin’s report has highlighted the gold potential at Ditau and proposed a new deposit model. Relogging of the core by Kavango has identified a number of features that could be consistent with this. We look forward to logging the additional drillholes we’ve identified over the I10 Target at the end of this month and using the results to expand our exploration program.”
NEXT STEPS
· Additional core samples have been taken and will be sent to a laboratory in Canada for additional assays.
· Up to 24 samples are also being sampled for petrological work under the supervision of Dr. Mumin, aimed at further enhancing Kavango’s understanding of the mineralisation style prior to future drilling.
· Kavango is preparing a geophysical survey program at Ditau, which is likely to include Induced Polarisation (IP) surveys targeting pyrite as a proxy for gold.
· The IP survey will initially be run over already identified mineralisation, to trace the wider extension over the i10 Target area.
· Kavango has been given permission to relog two additional diamond drill holes located over the i10 Target area, which were drilled by another company.
· The Botswana Geoscience Institute (BGI) has provided approval for Kavango to take and analyse samples from these holes.
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
+46 7697 406 06
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’.
#POW Power Metals Resources PLC – Strategic Update and Director Changes
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a strategic business update providing the latest position of the Company and its forward objectives, together with director changes to lead Power Metal into the next stage of its business development.
STRATEGIC BACKGROUND
Company Historical Strategy
§ Power Metal has undergone rapid growth over the past four years. The scale of the Company’s acquisition, exploration and corporate development activities over recent years positions the Company very well to generate significant value at this point in the cycle.
§ From an initial concentration on west and central Africa in 2019 the Company now has direct and indirect exposure to strategic resource exploration projects in secure jurisdictions in North America, Africa and Australia, across a commodity suite with metals that are demonstrating increasingly critical global demand.
§ The work to build the Company has been carefully completed to a high standard and during a highly volatile period for the junior resource sector. That time has been used to accumulate and advance interests whilst valuations in the sector have been modest and in readiness for stronger conditions during a junior resource sector recovery, as we have seen many times in previous cycles.
Building a Strong Management and Operational Team
§ Power Metal has built a strong UK based corporate team who are managing the key areas of geology, company management, finance, compliance and communications. The Company also works with established and capable UK advisors and also in-country teams to conduct project-based operations in the various jurisdictions in which it operates.
§ Together, the team have created a professional and disciplined operational core to oversee the Company’s global interests, and to manage the extensive field operations and corporate activities completed and underway.
§ By necessity and to further build the momentum of the Company with wider and impactful strategic partnerships, certain Board and senior management changes are to be implemented as outlined below.
Focus of Operational Activities and Strategic Partnerships
§ Power Metal will apply greater focus to its operational activities, seeking the efficient completion of spin-out IPOs and project disposals and concentrate exploration on strategically important retained projects. This increased focused is expected to more rapidly build value for shareholders.
§ The size and scale of the Power Metal business means it is ready for partnerships at project and corporate level with larger mining companies and internationally significant sector funds and institutions.
FOCUSING POWER METAL
An overview is provided on the status of all Power Metal project interests and vehicles later in this report. It is important to recognise the Company’s strategic interests include but are not limited to:
Creating a Substantial Uranium Business
The Company is to build a greater focus on its strategic uranium business and seeks to become the leading uranium exploration and development company in London.
§ The initial focus is the Company’s 100% interest in a 967km2 uranium project footprint in the Athabasca Basin area of Saskatchewan, Canada, over 16 properties (2 properties under disposal agreements).
§ Power Metal is looking to efficiently complete project staking and acquisition of uranium properties in the Athabasca Basin region to add to its existing portfolio and to secure high impact uranium opportunities globally should they meet the Company’s exacting investment criteria.
§ Power Metal will also complete, communicate and implement plans for extensive exploration across retained uranium properties in 2023.
Uncovering District Scale Nickel and Gold Systems in Botswana
The Company will seek to expedite the release of results for priority exploration projects already underway and focus on rapid advancement of strategic Botswana interests. These include:
§ 87.71% interest in the district scale Molopo Farms Complex Project in Botswana, with a 2,402m diamond drill programme completed, with geological feeder zone model confirmed and nickel sulphides already confirmed, two significant elements from exploration drilling undertaken, combined with historical work, with assay results awaited.
§ 100% interest in the Tati Project in Botswana with an 8km long gold-in-soil anomaly, where reverse circulation drilling in 2022 confirmed up to 47.1g/t gold in a one metre composite sample with extensive follow-on exploration currently underway, and the first stage of field work (geophysics and trenching) now completed, with geophysical interpretation and assay results awaited.
Driving Planned IPO Vehicles Forward
The planned IPOs have taken longer than originally anticipated. There are reasons behind this including the extensive preparatory work in the pre-IPO process, the need to complete work in all vehicles to enable immediate and proactive exploration campaigns upon listing. Also proper recognition of market conditions during 2022 is a factor, a year which saw a severe decline in investor sentiment in the junior resource sector, with few IPOs occurring in the sector generally.
Preparations for the first three IPO vehicles (see below) are now essentially complete and the vehicles ready for listing have fully prepared proactive exploration plans in place. We also believe there is increased investor engagement and interest in 2023 generally and we are seeking to complete all transactions as quickly as possible and are taking all necessary steps to accomplish this.
Therefore, the focus commercially is to accelerate completion of all remaining disposals and spin-out IPO-listings for all relevant projects and vehicles. These include but are not limited to the following vehicles in which Power Metal has a strategic interest:
§ Power Metal holds an 83.13% interest in Golden Metal Resources PLC (“GMR”) which through local subsidiaries holds the Pilot Mountain project containing the largest known critical tungsten metal mineral resource estimate in the USA and Golconda Summit a gold exploration target for a Carlin-style gold discovery. GMR is undertaking a planned listing in London, has completed the pre-IPO preparations and the IPO financing is underway.
§ Power Metal holds a 58.59% interest in First Development Resources PLC (“FDR”) which through local subsidiaries holds the Wallal Project hosting drill ready magnetic bullseye targets, demonstrating geophysical similarities to the recent Havieron discovery made by Greatland Gold PLC and a large rare earths, uranium and lithium project 65km north west of the Nolans rare earths project held by Arafura Rare Earths Ltd. FDR is undertaking a planned listing in London, has almost entirely completed the pre-IPO preparations and the IPO financing is expected to commence shortly.
§ Power Metal has agreed the disposal of two uranium properties in the Athabasca Basin to Teathers Financial PLC which is to be renamed Uranium Energy Exploration PLC (“UEE”). The disposals are conditional on the successful listing of UEE in London creating a new uranium exploration focused company holding the Reitenbach and E-12 properties (Power Metal expects to hold 50-55% of UEE on listing). The pre-IPO preparations are complete and the IPO financing is expected to commence shortly.
§ Power Metal holds 49.9% of a joint venture company New Ballarat Gold Corporation PLC (“NBGC”) which holds, through its local subsidiary, a large footprint of granted exploration ground in the Victoria Goldfields of Australia including two former high-grade working mines and where recent drilling (at Berringa) has confirmed visible gold in the core of the first three holes drilled, assays awaited. The intention of the JV partners is for NBGC to undertake a planned listing, with the technical results including assay of the current drill programme forming part of the technical data presented as part of that listing exercise.
DIRECTOR CHANGES
The entire Power Metal team have worked relentlessly to build the Company to its current strong position in the junior resource environment.
The next steps taken by the Power Metal group are key to the delivery of value to shareholders and the whole team. Specifically, board leadership of Power Metal Resources PLC with its retained interests needs to be optimised to meet the opportunities available to the Company.
When considering the Power Metal Board, consideration must always be given to the suitability, availability and capability to commit the time and energy required by the Company in the next stage of growth.
Reflecting this, certain Board changes are now being implemented for reasons outlined in further detail below.
Sean Wade is to become an Executive Board Director and Chief Executive Officer with immediate effect and is charged with driving Power Metal to the next stage in its corporate growth as outlined in the “Focusing Power Metal” section above.
Sean is an experienced corporate executive within the natural resource sector, having held senior roles in mining companies including Berkeley Energia PLC, Pensana PLC and Asia Resource Minerals PLC. He has worked on numerous transactions in the capital markets, including IPO’s, secondary capital raising and M&A in a wide variety of different jurisdictions and exchanges. His extensive network covers numerous capital providers, including institutional funds, family offices and private wealth.
Sean started his career at Cazenove & Co in 1993. In 2007 he was a founding shareholder in Liberum Capital. Since 2012, he has worked in corporate business development and investor relations. He founded Scout Advisory Limited in 2020 undertaking consultancy work with various listed and private companies in the resource exploration mining sector.
His connections with internationally recognised mining companies and investment institutions will enable the Company to develop corporate and financial partnerships necessary to grow the business. We believe this network will also help accelerate and cement the disposal pathways for certain interests further enhancing the Company’s financial strength.
As a result of and to focus on certain critical family health matters Paul Johnson is to step down as Chief Executive Officer with immediate effect and from the Board on 17 March 2023.
After stepping down Paul will continue working with the Company and the corporate team on the managerial transition, continuing communication strategies and notably to accelerate the work behind crystallisation of value from the Company’s interests. This will include anticipated completion of disposal transactions and ongoing support for spin-out listings and disposals, where applicable.
Scott Richardson Brown is to assume the role of permanent Non-executive Chairman. This reflects Scott’s service continuity as interim Non-executive Chairman since October 2021, and the leadership of the Board and the Company over that time.
Following completion of the above changes on 17 March 2023 the Board will comprise:
Scott Richardson Brown – Non-executive Chairman
Sean Wade – Chief Executive Officer
Ed Shaw – Non-executive Director
Owain Morton – Non-executive Director
The Company is also planning to appoint a Finance Director reflecting the expansion of business activities going forward, a Technical Director and an additional Non-executive Director to complete the Board build-out at this time.
Scott Richardson Brown, Non-executive Chairman commented: “I want to welcome Sean to the Power Metal Board and as Chief Executive Officer. His extensive relevant experience and connectivity across the resource industry will be a major asset to the Company as we move to the next important stage of business growth.
I am aware of the immense commitment Paul has made over four years building Power Metal to the business it is today and the opportunity that presents for shareholders in the Company. I also understand and support Paul’s decision to step down from the Board to enable him to deal with significant personal challenges.
I think it is important to have Paul continuing to work with Power Metal in the key areas of transition, communications strategy and value crystallisation from the portfolio, something he has been instrumental in creating.”
Paul Johnson Chief Executive Officer commented: “It has been a privilege to bring Power Metal forward over the last four years, to the point where it is now a global business with a portfolio of strategic project interests, in optimal jurisdictions and positioned especially well in the junior resource sector. I look forward to remaining involved with the Company, and its commercial work.
As the largest shareholder and taking an objective view, this managerial transition is the right step now for Power Metal to reach its fullest potential. I will take great pride in watching Power Metal, as I expect, take its rightful place amongst the leaders in this sector.”
Sean Wade, incoming Chief Executive Officer commented: “I am very pleased to be appointed as CEO to lead Power Metal. In my view, the Company has an excellent resource asset set that is yet to be recognised by the wider market and thus fairly reflected in the market capitalisation of the Company.
The exciting challenge of unlocking this inherent value will be addressed in part by the completion of the disposal transactions and focusing our business operations on advancing the key exploration interests in Africa, potentially with strategic partners. In addition, and notably, there has been particular interest in a well-planned, well communicated and well executed expansion of the Company’s uranium exploration activities.
I firmly believe that Power Metal is in a great position to advance its projects and continue to gain recognition in the wider mining community and with recognised sector focused investors.“
ALL COMPANY INTERESTS IN OVERVIEW
|
Project/Vehicle |
Description |
Areas of Focus |
|
Athabasca Uranium Saskatchewan, Canada (Uranium) POW 100% |
Power Metal currently holds 16 uranium prospective properties covering 967km2 within and surrounding the prolific Athabasca Basin, including property acquisitions and self-staked ground. Two properties are in the vend process (see UEE section below).
|
– Additional staking planned – Next step exploration planning – Project partner discussions |
|
Molopo Farms Complex Project Botswana (Nickel – Copper – Platinum Group Element) POW: 87.71% |
Power Metal holds 87.71% of Kalahari Key Mineral Exploration Pty Limited (“KKME”) which holds 100% of the Molopo Farms Complex Project (“MFC Project”). A 2,402m diamond drill programme was undertaken in late 2022/early 2023 with five holes over four target geophysical anomalies completed. Work completed to date has crucially confirmed the geological feeder zone model and demonstrated multiple examples of the targeted nickel sulphides from assay results from the previous drill programme and visual core inspection from the current drill programme where assays are awaited. |
– Release of technical review including drill assay results – Next step exploration planning – Furthering potential project joint venture partner discussions with third parties. |
|
Tati Project Botswana (Gold – Nickel) POW: 100% |
The Tati Project is centred on an 8km gold-in-soil anomaly (the “Anomaly”), including the former working Cherished Hope Gold Mine.
Reverse circulation (“RC”) drilling completed in 2022 delivered high and bonanza grade gold results including 47.1g/t gold in a one metre composite sample.
The Company believes there is potential for a very large gold deposit over the Anomaly and has already commenced an extensive 2023 work programme including trenching, sampling, geophysics RC and diamond drilling.
|
– Trenching sampling results – Geophysics results – RC & Diamond drilling to be undertaken – Furthering discussions with partners for the processing of fines dumps. |
|
New Ballarat Gold Corporation PLC (NBCG) Victoria, Australia (Gold) POW: 49.9% |
Power Metal holds 49.9% of NBGC held in Joint Venture (“JV”) with Red Rock Resources PLC (LON:RRR – 50.1%) which through an Australian operating subsidiary, Red Rock Australasia Pty Ltd, has a wholly owned and substantial licence footprint within the Victoria Goldfields, Australia, which is comprised of 17 granted exploration licences covering 1,867km2 and 2 licence applications covering 467km2 including two former high-grade working mines (Ajax and Berringa) where our technical team believe a considerable, and potentially high-grade, gold endowment remains. 1,000m diamond drill programme underway at Berringa. |
– Drill programme completion – Drill assay results – Next step exploration planning – Update on IPO of NBGC
|
|
Golden Metal Resources PLC (GMT) Nevada, USA Gold – Base Metals POW 83.13%
|
GMT holds four projects centred on Nevada USA, including the earn-in to a 100% interest in the Golconda Summit Project targeting a large Carlin-type gold deposit. In addition GMT holds a 100% interest Pilot Mountain Project, which holds a 12.3mt Mineral Resource Estimate (“MRE”) at 0.27% tungsten trioxide (WO3) along with substantial silver, copper and zinc credits. |
– IPO financing update – Listing in London
|
|
First Development Resources PLC (FDR) Western Australia /Northern Territory (Gold – Copper – Rare Earth Elements – Uranium – Lithium) POW: 58.59%
|
FDR holds three projects in Western Australia including Ripon Hills, Braeside West and Wallal Project targeting precious and base metals. Wallal Project includes the Eastern magnetic bullseye anomaly which is in a drill ready state, targeting an undercover large copper-gold discovery. In addition FDR holds the Selta Project in the Northern Territory which covers approximately 1,600km2 and is prospective for rare earth elements, uranium and lithium. |
– IPO financing update – Listing in London
|
|
New Horizon Metals Australia (Gold, Copper, Uranium, IOCG) POW: 20% |
In December 2022 the Company announced the merger of its 100% owned Wilan Project (previous name Gawler Project) in South Australia with copper and gold exploration projects in Queensland. The new holding vehicle, New Horizon Resources Pty Ltd (“New Horizon”) is currently planning to list on a recognised stock exchange in the UK or Australia. Interest has however been shown by existing listed Canadian and Australian companies for outright acquisition of New Horizon, and New Horizon is working with various parties in this regard. |
– Commercial pathway to be confirmed |
|
ION Battery Resources Ltd (ION) Canada (Lithium and Graphite) POW 100% |
ION holds three project interests including an earn in to a 100% interest in the Authier North Lithium Project in Quebec, a 100% interest in the North Wind Lithium Project in Ontario and a 100% interest in the Doerksen Bay Graphite Project in Saskatchewan.
It is expected that ION will be the subject of an outright disposal into an existing listed company or will pursue its own IPO listing. |
– Commercial pathway to be confirmed |
|
Uranium Energy Exploration PLC (“UEE”) Canada (Uranium) POW circa 50-55% on vehicle listing & disposal completion |
In 2022 Power metal announced the conditional disposal of two uranium properties in the Athabasca Basin region to Teathers Financial PLC (to be renamed Uranium Energy Exploration PLC) which is to list in the London capital markets.
Work is continuing on this planned listing and further updates will be provided in due course. |
– IPO listing update
|
|
Haneti Project Tanzania (Polymetallic) POW: 35% |
Power Metal is in discussions with joint venture partner Katoro Gold (LON:KAT – 65%) to determine the future of the Haneti Project.
The Company remains of the view that Haneti offers considerable potential, with a commitment to proactive and methodical exploration.
|
– Project exploration and/or commercial pathway to be confirmed
|
|
Silver Peak Project British Columbia, Canada (Silver) POW: 30% |
Power Metal’s exploration work at Silver Peak undertaken in 2020 and 2021, and a follow up site visit in 2022 confirmed high and bonanza grade silver at the Silver Peak Project, where former high-grade silver mining was undertaken.
The Company believes there is potential for a considerable remaining silver endowment and that Silver Peak is a valuable asset.
|
– Commercial pathway to be confirmed.
|
REGULATORY DISCLOSURES
The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Sean Edward Wade, aged 52:
|
Current directorships and/or partnerships: |
Former directorships and/or partnerships (within the last five years):
|
|
Teathers Financial PLC Uranium Energy Exploration Ltd Keysford Limited S&K Wade Properties Limited 102156730 Saskatchewan Limited |
Scout IR Limited Scout Advisory Limited |
Mr Wade does not hold any shares in Power Metal.
Mr Wade has confirmed there is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM rules.
As part of Mr Wades’ employment contract Mr Wade will be issued with Power Metal share options, namely, 12,500,000 options to subscribe for new Power Metal ordinary shares of 0.1p each at an exercise price of 3.25 pence with a life to expiry of 3 years from today (the “Director Options”). The Director Options are subject to a minimum service period of 6 months and may not be exercised until the volume weighted average price of Power Metal shares trades at 5.0 pence for ten consecutive trading days.
PDMR DISCLOSURE
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director’s share dealing.
|
1
|
Details of the person discharging managerial responsibilities / person closely associated
|
||||
|
a)
|
Name
|
Sean Edward Wade
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Executive Officer
|
|||
|
b)
|
Initial notification /Amendment
|
Initial Notification |
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
Power Metal Resources Plc
|
|||
|
b)
|
LEI
|
213800VNXOUPHTX53686 |
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument |
ordinary shares of 0.1p each |
|||
|
Identification code |
ISIN: GB00BYWJZ743 |
||||
|
b)
|
Nature of the transaction
|
Issue of Options
|
|||
|
c)
|
Price(s) and volume(s) |
||||
|
Price(s) |
Volume(s) |
||||
|
3.25p
|
12,500,000
|
||||
|
d)
|
Aggregated information |
||||
|
– Aggregated volume |
12,500,000 |
||||
|
– Price |
3.25p |
||||
|
e)
|
Date of the transaction
|
10March 2023 |
|||
|
f)
|
Place of the transaction
|
Off Market |
|||
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 |
#GRX GreenX Metals Limited – Share Placing to UK and European Investors
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to announce that it has successfully completed a bookbuild and secured commitments for 12.4 million new ordinary shares at a price of 31 pence (A$55c) per share for gross proceeds of approximately £3.9 million (~A$6.8 million) from new and existing UK and European investors and some Australian investors. (Placing).
Together with the Company’s existing cash resources (A$2.6 million as at 31 December 2023), the proceeds of the Placing will help ensure that GreenX retains a strong balance sheet position.
The net proceeds from the Placing will be used for:
o Exploration activities in Greenland;
o Business development through identifying other suitable business opportunities in the resources sector; and
o Administrative expenses while the Arbitral Tribunal (Tribunal) decision remains pending following the recent conclusion of the hearing for the international arbitration claims (Claim) against the Republic of Poland.
In November 2022, the Company reported the conclusion of the hearing for the international arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty. The hearing took place in London in November 2022 and lasted two weeks. Following completion of the hearing, the Tribunal will render an Award (i.e., the legal term used for a ‘decision’ by the Tribunal) in due course with no specified date available for the Tribunal decision. As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.
GreenX initiated exploration activities at ARC in 2021. ARC is a significant, large-scale project (5,774km2 license area) with historical exploration results and recent analysis indicative of an extensive mineral system with potential to host world-class copper deposits.
The Company will issue the Placing shares under its capacity pursuant to ASX Listing Rule 7.1.
The Company also released an updated presentation today which can be found at https://greenxmetals.com/investors/reports-presentations/.
Forward Looking Statements
This release may include forward-looking statements. These forward-looking statements are based on GreenX’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 GreenX, which could cause actual results to differ materially from such statements. GreenX 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.
#FCM First Class Metals PLC – McKellar & Magical Exploration Update
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 provide an exploration update on the McKellar & Magical Properties.
Highlights
McKellar Property
- “McKellar Trend” – Volcanic Massive Sulphide (“VMS”) conceptual trend supported, extending over 550m, open ‘along strike’ in both directions.
- Over 100 grab samples taken with highlights including 4.82% Zinc (Zn) 80 g/t Silver (Ag)
- Work programme further proves up conceptual VMS model and extension of historical high grade metal occurrences across the property.
- Eight contiguous claims have been staked, adjoining the southern boundary of the McKellar property.
- Proven potential for Rare Earth Elements (“REE”), further work planned.
Marc J. Sale, CEO of First Class Metals commented:
“Further encouragement from the 2022 field season includes the initial exploration results at McKellar returning significant results on the historic trend rich in zinc and silver. The mineralisation remains open, further work being warranted. There are additional compelling targets on the property including the diatreme which will be followed up in the upcoming field season. The anomalous first pass results from the initial field programme at Magical have supported the theory of a mineralisation along the sheared geological contact and further work is planned”.
“Additionally, we are still awaiting the final results for the Esa soil sampling as well as the ongoing Winter programme of the lake sediment sampling over 4 of the claim blocks. I feel confident that FCM has started the 2023 season with significant impetus.”
McKellar
The McKellar Property, comprising 58 claims, covers ~12km² and is situated in prime geological terrain within the Coldwell complex, located to the west of Generation Mining’s Palladium Project. McKellar is roughly 25 kilometres from the town of Marathon, the main service centre for Barrick’s Hemlo mine.
During the 2022 field season over 100 grab (rock chip) samples and 6 lake sediment samples were collected. Work was predominantly on the McKellar trend and nearby Alvey occurrences as well as initial work on the Rare Earth Element (“REE”) diatreme in the southern sector.
The historic ‘McKellar showing’ that contains the historic Little Pic Mine is a very prospective zone with strike extension potential localised in a shear possibly along the volcano-sedimentary contact. This is being interpreted as potential VMS style mineralisation, see figure 1.
Figure 1, the McKellar trend which contains contemporary and historically significant zinc grades as well as high grade silver.
The reported results from the 2022 season’s campaign are encouraging (sample B416205 see figure 2) and confirms that more work is required. 400 meters along strike to west-northwest, similar rock returned 1.36% Zn, 635 ppm Pb, 11.6 ppm Ag, and 550 meters along strike to west-northwest of the shaft, mafic volcanics returned 590 ppm Zn. Furthermore the ‘Alvey trend’ reported anomalous: 382 ppm & 417 ppm Zn.
At McKellar, the work to date and the historically review indicates the Zn mineralization occurs close to a volcanic-sedimentary (sheared) contact. If the mineralisation is conformable, it further enhances the concept of the VMS potential, whilst a sheared contact could infer mineralised feeder style structures. However, the McKellar Zn trend was not picked up by historic ground EM, though the Alvey trend was more responsive, possibly owing to the graphitic argillite.
Irrespective, the work by FCM has shown the McKellar trend is not ‘closed off’ and therefore the potential exists to extend the known mineralisation to the north-west.
Figure 2, containing over 4% Zn and over 2oz / tonne Ag as well as anomalous Pb.
The McKellar property also contains other significant historic showings which require contemporary exploration, not the least of which is Goldbar Lake, other additional for gold, silver, and base metals (zinc) as well as a diatreme with reported very anomalous REE values, see Figure 3
Figure 3, the McKellar Property with the other significant ‘showings’ yet to be fully explored.
Historical exploration on the property includes significant mineral occurrences, such as:
- Goldbar Lake prospect: Drill Hole P-2: 19.20-19.66m: 1.09% Copper (Cu) & 6.54% Zn and 20.88-21.98m: 0.56 g/t Gold (Au), 60.1 g/t Silver (Ag), 4.73% Cu & 0.98% Zn.
- The Little Pic (silver) ‘mine’ (McKellar trend): discovered in 1875, almost 100 years later Noranda reported a channel sample of 618.0 g/t Ag and a trench sample of 1.1m @ 32.3% Zn & 7.1% Pb, with VMS style mineralisation reportedly traced over a 600m strike ‘McKellar Trend’.
- Alvey occurrence: 4 historic drill holes in the vicinity but no assays available, however separate grab samples returned 0.28 g/t Au, 37.98 g/t Ag & 146 g/t Cu. See figure 1.
- Several diatremes, anomalous in Rare Earth Elements (“REE”) have been discovered in the area, included is the McKellar diatreme which reported historic REE values of:
| Highlighted historical assay results for selected elements (including REE’s), McKellar Creek Diatreme: | Value |
| Neodymium Nd | 300 ppm |
| Lanthanum La | 400 ppm |
| Cerium Ce | 513 ppm |
| Yttrium Y | 214 ppm |
| Strontium Sr | 1280 ppm |
At the time of discovery, it was suggested that if interest in REE was to increase, then the McKellar Creek diatreme would certainly have some potential to become part of the revived interest in REE in the Coldwell area.
Results from limited samples collected by FCM from the diatreme were anomalous, being five times crustal levels in a number of the REE samples assayed. The potential for higher values is considered realistic, in line with historical values as the available sample sites were not optimal and the original sample sites could not identified. Further work will include channel sampling and once an exploration permit is granted, possible striping if ground access allows.
Work proposed for 2023 includes:
- Formalising the Exploration Permit application.
- Further exploration along the McKellar trend.
- Systematic sampling of the diatreme.
- Initiate exploration at Goldbar Lake.
- Explore other areas identified in the historical data review.
Property Expansion by Staking
FCM recently staked a further eight (8) claims, each of 400ha contiguous and to the south of the McKellar block.
Magical
The property contains an enigmatic geochemically anomalous contact zone which requires further sampling. Located only 9km north west of the Barrick Hemlo gold mine, this 14 claims, ~2.8km² block is situated on a compelling geological contact:
- The enigmatic ‘Valley Float’ occurrence less than 1km off the property to the NE has reported >16g/t Au.
- The Gowan Lake showing to the SW, also on the inferred contact, reports ~1.5g/t Au.
- The Kusins showing also associated with the contact reports 70.87 g/t Ag, 10.7% Zn and 8.9% Pb.
Geologically, the area contains a northeast trending sequence of clastic sediments, plus subordinate amphibolite. These are bounded by the Gowan Lake Pluton in the northwest and the Cedar Lake Pluton in the southeast.
The contact between the Gowan Lake Pluton and metavolcanics is found in the east and southern areas of the property, on the basis of nearology / vector, is considered a potential host for gold mineralisation. During the 2022 field season out of a helicopter supported ‘fly’ camp 11 rock chip samples and 56 soil samples were collected, the later analysed by MMI (mobile metal ion) method see figure 4.
Figure 4 MMI sampling on the Magical property
The anomalous molybdenum (Mo) and arsenic (As) close to the northwest end of the MMI survey at the contact of the Gowan Lake Pluton is of interest and given the gold to the north and south on trend, (but off property) is a significant encouragement for the property’s potential. It is proposed that the soils lines are extended as well as further lines to the SW in order to validate the anomalism associated with the contact / shear.
Importantly the contact is interpreted as an extension of one of the inferred arcuate subparallel shears which also passes through the North Hemlo property. It is worth noting that the Barrick ‘Hemlo’ gold mine is located on a similar shear with a strong molybdenum association, see figure 5
Figure 5, shows the Magical property relative to the inferred north Hemlo shears which mimic the shear to the south which hosts the Hemlo ‘Williams’ gold mine.
Further Information:
| 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 |