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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 |
#POW Power Metal Resources PLC – Tati Project Botswana Initial 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 initial 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.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The Tati Project now covers the formerly producing Cherished Hope gold mine and is within the underexplored Tati Greenstone Belt, where the Company is exploring for near surface, high-grade extensions of the Cherished Hope mine.
The successful intersection of high-grade gold in the three holes for which assay results have been received is very exciting, and the bonanza grade gold assay result already identified naturally inspires us to push ahead with further accelerated exploration work.
Further assay results from the remaining six holes, several of which intersected significant quartz reef intersections (up to 8m thick), are awaited with great interest.“
Highlights:
– A total of nine reverse circulation (“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 first three holes, with results from the six remaining holes expected in the coming weeks.
– Significant near-surface, dolerite and quartz reef hosted gold mineralisation was intersected in all three holes. Key down-hole intersections (>1g/t Au) include:
o Hole CHRC0001
Ø 1m @ 2.15 g/t Au from 21m
Ø 1m @ 1.34 g/t Au from 24m
Ø 1m @ 10.20g/t Au from 33m
o Hole CHRC0002
Ø 1m @ 5.57 g/t Au from 15m
o Hole CHRC0003
Ø 2m @ 1.54 g/t Au from surface
Ø 3m @ 16.77 g/t Au from 5m, including
§ 1m @ 47.17 g/t Au from 6m
– RC hole CHRC0002 was designed to target one of the thicker portions of the quartz reef structure, and due to a shallow dip chosen for the hole it ended up intersecting a mined-out void from 10-15m. The 1m @ 5.6g/t Au from 15m downhole intersection represents the footwall of the main quartz reef structure. The Company is considering steepening the dip and redrilling the section in order to test the entire section of this quartz reef.
– Results for the remaining six holes are pending, including CHRC0007 which returned the single largest quartz reef intersection from 11-19m (8m intersection) of the 2022 drilling programme.
A map highlighting the location of the Tati Project can be found at the link below:
https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/
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: Assay Results for Significant Downhole Intersections
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppb) |
Au (g/t)* |
Note |
|
CHRC0001 |
0 |
1 |
1 |
688 |
||
|
1 |
2 |
1 |
411 |
|||
|
21 |
22 |
1 |
2,154 |
|||
|
22 |
23 |
1 |
226 |
|||
|
23 |
24 |
1 |
209 |
|||
|
24 |
25 |
1 |
1,344 |
|||
|
29 |
30 |
1 |
987 |
|||
|
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 |
|||
|
2 |
3 |
1 |
105 |
|||
|
3 |
4 |
1 |
84 |
|||
|
4 |
5 |
1 |
105 |
|||
|
5 |
6 |
1 |
1,251 |
|||
|
6 |
7 |
1 |
44,821 |
47.1 |
||
|
7 |
8 |
1 |
1,360 |
|||
*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
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 |
#POW Power Metal Resources PLC – Kalahari Key Botswana – Acquisition 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 respect of the acquisition of an additional 58.7% interest in Kalahari Key Mineral Exploration PTY Limited (“Kalahari Key” or “KKME”) (the “Transaction”).
Kalahari Key has a single project 60% interest in the Molopo Farms Complex Project (the “Project’ or “Molopo Farms”) targeting a large-scale nickel – platinum group metal (“PGM”) discovery in southwest Botswana.
The conditional acquisition was originally announced on 18 May 2022 which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
HIGHLIGHTS:
– The Company has received written confirmation that all Botswana regulatory approvals required to enable the Transaction to proceed have now been received.
– Following receipt of the approvals the Company is now working with the Kalahari Key Board and advisers in Botswana to complete the Transaction.
– Following Transaction completion, Power Metal will hold an 87.71% interest in Kalahari Key which will hold a 100% interest in Molopo Farms.
– A further announcement to follow shortly including confirmation of the issue of equity consideration to Kalahari Key shareholders disposing of their interest to Power Metal.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:
“The receipt of all Botswana regulatory approvals for the Transaction is a significant event for the Company, and after the various administrative tasks are completed Power Metal will hold an 87.71% interest in Kalahari Key.
On behalf of Power Metal I would like to thank the authorities in Botswana and our advisers for their handling of the approvals process, and the Kalahari Key team who are working with us to complete the Transaction.
Shareholders will be aware we are currently undertaking the largest drill programme the Company has conducted at Molopo Farms and to complete the Transaction at this juncture is particularly significant.
Further announcements will follow with regard to Transaction completion and with operational updates from the Molopo Farms ongoing drill programme.”
Further information in respect of Molopo Farms may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
In addition photographs and videos from the Project are and will be available on the Company’s website gallery section, through the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
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 |
NOTES TO EDITORS
Power Metal Resources plc – Background
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.
Exploration Work Overview
Power Metal has multiple internal exploration programmes completed or underway, with results awaited. The status for each of the Company’s priority exploration projects is outlined in the table below.
|
Project |
Location |
Current POW % |
Work Completed or Underway |
Results Awaited |
|
Athabasca Uranium |
Canada |
100% |
Ground exploration programme complete at 3 properties. Preliminary planning for work in Spring/Summer 2023 is ongoing. |
Assay results from samples collected during fieldwork. |
|
Molopo Farms |
Botswana |
87.71%# |
T1-6 conductor target drilling underway. Further MLEM surveys planned over additional AEM targets identified. |
Drill programme updates and findings from further MLEM survey work. |
|
Tati Project |
Botswana |
100% |
RC drilling and sampling of mine dumps complete. |
Review of mine dumps sampling and assay results from RC drill programme. |
# following completion of administrative processes for share transfer and restructuring
Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required. These interests are summarised in the table below:
#GRX GreenX Metals Limited – Quarterly Activities Report September 2022
HIGHLIGHTS
· GreenX continued with its exploration work program to acquire up to 80% of the ARC copper project in Greenland:
o ARC is a significant, large-scale project (5,774km2 license area) with historical exploration results and recent analysis indicative of an extensive mineral system with potential to host world-class copper deposits.
o In August 2022, laboratory XRF analysis of native copper samples from ARC showed high purity consistently over 99% copper. Analysis also confirmed the presence of silver in one sample, and no significant deleterious elements in any of the samples.
o Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.
o Results for the 2022 site visit to be released in the coming weeks.
· International arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty continue at pace:
o Statement of Reply for ongoing arbitration against Poland has been filed with a revised claim for compensation in the amount of £737 million (A$1.3 billion/PLN 4.0 billion) as prepared by external quantum experts.
o Claim includes an updated assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko mines, and accrued interest related to any damages.
o Following the lodgement of final substantive filings from both parties subsequent to the end of the quarter, the next step in the arbitration process is for the hearing to be conducted in front of the Tribunal.
o GreenX notes the recent success of AIM listed, Rockhopper Exploration plc’s Energy Charter Treaty claim against the Republic of Italy in relation to oil and gas licenses including a unanimous decision against the Republic of Italy to award €190 million in damages plus interest.
· Cash balance at 30 September 2022 of A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 September 2022.
LABORATORY ANALYSIS OF HISTORICAL SAMPLES FROM ARC CONFIRMS UP TO 99.8% PURE NATIVE COPPER
During the quarter, GreenX and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) announced the results of preliminary analysis on three historical samples of native copper nodules from the ARC Project (ARC or the Project) in Greenland. The samples were obtained from a recently opened government geological storage facility in Copenhagen. Three native copper samples found at Discovery Zone, Neergaard Dal, and Neergaard South within ARC were subject to advanced micro-XRF scanning, a more precise and comprehensive technology when compared to more common portable XRFs.
The best analysis result was for a sample found immediately south of the Discovery Zone, which indicated median copper purity of 99.8%, with 255 g/t silver, 0.004% antimony and 0.000% arsenic.
The samples from Neergard Dal and Neergard South indicated copper purity of 99.7% and 99.4% respectively, with low to no deleterious elements detected in any of the samples. The high quality of the analysed samples is comparable to blister copper, a product typically produced by smelting prior to being sent to a refinery.
The results of the micro-XRF analysis are supportive of the potential quality of the mineralisation at ARC and will inform future field programs which will incorporate geochemical sampling, portable core drilling, and geophysics at high-priority targets within ARC. The Discovery Zone, where the highest-purity analysed sample was recovered, is the highest priority exploration target.
Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.
ABOUT ARC
ARC is an exploration joint venture between GreenX and Greenfields. GreenX can earn 80% of ARC by spending A$10 million by October 2026. ARC 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.
GreenX and GEX consider the observed geological setting and features of ARC to be indicative of an extensive mineral system capable of hosting world-class copper deposits. The large scale of the mineral system, widespread copper anomalism, combined with dual mineralising events are analogous to the largest copper systems known worldwide. Accordingly, GreenX considers that ARC has the potential to be a globally significant metallogenic province.
Historical field programs identified widespread copper-silver occurrences at surface:
· geochemical sampling found that 80% of stream sediment samples contain native copper
· native copper is found in situ or as float, with individual clasts of native copper weighing up to 1 kg+
· high grade copper sulphides, grading up to 2.15% Cu and 35.5g/t Ag over 4.5m true width, are known from trench sampling of fault zones within sediments (see GreenX announcement dated 20 January 2022 entitled “New Copper Targets Identified at ARC”)
· assay results from individual samples are much higher grade, including:
|
o 53.8% Cu and 2,480g/t Ag |
o 7.9% Cu and 53 g/t Ag |
|
o 20.7% Cu and 488g/t Ag |
o 5.3% Cu and 112 g/t Ag |
|
o 12.5% Cu and 385g/t Ag |
o 5.0% Cu and 304 g/t Ag |
|
o 9.0% Cu and 112 g/t Ag |
o 4.0% Cu and 82 g/t Ag |
Very high-grade copper mineralisation identified at ARC is associated with the Minik Anomaly, a coincident magnetic-electromagnetic-gravity feature in an area where there is a change in oxidation state and widespread native copper in stream sediments. These features are presented as the footprint of a large-scale hydrothermal system.
The frequency and size of the native copper clasts, and the high grade of the copper-silver sulphides that are exposed at the surface, bode well for the prospectivity of copper deposits and will be a will be a key focus of the first field campaign.
There are multiple targets and favourable geological settings considered to be prospective within the ARC project area, including the following.
· The highly anomalous basalt is a high priority target that has not previously been the focus of commercial exploration. These basalts are the source of the native copper.
· The sulphide mineralised faults passing through these basalts into the overlying sediments have been subject to first pass exploration and shown to be rich in copper and silver. The high-grade sulphides in these faults will be the focus of further exploration.
· The permeable coarse-grained sandstone within the Jyske Ås Fm has high grade copper that is effectively unexplored. This stratiform mineralisation adds the potential for significant lateral extension of the known mineralisation exposed in the faults of the Discovery Zone.
As such, the extensive ARC mineral system is known to be prospective for basalt, fault, and sedimentary rock-hosted (‘sediment-hosted’) mineralisation that despite the attractive grades, is virtually unexplored.
CORPORATE
Financial Position
As at 30 September 2022, GreenX had A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.
DISPUTE WITH POLISH GOVERNMENT
During the quarter, the Company reported that as part of the ongoing international arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties), GreenX had filed its Statement of Reply in the BIT arbitration.
This is the final material filing that GreenX has made for the BIT arbitration, with the next step in the arbitration process, following the lodgement of Poland’s Rejoinder, is for the hearing to be conducted in front of the Tribunal.
Based upon revised external expert reports in response to Poland’s Statement of Defence, GreenX is now seeking compensation in the amount of £737 million (equivalent to A$1.3 billion or PLN 4.0 billion).
Details of the Claim
The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings.
The claim Tribunals have been constituted, with both Claims being registered with the Permanent Court of Arbitration in the Hague. The BIT and ECT claim proceedings proceed at pace, with the Company now having filed a revised claim for damages against Poland with the Tribunal in the amount of £737 million (A$1.3 billion/PLN4.0 billion), which includes damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by external quantum experts appointed by GreenX specifically for the purposes of the Claim.
In July 2020, the Company announced it had executed a Litigation Funding Agreement (LFA) for US$12.3 million with Litigation Capital Management (LCM). The facility is currently being drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.
In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last significant filing to be made by the Company, has now been filed in both Arbitrations. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.
GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprives GreenX of the entire value of its investments in Poland.
In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably. As of the date of this report, no amicable resolution of the dispute has occurred, since the Polish Government has declined to participate in discussions related to the dispute and accordingly the Company has formally proceeded with its Claim as discussed above.
GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.
Furthermore, GreenX notes the recent success of AIM listed Rockhopper Exploration plc’s (Rockhopper) ECT claim against the Republic of Italy in relation to oil and gas licenses.
On 24 August 2022, Rockhopper announced that an ECT arbitration panel had reached a unanimous decision against the Republic of Italy to award Rockhopper €190 million in damages plus interest at EURIBOR +4% compounded annually from 2016 until the time of payment.
All costs associated with the Rockhopper arbitration were funded on a non-recourse (“no win – no fee”) basis from a specialist arbitration funder, similar to GreenX’s litigation funding arrangements. After payments due to the arbitration funder, Rockhopper expects to retain approximately 80% of the award.
#KAV Kavango Resources Plc- Strategic Financing to raise £3million
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 conditionally raised £3,000,000 before expenses by the issue of 166,666,660 New Ordinary Shares in the capital of the Company (“New Ordinary Shares”) at a price per share of 1.8 pence.
Fundraising
The 158,555,555 New Ordinary Shares have been conditionally placed by First Equity Limited (“First Equity”), on behalf of the Company with institutional and other investors, including high net worth and retail investors (the “Placing”).
The Placing includes one strategic cornerstone investor, who subscribed for over half of the Placing amount.
In addition to the Placing, the Company has also conditionally completed a direct subscription (the “Subscription”) for the issue of 8,111,105 New Ordinary Shares.
Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 3p for a term of 24 months from the date of issue. Issue of the warrants will require the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.
Further details of the Placing and Subscription, including the expected date of admission of the New Ordinary Shares (“Admission”), will be set out in a prospectus (“Prospectus”) to be published in electronic form and available on the Company’s website.
Ben Turney, Chief Executive Officer of Kavango, commented:
“I am delighted to announce the successful completion of this £3million fund raising for Kavango, a transformational financing for the Company.
Supported by many existing shareholders and new investors, we are now empowered to drive forward a dramatic exploration programme across our portfolio. Our current key focus is on our Kalahari Copper Belt interests, where the drilling programme is underway.
We are now fully funded for our ambitious plans through 2023 and are in an excellent position to achieve our goal of becoming the leading minerals exploration company in Botswana.”
Use of funds
The Placing and Subscription are to raise funds to meet exploration costs across the Company’s portfolio of projects in Botswana, and general working capital as set out below.
Funds raised from the Placing and Subscription will primarily be used to carry out proposed exploration work, provide working capital to the Group and to meet its regulatory and administrative commitments.
Details of the Placing and Subscription
The New Ordinary Shares will represent approximately 27.7per cent. of the Enlarged Share Capital. The New Ordinary Shares will rank pari passu in all respects with Existing Ordinary Shares including all rights to dividends and other distributions declared, made or paid following Admission and will be issued as fully paid. Application will be made for the New Ordinary Shares to be admitted to the Standard Segment of the Official List and to the London Stock Exchange. The Placing and Subscription are conditional, inter alia, on the approval of a Prospectus in relation to the Placing and Subscription Shares no later than 12 December 2022, or such later date as the Company and First Equity may agree.
In connection with the Placing, the Company shall issue
Subject to the approval of shareholders, one warrant will also be issued for each New Ordinary Share subscribed for at an exercise price of 3p for a period of thirty months from issue (“Financing Warrants”). Shareholder approval will be sought to the issue of the Financing Warrants in due course.
Total Voting Rights
Following the issue of the Placing and Subscription Shares, the Company will have 602,312,586 Ordinary Shares in issue.
Prospectus
The Company is in process of seeking approval from the Financial Conduct Authority for its prospectus to be issued in connection with the Placing and Subscription.
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.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#POW Power Metal Resources Plc – Placing to raise £800,000
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces it has completed a placing to raise £800,000 before expenses. (the “Financing”).
HIGHLIGHTS
– Power Metal has raised £800,000 before expenses for the advancement of select priority exploration projects and for general working capital purposes with the Financing undertaken at the closing market bid price of 1.4 pence on 2 September 2022 (see below for detailed Financing terms).
– The funds raised will support the acceleration, and allow for the potential expansion, of the ongoing geophysics and upcoming drill programme at the Molopo Farms Complex Project (“Molopo” or the “Project”) located in Botswana, where drilling is scheduled to commence mid-September targeting a large-scale nickel sulphide discovery.
– The Financing also enables the potential expansion of other priority exploration activities.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“Our work at the Molopo Farms Project in Botswana continues to support the potential for a nickel sulphide discovery in what is a unique district scale land package where we will be diamond drilling not only one electromagnetic (“EM”) conductor, but multiple conductors located across a large Project footprint.
At Molopo we have accelerated planned drilling with the final preparations underway and drilling is expected to commence mid-September.
Considering the scale of the conductors identified, especially that at priority target area T1-6, and the number of conductors being targeted it was clear that we needed to be prepared for the possibility of an expanded campaign at the Project and we have undertaken the Financing to position for that expansion.
In addition, the Financing supports the continuation of our aggressive exploration across other priority exploration interests, where we are starting to see some highly encouraging findings.”
FINANCING FURTHER INFORMATION
– The Company has raised £800,000 before expenses through the issue of 57,142,857 new ordinary shares of 0.1p each in the Company (the “Financing Shares”) at an issue price of 1.4p per share, the closing market bid price on 2 September 2022.
– Each Financing Share has an attaching warrant to subscribe for one new ordinary share of 0.1p each (“Ordinary Share”) at an exercise price of 2.0p with a 12-month term from 19 September 2022 (“Financing Warrant”) creating 57,142,857 Financing Warrants.
– Should the Power Metal share price exceed a volume weighted average share price of 10p for five trading days Power Metal may issue a written notice to Financing Warrant holders providing ten trading days to exercise the Financing Warrants and ten further trading days to make payment of exercise monies or the Financing Warrants may be cancelled.
– The Financing was undertaken by the Company’s joint broker First Equity Limited. Power Metal has issued First Equity Limited with 5,714,286 warrants to subscribe for new Ordinary Shares on the same terms as the Financing Warrants.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 57,142,857 Financing Shares to be admitted to trading on AIM which is expected to occur on or around 19 September 2022 (“Admission”). The Financing 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 1,594,654,921 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:
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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 |
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#POW Power Metal Resources – Athabasca Basin – Strategic Uranium Project Staked
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.
HIGHLIGHTS:
–Durrant Lake Uranium Property (“Durrant Lake” or the “Property”) acquired by direct Mineral Claim staking. The newly acquired claim covers a total area of 58.66km2 within the eastern side of the Athabasca Basin and is bordered on three sides by claims held by uranium focussed companies Orano SA, Denison Mines Corp and ISO Energy Ltd.
–Durrant Lake, which was staked directly by the Power Metal technical team, is the first uranium portfolio property to be situated within the confines of the prolific Athabasca Basin.
–With the addition of Durrant Lake, the Power Metal Athabasca uranium portfolio now consists of eleven properties, including a conditional disposal1, with a combined total area of 780km2.
–The Athabasca Basin hosts over seven past and current uranium operations including McArthur River, the world’s largest high-grade uranium deposit and the Cigar Lake mine which was the world’s top uranium producer in 2020.2
A map of the Durrant Lake Uranium Property location is available at the following website link: https://www.powermetalresources.com/durrant-lake-uranium-overview/
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The Durrant Lake Uranium Property located within the Athabasca Basin, which hosts some of the world’s highest grade uranium deposits, represents a significant addition to the Company’s already sizeable Saskatchewan focused uranium portfolio.
We look forward to providing further updates on developments across our Athabasca uranium interests in the near term.”
FURTHER INFORMATION
Mineral Claim Staking Process
The Mineral Claim constituting the Durrant Lake Uranium Property was acquired directly through the Mineral Administration Registry Saskatchewan (MARS) electronic registry system.
Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground becomes reopen to third party staking at a set time each month. At reopening, areas of high uranium prospectivity can become segmented as different parties compete to register Mineral Claims over the newly opened ground. In the case of the open ground covering the wider Durrant Lake area, Iso Energy Ltd acquired approximately 4.30 km2 of the newly reopened ground, with Power Metal acquiring 58.66km2, representing the vast majority of the newly available area (c. 62.96km2).
The cost of staking of the Property was Canadian $3,519.78. The newly staked licence comes with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending a minimum of Canadian $87,990 per annum.
The Durrant Lake Property
The Durrant Lake Uranium Property is surrounded by ground held by major uranium operators and explorers including Orano SA, Denison Mines Corp (TSX: DNN) and Iso Energy Ltd (TSX-v: ISO).
The Hurricane Zone, which is part of the Iso Energy Ltd’s 100% owned Laroque East property, is a 575m long by 75m across and up to 11m thick uranium deposit that is located less than 15km northeast of the Durrant Lake Uranium Property. The Hurricane Zone includes notable drill intercepts of up to 33.9% U3O8 over 8.5m, including 57.1% U3O8 over 5.0m.3
Property Geology
Geological reports highlight that the Property is underlain by around 200-300m of sandstone that sits unconformably over crystalline basement, which is logged as metasedimentary and intrusive lithologies of the Mudjatik Domain.
The unconformity between the sandstone and the underlying crystalline basement lithologies is the main target for uranium exploration in Saskatchewan, and deposits such as McArthur River (416 Mlb at 15% U3O8), Cigar Lake (152.4 Mlb at 7.55% U3O8), Hurricane and Phoenix (60 Mlb at 19.1% U3O8) are located at, or in close proximity to this geological contact zone.
URANIUM PROPERTIES – HOLDING STRUCTURE
Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio.
The Power Metal Canada Uranium Property Map is available to view at the following link:
https://www.powermetalresources.com/power-metal-canada-uranium-map/
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*
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Project |
Licence ID |
Area (Hectare) |
Area (km2) |
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Clearwater Uranium Property |
MC00015079 |
1,110 |
11.1 |
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MC00015083 |
563 |
5.63 |
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MC00015082 |
3,191 |
31.91 |
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MC00015151 |
760 |
7.6 |
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MC00015646 |
761 |
7.61 |
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MC00015658 |
1,541 |
15.41 |
|
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Tait Hill Uranium Property |
MC00015078 |
1,576 |
15.76 |
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MC00015081 |
968 |
9.68 |
|
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MC00015153 |
1,530 |
15.3 |
|
|
MC00015152 |
1,886 |
18.86 |
|
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MC00015647 |
725 |
7.25 |
|
|
MC00015648 |
1,129 |
11.29 |
|
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Thibaut Lake Uranium Property |
MC00015077 |
2,206 |
22.06 |
|
MC00015659 |
2,195 |
21.95 |
|
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Soaring Bay Uranium Property |
MC00015080 |
1,255 |
12.55 |
|
MC00015155 |
3,375 |
33.75 |
|
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MC00015874 |
748 |
7.48 |
|
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MC00015875 |
2,529 |
25.29 |
|
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Cook Lake Uranium Property |
MC00015212 |
984 |
9.84 |
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E-12 Uranium Property |
MC00015213 |
1,323 |
13.23 |
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Reitenbach Uranium Property* |
MC00015214 |
2,135 |
21.35 |
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MC00015474 |
1,235 |
12.35 |
|
|
MC00015655 |
4,570 |
45.7 |
|
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MC00015656 |
5,322 |
53.22 |
|
|
MC00015657 |
856 |
8.56 |
|
|
MC00015824 |
528 |
5.28 |
|
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Reindeer Lake** |
MC00015522 |
3,336 |
33.36 |
|
Porter Lake** |
MC00015561 |
5,656 |
56.56 |
|
MC00015562 |
5,198 |
51.98 |
|
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Old Woman Rapids** |
MC00015563 |
4,851 |
48.51 |
|
MC00015564 |
5,063 |
50.63 |
|
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MC00015565 |
3,044 |
30.44 |
|
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Durrant Lake*** |
AC00018000 |
5,866 |
58.66 |
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Total Licence Holding Area |
78,018 |
780 km2 |
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*Reitenbach Property conditionally disposed to Teathers Financial PLC as announced 8 August 2022.
**Property acquisition announced on 25 July 2022 – licence transfers complete.
***Newly staked Property
#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
Quoted Micro 18 July 2022
AQUIS STOCK EXCHANGE
Hydro Hotel, Eastbourne (HYDP) increased interim revenues by 882% to £1.82m and this enabled a move from a loss of £383,000 to a pre-tax profit of £22,277. There are cash and deposits of £1.8m.
Hydrogen Utopia International (HUI) has announced a proposed joint venture with AIM-quoted Powerhouse Energy (PHE) in Tipperary, Ireland. This will be a 50/50 joint venture and it will build a plant on a site leased by Trifol Resources. Negotiations concerning the site should be completed over the coming months. Electron Technologies BV has completed the first design phase for the company’s thermal processing system.
AQRU (AQRU) has launched ByBrix in partnership with Blimp Technologies Inc. This new business is involved in the crypto-mortgage market. Blimp has expertise in embedding blockchain technology in the real estate market.
Goodbody Health Inc (GDBY) intends to consolidate ten existing shares into one new share.
Reflexivity Research Ltd has increased its stake in KR1 (KR1) from 7.6% to 20.3%. This relates to a performance fee of £30.1m.
IPGL Ltd, which is associated with Chapel Down Group (CDGP) non-exec Samantha Wren, has acquired 250,000 shares in the wine maker at 19.2795p each. Cadence Minerals (KDNC) chief executive Kiran Morzaria bought 100,558 shares at 9.9p each. This takes his stake to 1.43 million shares. Invinity Energy Systems (IES) executive director Jonathan Marren has acquired 44,101 shares in the battery storage technology developer at 45.35p a share.
Oscillate (LON: MUSH) non-exec Narisha Ragoonanthun has stepped down from the board.
Lift Global Ventures (LFT) has appointed Optiva Securities as corporate adviser. The accounting reference date is changed from May to June.
EPE Special Opportunities Ltd (EO.P) had net assets of 283.05p a share at the end of June 2022.
AIM
Capital equipment manufacturer Mpac Group (MPAC) warned that full year profit will be significantly below expectations. Interim revenues are better than last year, and the order book is higher. However, difficulties sourcing components and delays to the timing of orders have hampered progress. The longer lead times for components and inflationary pressures will continue for the rest of the year. There was cash of £14.5m at the end of 2021, which has enabled investment in inventories. The interims will be published on 8 September.
CMO Group (CMO) slumped to 35p after a profit warning, making it the worst AIM performer of the week. Last year’s placing price was at 132p. The online retailer of building products says revenues in the 27 weeks to June 2022 are 10% ahead, or 2% higher like-for-like. Full year guidance is that 2022 revenues will increase from £76.3m to at least £86m, but previously £95.5m was expected. The EBITDA estimate has been reduced from £5.55m to around last year’s level of £3.7m. Supply problems have increased costs and trading is getting tougher.
TransGlobe Energy Corporation (TGL) is merging with fully listed VAALCO Energy (EGY) to create an Africa-focused exploration and production company. VAALCO is offering 0.6727 of one share for each TransGlobe share. TransGlobe shareholders will own 45.5% of the enlarged group. The transaction is valued at $307m.
A positive first half trading statement from international payments services provider Cornerstone FS (CSFS) initially triggered a bounce back in the share price, but it fell back when the chief executive resigned.
Embedded computer boards supplier Concurrent Technologies (CNC) has received a new order from a global medical technology company. The initial order is worth $2.2m in the first year of product shipments and there should be orders for several years. This further diversifies the customer base away from defence, which was 70% of the revenues of £20.5m in 2021.
Angle (AGL) has raised £20m at 80p a share. The cash will be used to take full advantage of the recent FDA approval for the use of its Parsortix diagnostic technology in harvesting breast cancer cells for analysis. Discussions are ongoing with medtech and pharma companies. The pharma services operation will be expanded, and laboratory developed tests launched. The liquid biopsy market could be worth up to $100bn in the US.
A £3.75m fundraising at 0.5p a share by EQTEC (LON: EQT) was not well received by the market and the share price fell below the offer price. EQTEC raised more than the minimum of £3m that it was seeking. The cash will fund wase to energy projects, including a 9.9Mwe advanced gasification technology facility and 2MW anaerobic plant at Deeside. EQTEC has to invest £2.3m to gain a 32% stake in the company owning the project.
Ironveld (IRON) has raised £4m at 0.3p a share to finance the acquisition and refurbishment of Ferrochrome Furnaces Ltd and may raise up to £1m more. Directors’ loans and fees of £351,000 has been capitalised. Management has raised the cash because it is not certain that Grosvenor Resources will be able to complete the promised cash injection. Shareholder approval is required at a general meeting on 1 August.
Portmeirion (PMP) says interim revenues were 5% ahead at £45m, but it remains cautious about the full year. Shipping costs are reducing, although other costs have risen.
Gaming machine monitors and consoles supplier Quixant (QXT) has increased order intake by more than expected. Interim revenues are 46% ahead at $53.3m. The main growth is in the gaming sector, although the screens business grew by 21%.
Regional legal firm consolidator Knights Group Holdings (KGH) reported full year figures in line with expectations. Revenues were 22% higher at £125.6m, although earnings per share fell nearly 6% to 17.23p because more shares are in issue.
Plant-based polymers developer Itaconix (ITX) increased interim revenues by 124% to $3m. Revenues trebled from cleaning products using the company’s plant-based ingredients, but beauty and hygiene revenues declined due to lower order volumes. There was $900,000 of net cash at the end of June 2022.
MAIN MARKET
Property investor Town Centre Securities (TOWN) is selling its stake in YourParkingSpace app for up to £20.7m. The initial payment is £9.6m with a further £7.5m payable over the next two years. There could be up to £3.6m more payable depending on performance in the 14 months after acquisition. The book value of the stake was £1.47m. A loan of £1.95m will be repaid. A tender offer to acquire four million shares at 185p each has been launched. The tender is well below NAV. Tender forms have to be received by 8 August.
BATM (BVC) has secured a deal with CityFibre, which will pilot the Edgility platform with selected partners. This could lead to a national roll-out. CityFibre wants to increase its fibre coverage to 285 cities in the UK.
Andrew Hore