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#POW Power Metal Resources – Tati Project Botswana Final Drill Assay Results
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces final results from the Company’s recently completed drilling programme on the 100% owned and operated Tati Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.
Assay results from the first three holes which included the bonanza intercept 1m of 47.1g/t gold (“Au”) from 6m downhole depth in reverse circulation (“RC”) drillhole CHRC0003, were previously announced to the market on 3 November 2022 and can be found at the link below:
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Tati is becoming a significant Project for Power Metal – with only 175m strike distance of an 8km long gold-in-soil anomaly drill tested and extensive high-grade gold confirmed from the RC drilling.
Naturally the 47.1g/t Au and 40.6g/t Au grades peak excitement, which they should, however more important is the continuity of gold mineralisation over the 175m strike drill tested thus far, which bodes well for the significant amount of the anomaly yet to be tested. That drill testing is now a priority for Power Metal.
Complementing the extremely exciting gold exploration results we have to note the practical advantages of the Tati Project.
The gold mineralisation identified to date is near surface, significantly de-risking any mining proposition. And the Project is centred on the former working gold mine, Cherished Hope, with gold fines dumps available for processing at a local processing site, potentially generating revenue for further exploration and development of the Project.
The processing site for the fines dumps is located within 20 minutes by road from the Project, and clearly also presents an avenue for processing of gold from the newly discovered mineralised areas, subject to undertaking commercial agreements and local regulatory approvals.
All told the Tati Project is making major progress and the Company intends to accelerate its activity to undertake RC drilling to more fully test the very large Au-in-soil anomaly, prove up more extensive gold mineralisation and in parallel develop avenues for future gold production from the Project.”
Highlights:
– A total of nine RC holes totalling 490m were completed at Tati as part of the August 2022 exploration programme – representing the first ever known drilling programme carried out on prospecting licence (“PL”) 049/2022. Complete assay results have now been received for the remaining 6 holes and are presented herein.
– In addition to multiple high-grade gold intersections reported from the first three RC drillholes, significant near-surface dolerite and quartz reef hosted gold mineralisation was successfully intersected in 5 of the 6 remaining holes. Key down-hole intersections (>1g/t Au) include:
§ Hole CHRC0004
Ø 1m @ 1.36 g/t Au from surface
Ø 2m @ 1.81 g/t Au from 2m
Ø 1m @ 1.56 g/t Au from 5m
Ø 1m @ 2.53 g/t Au from 36m
§ Hole CHRC0005
Ø 1m @ 1.13 g/t Au from 22m
Ø 2m @ 1.78 g/t Au from 52m
§ Hole CHRC0006
Ø 2m @ 23.17 g/t Au from 25m, including
§ 1m @ 40.63 g/t Au from 26m
§ Hole CHRC0007
Ø 1m @ 4.80 g/t Au from 1m
Ø 2m @ 6.59 g/t from 5m, including
§ 1m @ 11.27g/t Au
Ø 1m @ 1.55 g/t from 13m
Ø 1m @ 11.16g/t from 54m
§ Hole CHRC0009
Ø 2m @ 2.11 g/t Au from 49m
– Drilling intersections have confirmed gold mineralisation over a strike length of 175m, with mineralisation remaining open towards the northwest, southeast and downdip.
– Significantly, the Q3 2022 drilling area is located along a major northwest-southeast oriented regional shear that is thought to be the control of gold mineralisation observed within the area.
– Along this major regional shear is a coincident Au-in-soil anomaly that extends for a strike distance of approximately 8km, and which is located entirely within the 100%-owned Tati Project. The majority of this geochemical anomaly remains underexplored, with additional mineralisation identified by Power Metal circa 6.5km to the northwest including Q1 2022 RC drillhole TGRC00017 which returned 3m of 5.17g/t Au from 9m 1, as well as the undrilled GoldSource Zone where rock sampling of a northwest-southeast oriented quartz reef returned up to 26.5g/t Au 2.
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:
The maps presented above will also be uploaded to the Tati Project page on the Company’s website found at the link below:
One metre RC chip samples were riffle split and sent for analysis by Intertek Genalysis in Perth Western Australia, by 50g fire assay with inductively coupled plasma mass spectrometry (ICP-MS) analysis (method FA50/MS). High grade samples were additionally analysed by 50g fire assay with inductively coupled plasma optical emission spectroscopy (ICP-OES) (method FA50/OE). Significant assay results are presented in Table 1, drill collar locations are set out in Table 2.
Table 1: Full Assay Results for Downhole Intersections >1g/t Au
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppb) |
Au (g/t)* |
Note |
|
CHRC0001 |
21 |
22 |
1 |
2,154 |
||
|
24 |
25 |
1 |
1,344 |
|||
|
33 |
34 |
1 |
12,490 |
10.2 |
||
|
CHRC0002 |
10 |
15 |
5 |
N/A |
Mined out void |
|
|
15 |
16 |
1 |
5,572 |
|||
|
CHRC0003 |
0 |
1 |
1 |
1,816 |
||
|
1 |
2 |
1 |
1,261 |
|||
|
5 |
6 |
1 |
1,251 |
|||
|
6 |
7 |
1 |
44,821 |
47.1 |
||
|
7 |
8 |
1 |
1,360 |
|||
|
CHRC0004 |
0 |
1 |
1 |
1,362 |
||
|
2 |
3 |
1 |
1,911 |
|||
|
3 |
4 |
1 |
1,716 |
|||
|
5 |
6 |
1 |
1,560 |
|||
|
36 |
37 |
1 |
2,377 |
2.526 |
||
|
37 |
39 |
2 |
|
|
Mined out, poor return |
|
|
CHRC0005 |
22 |
23 |
1 |
1,155 |
1.13 |
|
|
52 |
53 |
1 |
1,262 |
|||
|
53 |
54 |
1 |
2,641 |
2.296 |
||
|
CHRC0006 |
25 |
26 |
1 |
8,761 |
5.721 |
|
|
26 |
27 |
1 |
41,037 |
40.625 |
||
|
CHRC0007 |
1 |
2 |
1 |
1,546 |
4.802 |
|
|
5 |
6 |
1 |
1,762 |
1.915 |
||
|
6 |
7 |
1 |
10,933 |
11.272 |
||
|
13 |
14 |
1 |
1,695 |
1.546 |
||
|
54 |
55 |
1 |
12,166 |
11.157 |
||
|
CHRC0008 |
No Significant Values |
|||||
|
CHRC0009 |
49 |
50 |
1 |
2,514 |
|
|
|
50 |
51 |
1 |
2,608 |
1.707 |
*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g Fire-Assay)
Table 2: Tati 2022 Drill Programme Collar Table
|
Drill Hole ID |
Dip |
Azimuth |
Depth (m) |
Northing* |
Easting* |
|
CHRC0001 |
45° |
28° |
40 |
564875 |
7650896 |
|
CHRC0002 |
45° |
35° |
30 |
564856 |
7650925 |
|
CHRC0003 |
45° |
31° |
30 |
564842 |
7650942 |
|
CHRC0004 |
45° |
35° |
60 |
564818 |
7650929 |
|
CHRC0005 |
45° |
52° |
80 |
564797 |
7650937 |
|
CHRC0006 |
45° |
44° |
50 |
564798 |
7650936 |
|
CHRC0007 |
45° |
44° |
70 |
564772 |
7650950 |
|
CHRC0008 |
45° |
35° |
30 |
564748 |
7650986 |
|
CHRC0009 |
45° |
48° |
100 |
564744 |
7650958 |
* Projection: UTM Zone 35S WGS84
Reference Notes
1. Company announcement, Tati Project Botswana – Drill Programme Results, 4 April 2022
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9klmer )
2. Company announcement, Tati Project Botswana – Large Scale Gold Anomaly Confirmed, 14 September 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w6pve9x )
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#TYM Tertiary Minerals – Appointment of Exploration Manager, Zambia
Tertiary Minerals plc is pleased to announce that it has retained the services of Richard Belcher as its Exploration Manager for Zambia.
Richard is a multi-commodity, multi-disciplined explorationist with a strong technical background and 19 years’ post-PhD experience across all stages of exploration with an emphasis on gold and base metals in Africa, including in Zambia.
He has a proven capability from reconnaissance through to resource stage in challenging environments and was most recently a senior consulting geologist to Altus Strategies before its recent merger with Elemental Royalties.
Richard holds a BSc (Hons) Exploration Geology from Cardiff University (UK) and a PhD from Stellenbosch University (RSA) and is a Chartered Geologist and Fellow of the Geological Society of London.
Commenting today, Executive Chairman Patrick Cheetham said:
“This is a key appointment for the Company as we ramp up our exploration in Zambia. Richard will be leading the collaboration with major Zambian copper producer First Quantum Minerals that we announced earlier this month.
We look forward to working with Richard and with FQM and to our first joint technical meeting with FQM which is due to be held next week.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP
Nominated Adviser and Broker |
||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited
Joint Broker |
||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
About Tertiary Minerals plc
Tertiary is exploring for copper and precious metals in Nevada, USA, and in Zambia through local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ has the right to acquire up to a 90% interest in five licences held by local company and licence holder Mwashia Resources Ltd, two of which are subject to a technical collaboration with First Quantum Minerals as announced on 15 September 2022 .
Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.
#TYM Tertiary Minerals plc – Collaborative Agreement – Zambia Copper Projects
Tertiary Minerals plc is pleased to announce that it has signed a Technical Cooperation Agreement (the “Agreement”) with First Quantum Minerals Limited (“FQM”) in connection with two of its copper exploration projects in Zambia.
Key Points:
· The Agreement covers Tertiary’s Mukai and Mushima North Project Interests (the “Projects”).
· 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 exploration area for FQM and is prospective primarily for iron-oxide-copper-gold (IOCG) mineralisation.
· FQM & Tertiary will establish a Technical Committee with the objective to work collaboratively with respect to advancing exploration and development of the Projects.
· The Technical Committee will advise and assist Tertiary in relation to all technical matters relating to the Projects.
· FQM will provide Tertiary with all of its historical exploration data for the two licence areas and Tertiary will submit its exploration results to the Technical Committee on an ongoing basis.
Commenting today, Executive Chairman Patrick Cheetham said:
“This Agreement will turbo-charge Tertiary’s Zambian exploration in these two key licence areas. 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 and, importantly, its site-specific historical exploration in and around these two exciting projects.
“For Tertiary, the Agreement will effectively harness the expertise of one of the world’s largest copper producers without the associated cost, and in return FQM will gain first-hand knowledge of any new discoveries that we make, and will be in pole position, should we seek an exploration or development partner in future. Nevertheless, it is important to stress that the Agreement does not bind either company to any further agreement or grant FQM any first rights of refusal and so is not commercially restrictive for Tertiary.
“We are grateful to FQM for proposing such a free-thinking arrangement and we look forward to working with their team.”
For more information please contact:
|
Tertiary Minerals plc: |
||
|
Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
|
|
SP Angel Corporate Finance LLP Nominated Adviser and Broker |
||
|
Richard Morrison |
+44 (0) 203 470 0470 |
|
|
Caroline Rowe |
||
|
Peterhouse Capital Limited Joint Broker |
||
|
Lucy Williams |
+ 44 (0) 207 469 0930 |
|
|
Duncan Vasey |
||
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Additional Information.
Tertiary is exploring in Zambia through local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ has the right to acquire up to a 90% interest in the Mukai and Mushima North exploration licences from local company and licence holder Mwashia Resources Ltd.
Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.
Mukai Copper Project, 27066-HQ-LEL
Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the north-western Province of Zambia. Geologically it is in the Domes Region of the Central African Copperbelt and it encompasses Lower Roan Subgroup rocks which are part of the southern flank of the highly prospective Kabompo Dome.
The licence is directly adjacent to FQM’s Trident Project licences which include the recently opened Enterprise nickel mine and the large producing Sentinel (Kalumbila) copper mine, located 8km south and 18km southeast of the licence, respectively.
FQM has invested US$2.1 billion in the Sentinel copper mine where the plant has the capacity to treat 55 million tonnes of ore per annum.
Enterprise is a sediment-hosted nickel-sulphide deposit with a total measured and indicated resource of 40 million tonnes of ore containing 431,000 tonnes of nickel from which FQM envisages processing some 4 million tonnes per year of nickel ore making Enterprise the largest nickel mine in Africa.
The project is also located west of Arc Minerals project area on the opposite flank of the Kabompo Dome where Anglo American plc can earn a 70% interest from Arc Minerals plc through expenditure of US$88.5 million including US$14.5 in cash payments.
Mushima North Copper Project, 27068-HQ-LEL
Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga.
The licence encompasses basement rocks outside of the traditional Copper Belt and the region is a focus of exploration for copper-gold in so called Iron-Oxide-Copper-Gold (“IOCG”) deposits best exemplified by the giant Olympic Dam copper-gold-uranium deposit in South Australia.
The past producing Kalengwa copper mine is situated approximately 20km west of the licence and is believed to be one of the highest-grade copper deposits ever to be mined in Zambia. In the 1970s high grade ore in excess of 26% copper, making up approximately 20% of the orebody, was trucked for direct smelting at Copper Belt mines.
First Quantum Minerals Ltd (“FQM”)
FQM is a global copper company operating long life mines in several countries. It employs approximately 20,000 people world-wide.
FQM is ranked the sixth largest copper producer in the world and is forecasting global copper metal production of at least 790,000t in 2022.
Just under half of FQM’s copper production is expected to come from its Kansanshi and Sentinel mines in Zambia which together represent approximately 50% of total Zambian copper output.
Kavango Resources #KAV – Licence Renewals and 1 New KSZ Licence Issued
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) announces the renewal of 5 Prospecting Licences (“PLs”) in the Kalahari Suture Zone (“KSZ”) and one PL at the Ditau Project. In addition, the Company has also been awarded one new PL in the KSZ.
Kavango’s total mineral rights in Botswana now cover 14,316km2.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“The renewal of six of our prospecting licences and the issue of one additional licence by the Department of Mines enables Kavango to plan a substantial work program across its portfolio, as well as advance discussions with potential partners.
Securing the six Kalahari Suture Zone licences is particularly important, as it confirm Kavango’s strategic hold over this large-scale nickel/copper exploration project.
With its strategically significant mineral rights package, Kavango is well placed to become a major player in the Botswanan metals’ exploration space. We look forward to advancing our projects and making significant discoveries over the coming years.”
Details of licences issued
Kavango Minerals (Pty) Ltd
|
Project |
Licence No. |
New expiry date |
New area (sq.km) |
Comment |
|
KSZ |
509/2014 |
30/9/24 |
413 |
Renewal |
|
KSZ |
510/2014 |
30/9/24 |
499 |
Renewal |
|
KSZ |
155/2016 |
30/9/24 |
491 |
Renewal |
|
KSZ |
156/2016 |
30/9/24 |
491 |
Renewal |
|
KSZ |
157/2016 |
30/9/24 |
391 |
Renewal |
|
KSZ |
062/2022 |
30/9/25 |
73 |
New licence |
Kanye Resources (Pty) Ltd
|
Project |
Licence No. |
New expiry date |
New area (sq.km) |
Comment |
|
Ditau |
010/2019 |
30/9/24 |
459 |
Renewal* |
*In compliance with the Botswana Minerals Act, PL 010/2019 includes 50% relinquishment due on first renewal
The resulting total areas that Kavango’s subsidiaries have rights to are as below:
|
Project |
Total area (sq.km) |
Comment |
|
KSZ |
8,323.1 |
100% owned by Kavango |
|
KCB (1,2) |
5,065.5 |
See footnote |
|
Ditau (2) |
927.4 |
See footnote |
|
TOTAL |
14,316 |
1) Includes 2 x licences that are the subject of 90% earn in with LVR Geoexplorers (Pty) Ltd.
2) Kavango currently owns a 50% working interest in 10 prospecting licences held in a Joint Venture vehicle (Kanye Resources) with Power Metal Resources (LSE:POW), and has agreed to acquire 100%. Terms of the acquisition are provided in the announcement dated 8 July 2022.
(‘KSZ’: Kalahari Suture Zone; ‘KCB’: Kalahari Copper Belt)
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#KAV Kavango Resources – KCB – target definition on Mamuno Licences
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) has identified a large drill target, prospective for copper, on its Kalahari Copper Belt (KCB) Mamuno licences PL049/2020 & 052/2020.
Highlights
– The Mamuno Project Area extends to the Botswana-Namibia border, beyond which Rio Tinto and Sandfire Resources hold licences directly adjacent to the west and north
– Completion of large-scale, high-resolution soil sampling program (Mamuno 1,319 samples, 9,677 program total)
– Identification of large drill target (the “Target”):
– 5km long x 3.5km wide area of anomalous values (+30ppm Cu)
– Peak value of 73ppm Cu (pXRF values)
– Geochemical anomalies conform with the mapped underlying geology
– Follow up geophysics planned to sharpen target definition, ahead of drilling
Kavango has provided a map showing the Target on the Company’s website, via the link below:
https://www.kavangoresources.com/media-library/news-release-media/rns31august2022
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“This work represents the culmination of a 2022 program of 9,677 soil samples, which has already identified multiple targets elsewhere on our PLs 082/2018 and 036/2020 (26 August 2022 and 3 August 2022).
The presence at Mamuno of anomalous values to 73ppm copper, over a large area, means that this is a robust anomaly. The western KCB area has historically been unexplored due to depth of sand cover, but is now seeing an intensification of exploration activity. Kavango has managed to carry out geological mapping in the area despite the cover, and considers that the anomaly aligns with an underlying Ngwako Pan/D’kar Formation contact, which is a key control on copper/silver mineralisation in the KCB.
Kavango now plans follow-up geophysical work to sharpen the definition of this large anomaly, followed by drilling.”
Target Detail
A large geochemical feature has been identified, of up to 73ppm copper which given the soil cover is of a high tenor.
Main Zone (Cu: >30ppm, Max 73ppm)
– Dimensions 5km x 3.5km
– Follows the geological trend of the Ngwako Pan-D’kar Formation geological contact mapped nearby by Kavango
– Also associated with NW-SE trending lineaments, which cross cutting structures are known to be linked to high grade copper mineralisation elsewhere on the KCB
– Area features Kalahari sand cover, which is known to attenuate soil geochemistry values. Even with this, Kavango has identified a high-tenor anomaly relative to anomalies identified elsewhere on the KCB by other companies
– Area has been field checked by Kavango geologists
– The Target also has widespread elevated zinc values (>18ppm, Max 37ppm).
Planned follow-up for Mamuno Licences PL049/2020 & 052/2020
Next steps, ahead of a drill program on the Target to include:
– Limited infill soil sampling (reducing 800m to 200m line spacing) in selected areas to refine specific drill target locations
– Static seismic surveys (Tromino) using Kavango-owned equipment, to evaluate overburden thickness
– Reinterpretation of regional aeromagnetic data to provide additional resolution on geological contacts around anomaly
– Airborne or ground Magnetic/Electromagnetic (“AEM”) and Controlled Source Audiomagnetotelluric (“CSAMT”) surveys
– A drill program is planned to follow.
Kavango Sampling Methodology
– Excavation to 30-40cm below the surface
– Sample is collected from bottom of hole and sieved to approximately 200g of -180um fraction
– Sample is analysed using the company’s in-house Vanta XRF Analyser in geochemistry mode with three beams switched on for a total analytical time of 120 seconds per sample. Analyses are done using a desk-top docking station to ensure a consistent presentation distance between the sample and analyser window
– Reference materials (of known values) are inserted after every 25 samples and at the end and beginning of each batch
– Resultant data is then used to generate user factors for normalising the analytical results prior to interpretation
– Selected samples are also sent to an independent laboratory in South Africa for multi-element analyses by conventional means
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
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#KAV Kavango Resources – Ditau DITDD004 gold mineralising system identified
Botswana-focussed metals exploration company Kavango Resources plc (LSE:KAV) has received analytical results including gold fire assays from Hole DITDD004 (“DITDD004”) on Target i10 at the Ditau Camp Project (“Ditau”), in southwestern Botswana.
These analyses demonstrate the presence of gold associated with hydrothermally altered rocks. The previously announced “Zone of Interest” (>>> announced 18 May 2022) has been extended to 100.79m (from 292.6m to 393.29m) and remains open at depth.
The results show the presence of anomalous levels of gold (to 0.18ppm) and copper (to 0.10%), in a magnetite and haematite (iron oxides) rich breccia that continues to the end of the hole.
Further drilling is recommended to evaluate further the size and scale of the system, as well as attempt to establish whether the system may intensify proximal to a deep source.
Kavango has provided a number of core photos from the Zone of Interest on the Company’s website, via the link below:
https://www.kavangoresources.com/media-library/news-release-media/rns30august2022
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Drilling at Ditau targeted three very different and essentially ‘blind’ geophysical targets, about which there was very little geological information.
Gold had never been discovered in this area, but our geological team maintained an open mind during drilling. On seeing extensive disseminated sulphide in the core of DITDD004, we decided that fire assays (for gold) would be an appropriate step.
This has led to a new exploration lead, with an intensely developed brecciated and hydrothermally altered system that contains mineralisation, including gold, copper, iron oxides and iron sulphide.
This system remains open in all directions as well as at depth, offering prospective potential for the future.
We await the results of petrological work, which will enable us to understand the genetic origin of these gold values. Based on the updated model, we will plan the next exploration phases at this project, including further drilling.”
Highlights
– Hole DITDD004 was drilled into Target i10 to a depth of 393.29m
– “Zone of Interest” in DITDD004 expanded from 292.60m to 393.29m (previously reported 293.00m to 321.00m)
– The “Zone of Interest” is characterised by a typically high iron content, from 292.60m to 393.29m .
– Exhibits a range of haematite, magnetite, and sulphide rich zones
– Includes a pyrite-rich, brecciated zone from 309.00m to 346.53m
– Within the Zone of Interest, multiple (non-continuous) gold values were encountered, with a peak grade of 0.175 parts per million (“ppm”) gold over 2m (from 312.00m to 314.00m)
– Eleven values >0.05ppm Au were found, typically each of 1m intervals, between 304.00m and 345.50m, covering 12.50m over the area
– A table of results, for gold, copper, and iron, from the Zone of Interest, is appended
– A significant number of results for iron are above the upper detection limit (25%) of the method utilised
– Additional analyses pending for holes DITDD003, DITDD005, and DITDD006
– Petrological work is underway at a UK based specialist laboratory
– Kavango re-evaluating exploration model for Target i10
– Future work will include additional drilling to test the target, which remains open at depth
Background
Based on the core mineralogy and textures observed in Hole DITDD004, Kavango’s geologists considered, that the core seen in this hole could be prospective for gold, and so fire assays for gold were added to the suite of chemical analyses already being carried out.
Samples were taken from halved drill core, typically as 1m intervals, cut by Kavango’s technical team using a core saw, and analysed by fire assay and ICP-MS at an internationally accredited laboratory in South Africa. 51 elements were analysed for, with selected samples also undergoing gold fire assay. 9 samples were in addition sent for ‘whole rock’ analysis comprising further elements.
Results for the other holes DIDTDD003, DITDD005 and DITDD006 remain pending.
The presence of gold, and of a broader alteration system, provides a new exploration lead, which Kavango plans to pursue. The grades and overall width encountered provide a clear rationale for further follow-up.
Description of Results
The Zone of Interest is shown by analyses (fire assays and ‘whole rock’ analysis) to contain gold and base metal mineralisation, and/or textures associated with extensive alteration. This is considered to be hosted in an intensely developed hydrothermal breccia consisting of mudstone, quartzite, and magnetite rich banded iron units.
The breccia and adjacent units are crosscut by post-breccia development quartz and carbonate veins. Quartz-pyrite veining is in places intensively developed. Alteration includes pervasive carbonate alteration, chlorite alteration, and local haematite alteration/veining. The magnitude of the breccias and their often-chaotic fabric have the potential to provide highly permeable hosts for mineralisation.
The indications support a large hydrothermal system capable of creating substantial brecciation, fracturing and therefore permeable hosts to support the significant metasomatism.
Veining and brecciation continue to the end of the hole; the mineralising system is considered to remain open at depth. Drilling nearby is recommended to further evaluate the size and scale of the system, as well as attempt to establish whether mineralisation and alteration may intensify proximal to a deep source.
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
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#POW Power Metal Resources – Molopo Farms – Drill Contract Signed
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 23 August 2022 the Company announced an update regarding progress being made towards the first Power Metal managed and operated diamond drilling programme at Molopo Farms, as well the expansion of the geophysics programme over target (“T”) areas T1-6 and T1-14 (covering prior 20/21 drill holes K1-6 and K1-14) and two new target areas T1-3 and T2-3. The link to this announcement is below:
Key Updates:
§ Diamond drilling contract has been signed with Mindea Exploration and Drilling Services (Pty) Ltd (“Mindea”), an experienced Botswana-based company with extensive drilling experience in-country. Mindea is 100% Botswana citizen owned.
§ The current planned programme is for circa 2,600m of diamond drilling across an expected 6 drillholes, with at least two drillholes planned into the newly identified conductor within the T1-6 target area.
§ The drilling will be paid for on a part-cash, part-equity basis, with over 50% of the expected contract cost to be satisfied through the issue of up to 10,000,000 new ordinary shares of 0.1p each in the Company at an issue price of 2.25p per share (“Drilling Cost Shares”). The Drilling Cost Shares will be issued by the Company within one month of the completion of 2,600 metres of drilling.
§ Mindea’s base of operations is located only 98km from Molopo Farms allowing for quick and efficient mobilisation of crews and equipment, with the expected mobilisation and drilling commencement scheduled for mid-September 2022.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“It has been an incredible effort by the team to put us in the position to launch expedited drilling at Molopo Farms only a matter of weeks after the discovery, through geophysical surveys, of a new and very compelling conductor in target T1-6 located immediately south of previous drillhole K1-6.
The electromagnetic conductor, the edge of which was intersected by previous diamond drillhole K1-6 at a similar stratigraphic level to a broad nickel sulphide mineralisation interval, represents a high-priority target during the upcoming drilling programme.
The potential offered by this drill programme is amply demonstrated by Mindea, the drill contractor, taking a significant portion of the contract costs in Power Metal shares.
Now the real work begins, with the few weeks prior to drilling commencement to be used to undertake the expanded geophysical surveys to confirm precision drill targeting at T1-6, and the follow up surveys at targets T1-14, T1-3 and T2-3. That survey work is underway currently.
Further Molopo drilling updates are expected prior to and following mobilisation, alongside updates in respect of the expanded geophysics drill target generation programme.”
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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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 |
GreenX Metals Ltd #GRX – Efficient ATVs Deployed for Greenland Exploration
HIGHLY EFFICIENT & LOW IMPACT ATV’s DEPLOYED FOR GREENLAND EXPLORATION
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Advanced all-terrain vehicles (ATVs) are currently being deployed for upcoming mineral exploration program at the ARC Project in Greenland |
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Three Sherp N1200 ATVs with customised trailers will allow for efficient lower-cost exploration and will remain in Greenland for future programs |
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The Sherps provide increased flexibility, lower fuel consumption, lower carbon-footprint and extend the duration of in-field deployment compared to a traditional helicopter exploration solution |
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The Company continues it’s focus on using cutting-edge exploration technology for maximum results and minimal environmental impact |
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to report that three advanced all-terrain vehicles (ATVs) will be deployed for its upcoming exploration program at the Arctic Rift Copper project (ARC or the Project) in Greenland. The Sherps will remain in Greenland and provide substantial cost savings and enhanced access to start exploration programs in future years.
Deployment of three customised Sherp N1200 ATVs with customised trailers demonstrates the Company’s cutting-edge approach to exploration at ARC. These vehicles represent a fundamental change to the way that mineral exploration is conducted in Greenland, focusing on maximum results with substantial costs savings, increased flexibility, minimal fuel consumption, low carbon emissions, and low environmental impact – while ensuring best-in-class safety for all field personnel.
The deployment of the Sherps demonstrates the Company’s commitment to high-technology, low-impact exploration in one of the world’s last great mineral frontiers, with a strategy focussing on responsible exploration and significant energy metal discovery.
Ben Stoikovich, Chief Executive Officer of GreenX commented: “ The Sherp ATVs have the potential to significantly de-risk exploration in Greenland’s unique environment. They align with our commitment to low-cost, high-technology exploration of Greenland and will assist us to unlock and fast-track the tremendous potential we see in ARC. As the Sherps will remain in Greenland, this will provide us with substantial cost reduction in future years, and also greatly increase our flexibility when planning and commencing future exploration programs. “
Dr Jon Bell, technical director of GreenX commented: “ We are excited to be the first users of the Sherp in Greenland. These machines create the opportunity for field seasons that are substantially longer than previously possible – we think they are a ‘game changer’. Importantly, safety is increased substantially, while the environmental footprint is a fraction of what was previously possible. “
HIGH-TECHNOLOGY, LOW-IMPACT EXPLORATION PROGRAM
A ground-up analysis of existing exploration practices across Greenland and surrounding regions demonstrated that although helicopters are often exclusively relied on for transport in Greenland, ATVs can be very effective and provide cost, safety, and environmental advantages over a solely airborne solution.
GreenX estimates that for its 2022 program, it is saving over 4,700 litres of fuel through exploration-by-ATV over a traditional helicopter exploration solution. Consequently, this year’s exploration program is estimated to require almost 85% less fuel compared to use of airborne exploration techniques.
To realise these advantages, GreenX and its joint venture partner, Greenfields Exploration Ltd (GEX) began a global search for adaptable, rugged vehicles which could replace helicopters in a wide range of applications. Following this search, the Company commissioned Sherp Global to produce specially customised ATVs and trailers.
The fleet of Sherp ATVs will be used for transport, accommodation, and equipment storage during the field campaign, creating a largely self-contained and modular camp setup which can be positioned and remobilised to focus on areas of interest within the ARC project. Reducing the need to return to a centralised basecamp each night improves safety, fuel consumption, ground impact, all while maximising the efficiency of the workday. Furthermore, the exploration team can be fully enclosed and protected against weather and wildlife hazards. This is not currently possible under any conventional fieldwork strategy used in Greenland.
SHERP N1200 ATVS
Sherp Global manufacture the Sherp N1200 which is a world-leading diesel vehicle with extreme capability across rough terrain, ice, snow, and water. It can clear obstacles up to 1 m high, traverse moving water obstacles, and operate in extreme conditions. Importantly, the N1200 uses ultra-low-pressure tyres which minimise the impact that this vehicle has on the ground. In many environments, the N1200 vehicle leaves no tracks.
From the base model, Greenfields and the Company made several customisations to increase the capability of the N1200, creating the ‘GreeNlander’ specification. Along with additional insulation and safety features, the GreeNlander features sleeping places for up to four personnel, additional fuel storage and transfer equipment, and one vehicle is equipped with a snowplough. The ATVs can be lifted by their roofs by a crane and have full capacity for self-recovery in the case of any incident.
In the Company’s view, the GreeNlander may be the most capable vehicle for polar exploration ever built.
ABOUT THE ARCTIC RIFT COPPER PROJECT
The Arctic Rift Copper Project is an exploration joint venture between GreenX and GEX. GreenX can earn 80% of ARC by spending A$10 M by October 2026. The ARC project is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province. This province is thought to be analogous to the Keweenaw Peninsula of Michigan, USA, which contained a pre-mining endowment of +7 Mt of copper contained in sulphides and 8.9 Mt of native copper. Like Keweenaw, ARC is known to contain at surface, high-grade copper sulphides, ‘fissure’ native copper, and native copper contained in what were formerly gas bubbles and layers between lava flows.
#POW Power Metal Resources – Molopo Farms- Drill Programme & Geophysics Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 16 August 2022 the Company announced an update highlighting the identification of a large electromagnetic (“EM”) conductor, the edge of which, had been intersected by previous diamond core drillhole KKME 1-6 (“K1-6”), at similar stratigraphic levels to a broad nickel sulphide mineralised interval. As announced, drill testing this conductor is to be the focus of the upcoming expedited diamond drill programme. The link to this announcement is below:
HIGHLIGHTS
§ Preparations for the first Power Metal managed and operated diamond drill programme at Molopo Farms are advancing at pace and the commencement date for drilling is expected to be announced shortly.
§ The drilling will target the core of the new conductor, immediately south of K1-6, with multiple drillholes planned of varying positions in order to maximise the discovery potential of the programme.
§ Precision drill hole targeting work at K1-6 is also underway, given the size of the conductor the first two holes are expected to be located approximately 500m and 1,000m to the south of original hole K1-6.
§ The programme is being designed to ensure expeditious core analysis to include: geologists on site to conduct continuous core inspection and logging, identification of visible sulphides, selection of core samples for assay testing and the arrangement where appropriate of expedited laboratory assays to minimise turnaround time.
§ Two additional high-priority targets located southwest of K1-6 have been selected for moving loop electro-magnetic (“MLEM”) surveys, to provide further targets for planned diamond drilling.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“It is encouraging to see the interest in Molopo Farms shown by shareholders and investors. We share the excitement this Project brings, and the K1-6 conductor is considered by our technical team to be a very compelling drill target.
We are seeking commencement of drilling as soon as possible and making expedited final preparations for this. There will be further announcements to follow in this regard.
Expanding the geophysics programme to cover two new targets demonstrates the size and scale of the Molopo Farms opportunity.
As this work progresses, in parallel, we continue to engage with third parties that have expressed an interest in Molopo Farms and the high-impact exploration work we are undertaking.
The level of interest in the Project is notable, demonstrating we believe not only the Project’s geological potential, but also its geographic location, Botswana, which is a secure, supportive and positive operating environment for resource exploration and development.”
FURTHER INFORMATION
Drill Programme Planning
§ Following detailed review of the geophysical data and in consultation with Power Metal’s in-country technical team, the Company is planning to drill multiple holes targeting the southerly dipping conductor at K1-6, the core of which has never been drilled. The conductor is highlighted in Figure 2 and 3 in the link below:
https://www.powermetalresources.com/molopo-farms-complex-rns/
§ The first two drill holes are planned to be located approximately 500m and 1,000m south of previous diamond drillhole K1-6. The drill holes will be drilled towards the north at a ~70 degree angle in order to best intersect the southerly dipping conductor.
§ Spectral Geophysics are undertaking inversions of the MLEM data collected to date as well as high-resolution ground-magnetic surveys over drillholes K1-6 and KKME 1-14 (“K1-14”), to enable further refinement of the target areas prior to selecting final drillhole parameters (precise collar location, dip and azimuth).
§ The Company is finalising all preparations for the upcoming programme, including drill contract finalisation and the engagement of drill rig geologists, field technicians, core cutting personnel and general labourers. The senior project geologist from MSA Consulting Inc. engaged to help manage the Project in-country on behalf of Power, and who has extensive working knowledge of the Project, will be responsible for day-to-day oversight while drilling is ongoing.
Expansion of Geophysics over Additional Targets
§ The Company has also engaged Spectral Geophysics to undertake additional MLEM surveys over two additional targets K1-3 and K2-3, located approximately 30km and 60km southwest of target K1-6 and within prospecting licence (“PL”) 310/2016.
§ The additional targets are considered by the Power Metal technical team to hold significant potential prospectivity for nickel, copper and platinum group element mineralisation and the MLEM surveys will assist in the development of additional drill targets in those locations.
§ A location plan map of the Project highlighting the location of all geophysical target areas can be found at the link below:
https://www.powermetalresources.com/molopo-farms-complex-airborne-em-target-map/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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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 |
#KAV Kavango Resources – KSZ JV Search: Financial Adviser Appointment
Kavango Resources plc (LSE:KAV) (“Kavango”), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the appointment of Tamesis Partners LLP (“Tamesis”) to lead the Company’s efforts in seeking a partner or partners for the Kalahari Suture Zone Project (the “KSZ Project”).
Highlights
– Tamesis engaged to act as financial advisor to Kavango in respect of a possible corporate transaction involving the KSZ Project
– Tamesis will work with Kavango to assist with identifying potential partners and provide advice on transaction structures to maximise value for Kavango shareholders
– A data room (the “Data Room”) has been established to share data relating to the KSZ Project with interested parties under non-disclosure agreements
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Following publication of the Technical Review of the Kalahari Suture Zone, Kavango is now ready to engage formally with potential partners for future development of this large-scale exploration project.
We are particularly excited to be working with Tamesis Partners LLP, given their strong track record of transactions in the mining sector. The Tamesis team has extensive financial and technical expertise, which we expect will prove to be a significant help in our search for a partner.
In parallel to this our exploration will continue on the ground in the KSZ. We have full confidence in our exploration model and ability to scale up. Our main focus in the coming months will be to act on the recommendations made in the Technical Review and build on the project’s growing momentum. We have a number of leads to pursue immediately and will continue advancing the B1, B3 and B4 conductors to drill ready status .”
Tamesis engagement
A corporate transaction for the KSZ could involve a joint venture, an earn-in, direct investment or other similar mechanism with a view to maximising Kavango’s exposure to the value of the project while minimising dilution to shareholders. Kavango has in place a number of NDAs with interested parties and intends to advance discussions with additional parties now that the Data Room is set up.
A modest monthly retainer fee will be paid by Kavango to Tamesis during the term of the agreement. An advisory success fee, part of which may be paid in shares, will be due upon Kavango entering into definitive documentation in respect of any transaction, and in return for equity funds or other consideration received by Kavango pursuant to an investment or transaction consideration.
In consideration for the provision of the transaction services, Tamesis will also be awarded with 8,333,334 warrants, exercisable for two years from the date of issuance and with an exercise price of 3p per share.
KSZ Project B ackground
The KSZ Project is located at the western margin of the Kaapvaal Craton. This is a geologically favourable geodynamic location for mafic-ultramafic mineralisation as deep-seated structures are repeatedly activated and may enable ascent of fertile mantle derived magma to surface. Kavango’s licences comprising the KSZ Project cover a combined 8,813km2. The exploration targets are for massive Ni-Cu-PGE sulphide associated with the Karoo Large Igneous Province (LIP), and/or for low-sulphide PGE or massive Ni-Cu-PGE sulphide associated with the regionally extensive Proterozoic (Tshane Complex) that extends over a length of 650km parallel to the craton margin.
A report completed recently by Richard Hornsey, a leading authority on nickel sulphide and platinum group element exploration, concluded that Kavango’s programmes to date have Provided geochemical proof of magmatic Ni-Cu-PGE mineralising processes (depletion and enrichment) throughout the KSZ, for both the Karoo and Proterozoic (Tshane Complex) intrusions and identified previously unrecognised PGE potential in the KSZ South. Deposit models including Norilsk, Insiswa, Eagle, Tamarack and Uitkomst are being followed, enabling Kavango to vector towards the right host rocks and upgrade future targeting.
Contact details
Parties interested in gaining access to the Data Room should please contact Kavango’s Chief Operating Officer, Brett Grist (bgrist@kavangoresources.com ) or Tamesis Partners LLP at the following contact details:
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Richard Greenfield rgreenfield@tamesispartners.com +44 203 882 0712
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Mitch Limb +44 203 882 2868
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Further information in respect of the Company and its business interests is provided on the Company’s website atwww.kavangoresources.com and on Twitter at #KAV.
For additional information please contact:
Kavango Resources plc
Brett Grist
b grist@kavangoresources.com
+44 203 633 1037
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson