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Power Metal Resources #POW – Ditau Camp Project Botswana – Drilling Update

 

Ditau Camp Project Botswana – Drilling 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 from the Ditau Camp project (the “Project”) in Botswana.

The Project is held by Botswana based Kanye Resources Pty Limited (“Kanye”), which is a 50/50 joint-venture partnership with Kavango Resources plc (LSE:KAV) (“Kavango”) – who are the operators. 

Kavango confirm the completion of the first diamond drill hole at the Ditau Camp Project, Botswana, hole DITDD003 (the “Borehole”). 

The hole was completed to a total depth of 300.14m, which the Company’s technical team believes has tested the geophysical target at this specific location. 

The Borehole intersected units including a breccia of 20.44m from 83.9m, and a dolomitic carbonate rock from 154.89m. This latter may contain stromatolitic features. 

Kavango’s technical team is now assessing the provenance of the breccia unit, which it believes may represent either a weathered carbonatitic ash flow or a weathered Dwyka tillite.

 In addition, a 7.16m intrusive, considered to be a dolerite, was intersected from 247.73m. 

While the provenance of the breccia unit is uncertain Kavango has performed some initial portable X-Ray Fluorescence (“pXRF”) readings on the matrix and larger clasts, with a view to comparing these with both carbonatitic ash flow and also unweathered Dwyka tillite. The latter has been drilled in recent Kavango diamond drillholes in the region and will be used for these pXRF checks. 

Subsequent to this the cores from DITDD003 will be cut and sent to an accredited laboratory for whole rock analysis with petrological work also carried out on selected samples. 

Hole DITDD003 is one of six planned boreholes in the current programme. The drill rig is currently being moved to the pad for the next hole in the campaign, DITDD004. 

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.

Kavango Resources #KAV – Ditau i10 update

 

Ditau i10 update

Kavango confirm the completion of the first diamond drill hole at the Ditau Camp Project, Botswana, hole DITDD003 (the “Borehole”).

The hole was completed to a total depth of 300.14m, which the Company’s technical team believes has tested the geophysical target at this specific location.

The Borehole intersected units including a breccia of 20.44m from 83.90m, and a dolomitic carbonate rock from 154.89m. This latter may contain stromatolitic features. Kavango’s technical team is now assessing the provenance of the breccia unit, which it believes may represent either a weathered carbonatitic ash flow or a weathered Dwyka tillite.

In addition, a 7.16m intrusive, considered to be a dolerite, was intersected from 247.73m.

While the provenance of the breccia unit is uncertain the Company has performed some initial portable X-Ray Fluorescence (“pXRF”) readings on the matrix and larger clasts, with a view to comparing these with both carbonatitic ash flow and also unweathered Dwyka tillite. The Company has access to recently drilled Dwyka tillite in the region and will use this data to as a comparison against readings from the breccia in the pXRF checks. Subsequent to this core from DITDD003 will be cut and sent to an accredited laboratory for whole rock analysis with petrological work also carried out on selected samples.

Hole DITDD003 is one of six planned boreholes in the current programme. The drill rig is currently being moved to the pad for the next hole in the campaign, DITDD004.

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea Exploration and Drilling Services (Pty) (“Mindea”) is conducting the drilling.

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.

#MNRG MetalNRG – BritNRG Limited Update

MetalNRG (LON:MNRG), the natural resources and energy investment company, announces an update on its joint venture, BritNRG Limited, and a dispute that has arisen with a former director of MetalNRG, Mr Pierpaolo Rocco, and BritEnergy Holdings LLP, the partner in the BritNRG Limited joint venture, in connection with which, it is now apparent that Mr Rocco is currently a “person with significant control” (“PSC”).

 

Leading up to, and following the market announcement made on 19th October 2021, announcing Mr Rocco’s resignation from the MetalNRG Board, concerns had come to the attention of the MetalNRG Board that Mr Rocco’s interests in BritEnergy Holdings LLP had potentially been or had become significant (with him having become a “PSC according to records available at Companies House).

 

The precise timings of Mr Rocco and certain of his associated entities and affiliates acquiring a level of ownership in BritEnergy Holdings LLP that would occasion Mr Rocco to be a PSC of BritEnergy Holdings LLP was and remains unclear, despite MetalNRG having made numerous requests for clarification of the matter and circumstances leading to the public disclosures.

 

In April 2020, MetalNRG entered into a transaction with BritEnergy Holdings LLP to acquire additional shares in BritNRG Limited and to become a 50% shareholder in that entity but with a casting vote on the board (effectively giving MetalNRG control of BritNRG Limited) (the “April 2020 Agreements”).

 

This transaction has not completed as planned and previously announced and MetalNRG’s current equity holding in BritNRG Limited remains a material and significant minority interest in that entity. If at the time of the April 2020 Agreements with BritEnergy Holdings LLP, Mr Rocco was interested in a 20% or greater ownership stake of BritEnergy Holdings LLP, then the transaction would have required shareholder approval at MetalNRG.

 

Mr Rocco’s refusal thus far to answer direct questions put to him about his relationship and interests (both direct and indirect) in BritEnergy Holdings LLP at the material times have now led to MetalNRG serving formal notice of recission of the April 2020 Agreements on BritEnergy Holdings LLP and to issue a formal letter before action, against BritEnergy Holdings LLP and Mr Rocco, seeking recovery of all payments made under the April 2020 Agreements, on the basis that they are voidable by MetalNRG for lack of shareholder approval, such shareholder approval resulting from a failure of Mr Rocco to make a proper and/or full disclosure of interests.

 

In addition, MetalNRG has been served with notice by the vendor of certain oil and gas assets in Lincolnshire to BritNRG Limited that the vendor is demanding payment (for unpaid deferred consideration allegedly owed to it by BritNRG Limited) under a guarantee given by MetalNRG to support the obligations of BritNRG Limited under the sale and purchase agreement for the oil and gas assets. BritNRG Limited has, allegedly, refused to make the payment when it was due on the basis that it has a warranty claim against the vendor for sums in excess of the amount of the deferred consideration due to the vendor.

 

MetalNRG has also informed the UK Oil & Gas Authority (the “OGA”) that, contrary to prior expectations, it has not become the controller of BritNRG Limited and that control is with BritEnergy Holdings LLP and, as a result, MetalNRG is seeking the discharge of the parental guarantees given to the OGA for the regulatory liabilities of BritNRG Limited.

 

Given the active dispute between MetalNRG, Mr Rocco and BritEnergy Holdings LLP, and the issues that have arisen under the guarantee to the vendor (each as outlined above) Rolf Gerritsen, who was the designated director of MetalNRG on the board of BritNRG Limited, has resigned from that role.

 

 

Rolf Gerritsen commented “These are an extremely unfortunate set of circumstances which I will not be able to comment on until all legal procedures are complete.”

 

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014:

 

For the purposes of  UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.

END

 

 

Contact details:

MetalNRG PLC
Rolf Gerritsen

Christopher Latilla-Campbell

 


+44 (0) 20 7796 9060

Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams

Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

 

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