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#TYM Tertiary Minerals – Strategic and Operational Update and Decision to Exercise Further Zambian Licence Options
Tertiary Minerals plc (AIM: TYM) is pleased to provide a strategic and operational update and details of an updated Investor Presentation. The Company is also pleased to advise that, further to its announcement of 2 August 2021, its 96% owned Zambian subsidiary, Luangwa Minerals Limited (“Luangwa”), will exercise its option with Mwashia Resources Ltd (“Mwashia”) to enter into agreements to acquire up to a 90% joint venture interest in the four additional Large Exploration Licences held by Mwashia. These are licence numbers 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North). Tertiary is already earning up to a 90% interest from Mwashia in licence number 27069-HQ-LEL at Jacks.
Highlights
- Tertiary’s strategic focus is on energy transition and precious metals located in stable and democratic, geologically prospective, mining-friendly jurisdictions.
- The Company’s current principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.
- Planning is currently underway for drilling at Pyramid (silver-gold, Nevada) and Jacks (copper, Zambia) and for trenching at Brunton Pass (copper, Nevada).
- Drilling is planned for Pyramid for Q1 2022 and for Jacks in Q2 2022. Trenching at Brunton Pass is planned for Q1 2022. Ground geophysics and high resolution XRF/sol sampling to aid drilling targeting at Jacks is planned for Q4 2021, but is contingent on permitting and rainfall.
- Tertiary will exercise its option to earn a joint venture interest in the remaining four Mwashia licences in Zambia: 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North).
- An updated Investor Presentation is available here and on the company website.
Commenting today, Managing Director Patrick Cullen said:
“We are looking forward to drilling the North Ruth target at the Pyramid silver-gold project. The recently reported high grade silver results and significant extension of the mineralised zone offer a compelling drill target. We look forward to announcing that schedule in more detail once plans are finalised.
We are also very pleased to be moving ahead with the option agreement with Mwashia in Zambia. We have had enough time to consider and examine the prospectivity and strategic value of the additional four licences in the original agreement. We believe our timing is good. Copper prices remain high and copper is being described as being ‘the nexus of the energy transition’. Also, the recent democratic and peaceful transition to a UNDP government in Zambia, and the subsequent policy changes have already brought encouragement to the mining sector in this world-class copper mining jurisdiction.
I have recently visited Zambia and met with our partners, Mwashia, and with our local representative. Mwashia has made excellent progress in advancing permits for the Jacks licence. I also made site visits to both Jacks and the Konkola West licences. We have gathered more information, including further detailed historic documentation which is aiding our exploration planning, at Jacks in particular where we look forward to drilling in 2022.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Detailed Information
Option Agreement
As disclosed on 2 August 2021, the Company’s 96% owned subsidiary, Luangwa Minerals Limited, holds an option agreement (“the Agreement”) with Mwashia Resources Limited, a privately held Zambian registered company controlled by Mr. Geoffrey Siame, a director of Zambian exploration, mining & environmental engineering consultancy firm, African Mining Consultants Limited (AMC). This option agreement sets out the terms whereby Luangwa may earn up to a 90% joint venture interest the Jacks Large Exploration Licence and grants Luangwa the right to enter into options agreements on the four additional licences detailed above on the same terms.
The Company will now exercise that right. The terms are summarised as follows:
- Mwashia will prepare an Environmental Project Brief (“EPB”) for all four remaining licences (an approved EPB is a pre-requisite for conducting exploration) and submit the EPB to Zambian Environmental Management Agency (“ZEMA”) for approval.
- Luangwa will pay US$1,500 towards the costs of preparing the EPB and US$10,000 to Mwashia on approval of the EPB by ZEMA for each licence.
- Luangwa may earn, and has the right to take up, an initial 51% joint venture interest in each of the four licences by spending US$50,000 (per licence) on exploration in the 12-month period following approval of the EPB by ZEMA.
- On taking up a 51% interest in any of the licences, Luangwa and Mwashia will enter into a Joint Venture Agreement (“JVA”) per licence and on signing the JVA Luangwa will pay US$30,000 to Mwashia per JVA.
- Luangwa may earn a further 39% interest (total 90% interest) in each of the licences by spending a further US$100,000 over 18 months from the date of signing the relevant JVA.
Exploration Licence 27065-HQ-LEL – Lubuila Project
Exploration Licence 27065-HQ-LEL covers 334.8 sq. km. and is located 90km west of Luanshya in the Central African Copperbelt. The licence is partially underlain by the prospective Lower Roan arenite and lies approximately 70km southeast of the currently producing Chambishi Southeast copper-cobalt mine.
Exploration Licence 27066-HQ-LEL – Mukai Project
Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the Central African Copperbelt. First Quantum Minerals’ Sentinel nickel deposit, which is currently in development, and currently producing Enterprise copper mine are located 8km south and 18km southeast of the licence, respectively.
Exploration Licence 27067-HQ-LEL – Konkola West Project
Exploration Licence 27067-HQ-LEL covers 71.9 sq. km. and is located 18km northwest of Chingola in the Central African Copperbelt. The licence lies immediately west of the Konkola-Musoshi copper deposits which are under active exploitation at the Konkola and Lubambe mining complexes.
Exploration Licence 27068-HQ-LEL – Mushima North Project
Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga. 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 to be mined in Zambia.
Exploration Licence 27069-HQ-LEL – Jacks Project
Further data has been collected from public sources in Zambia. Information on an additional diamond drillhole, KJD10 has been found. KJD10, was drilled in late 1999 (detailed in the updated Investor Presentation) and is located on a separate traverse 300m to the east of those previously disclosed and is reported to have intersected copper mineralisation over a drilled interval of 23.95m between 222.05 – 246.00m grading at 1.26% copper which includes a drilled interval of 1.88m between 230.12 – 232.00m grading at 2.93% copper.
The above five licences cover a total area of 1,250sq km.
#ORPH Open Orphan – £1.5m Contract renewal for Venn Life Sciences
Open Orphan (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in vaccine and antiviral testing using human challenge clinical trials , announces that Venn Life Sciences (“Venn”), a subsidiary of Open Orphan, has signed a contract renewal with a major global pharmaceutical client worth £1.5m over two years.
The renewed contract will commence in January 2022, with the Venn team in Breda providing dedicated clinical pharmacokinetics (‘PK’) support to this leading global pharmaceutical client on an array of drug development programmes, to study the absorption, distribution, metabolism and excretion of drugs within the body.
Venn, which has been a part of Open Orphan since 2019, offers a combination of drug development consultancy, clinical trial design and execution. These combined services enable Venn to provide its clients with a complete end-to-end service on all the stages of their drug development programmes, from the early planning phase to final execution. Venn has offices in Breda (Netherlands) and Paris (France).
Cathal Friel, Executive Chairman of Open Orphan, said: “We are delighted to see this contract renewal signed by the Venn team in Breda with a client that it has been working with since 2012. The continued support by Venn to a distinguished partner such as this demonstrates the value of Venn’s clinical pharmacokinetics offering, as part of its comprehensive offering in drug development consultancy, clinical trial design and execution.
“Open Orphan’s strengths lie in the established relationships we have with our pharmaceutical partners and we expect to continue to develop these relationships as well as focusing on converting our existing pipeline of new business opportunities.”
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (as implemented into English law) (“MAR”). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information please contact:
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Open Orphan plc |
+353 (0) 1 644 0007 |
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Cathal Friel, Executive Chairman |
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Arden Partners plc (Nominated Adviser and Joint Broker) |
+44 (0) 20 7614 5900 |
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John Llewellyn-Lloyd / Louisa Waddell |
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finnCap plc (Joint Broker) |
+44 (0) 20 7220 0500 |
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Geoff Nash / James Thompson/ Richard Chambers |
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Davy (Euronext Growth Adviser and Joint Broker) |
+353 (0) 1 679 6363 |
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Anthony Farrell |
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Walbrook PR (Financial PR & IR) |
+44 (0)20 7933 8780 or openorphan@walbrookpr.com |
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Paul McManus/ Sam Allen/ Louis Ashe-Jepson |
+44 (0)7980 541 893 / +44 (0) 7502 558 258 / +44 (0) 7747 515393 |
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#POW Power Metal Resources – Notification of Major Shareholding
Power Metal Resources TR-1: Standard form for notification of major holdings – Mohamed Zafar Quraishi now holds 3.186% (1,343339,987 shares) up from 2.95%
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
Power Metal Resources plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Mohamed Zafar Quraishi |
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City and country of registered office (if applicable) |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi : |
09/11/21 |
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6. Date on which issuer notified (DD/MM/YYYY): |
11/11/21 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuer vii |
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Resulting situation on the date on which threshold was crossed or reached |
3.186% |
3.186% |
1,343,339,987 |
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Position of previous notification (if applicable) |
2.95% |
2.95% |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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GB00BYWJZ743 Ordinary Shares
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42,797,699 |
3.186% |
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SUBTOTAL 8. A |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
X |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
London, UK |
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Date of completion |
11/11/21 |
Power Metal Resources #POW – Uranium Portfolio Expansion – Athabasca Basin
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium exploration portfolio expansion at its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.
PORTFOLIO HIGHLIGHTS:
– Total land holdings surrounding the Athabasca Basin have now been increased by 144.84 km2to a total land holding of 411.96 km2 (41,196 hectares), which includes additional ground staked surrounding the Company’s Thibaut Lake, Clearwater, and Reitenbach Uranium properties – representing a 54.2% increase in total land holdings.
– An additional 107.48 km2 were staked surrounding the company’s Reitenbach Uranium Property. The new claims cover three additional uranium mineral deposit index points as well as a lake-sediment result of 130ppm Uranium, taken from the Geological Survey of Saskatchewan’s lake sediment analysis database (database of 13,195 individual lake sediment results from the Precambrian Shield area of Saskatchewan)1. The lake sediment result represents the 11th highest sample in the entire provincial database (99.9th percentile).
– The Reintenbach Uranium Property is now fully contiguous with ground owned by multiple private claim holders, as well as Forum Energy Metals Corp (TSX:FMC).
– An additional 21.95 km2 were staked surrounding the company’s Thibaut Lake Uranium Property. The Property is now contiguous with one of the largest private landholders within Saskatchewan, as well as a British Columbia registered company with unknown owners.
– An additional 15.41 km2 were staked surrounding the Company’s Clearwater Uranium Property. The new claim covers three base-metal mineral deposit index points. The Thibaut Lake Uranium Property is now contiguous with ground owned by Eagle Plains Resources Ltd., as well as with one of the largest private landholders within Saskatchewan.
– Historic data compilation is progressing at pace across the portfolio with full analysis completed on three properties to date. The results of this ongoing work will be released to the market in the coming weeks.
– All property expansions were acquired through staking and as a result Power Metal, through its wholly-owned subsidiaries, will have a 100% interest with no outstanding royalties or encumbrances.
– The claims have been registered with the Mineral Administration Registry Saskatchewan and the total cost of claim staking was C$28,141. The claims are valid for 2 years and there is no minimum spend commitment required.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The additional areas staked by the Company are prospective for uranium and base-metals in areas surrounding the Athabasca Basin in Saskatchewan, Canada.
Our plan was to steadily increase our Athabasca land holdings, however given the pace at which ground is being staked by various other parties, and the high-value transactions taking place around the Athabasca Basin, we have accelerated our staking campaign.
Power Metal now has exposure to 412 km2 of ground that we consider to be highly prospective for uranium mineralisation, representing a strategic portfolio of uranium focused exploration interests within a top mining jurisdiction.
Our first work programme covering three of the seven properties was completed last week and we await assay results from samples which have been submitted on a rush-basis for expeditious turnaround.”
Uranium Property 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 uranium portfolio.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*
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Project |
Licence ID |
Area – Hectare |
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Clearwater Uranium Property |
MC00015079 |
1,110 |
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MC00015083 |
563 |
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MC00015082 |
3,191 |
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MC00015151 |
760 |
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MC00015646 |
761 |
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MC00015658 |
1,541 |
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Tait Hill Uranium Property |
MC00015078 |
1,576 |
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MC00015081 |
968 |
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MC00015153 |
1530 |
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MC00015152 |
1886 |
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MC00015647 |
725 |
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MC00015648 |
1129 |
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Thibaut Lake Uranium Property |
MC00015077 |
2,206 |
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MC00015659 |
2,195 |
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Soaring Bay Uranium Property |
MC00015080 |
1,255 |
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MC00015155 |
3,375 |
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Cook Lake Uranium Property |
MC00015212 |
984 |
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E-12 Uranium Property |
MC00015213 |
1323 |
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Reitenbach Uranium Property |
MC00015214 |
2,135 |
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MC00015474 |
1,235 |
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MC00015655 |
4,570 |
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MC00015656 |
5,322 |
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MC00015657 |
856 |
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Total Land Holdings |
41,196 |
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*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 26 October 2021 and 5 November 2021
Reference Notes:
COMPETENT 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 Competent 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:
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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 |
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal now has the following exploration completed with results awaited or exploration underway:
– Silver Peak Project (Canada) – diamond drill programme completed targeting high-grade silver (laboratory assay results awaited)
– Authier North Lithium Project(Canada) – soil & rock sampling completed (laboratory assay results awaited)
– Athabasca Uranium (Canada) – Phase I exploration completed and field results positive, targeting uranium (laboratory assay testing of samples collected awaited)
– Tati Gold/Nickel Project (Botswana) – reverse circulation drilling completed (field results, together laboratory assay results awaited)
– Molopo Farms Complex (Botswana) – further samples being tested for nickel sulphide and platinum group elements (“PGEs”) from diamond drill programme completed (laboratory assay results awaited)
– Ditau Project (Botswana) – preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals
– Kalahari Copper Belt (Botswana) – results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas
– Wallal Gold/Copper Project (Australia) – geophysics results from 2D seismic processing and passive seismic awaited
– Victoria Goldfields (Australia) – results from ongoing exploration across 848km2 of granted exploration licences
#POW Power Metal Resources – Katoro Gold Update – Haneti Nickel Project
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, draws investors’ attention to the announcement issued today by Katoro Gold plc (LON: KAT)(“Katoro Gold”)(“Katoro”).
The Katoro announcement may be viewed through the following link:
https://polaris.brighterir.com/public/katoro_gold/news/rns/story/wklg9dx
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Power Metal is eager to see drilling commence at the Haneti Project targeting a large scale nickel and platinum group element (PGE) discovery. The Company is therefore pleased to see our partner Katoro Gold raise money for this purpose.
We look forward to further announcements with regard to the planned drill programme and are working with Katoro in this regard.”
POWER METAL – HOLDING IN KATORO
Power Metal Resources currently holds 10,000,000 Katoro shares and 10,000,000 warrants in Katoro Gold exercisable at 1.25p (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).
POW also has a direct 35% interest in the Haneti Project in Tanzania.
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 – Uranium Exploration Update – Athabasca Basin
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium exploration update from three of its seven 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.
Previously on 26/10/2021 Power Metal announced that its Phase I work programme was underway, and that additional ground surrounding the Company’s Tait Hill Property had been acquired. A link to the announcement can be found below.
PORTFOLIO HIGHLIGHTS:
– The Phase I work programme is now complete. A total of 20 rock samples were collected from Tait Hill (8 samples), Thibaut Lake (7 samples), and Clearwater (5 samples). All samples have been submitted for rush-assay for expedited turnaround at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. The samples will be subject to a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements (“REEs”).
– An RS-125 Spectrometer was employed for the duration of the programme, this is a portable handheld gamma-ray survey device which measures the radioactivity of the sample being tested (in counts per second – CPS). Several outcrops were analysed from all three properties, some which ran as high as 65,535 CPS, which represents the upper limits of the device employed. All rock samples collected were also analysed on-site with 17/20 samples returning >1,000 CPS, 11/20 samples returning >2,500 CPS, with a individual sample high of 35,000 CPS, see Table 2 below for full sample CPS data.
– All samples were logged by an experienced geologist as being variably hematite- and clay-altered granitic to gneissic rocks, with varying amounts of urananite mineralisation as well as yellow-orange oxide coatings (possibly Carnotite or Uranophane).
– Additional 1,129-hectare claim (see Table 1) was staked to provide further coverage over several uranium-rich lakes surrounding the Company’s Tait Hill uranium Property where 308,000kg of uranium with a value of US$25.6 million (c. US$28 million at $42/lb uranium) was calculated by the Saskatchewan Mining Development Corporation following a detailed lake-sediment drilling programme completed in 1980.1
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Power Metal has embarked on a campaign to build significant uranium portfolio exposure for our investors. We started this campaign several months ago with the initial staking of our land package surrounding the prolific Athabasca Basin located in Northern Saskatchewan, and continue to build our uranium exploration project portfolio there, as you will see with the new ground secured today.
Field observations from Phase I exploration are encouraging and we look forward to the receipt of assay results which are being expedited as rush assays, as we are eager to get the results back quickly.
More work is being done to review additional uranium opportunities and we are optimistic of success in this regard.”
Uranium Property 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 all the uranium Properties.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*
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Project |
Licence ID |
Size – Hectare |
Granted |
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Clearwater Uranium Property |
MC00015079 |
1,110 |
Yes |
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MC00015083 |
563 |
Yes |
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MC00015082 |
3,191 |
Yes |
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MC00015151 |
760 |
Yes |
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MC00015646 |
761 |
Yes |
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Tait Hill Uranium Property |
MC00015078 |
1,576 |
Yes |
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MC00015081 |
968 |
Yes |
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MC00015153 |
1530 |
Yes |
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MC00015152 |
1886 |
Yes |
|
|
MC00015647 |
725 |
Yes |
|
|
MC00015648 |
1129 |
Yes |
|
|
Thibaut Lake Uranium Property |
MC00015077 |
2,206 |
Yes |
|
Soaring Bay Uranium Property |
MC00015080 |
1,255 |
Yes |
|
MC00015155 |
3,375 |
Yes |
|
|
Cook Lake Uranium Property |
MC00015212 |
984 |
Yes |
|
E-12 Uranium Property |
MC00015213 |
1323 |
Yes |
|
Reitenbach Uranium Property |
MC00015214 |
2,135 |
Yes |
|
MC00015474 |
1,235 |
Yes |
*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 26 October 2021
Table 2: CPS Sample Readings
|
Project |
Sample ID |
CPS |
|
Clearwater |
149641 |
3700 |
|
149642 |
1000 |
|
|
149643 |
650 |
|
|
149644 |
650 |
|
|
149645 |
1200 |
|
|
Tait Hill |
149626 |
3500 |
|
149627 |
2500 |
|
|
149628 |
1000 |
|
|
149629 |
2500 |
|
|
149630 |
2500 |
|
|
149631 |
4000 |
|
|
149632 |
1200 |
|
|
149633 |
2000 |
|
|
Thibaut Lake |
149634 |
750 |
|
149635 |
4000 |
|
|
149636 |
3000 |
|
|
149637 |
3000 |
|
|
149638 |
2200 |
|
|
149639 |
6500 |
|
|
149640 |
35000 |
COMPETENT 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 Competent 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 |
#KAV Kavango Resources – Appointment of COO and Option award
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that it has appointed Mr Brett Grist as Chief Operating Officer designate. Mr Grist brings valuable operational and technical skills to the Company’s executive team. Mr Grist will join Kavango on 7 February 2022, and will join the board of Kavango as an executive director.
Mr Grist is a geologist from the Royal School of Mines, London, with over 22 years of exploration and mining experience in base metals and gold across Africa, Europe, the Middle East, and Australia. He is also a Chartered Professional member of the Australasian Institute of Mining and Metallurgy.
Over the course of his career, Mr Grist has worked in geological and management roles as CEO, Director, and Exploration Manager, taking projects from early exploration through resource definition and into development. In Africa he worked for Reunion Mining PLC and CASA Mining Ltd, covering projects in Mali, Ghana, DRC, and Mozambique. In DRC, as CEO of CASA, he led a large exploration program covering airborne geophysics, soil sampling, and extensive diamond drilling, which successfully delivered a maiden resource for the Misisi gold deposit. Most recently he has worked in the UK, where he has led definition of a substantial high-grade metal resource for Strategic Minerals PLC’s Redmoor tin-tungsten-copper project. Brett also presently co-chairs the Critical Minerals Association’s UK mining working group.
David Smith, Chairman of Kavango Resources, commented:
” We are very happy to welcome Brett, an experienced exploration executive, to Kavango. His extensive background in advancing exploration programs and delivering projects adds important technical skills to Kavango’s senior management.
We have made a great deal of progress building a much more robust foundation for the Company over 2021. Brett’s appointment will significantly strengthen Kavango, as we grow the business more ambitiously in 2022. I am really looking forward to welcoming him to the team and working with him from February . “
Brett Grist states:
“I am very pleased to be able to join David, Ben Turney and the rest of the Kavango team at such an exciting time for the company. Botswana is a highly attractive mining investment destination, and the combination of Kavango’s team and an exciting exploration holding of significant scale, focussed on metals that are in increasing demand, means that the company is well placed to deliver exploration success. I look forward to helping the company to deliver this even more effectively.”
Option Award
The Company has agreed to award Mr Grist two grants of employee Share Options (the “Options”).
The first award of Options will be subject to a vesting period of one year, with half the Options vesting after twelve months and the remainder vesting after eighteen months, provided Mr Grist remains employed within the Kavango group. The Options are exercisable at a price of 5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market price per Ordinary Share closes above 7.5p on five separate trading days.
The second award of Options will be subject to a vesting period of one year, with half the Options vesting after twelve months and the remainder vesting after eighteen months, provided Mr Grist remains employed within the Kavango group. The Options are exercisable at a price of 7.5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market price per Ordinary Share closes above 15p on five separate trading days.
The award of the Options to Mr Grist aligns his incentive package with those of existing executive directors.
The Options will be granted on these terms on the day Mr Grist’s employment begins, or, if later, when there is sufficient headroom within the Company’s limit for executive options of ten per cent of the issued share capital.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.comand on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#POW Power Metal Resources PLC – First Class Metals Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the Business Update released by First Class Metals Limited (“First Class”) in which Power Metal has a 36.1% interest.
In September 2021 Power Metal sold its Schreiber-Hemlo interests in Ontario, Canada to First Class for a total consideration of £1million, satisfied through the issue of 333,334 First Class shares at a price of £3 per share, further details of which may be viewed through the following link:
Yesterday, First Class released a Business Update providing further information in respect of developments within their Schreiber-Hemlo project portfolio. The developments include the findings from a Versatile Time Domain Electromagnetic Survey within the Pickle Lake Project, the submission of an exploration permit (in respect of planned drilling) and the completion of a sampling programme.
The Business Update may be viewed on the First Class website through the following link:
https://www.firstclassmetalsplc.com/mining-news
About First Class Metals Limited. is a minerals exploration company focused on proving and developing the significant potential of their flagship property North Hemlo which includes the Pickle Lake Palladium One JV area as well as systematic exploration of the Esa, Sugar Cube, McKellar, Magical, Enable and Coco East properties, in total 176km² in the Hemlo – Harte gold mines region in the Western portion of the Wawa-Abitibi Gold Belt of Ontario, Canada.
Geologically the claim blocks are located within the Schreiber-Hemlo Greenstone Belt with target minerals gold, silver, base and battery metals in typical Archaean / Hemlo style mineralised settings. First Class is seeking a London Listing prior to year end 2021.
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 – Acquisition of Pilot Mountain Project
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces that the Company and its wholly-owned subsidiary Golden Metal Resources Ltd., (“Golden Metal”) have exercised the option (the “Option”) to acquire a 100% interest in the Pilot Mountain Project (“Pilot Mountain” or the “Project”) located in Nevada, United States of America (“USA”).
HIGHLIGHTS
Option Exercise:
· Golden Metal will acquire a 100% interest in Pilot Mountain (the “Acquisition”), the consideration for which will be paid by Power Metal, as outlined in detail below, but principally including the issue of US$1.65million of Power Metal new ordinary shares of 0.1p each (“Ordinary Shares”) at an issue price of 2.5p ( 48,118,920 new Ordinary Shares – equivalent to 3.59% of current Power Metal issued share capital post transaction share issuance and subject to a minimum 6 month hold period ).
Listing of Golden Metal:
· Power Metal plans to spin-out Golden Metal into a new listing on the London capital markets. Golden Metal will hold 100% interests in Pilot Mountain together with the Garfield and Stonewall projects. Golden Metal will also hold the right to earn a 100% interest in the Golconda Summit project. All projects are located in Nevada, USA.
· Further announcements will be made to outline listing plans and project exploration/development plans.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“My thanks to the Thor Mining team for their support during the due diligence process, and to the Power Metal and Golden Metal team members and advisors for their work.
Pilot Mountain is a project I am familiar with having served on the board of Thor Mining plc 2016-2018 when various work was undertaken at the Project and much operational progress secured.
A visit to site in November 2016 clearly demonstrated the scale of the project and our recent work as part of the due diligence process has highlighted dual upside potential from exploration and development perspectives. We hope to articulate much more on our recent findings and forward plans shortly.
With this important acquisition we have completed the portfolio of Golden Metal and can now move forward proactively with our listing plans.
Golden Metal has been a key focus during 2021 and over the course of the year we have assembled and crafted what we believe will be an exciting proposition for London market investors. “
PILOT MOUNTAIN OWNERSHIP STRUCTURE
Following completion of the ownership transition Golden Metal will hold 100% of Black Fire Industrial Minerals Pty Ltd (Australian private company) which owns 100% of Industrial Minerals (USA) Pty Ltd (Australian private company) which owns 100% of: BFM Resources Inc and Pilot Metals Inc (USA private companies) which own tenements covering the entire Pilot Mountain Project.
Further disclosures
As at the date of option announcement on 31.08.21 the following disclosures were made:
As at 30 June 2020 BFM Resources Inc had Gross Assets of AUD$21,449 (circa £11,317) and incurred no profit or loss (AUD$Nil) for the year ended 30 June 2020.
As at 30 June 2020 Pilot Metals Inc had Gross Assets of US$3,055,411 (circa £2,226,602) and a loss of US$106,164 (circa £77,366) for the year ended 30 June 2020.
As at 30 June 2020 Black Fire Industrial Minerals Pty Ltd on a consolidated basis had Gross Assets of AUD$5,181,951 (circa £2,738,397) and a loss of AUD$154,690 (circa £81,746) for the year ended 30 June 2020.
It is further noted that since the announcement of the Pilot Mountain option, Thor Mining plc transferred the Pilot Mountain project and all holding companies to “Held for Sale Assets” with a written down value of £1,050,000 as at 30/06/21 their reported financial year end.
TRANSACTION INFORMATION
Under the terms of the Agreement Golden Metal will acquire a 100% interest in Pilot Mountain, from Thor Mining plc (“Thor Mining” or the “Vendor”)
Option Exercise
Power Metal’s 100% owned subsidiary Golden Metal will now acquire Pilot Mountain on the following terms:
Power Metal will pay US$115,000 in cash consideration to Thor Mining and US$1,650,000 of consideration through the issue to Thor Mining of 48,118,920 new Ordinary Shares at an issue price of 2.5 pence per share (“Initial Consideration Shares”).
Thor Mining will hold the Initial Consideration Shares in full for a minimum of 6 months after the Option Exercise date and thereafter the Initial Consideration Shares will become freely tradable in 25% instalments (25% tradable 6 months after Option Exercise date, 50% – 9 months after Option Exercise date, 75% – 12 months after Option Exercise date and 100% – 15 months after Option Exercise date.) This trading restriction period may be varied with the written agreement of both parties.
In addition, Power Metal will issue to Thor Mining 12.5 million warrants to subscribe for Ordinary Shares with an exercise price of 4p per Ordinary Share and life to expiry of 3 years from the Option Exercise date (“Initial Consideration Warrants”). Should the volume weighted average price (“VWAP”) of Power Metal shares meet or exceed 10 (ten) pence for 5 consecutive trading days Power Metal may serve notice on Thor Mining providing 14 calendar days to exercise and pay for the Initial Consideration Warrants or the Initial Consideration Warrants will be cancelled.
Should Thor Mining exercise the Initial Consideration Warrants above within 12 months from the Option Exercise date, Thor Mining will receive one for one replacement warrants to subscribe for Ordinary Shares at a fixed price of 8p per Ordinary Share, and life to expiry ending 3 years from the date of Option Exercise (“Super Warrants”). Should the Power Metal volume weighted average share price meet or exceed 20p for five consecutive trading days Power Metal may at any time issue Thor Mining with a written notice providing 14 days to exercise and pay for the Super Warrants or the Super Warrant will be cancelled.
Tail Benefit
Power Metal will issue Thor Mining with a further US$500,000 of consideration in new Ordinary Shares if Golden Metal publishes a JORC or 43-101 compliant resource at Pilot Mountain which increases against current declared levels by 25% across total indicated and inferred categories within two years after the Agreement date. The number of Ordinary Shares to be issued will be calculated based on the volume weighted average Power Metal share price in the ten trading days immediately preceding the announcement by Golden Metal of the JORC or 43-101 compliant increase.
Additional Terms
Thor Mining and their professional corporate, licensing and geological teams will continue to work with Power Metal and Golden Metal to assist with Pilot Mountain ownership transfer and to manage local corporate & exploration/development operations in the 12 months following the Option Exercise date. Power Metal and Golden Metal will pay for any assistance provided post Acquisition on reasonable commercial terms to be agreed.
ADMISSION AND VOTING RIGHTS
Application will be made for the 48,118,920 Initial Consideration Shares to be admitted to trading on AIM which is expected to occur on or around 8 November 2021 (“Admission”). The Initial Consideration Shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 1,341,839,987 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
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 – Power Metal Acquires 100% of FDR Australia
Power Metal Signs Revised Agreement to Acquire 100% Ownership of First Development Resources Australia with Exploration Interests in the Paterson Region of Western Australia
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces it has today signed a revised agreement (“Agreement”) for the 100% acquisition of First Development Resources Pty Ltd (FDR Australia). This Agreement is unconditional and binding.
HIGHLIGHTS
About FDR Australia
– FDR Australia holds exploration interests in the prolific Paterson region of Western Australia and is targeting major gold-copper discoveries.
– The exploration work completed in 2021 to date has identified three magnetic bullseye targets hosted within the Wallal Project held by FDR Australia.
– In Power Metal’s view the Wallal Project offers potential for large scale gold-copper discoveries, supported by the geological and geophysical similarities to Greatland Gold’s Havieron project, also located within the Paterson province.
– 2D seismic reprocessing work and a passive seismic survey are underway, the results from which will further assist preparations for a planned drill programme for which co-funding has been secured of up to A$165,000 as part of the Western Australia Department of Mines, Industry Regulation and Safety’s Exploration Incentive Scheme (EIS). The Company would like to formally acknowledge and thank the State government for their support.
The Key Agreement Terms
– With this acquisition Power Metal secures a 100% interest in FDR Australia. (Note: Power Metal previously announced a conditional acquisition agreement on 28.04.21 which on completion would have led to Power Metal holding a 75% effective interest in FDR Australia. This agreement has been superceded and Power Metal has now signed a revised agreement to acquire a 100% interest in FDR Australia, subject to the revised consideration terms outlined below.)
– FDR Australia will be acquired outright by First Development Resources Limited, a UK company and wholly owned subsidiary of Power Metal (FDR UK).
– Power Metal will fund the transaction on behalf of FDR UK by paying two main batches of consideration as follows:
Initial Consideration for the 100% acquisition of FDR Australia and the Wallal Main licence currently held within FDR Australia of: 13,333,333 Power Metal new ordinary shares of 0.1p each (“Ordinary Shares”) at an issue price of 2.75p and 13,333,333 warrants to acquire new Ordinary Shares at an exercise price of 4.5p.
Additional Consideration for the 100% acquisition of all other FDR Australia interests (granted licences and a licence application currently held by third parties to be transferred into FDR Australia under the Agreement) of: 10,000,000 Power Metal shares at an issue price of 3.2p and 10,000,000 warrants to acquire new Ordinary Shares at an exercise price of 5.0p.
– Full acquisition terms are outlined below.
Next Steps
– FDR UK is planning to list on the London capital markets in Q1 2022.
– FDR UK is in late stage discussions to expand its project portfolio in preparation for listing, including new uranium and rare-earth element project interests as well as additional precious, base and strategic metal opportunities.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“Today marks an important day for Power Metal as we have completed an unconditional agreement to acquire FDR Australia with its unique portfolio of projects in the Paterson region of Western Australia.
We have undertaken important work in 2021 which focused mainly on the Wallal project where three magnetic bulleyes anomalies have been identified which we consider to be prospective for large scale gold-copper discoveries. That work has increasingly strengthened our belief in the Wallal project’s potential which has led to our decision to acquire FDR Australia outright.
Power Metal has now begun preparations for a planned drill programme at Wallal targeting the Eastern and Border anomalies. Alongside this we are undertaking corporate work to secure a listing of the ultimate holding company FDR UK on the London capital markets.
There will be further announcements as we move FDR UK forward from both exploration and corporate perspectives.”
FDR AUSTRALIA REVISED 100% ACQUISITION TERMS
FDR UK will acquire the entire share capital of FDR Australia and all FDR Australia interests. The vendors of FDR Australia are the existing shareholders (the “Vendors”).
Initial Consideration
For the acquisition of the entire share capital of FDR Australia and its current sole granted licence E45/5816 (Wallal Main) Power Metal will pay initial consideration of A$66,000 in cash and £366,667 payable through issue to the Vendors of 13,333,333 new Power Metal Ordinary Shares of 0.1p (“new Ordinary Shares”) at an issue price of 2.75 pence per share (“Initial Consideration Shares”).
(Note: The A$66,000 cash will be used to eliminate all shareholder loans in FDR Australia leaving no liabilities as at the Agreement date. For the quarter ended 30.9.21 the FDR Australia Unaudited Profit and Loss Statement shows a loss of A$3,664 and as at 30.9.21 Accumulated Losses of A$29,229. The Accumulated Losses and any subsequent costs to the Agreement date will be eliminated as described above).
In addition, Power Metal will issue the Vendors 13,333,333 Power Metal warrants with an exercise price of 4.5p per new Ordinary Share and life to expiry of 3 years from the date of issue (“Initial Consideration Warrants”). Should the volume weighted average price (“VWAP”) of Power Metal shares meet or exceed 7.0 (seven) pence for a 5 consecutive trading days Power Metal may serve notice on the Vendors providing 10 trading days to exercise and pay for the Initial Consideration Warrants or the Initial Consideration Warrants will be cancelled.
Additional Consideration
For the acquisition of all other FDR interests (with the exception of Ripon Hills Project – E45/5088 – an option over which is outlined below) Power Metal will pay additional consideration of £320,000 through the issue of 10,000,000 new Ordinary Shares at an issue price of 3.2p each (“Additional Consideration Shares”).
In addition Power Metal will issue the Vendors 10,000,000 warrants with an exercise price of 5p per new Ordinary Share and life to expiry of 3 years from the date of issue (“Additional Consideration Warrants”). Should the VWAP of Power Metal shares meet or exceed 10.0 (ten) pence for a 5 consecutive trading days Power Metal may serve notice on the Vendors providing 10 trading days to exercise and pay for the Additional Consideration Warrants or the Additional Consideration Warrants will be cancelled.
Ripon Hills E45/5088 Option
FDR UK may, at any time within 12 months of the date of signing of this Agreement, acquire E45/5088 (the Ripon Hills project) with consideration comprising a payment of A$20,000 (to be paid as 398,036 Power Metal Ordinary Shares at an issue price of 2.75p and 398,036 Power Metal warrants at an exercise price of 4.5p and on the same basis as the Initial Consideration Warrants above) to Great Sandy Pty Limited (“Great Sandy”), current holder of the licence. Upon witten notice of exercise and payment, Great Sandy will transfer E45/5088 to RH Resources Pty Ltd (which will become a wholly owned subsidiary of FDR Australia).
Royalty
The Vendors will retain a 2% net smelter royalty (“NSR”) over all licences included in this transaction and FDR UK will have the right to purchase 1% of this NSR for A$1,000,000.
PATERSON REGION PROJECTS – BACKGROUND
FDR Australia holds the following project interests:
Wallal Project (Wallal Main-E45/5816 (390km2 – granted), Wallal West 1-E45/5853 (96km2 – granted) and Wallal West 2 – E45/5880 (86km2 – granted)
A comprehensive historic desktop study completed by the Company over the Wallal Project identified three prospective bullseye magnetic targets. These include the Western, Eastern and Border anomalies which have estimated dimensions of 5km x 5km, 2.5km x 2.5km and 1km x 1km respectively.
Further analysis determined that the Eastern and Border anomalies are located at depths more similar to Greatland Gold’s Havieron discovery, which was discovered by blind drilling a magetic bullseye anomaly through ~420m of post-mineral sedimentary cover. The latest exploration update focused on the Wallal Project and released by the Company on 13 September 2021 may be viewed through the following link:
Braeside West Project (137km2 – one licence application)
In-depth historic desktop analysis is currently underway on the Braeside West Project. A recent base-metal discovery was made by neighbouring company Rumble Resources, which enhances the overall prospectively within the Braeside West Project as it is hosted within a similar geological environment to that of Rumble Resources discovery.
Ripon Hills Project (42km2 – one granted licence).
The Ripon Hills Project is prospective for base metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project. In-depth historic desktop analysis is currently underway over the Project.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 23,333,333 Initial and Additional Consideration Shares to be admitted to trading on AIM which is expected to occur on or around 8 November 2021 (“Admission”). The Initial and Additional Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 1,293,721,067 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
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 |