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#TM1 Technology Minerals PLC – Licenses in Cameroon and Funding Drawdown Update
Facility Drawdown
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has drawn down a further £560,000 from the £4.0 million convertible bond facility (the “Facility”) with Macquarie Bank Limited (“MBL”) and Atlas Capital Markets LLC (“ACM”) as detailed in the Company’s announcement on 9 December 2022. Following this, a total of £1,060,000 of the Facility has been drawn down.
This convertible bond tranche has a coupon of 5% per annum over the SONIA rate, payable quarterly in cash or in shares at the Company’s discretion. As part of the agreement, MBL and ACM can convert the convertible bonds to Technology Minerals shares (“Shares”) by issuing a conversion notice with the price set at 90% of the 3-day Volume Weighted Average Price of the Shares, where the three days may be consecutive or not and are selected by MBL or ACM (as applicable) from the 20 days prior to the issue of a conversion notice by MBL or ACM. The convertible bonds shall have a maturity of two years from issuance.
Conversion Notice and Total Voting Rights
In addition, Technology Minerals announces that it has received further Conversion Notices from Macquarie Bank Limited (“MBL”) for a total of £210,000 of Convertible Bonds of the first £500,000 tranche drawn from the £4.0 million convertible bond facility (the “Facility”).
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Conversion Notice Date |
Amount Converted (£) |
Number of shares |
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17.02.2023 |
100,000 |
10,068,972 |
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20.02.2023 |
90,000 |
9,062,075 |
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23.02.2023 |
20,000 |
2,013,794 |
Technology Minerals will issue 21,144,841 ordinary shares of £0.001 per share (“Ordinary Shares”) at a conversion price of 0.993150p per Ordinary Share.
Admission and Total Voting Rights
Application will be made for the 21,144,841 new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to the Standard List segment of Official List and to trading on the main market of the London Stock Exchange plc, which is expected to occur on or around 8.00 a.m. on 3 March 2023 (“Admission”). Upon Admission, the total number of issued shares and the total number of voting rights in the Company will be 1,333,482,275.
The above figure of 1,333,482,275 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Cameroon exploration permits validated and granted to Technology Minerals
Further to the announcement on 27 June 2022, Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the Cameroon Ministry of Mines, Industry and Technological Development has confirmed that the five exploration permits at the Technology Minerals Cameroon (“TMC”) Property have been validated under Cameroon law and granted to the Company.
The property covers an area of 2,456km² in south-eastern Cameroon, proximal to the world-class Nkamouna nickel-cobalt laterite deposit, 600km by road east of the port city of Douala, and 400km by road east of the capital of Yaoundé. At least three of the permits are in areas considered prospective for nickel-cobalt rich laterite.
To date, TMC has performed a reconnaissance exploration on the five permit areas, which entailed geochemical evaluation, soil sampling, and lithogeochemical (rock) sampling. With the approval of the permits finalised, the Company plans to continue further exploration and perform a more detailed remote sensing study of the area for Nickel, Cobalt and Manganese.
Alex Stanbury, CEO of Technology Minerals, said: “We are pleased to receive confirmation that these exploration permits have been validated and awarded to the Company. With the prospect located near the world-class Nkamouna nickel-cobalt laterite deposit and covering around 2,500km2 in an area considered prospective for nickel and cobalt, we look forward to further exploration work to increase our understanding of the prospect’s potential.”
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
c/o +44 (0)20 4582 3500 |
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Oberon Investments Limited |
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Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
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Arden Partners Plc |
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Tim Dainton, Louisa Waddell |
+44 (0)20 3829 5000 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Rebecca Scott |
+44 (0)20 4582 3500 |
#KAV Kavango Resources PLC – Strategy Update
Kavango Resources plc (LSE:KAV) (“Kavango”), the Southern Africa focussed metals exploration company, has completed its strategic review (the “Strategic Review”). The scope of the Strategic Review was to perform a detailed analysis of the Company’s current projects, its operations in Botswana, its commodity focus, opportunities for regional expansion and outline the swiftest path to delivering a maiden economic resource.
The key outcomes of the Strategic Review include:
I. Botswana Exploration
Kavango’s technical team will execute the Company’s updated exploration plan in Botswana, with the support of external expert exploration geologists. Over 2023, Kavango will conduct focussed exploration on the Great Red Spot (“GRS”) in the Kalahari Suture Zone (“KSZ”), which will include drilling the B Conductors. Kavango will also continue further fieldwork and drilling in the Kalahari Copper Belt (“KCB”) across its Karakubis block and investigate the Iron Oxide Copper Gold (IOCG) model for the GRS and the precious metal potential at Ditau.
II. Botswana Project Financing
In parallel to the Botswana exploration plan, Kavango’s commercial team will seek direct project funding to finance 2-year exploration programmes for the Company’s KSZ, KCB and Ditau projects. Kavango has advanced all three projects to the point where direct finance will enable the Company to pursue much more extensive exploration. Expanded exploration programmes will include more widespread surveying (geophysical and geochemical), sharper targeting and extensive drilling. Kavango believes securing one or more project finance partners would significantly increase the chances of success in Botswana.
III. Portfolio Expansion
Kavango will seek to acquire prospective metal exploration projects, with the potential for near-term economic discoveries, in Southern Africa. Following completion of its strategic financing in Q4 2022, Kavango is well-positioned to take advantage of liquidity weakness in the global exploration sector. The Company has put together a skilled exploration team, built a strong regional presence in Botswana and identified a pipeline of possible acquisition targets. The Company has been evaluating a number of these opportunities and is at advanced stages of due diligence for two possible acquisitions.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We have built a team at Kavango that is ready to make economic metal discoveries.
In the last four months, we’ve completed a major strategic financing at Kavango, strengthened our board, and significantly sharpened our technical capabilities. We’ve developed innovative methods for using modern surveying technologies and have recruited expert exploration geologists to guide our programmes.
It is vital that we now build on this strong foundation by delivering success in the field.
Today’s strategic update describes how we intend to achieve this.
More detail will follow, as we look to deliver improved results over the course of 2023.”
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
+46 7697 406 06
First Equity (Broker)
Jason Robertson
+44 207 374 2212
#KAV Kavango Resources PLC – KCB – Karakubis Project Update
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce an exploration update concerning its Karakubis Copper Project (“Karakubis”) in the Kalahari Copper Belt (“KCB”), near the Namibian border.
Formerly referred to as the Mamuno Project, Karakubis is adjacent to large landholdings held by Sandfire Resources (ASX:SFR) to the north and Rio Tinto (LSE:RIO) to the west. Karakubis is immediately along strike of the Ghanzi West project where ENRG Elements (ASX:EEL) has identified similar geological signatures to Sandfire’s (ASX:SFR) Motheo Copper Mine.
HIGHLIGHTS
Kavango engages local KCB consultant David Catterall of Tulia Blueclay Limited (TBL)
– Site visit to Karakubis completed in January by Dave Catterall, a local consultant with extensive experience of KCB exploration.
– Dave has been working closely with Kavango’s senior team since October 2022 and has significantly enhanced the Company’s understanding of KCB exploration
– Focus of TBL’s work has been to improve Kavango’s drill target selection and to mentor the Company’s team on the ground
– TBL has provided Kavango with a detailed internal report (the “Report”) on the prospectivity of its KCB prospecting licences (“PLs”)
– One of the Report’s key recommendations is that Kavango immediately focus its exploration efforts on the Karakubis Copper Project
Upgrade of Karakubis Prospecting Licences
– TBL’s report has upgraded Kavango’s prioritisation of the Karakubis PLs
– TBLl has reviewed Kavango’s use of Controlled Source Audio Magnetotelluric (“CSAMT”) technology in the KCB
– Kavango’s CSAMT data taken over Karakubis appears to corroborate TBL’s pre-existing interpretation of the area’s geology
– CSAMT data and TBL’s geological interpretation suggest D’Kar/Ngwako Pan horizon contact is present at moderate depths at Karakubis
– This appears to be comparable to the setting for Sandfire’s A4 and T3 Deposits, where alteration/mineralisation lies at shallow depths above the D’Kar/Ngwako Pan Formation contact
– Karakubis Airborne Electromagnetic (“AEM”) data provides further encouraging exploration leads
– Kavango flew a limited AEM survey over Karakubis in September 2022
– AEM is the most common surveying technique used in KCB exploration
– AEM inversions indicate abundant parasitic folding of the D’Kar and Ngwako Pan sediments, with possible anticlinal hinge zones that could provide potential structural traps for mineralisation
– Analysis of regional satellite gravity data suggests a possible “basin margin” running from Karakubis into ENRG Elements’ neighbouring licences
– This large-scale structure could have provided conduits for metal-bearing hydrothermal fluids to pass through
Next Steps
– Final interpretation and integration of existing Karakubis geophysical and geochemical data underway
– Results expected in late February to support drill targeting
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Dave Catterall’s influence over our Kalahari Copper Belt exploration programme has been instant and meaningful.
Successful exploration in the Belt is challenging. Kavango has a large land package and Dave’s successful introduction has encouraged us to refocus our efforts on our prospective Karakubis project area.
It is particularly promising that CSAMT and AEM data we have gathered independently appears to align with Dave’s regional geological interpretation. Historically, Kavango has dedicated more energy to other of its prospecting licences. While we will continue to advance work on these (PLs 082 and 036 in particular), Karakubis is now our main centre of attention.
We now recognise that the Karakubis licences represent our greatest opportunity for the near-term detection of a metal bearing alteration system.”
Report Summary
In October 2022, Kavango engaged David Catterall to review the Company’s KCB strategy and provide any recommendations for improvement. Mr Catterall is one of the leading experts on the KCB’s geology and its exploration.
In his review, Mr. Catterall amalgamated open source and public exploration and water borehole data for the KCB, along with regional AEM and electromagnetic survey data. During his time working in the KCB, Mr Catterall has developed alternative interpretation of the region’s underlying geology compared to historic mapping. Specifically, he has mapped sandstones and siltstones consistent with D’Kar Formation lithologies, which typically overly the Ngwako Pan Formation.
The zones where the two formations meet are recognised as a primary regional control of copper/silver mineralisation in the KCB and are Kavango’s primary exploration focus.
Figure 1 – Logged historic exploration and water boreholes in the KCB
Mr. Catterall subsequently used his extensive knowledge to create a new stratigraphic interpretation of the distribution of the D’Kar Formation across the KCB.
Among the key findings was the previously unrecognised presence of nearer surface D’Kar under Kavango’s Karakubis licences near the Namibia border. Kavango has previously completed mapping, aeromagnetic surveying, and soil sampling on these licences and identified a large copper drill target (announced >>> 31 August 2022).
Kavango has now reclassified Karakubis as its top priority in the KCB.
Karakubis Project Upgrade
Kavango’s preliminary interpretation of its Controlled Source Audio Magnetotelluric (“CSAMT”) survey data from the Karakubis project area suggests the potential for the presence of the D’Kar/Ngwako Pan Formation contact at moderate depths. This potential was first highlighted by Mr Catterall during a historical data review last year.
The D’Kar/Ngwako Pan stratigraphic contact is the primary control on economic copper/silver mineralisation in the KCB. The Company believes that by confirming this contact at the projected depth at Karakubis would strengthen these PLs’ prospectivity.
Inversion sections from Airborne Electromagnetic (“AEM”) surveys completed over Karakubis also indicate the abundant presence of tightly folded rocks. These could provide the might structural setting for potential mineralisation.
In his Report, Mr Catterall concluded that this could have helped to bring the D’Kar/Ngwako Pan horizon contact closer to surface. It could have also created suitable structural traps for mineralisation.
Similar structures are also understood from public domain information to be abundant on ENRG Elements’ Ghanzi West Project immediately to the east of Karakubis.
ENRG Elements recently identified three domal features at Ghanzi West similar to those discovered along strike by Sandfire Resources at its Motheo Copper Mine. It also identified the potential for near-surface D’Kar/Ngwako Pan horizon contact-associated mineralisation, which is interpreted by Kavango’s team and Mr Catterall to extend into the Karakubis PLs.
In parallel to Mr Catterall’s work, Jeremy S. Brett who is a director of the Company and consults to the Company through Jeremy S. Brett International Consulting Ltd. has recently completed a review of satellite gravity data over Karakubis. Mr Brett’s interpretation of the data suggests a possible “basin margin” runs through the project into ENRG Elements’ neighbouring licences. Basin margins are located on the edges of sedimentary basins such as the KCB and could have provided favourable conduits for hydrothermal fluids to pass through that contained metallic elements.
Next steps
Kavango is finalising interpretation of its AEM and CSAMT survey data for Karakubis, with results expected in late February. The Company is completing an in-depth analysis combining the two geophysical data sets with recent reconnaissance geological field mapping (announced >>> 31 August 2022). This will be integrated with existing Karakubis geochemical data.
Kavango will use the data sets to improve its understanding of Karakubis’ underlying geological structure and metal potential. The most favourable areas exhibiting similar geological controls to economic copper/silver deposits elsewhere on the KCB will be selected for targeting. Further updates will be provided in due course.
About David Catterall
David Catterall is a geologist with 36 years of experience in mineral exploration throughout Africa and Europe in a wide range of commodities, specialising in structurally controlled precious and base metals deposits.
Over the last 15 years, Mr. Catterall has focused extensively on exploring Africa’s copper belts, including the central KCB. He is currently the Competent Person for Cobre Limited (ASX:CBE) and ENERG Elements (ASX:EEL), which are both active companies in the KCB.
Among other roles, Mr Catterall has also worked as a Consultant to Cupric Africa for its EISEB and Khoemacau project areas in the KCB and has also been a Contract Geologist and Consultant, for Cobre advising on work on KCB tenements owned by its subsidiary Kalahari Metals, covering 8,100km2.
Mr Catterall’s experience ranges from field mapping of complex structural terrains, through drill planning and execution to exploration management for large public mining companies and junior explorers.
He is well experienced in remote area exploration operations, mentoring junior technical staff, and developing a safe workplace.
Further information in respect of Kavango and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint 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’.
The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralization and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.
#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 Berringa Gold Mine Project (“Berringa” or the “Project”), which forms part of the Victorian Goldfields joint-venture (“JV”) located in Victoria, Australia.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Successful renewal of the exploration licence covering the historic Berringa gold mine, where we are currently undertaking a diamond drill programme, is a notable event for our Victoria Goldfields JV.
The drilling is progressing well with three drill holes completed to date and with visible gold encountered in all three holes as detailed further below. This is very encouraging, and we look forward to receipt of detailed assay data as soon as possible.
Geologically, all drillholes completed thus far have successfully intersected the down dip and along strike extensions of the target mineralised zones.
We believe our JV in the Victoria Goldfields grows more compelling and valuable as we progress with exploration work.“
HIGHLIGHTS:
– The Company’s inaugural drilling programme, designed to test for the downdip and along strike extensions of the historical Berringa Gold Mine, is progressing well with three holes now completed totalling 655.9m of the originally planned 1000m. Drilling of the programme’s fourth hole, BED23004, is expected to start shortly.
– All holes which have been drilled and logged to date have successfully intersected target geological formations and demonstrated visible gold within extensions of the Berringa mineralised lode’s including:
o Drillhole BED23001 (targeting South Birthday Zone): Successfully intersected a 9m wide mineralised* quartz vein from 380.5 – 389.5m downhole as well as another 0.20m mineralised* quartz vein from 421 – 421.2m downhole including minor visible gold mineralisation.
o Drillhole BED23002 (targeting Berringa Syndicate Zone): Successfully intersected a 9.6m wide mineralised* structure from 89.2 – 98.8m which included minor visible gold mineralisation. Drillhole ED23002 also intersected abundant mineralised* quartz veining from 89.2m – 94.1m and 96.5m – 98.8m downhole.
o Drillhole BED23033 (targeting Berringa Syndicate Zone): Detailed core logging underway, preliminary observations have identified visible gold within the core.
*sulphide mineralisation including sphalerite, galena, arsenopyrite and pyrite.
– The JV’s Berringa exploration licence (“EL”) 5535 has successfully been renewed for a five-year term expiring November 2027.
– Assay test results for the first two drillholes are pending and will be released to the market once received, checked and compiled by JV geologists. The assay testing method will use both traditional fire assay, and bottle roll testing, to ensure the results capture course fraction gold as demonstrated by the visible gold on the drill core surface in all holes completed to date.
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, all of which remain largely undeveloped by modern explorers.
The JV Partners have the intention of listing the JV company NBGC and will make further announcements as appropriate.
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#TYM Tertiary Minerals PLC – Chairman’s AGM Statement
I look forward to welcoming shareholders at our AGM today where, after the close of formal business, I will be giving a presentation on the Company’s projects. This presentation is now live on the Company’s website.
Our focus is fixed firmly on copper exploration in Zambia and Nevada, USA. Copper is the number one energy transition metal, yet, being an established industrial metal, it is often overlooked in the scramble for other battery metals such as lithium. Copper is the workhorse of the energy transition where its properties of high conductivity, ductility, efficiency and recyclability are essential in wind turbines, solar energy installations, energy storage and, of course, electric vehicles. It is our view that copper is most likely to survive the evolution of battery technologies which may be at the expense of some of the more novel commodities.
To underline this view, we were pleased to see late last year the Gates, Bezos and Branson backed Breakthrough Energy Ventures company Kobald Metals announce a £150m investment at the end of 2022 into the development of the Mingomba copper deposit adjacent to our Konkola West Project in Zambia.
Konkola West is one of five copper projects in Zambia where Tertiary has an interest and is targeting deep down-dip extensions of the contiguous Musoshi-Lubambe-Mingomba-Konkola copper deposits which host the Musoshi Mine in the Democratic Republic of the Congo and the Lubambe Mine and Konkola mines in Zambia. Together these deposits define a continuous zone of mineralisation over 15km long with a pre-mining endowment of over 775 million tonnes grading 2-3% copper.
The Company’s interests in Zambia have been acquired in an agreement with local Zambian company, Mwashia Resources Ltd. The portfolio includes the Jacks Copper Project where the Company completed soil sampling and drilling in 2022 and where further drilling is planned in 2023. It also includes the Mukai and Mushima North project areas where the Company has a Data Sharing and Technical Cooperation Agreement with major Zambian and global copper producer First Quantum Minerals (“FQM”).
FQM has now completed the transfer to the Company of its extensive and valuable historical data for these two projects and we are set to benefit from FQM’s extensive and in-depth country experience, gained over many years of exploration and mine development in Zambia.
The Mukai Project Exploration Licence is located in Zambia’s North-Western Province and is directly adjacent to FQM’s Trident Project, which includes the large Sentinel Copper Mine and the recently opened Enterprise Nickel Mine. The Mushima North Exploration Licence, in the Kasempa District, is also in an active FQM exploration area and is prospective primarily for iron-oxide-copper-gold (IOCG) mineralisation.
Now that we have started work to evaluate the FQM datasets, a number of exciting exploration targets are emerging. We hope to reveal more about this in the near future and in the meantime we are busy planning field programmes to start within the next couple of months as soon as the wet season ends.
The Zambian government has big ambitions for its copper industry and is instigating a more attractive fiscal regime to promote these ambitions. As a result, a number of other major mining companies, such as Anglo-American and Rio Tinto, are once again exploring in Zambia.
In Nevada our focus in 2023 is on our drill-ready Brunton Pass Project. Here low-grade copper values occur over substantial widths together with gold indicator elements and define a target for copper skarn and porphyry copper mineralisation, as well as epithermal gold.
We believe that companies exploring for copper offer excellent value in the market compared with companies involved in other battery metals and with multiple drill programmes budgeted for 2023 we anticipate strong news flow.
We also believe that the Company is well positioned to achieve a substantial rerating for shareholders, and we look forward to seeing shareholders at the AGM and to reporting on further progress.
Patrick Cheetham
Executive Chairman
For more information:
Website: www.tertiaryminerals.com
Contacts:
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Harry Davies-Ball |
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Peterhouse Capital Limited Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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#POW Power Metal Resources PLC – Molopo Farms, Botswana – Drill Programme Complete
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its
global project portfolio announces the completion of a 2,402m diamond drill programme at the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel and platinum group element (“PGE”) discovery in southwestern Botswana.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Completion of this drill programme represents an important step forward for Power Metal and my thanks go out to the operational teams for a job well done. This exercise required some flexibility, with teams mobilising to multiple locations requiring rapid adaptation to the changing technical demands on an iterative basis.
Historical exploration work completed at Molopo Farms prior to this drill programme demonstrated the validity of the feeder zone geological model with evidence of the targeted nickel sulphides. From our recent work and technical findings from this drill programme thus far, the model has been further validated.
With diamond drilling, downhole geophysics, technical core review and assay testing we are bringing together a significant amount of data with multiple final datasets awaited, including assay results and the interpretation thereof.
We expect the data and interpretations from this drill programme will add considerably to the existing understanding of what we believe is a particularly exciting opportunity at Molopo Farms. Further updates will follow in due course.”
§ The inaugural drillhole (DDH2-3A) into target area T2-3 has been completed to a final downhole depth of 483m.
§ A total of 2,402m was drilled in this campaign across five drillholes targeting four individual target areas including:
o DDH2-3A (483m), DDH1-3A (450m), DDH1-14B (519m), DDH1-6B (2) (300m), DDH1-6B (650m).
§ The programme was completed safely and efficiently thanks to the Company’s various in-country drilling and geological contractors.
§ The Company is now working on completing detailed logging of all remaining cores, as well as cutting, processing, and shipping of all remaining samples for assay testing at an accredited laboratory located in Johannesburg, South Africa.
§ Once all technical information, including assays, have been received and interpreted, the Company will release a comprehensive RNS covering all results from the programme, including geological interpretations, downhole electromagnetic and assay data.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POW Power Metal Resources PLC – Strategic Uranium Properties Staked – Athabasca
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The uranium acquisitions by staking announced today are a further leap forward for Power Metal’s strategic uranium interests in and surrounding the prolific Athabasca Basin located in northern Saskatchewan, Canada.
The two new properties now secured are adjacent to and largely surrounded by major uranium companies and they demonstrate significant uranium prospectivity with geology considered by the Company to be analogous to major producing mines and other uranium deposits within the Athabasca Basin.
Power Metal started the move to build a uranium exploration business in September 2021 and we believe we are now in a particularly strong position. Our intentions do not stop here, with plans to further expand our uranium focused interests where suitable opportunities are identified.
Uranium has a strong following in capital markets and recently the spot uranium price has moved again above USD$50/lb. With the world dynamic shifting strongly in favour of nuclear power generation we believe that Power Metal should continue this push to build its uranium exploration and development business interests in the London financial markets.“
HIGHLIGHTS:
All claims were acquired by direct mineral claim staking by the Power Metal technical team. They were acquired during the most recent Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system claim reopening on 31 January 2023. The staking acquisitions represent some of the most significant additions to the Company’s uranium portfolio. Further information on the staking process can be found in the further information section below.
The newly acquired Haresign Bay uranium Property (“Haresign Bay”) covers a total area of 3,189.2-hectares (31.89km2) located 35km south of the Athabasca Basin. Haresign Bay is surrounded by claims held by uranium focussed companies F3 Uranium Corp, Baselode Energy Corp, CanAlaska Uranium Ltd and Skyharbour Resources Ltd.
The newly acquired Kernaghan uranium Property (“Kernaghan”) covers a total area of 4,566.2-hectares (45.66km2) within the northeastern edge of the Athabasca Basin. Kernaghan is bordered on three sides by claims held by uranium focussed companies including Standard Uranium Ltd., IsoEnergy Ltd., and Purepoint Uranium Group Inc.
During the most recent claim reopening, Power Metal also staked an additional 1,982-hectare (19.82km2) claim area bordering the western extension of its Thibault Lake uranium Property (the “Extension”). Significantly, the Extension covers a historical showing which returned a trenching result of 1.09% U308 over 10.7m, greatly increasing the overall prospectively of the extended Thibault Lake uranium Property. 2
With the addition of the Kernaghan and Haresign Bay uranium properties, as well as the additional staking at Thibault Lake, the Power Metal Athabasca uranium portfolio now consists of fourteen properties, including two conditional disposals1, with a combined total area of 940km2.
FURTHER INFORMATION
Mineral Claim Staking Process
The mineral claims constituting the Haresign Bay and Kernaghan Uranium Properties as well as the Thibault Lake Extension were acquired directly through the Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system.
Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third party staking at a set time each month. Select reopening’s are often highly competitive with many parties attempting to acquire the newly available land.
The total cost of staking was CAD$5,842.34. The newly staked licences come with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending a minimum of CAD$146,059 per annum.
The Haresign Bay Property
Haresign Bay is located 43km south of Cameco Corporation’s Key Lake Uranium Mine which is the third largest deposit within the Athabasca Basin – with an average mineable grade of just over 2% U3O8.1 Haresign Bay is located 35km south of the Athabasca Basin, along the Key Lake trend, which is defined by a cluster of northeast-southwest trending electromagnetic conductors which extend to the northeast over the Key Lake Mine. The Key Lake trend is a defining geophysical and geological trend within the Athabasca Basin, and Haresign Bay represents a significant position held within this important uranium-rich corridor.
The Upper Roberta Lake Target (“Upper Roberta Lake” or the “Target”) is located in the southwestern part of the Haresign Bay Property and is defined by a gravity low anomaly which is coincident with elevated Radon222-in-lake water results. This Target area is further intersected by multiple electromagnetic conductors of part of the Key Lake Trend. Upper Roberta Lake represents a highly compelling target for future work.
The Kernaghan Property
Kernaghan is located within the prolific Athabasca Basin approximately 13km from the Basin’s edge. Based on nearby borehole’s drilled by Denison Mines Corp., the sandstone-basement unconformity on the Property is expected to be at around 100m depth.
The Kernaghan Property covers multiple anomalous Radon222-in-lake water results which are oriented within a northeast-southwest trending belt. This trend is coincident with a magnetic low feature. Kernaghan represents the Company’s third property which is located entirely within the Athabasca Basin.
Thibault Lake West Extension
The Extension covers an additional four Saskatchewan Mineral Deposit Index (“SMDI”) points. These SMDI points cover multiple high-grade uranium showings including a north trending zone of strong uranium mineralisation from which historic trenching returned 10.7m of 1.09% U308.2 Several other high-grade uranium showings are covered by the Extension including grab and/or channel samples which returned 4.8%, 1.75%, 0.71%, and 0.66% U308.3,4
Next Steps
The Company is preparing fact sheets which will include further information and maps for newly acquired staking. These will be released to the market once ready. Furthermore, detailed data rooms are being prepared.
URANIUM PROPERTIES – HOLDING STRUCTURE
Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio.
The Power Metal Canada Uranium Property Map is available to view at the following link:
https://www.powermetalresources.com/power-metal-canada-uranium-map/
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings
|
Project |
Licence ID |
Area (Hectare) |
Area (km2) |
|
Clearwater Uranium Property |
MC00015079 |
1,110 |
11.1 |
|
MC00015083 |
563 |
5.63 |
|
|
MC00015082 |
3,191 |
31.91 |
|
|
MC00015151 |
760 |
7.6 |
|
|
MC00015646 |
761 |
7.61 |
|
|
MC00015658 |
1,541 |
15.41 |
|
|
Tait Hill Uranium Property |
MC00015078 |
1,576 |
15.76 |
|
MC00015081 |
968 |
9.68 |
|
|
MC00015153 |
1,530 |
15.3 |
|
|
MC00015152 |
1,886 |
18.86 |
|
|
MC00015647 |
725 |
7.25 |
|
|
MC00015648 |
1,129 |
11.29 |
|
|
MC00016158 |
3,242 |
32.42 |
|
|
Thibault Lake Uranium Property |
MC00015077 |
2,206 |
22.06 |
|
MC00015659 |
2,195 |
21.95 |
|
|
AC00018709 |
1,982 |
19.82 |
|
|
Soaring Bay Uranium Property |
MC00015080 |
1,255 |
12.55 |
|
MC00015155 |
3,375 |
33.75 |
|
|
MC00015874 |
748 |
7.48 |
|
|
MC00015875 |
2,529 |
25.29 |
|
|
Cook Lake Uranium Property |
MC00015212 |
984 |
9.84 |
|
E-12 Uranium Property5 |
MC00015213 |
1,323 |
13.23 |
|
Reitenbach Uranium Property6 |
MC00015214 |
2,135 |
21.35 |
|
MC00015474 |
1,235 |
12.35 |
|
|
MC00015655 |
4,570 |
45.7 |
|
|
MC00015656 |
5,322 |
53.22 |
|
|
MC00015657 |
886 |
8.86 |
|
|
MC00015824 |
528 |
5.28 |
|
|
MC00016155 |
1,333 |
13.33 |
|
|
Reindeer Lake |
MC00015522 |
3,336 |
33.36 |
|
Porter Lake |
MC00015561 |
5,656 |
56.56 |
|
MC00015562 |
5,198 |
51.98 |
|
|
Old Woman Rapids |
MC00015563 |
4,851 |
48.51 |
|
MC00015564 |
5,063 |
50.63 |
|
|
MC00015565 |
3,044 |
30.44 |
|
|
Durrant Lake |
AC00018000 |
5,866 |
58.66 |
|
Badger Lake |
MC00016253 |
1,671 |
16.71 |
|
Haresign Bay |
AC00018692 |
3,189 |
31.89 |
|
Kernaghan |
AC00018694 |
4,566 |
45.66 |
|
Total Licence Holding Area |
93,998 |
939.98km2 |
|
#TM1 Technology Minerals PLC – Exploration Update on the Leinster Project
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce results from detailed lithogeochemical sampling has yielded high-grade spodumene pegmatite samples in float ranging up to 3.75% lithium oxide (“Li2O”) at Prospecting Licence Area (“PLA 1597”) in County Carlow, Republic of Ireland.
Highlights:
· Assay results are reported for the first stage of detailed lithogeochemical sampling at the Knockeen and Carriglead target areas on the Company’s Leinster Lithium Project.
· A total of 56 rock samples are reported, all of which were analysed at ALS Laboratories in Ireland.
· Two prospects are reported at:
o Knockeen: Out of a total of 56 samples, 41 samples graded above 1% Li2O, of which 20 graded above 2% Li2O and of which two graded above 3% Li2O (Sample AES 63003 – 3.63% Li2O and Sample AES 63033 – 3.75% Li2O)
o Carriglead: Out of a total of 10 samples, six samples graded above 1% Li2O of which one sample analysed above 2% Li2O (sample AES63504 – 2.09% Li2O).
· The programme of intensive prospecting has consolidated the extent of the spodumene pegmatite boulder train at surface as well as significantly enhancing the resolution of the dispersion zone
· The known extent of the boulder train is now over 1km in length from NE to SW and 0.5km from NW to SE and is still open in all directions at Knockeen and Carriglead
· The ongoing work is helping to refine specific areas for targeted drilling.
The licence, which was awarded to Technology Minerals’ wholly owned subsidiary LRH Resources Limited (“LRH”) on 22 March 2022, forms part of the Company’s Leinster Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) with no project expenditure required by the Company.
Field Exploration Programme Update
The current phase of detailed exploration work is centred on an area where a forty-year-old historical company report described a trench excavated at Knockeen Townlands on PLA 1597 (Figure 1) which uncovered in bedrock, a 1.8m wide spodumene-bearing pegmatite vein. However no detailed laboratory assays or geological maps of the trench were reported at that time. Historical prospecting around the trench also reported the occurrence of up to 10 large boulders of spodumene-bearing pegmatite at surface.
The current exploration programme carried out under LRH Resources management by Aurum Exploration Services Limited included an initial reconnaissance in July 2022 totalling six samples followed by a more detailed prospecting and lithogeochemical survey on two areas at Knockeen and Carriglead Townlands in December 2022 and totalling 56 samples (Figure 1 & Table 1).
|
Prospect |
Programme |
No |
|
Carriglead |
Recon Sampling July 2022 |
2 |
|
Knockeen |
Recon Sampling July 2022 |
4 |
|
Prospect |
Programme |
No |
|
Carriglead |
Follow Up Sampling Dec 2022 |
10 |
|
Knockeen |
Follow Up Sampling Dec 2022 |
56 |
|
Prospect |
Programme |
No |
|
Carriglead |
Total |
12 |
|
Knockeen |
Total |
60 |
Table 1: Showing number of samples collected (July 2022 & December 2022)
Preliminary Reconnaissance July 2022
Two areas at Knockeen and Carriglead Townlands were targeted with an initial reconnaissance visit in July 2022. Six samples were collected during a site visit and included four at Knockeen and two at Carriglead. Analytical results confirmed the presence of the historically reported spodumene pegmatite boulder train and returned very significant grades of Li2O in all samples. These results have been reported previously but are reproduced here for continuity (Table 2).
|
Sample_ID |
Programme |
Li_ppm |
Li2O_% |
Prospect |
|
210724CL05 |
Recon Sampling July 2022 |
13,700 |
2.95 |
Knockeen |
|
210724CL03 |
Recon Sampling July 2022 |
11,200 |
2.41 |
Knockeen |
|
210724CL04 |
Recon Sampling July 2022 |
11,000 |
2.37 |
Knockeen |
|
210724CL02 |
Recon Sampling July 2022 |
3,240 |
0.70 |
Knockeen |
|
AES61138 |
Recon Sampling July 2022 |
7,470 |
1.61 |
Carriglead |
|
AES61137 |
Recon Sampling July 2022 |
3,550 |
0.76 |
Carriglead |
Table 2: Results from reconnaissance prospecting (July 2022)
* Li2O % = Li ppm % (x 2.153)
Follow Up Detailed Prospecting and Lithogeochemistry
In December 2022, an extensive prospecting and lithogeochemistry survey was completed covering the two areas identified during the reconnaissance programme. A total of 56 samples were collected at Knockeen and 10 at Carriglead. The results were highly encouraging with coherent boulder trains of spodumene-bearing lithium pegmatites mapped out across the prospects. The highlight sample results are shown in Table 3 and the full results are appended in Appendix 1 to this release in Tables 4 and 5 with associated maps showing the locations in Figure 2 (Knockeen) and Figure 3 (Carriglead) below.
Figure 1: Location of the Knockeen and Carriglead target areas PL 1597 showing sample locations
|
Sample_ID |
Programme |
Li_ppm |
Li2O% |
|
AES63003 |
Follow Up Sampling Dec 2022 |
17,410 |
3.75 |
|
AES63033 |
Follow Up Sampling Dec 2022 |
16,860 |
3.63 |
|
AES63519 |
Follow Up Sampling Dec 2022 |
13,160 |
2.83 |
|
AES63015 |
Follow Up Sampling Dec 2022 |
13,050 |
2.81 |
|
AES63029 |
Follow Up Sampling Dec 2022 |
12,920 |
2.78 |
|
AES63042 |
Follow Up Sampling Dec 2022 |
12,580 |
2.71 |
|
AES63014 |
Follow Up Sampling Dec 2022 |
12,200 |
2.63 |
|
AES63021 |
Follow Up Sampling Dec 2022 |
12,040 |
2.59 |
|
AES63018 |
Follow Up Sampling Dec 2022 |
11,980 |
2.58 |
|
AES63011 |
Follow Up Sampling Dec 2022 |
11,820 |
2.54 |
Table 3: Highlight results from the prospecting programme (December 2022)
* Li2O % = Li ppm % (x 2.153)
The current results focussed on the two areas and considerably enhanced the area of boulder trains and significantly shows the high-grade nature and size of the boulders in the material being sampled.
Figure 2: Location of samples and assay results from the Knockeen target area
Figure 3: Location of samples and assay results from the Carriglead target area
Photo 1: Spodumene pegmatite samples from Knockeen and Carriglead
Alex Stanbury, CEO of Technology Minerals, said: “These latest assay results from the Leinster Project in Ireland are highly encouraging and build on previous reconnaissance work which displayed significant grades of Li2O in all samples. The results announced today continue to demonstrate the high-grade nature and size of the boulders in the material being sampled as well as expanding the known extent of the spodumene pegmatite boulder train at Knockeen and Carriglead. Today’s results and ongoing work will help us to determine specific areas for targeted drilling as we progress with the exploration campaign.”
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.
Enquiries
|
Technology Minerals Plc |
|
|
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 4582 3500 |
|
Global Battery Metals Ltd. |
|
|
Michael Murphy BA, MBA, MSc., ICD, President & CEO |
+1 604-649-2350 |
|
|
|
|
Oberon Investments Limited |
|
|
Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
|
Arden Partners Plc |
|
|
Louisa Waddell, Tim Dainton |
+44 207 614 5900 |
|
|
|
|
Gracechurch Group |
|
|
Harry Chathli, Alexis Gore, William Dobinson |
+44 20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Appendix 1: Analytical Results
|
Sample_ID |
Programme |
Li _ppm |
Li2O% |
Prospect |
|
AES63003 |
Follow Up Sampling Dec 2022 |
17,410 |
3.75 |
Knockeen |
|
AES63033 |
Follow Up Sampling Dec 2022 |
16,860 |
3.63 |
Knockeen |
|
AES63519 |
Follow Up Sampling Dec 2022 |
13,160 |
2.83 |
Knockeen |
|
AES63015 |
Follow Up Sampling Dec 2022 |
13,050 |
2.81 |
Knockeen |
|
AES63029 |
Follow Up Sampling Dec 2022 |
12,920 |
2.78 |
Knockeen |
|
AES63042 |
Follow Up Sampling Dec 2022 |
12,580 |
2.71 |
Knockeen |
|
AES63014 |
Follow Up Sampling Dec 2022 |
12,200 |
2.63 |
Knockeen |
|
AES63021 |
Follow Up Sampling Dec 2022 |
12,040 |
2.59 |
Knockeen |
|
AES63018 |
Follow Up Sampling Dec 2022 |
11,980 |
2.58 |
Knockeen |
|
AES63011 |
Follow Up Sampling Dec 2022 |
11,820 |
2.54 |
Knockeen |
|
AES63023 |
Follow Up Sampling Dec 2022 |
11,620 |
2.50 |
Knockeen |
|
AES63028 |
Follow Up Sampling Dec 2022 |
11,580 |
2.49 |
Knockeen |
|
AES63041 |
Follow Up Sampling Dec 2022 |
11,570 |
2.49 |
Knockeen |
|
AES63037 |
Follow Up Sampling Dec 2022 |
11,510 |
2.48 |
Knockeen |
|
AES63016 |
Follow Up Sampling Dec 2022 |
11,460 |
2.47 |
Knockeen |
|
AES63044 |
Follow Up Sampling Dec 2022 |
11,340 |
2.44 |
Knockeen |
|
AES63012 |
Follow Up Sampling Dec 2022 |
11,180 |
2.41 |
Knockeen |
|
AES63008 |
Follow Up Sampling Dec 2022 |
9,920 |
2.14 |
Knockeen |
|
AES63048 |
Follow Up Sampling Dec 2022 |
9,520 |
2.05 |
Knockeen |
|
AES63043 |
Follow Up Sampling Dec 2022 |
9,360 |
2.02 |
Knockeen |
|
AES63027 |
Follow Up Sampling Dec 2022 |
8,820 |
1.90 |
Knockeen |
|
AES63046 |
Follow Up Sampling Dec 2022 |
8,790 |
1.89 |
Knockeen |
|
AES63516 |
Follow Up Sampling Dec 2022 |
8,370 |
1.80 |
Knockeen |
|
AES63036 |
Follow Up Sampling Dec 2022 |
8,300 |
1.79 |
Knockeen |
|
AES63007 |
Follow Up Sampling Dec 2022 |
8,090 |
1.74 |
Knockeen |
|
AES63026 |
Follow Up Sampling Dec 2022 |
8,030 |
1.73 |
Knockeen |
|
AES63010 |
Follow Up Sampling Dec 2022 |
7,890 |
1.70 |
Knockeen |
|
AES63517 |
Follow Up Sampling Dec 2022 |
7,910 |
1.70 |
Knockeen |
|
AES63512 |
Follow Up Sampling Dec 2022 |
7,840 |
1.69 |
Knockeen |
|
AES63017 |
Follow Up Sampling Dec 2022 |
7,550 |
1.63 |
Knockeen |
|
AES63520 |
Follow Up Sampling Dec 2022 |
7,370 |
1.59 |
Knockeen |
|
AES63049 |
Follow Up Sampling Dec 2022 |
7,100 |
1.53 |
Knockeen |
|
AES63515 |
Follow Up Sampling Dec 2022 |
7,040 |
1.52 |
Knockeen |
|
AES63024 |
Follow Up Sampling Dec 2022 |
6,190 |
1.33 |
Knockeen |
|
AES63031 |
Follow Up Sampling Dec 2022 |
6,140 |
1.32 |
Knockeen |
|
AES63013 |
Follow Up Sampling Dec 2022 |
5,720 |
1.23 |
Knockeen |
|
AES63019 |
Follow Up Sampling Dec 2022 |
5,420 |
1.17 |
Knockeen |
|
AES63030 |
Follow Up Sampling Dec 2022 |
5,300 |
1.14 |
Knockeen |
|
AES63034 |
Follow Up Sampling Dec 2022 |
4,960 |
1.07 |
Knockeen |
|
AES63039 |
Follow Up Sampling Dec 2022 |
4,790 |
1.03 |
Knockeen |
|
AES63022 |
Follow Up Sampling Dec 2022 |
4,710 |
1.01 |
Knockeen |
|
AES63514 |
Follow Up Sampling Dec 2022 |
4,300 |
0.93 |
Knockeen |
|
AES63045 |
Follow Up Sampling Dec 2022 |
4,290 |
0.92 |
Knockeen |
|
AES63025 |
Follow Up Sampling Dec 2022 |
3,940 |
0.85 |
Knockeen |
|
AES63032 |
Follow Up Sampling Dec 2022 |
3,550 |
0.76 |
Knockeen |
|
AES63035 |
Follow Up Sampling Dec 2022 |
2,680 |
0.58 |
Knockeen |
|
AES63009 |
Follow Up Sampling Dec 2022 |
1,920 |
0.41 |
Knockeen |
|
AES63047 |
Follow Up Sampling Dec 2022 |
1,480 |
0.32 |
Knockeen |
|
AES63038 |
Follow Up Sampling Dec 2022 |
450 |
0.10 |
Knockeen |
|
AES63001 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63002 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63004 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63005 |
Follow Up Sampling Dec 2022 |
130 |
0.03 |
Knockeen |
|
AES63513 |
Follow Up Sampling Dec 2022 |
100 |
0.02 |
Knockeen |
|
AES63518 |
Follow Up Sampling Dec 2022 |
80 |
0.02 |
Knockeen |
|
AES63006 |
Follow Up Sampling Dec 2022 |
60 |
0.01 |
Knockeen |
Table 4: Results from follow up prospecting at Knockeen (December 2022)
* Li2O % = Li ppm % (x 2.153)
|
Sample_ID |
Programme |
Li_ppm |
Li2O% |
Prospect |
|
AES63504 |
Follow Up Sampling Dec 2022 |
9,720 |
2.09 |
Carriglead |
|
AES63503 |
Follow Up Sampling Dec 2022 |
8,890 |
1.91 |
Carriglead |
|
AES63509 |
Follow Up Sampling Dec 2022 |
7,870 |
1.69 |
Carriglead |
|
AES63501 |
Follow Up Sampling Dec 2022 |
7,460 |
1.61 |
Carriglead |
|
AES63507 |
Follow Up Sampling Dec 2022 |
5,620 |
1.21 |
Carriglead |
|
AES63505 |
Follow Up Sampling Dec 2022 |
5,120 |
1.10 |
Carriglead |
|
AES63508 |
Follow Up Sampling Dec 2022 |
3,280 |
0.71 |
Carriglead |
|
AES63511 |
Follow Up Sampling Dec 2022 |
500 |
0.11 |
Carriglead |
|
AES63506 |
Follow Up Sampling Dec 2022 |
330 |
0.07 |
Carriglead |
|
AES63502 |
Follow Up Sampling Dec 2022 |
290 |
0.06 |
Carriglead |
Table 5: Results from follow up prospecting at Carriglead (December 2022)
* Li2O % = Li ppm % (x 2.153)
#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 PLC – Athabasca Uranium – Exploration Update
Summer 2022 Exploration Programme Delivers High-Grade Uranium Rock Samples up to 4.70% (47,000 ppm) U308
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces results from its recently completed 2022 Phase I field programme covering its Thibault Lake, Clearwater and Tait Hill uranium properties located in the Athabasca Basin area in Saskatchewan, Canada.
Following the earlier releases announcing the fieldwork commencement on 10 August 2022, as well as the completion of work on 5 October 2022, full assays results have been received, analysed and compiled by the Company’s technical team. The announcements may be viewed in the links below:
HIGHLIGHTS:
· A total of 46 rock samples were collected as part of the 2022 Phase I programme including 29 samples from Tait Hill, 8 from Thibaut Lake, and 8 from Clearwater. All samples were analysed at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. Power Metal employed a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements (REEs).
· Two extremely high-grade samples were returned from Thibault Lake including individual assay results up to 4.7% and 2.4% U3O8, with further highly radioactive samples located in close proximity.
· During fieldwork on Clearwater, historical mine shafts and former workings were identified, illustrating the property’s overall prospectivity; the Power Metal sampling carried out as part of this programme identified up to 1,120 ppm (0.112%) U3O8.
· Work on Tait Hill has supported the potential identification of a target considered to be geologically analogous to the Rössing Uranium deposit in Namibia, with up to 825 ppm Uranium (“U”) identified at the Mullis Lake Target which will be one of the focuses of future work programmes.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“We are particularly excited by our Athabasca uranium portfolio, with twelve properties covering some 841km2 of footprint in this highly sought-after region for uranium exploration. Two of our properties, Reitenbach and E-12 are in the process of disposal as previously announced, and we continue to attract interest across the remainder of the portfolio and have
established data rooms for each property to enable us to efficiently engage with third parties.
Notwithstanding this, we intend to retain a number of the properties and to conduct proactive exploration across them. Today we have announced positive exploration findings from our latest, Summer 2022 phase I work programme covering three properties, and we will be launching additional ground exploration in 2023.
In the meantime, the commercialisation work in respect of our uranium portfolio continues, including both disposal activities and the search for new uranium focused projects to add into the Power Metal business.”
Programme Overview
The exploration fieldwork conducted over the Thibault Lake, Clearwater and Tait Hill uranium properties consisted of the ground investigation, gamma-ray spectrometer surveying and rock sampling and over pre-defined target areas.
Both Thibault Lake and Clearwater are considered prospective for both Beaverlodge style vein/shear hosted uranium and pegmatite hosted uranium. Tait Hill is considered prospective for both pegmatite hosted uranium and offers a significant intrusive related target; the ‘Mullis Lake Target’.
The results from the exploration programs support these assessments.
Thibault Lake Uranium Property
In the north of Thibault Lake in the vicinity of the West Tazin Lake Target, strongly mineralised samples of sheared, pitchblende infilling structures, typical of Beaverlodge-type uranium mineralisation returned results up to 2.4% and 4.7% U3O8 and represents a significant target for future exploration.
Clearwater Uranium Property
Exploration at Clearwater focussed on two targets including:
1) the Toots Lake Target where samples of folded and foliated gneiss, pegmatites and fracture-controlled veins yielded spectrometer counts per second (“CPS”) readings of up to 1,300 CPS, with corresponding sample assay results up to 206 ppm U.
2) The A-6 North Target which is in close proximity to an identified historical mineshaft included a strongly radioactive sample with ‘off scale’ (i.e. >9,999 CPS) radioactivity, which returned a sample assay of 1,120 ppm U3O8. Additional samples also had anomalous results of between 133 and 322 ppm U3O8.
The results from this exploration programme on Clearwater indicates the prospectivity of the property for further examples of Beaverlodge-Style uranium mineralisation.
Tait Hill Uranium Property
In the south of Tait Hill, at the Mullis Lake Target, up to 825 ppm U was returned from an outcrop of a brecciated pegmatite dyke, this sample, in close proximity to a mapped granite and folded gneiss that has been interpreted a significant target. The Mullis Lake Target is considered by the Company to have geological similarities to the setting of the intrusive related Rössing Uranium Mine located in Namibia. As announced on 10 October 2022, additional land has been staked to secure this target for future work.
Summary
The Company is very pleased with the results obtained from the 2022 Phase I work programme where only a few days of prospecting was spent on each of the three Properties. Several additional uranium occurrences have yet to be prospected by Power Metal, and the data obtained during this and the 2021 work programmes, as well as historic data compiled by the Company, will be crucial in allowing Power Metal to unlock additional value from the portfolio during the 2023 exploration season.
URANIUM PROPERTIES – HOLDING STRUCTURE
Power Metal has a 100%-owned subsidiary Power Metal Resources Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio outlined in Table 1.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings
|
Project |
Licence ID |
Area (Hectare) |
Area (km2) |
|
Clearwater Uranium Property |
MC00015079 |
1,110 |
11.1 |
|
MC00015083 |
563 |
5.63 |
|
|
MC00015082 |
3,191 |
31.91 |
|
|
MC00015151 |
760 |
7.6 |
|
|
MC00015646 |
761 |
7.61 |
|
|
MC00015658 |
1,541 |
15.41 |
|
|
Tait Hill Uranium Property |
MC00015078 |
1,576 |
15.76 |
|
MC00015081 |
968 |
9.68 |
|
|
MC00015153 |
1,530 |
15.3 |
|
|
MC00015152 |
1,886 |
18.86 |
|
|
MC00015647 |
725 |
7.25 |
|
|
MC00015648 |
1,129 |
11.29 |
|
|
MC00016158 |
3,242 |
32.42 |
|
|
Thibaut Lake Uranium Property |
MC00015077 |
2,206 |
22.06 |
|
MC00015659 |
2,195 |
21.95 |
|
|
Soaring Bay Uranium Property |
MC00015080 |
1,255 |
12.55 |
|
MC00015155 |
3,375 |
33.75 |
|
|
MC00015874 |
748 |
7.48 |
|
|
MC00015875 |
2,529 |
25.29 |
|
|
Cook Lake Uranium Property |
MC00015212 |
984 |
9.84 |
|
E-12 Uranium Property* |
MC00015213 |
1,323 |
13.23 |
|
Reitenbach Uranium Property** |
MC00015214 |
2,135 |
21.35 |
|
MC00015474 |
1,235 |
12.35 |
|
|
MC00015655 |
4,570 |
45.7 |
|
|
MC00015656 |
5,322 |
53.22 |
|
|
MC00015657 |
886 |
8.86 |
|
|
MC00015824 |
528 |
5.28 |
|
|
MC00016155 |
1,333 |
13.33 |
|
|
Reindeer Lake |
MC00015522 |
3,336 |
33.36 |
|
Porter Lake |
MC00015561 |
5,656 |
56.56 |
|
MC00015562 |
5,198 |
51.98 |
|
|
Old Woman Rapids |
MC00015563 |
4,851 |
48.51 |
|
MC00015564 |
5,063 |
50.63 |
|
|
MC00015565 |
3,044 |
30.44 |
|
|
Durrant Lake |
AC00018000 |
5,866 |
58.66 |
|
Badger Lake |
MC00016253 |
1,671 |
16.71 |
|
Total Licence Holding Area |
84,291 |
842.91km2 |
|
*E-12 Property conditionally disposed to Teathers Financial PLC as announced 4 November 2022.
**Reitenbach Property conditionally disposed to Teathers Financial PLC as announced 8 August 2022.
GLOSSARY
Beaverlodge-style: A group of small, but moderate to high-grade uranium deposits found to the northwest of the Athabasca Basin. Such deposits are typically present along faults, fractures or shear zones, generally containing pitchblende, quartz, calcite, chlorite and sulphide minerals; or within a brecciated unit containing pitchblende, galena, quartz, calcite, chlorite, and pyrite.
Pegmatites: Pegmatites are coarse grained intrusive rocks which often carry economic mineralisation, they commonly form ‘sheets’ of rock close to larger intrusions.
U3O8 : Uranium oxide, containing 84.8% uranium.
Uraniferous: Containing uranium
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 |