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#POW Power Metal Resources PLC – Tati Project, Botswana – 2023 Exploration Underway

26th January 2023 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, is underway.

EXPLORATION PROGRAMME KEY OBJECTIVES

– To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.

– Through Power Metal’s largest and most comprehensive exploration campaign across the Tati Project, to date.

o Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation (“RC”) drilling and diamond core drilling.

o Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.

Our exploration programmes in 2021 and 2022 have built a robust picture of the Project’s potential and we are particularly excited as we proceed with the next stage of exploration – the largest ever completed on the Project by Power Metal.

So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.

Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented.”

EXPLORATION PROGRAMME OVERVIEW

Exploration Work

Rationale and Targeted Outcome

TRENCHING

A circa 500 metre mechanised trenching programme (underway).

Trenching will be focused along various strike-length extensions of the known outcropping gold mineralised quartz reef structure.

Quartz reef as well as mineralised wall rock will be sampled when intersected within the exposed trenches.

This work will look to extend the already known strike length extension of the main quartz reef structure at the Cherished Hope gold mine (the “Cherished Hope”) within the Project licence area. The quartz reef currently remains open towards the northwest and southeast as well as down dip.

If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (~175m) strike length extents as defined by the recently completed RC drilling campaign.

By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions.

SOIL GEOCHEMISTRY

High-resolution soil geochemistry programme focussed on approximately 3km of strike-length (see red area highlighted on figure 1 below).

Approximately 500-600 individual soil samples are planned with follow up assay testing of samples.

Soil samples will be collected along a grid which will be focussed northwest of the 2022 RC drilling area. The goal is to improve the resolution and definition over several kilometres of the currently defined ~8km long gold-in-soil anomaly.

Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along 400m spaced lines at 40m sample spacing.

This programme looks to infill the line spacing so that the definition and location of already proven Au-in-soil anomalies is vastly improved.

This work will then allow Power Metal to follow up with more focussed next exploration steps which could include trenching and RC drilling of these new areas during subsequent work programmes.

By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint.

GEOPHYSICS

A ground magnetometer geophysics survey focussed on the northwestern strike length extension of the Cherished Hope Mine (underway).

The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures.

Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling.

REVERSE CIRCULATION (“RC”) DRILLING⁽¹⁾

~15 RC drillholes are planned to an average planned depth of ~100m for ~1,500m in total.

This RC programme is designed to test for the along strike and down dip extension of the main mineralised quartz reef structure.

The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface.

The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling.

DIAMOND CORE DRILLING⁽²⁾

~5 diamond drill holes are planned to an average expected depth of 100m for ~500m in total.

The diamond drilling programme is designed to drill test select portions of the quartz reef structures which were previously successfully delineated by the RC drilling conducted during fall 2022.

Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation.

The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project.

KEY:

(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.

(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.

FURTHER INFORMATION

Figure 1 – Tati Project Overview Plan Map:

Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:

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

29th September 2022 / Leave a comment

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.

#POW Power Metal Resources – Molopo Farms- Drill Programme & Geophysics Update

23rd August 2022 / Leave a comment

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:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-drill-target-k1-6/15586161

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.