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Power Metal Resources #POW – Strategic Partner Update – Botswana
Power Metal Resources plc (LON:POW), the AIM listed metals exploration and development company, is pleased to note the announcement by Kavango Resources (LON:KAV) (“Kavanago”) released today announcing a £1.94m placing and an expansion of their drill programme at their wholly owned Kalahari Suture Zone project which may be viewed through the following link:
Power Metal and Kavango each have a 50% interest in Kanye Resources plc, a UK registered strategic joint venture company which wholly owns Kanye Resources (Pty) Ltd (“Kanye Botswana”) a Botswana private company.
Kanye Botswana is the proposed holding company for the South Ghanzi – Kalahari Copper Belt and Ditau Camp Projects. An application has been made by Kavango to transfer the prospecting licences for both projects into Kanye Botswana.
There are plans to IPO Kanye Resources plc on a recognised stock exchange.
Power Metal currently holds 9,500,000 Kavango ordinary shares and 4,750,000 warrants to acquire Kavango shares at an exercise price of 2.5p per Kavango share at any time prior to 28 April 2023.
Power Metal’s holding in Kavango at the market mid-price as at 1pm today (6.1p) is valued at £750,500 (value of shares and margin above exercise price on the 2.5p warrants).
Recognising our original cost of entry £38,000 (April 2020) and the £47,500 cost of exercising the previously held 1.0p warrants (exercised April 2021), Power Metal is showing a paper gain of £665,000 on its Kavango investment.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“As a strategic partner we have been enthused by the operational progress made and announced to market by Kavango. The £1.94m financing announced by Kavango today, on robust terms, is a further positive step forward and provides the working capital needed to support their ambitious exploration plans.
Power Metal is working with Kavango on the Kanye Resources strategic joint venture where drilling is planned on both the South Ghanzi – Kalahari Copper Belt (Copper, Silver focused) project and the Ditau Camp (Rare Earths focused) project. The announcement by Kavango today demonstrates their desire to accelerate drilling across all projects including the joint venture projects.
Power Metal continues to hold its full position in Kavango, and we have significant paper gain compared to the original £38,000 invested in April 2020. This demonstrates the value of holding both project and equity interests and we are optimistic of continuing growth in the value of our investment.”
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 and development company seeking large scale metal discoveries
The Company has a global portfolio of project interests including precious, base and strategic metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage exploration prospects subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Kavango Resources Plc (KAV) – Kalahari Copper Belt update: Copper and Silver targets identified on LVR JV
KCB update: Cu/Ag targets identified on the LVR JV
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that extensive copper/silver targets (the “Targets”) have been identified on Prospecting Licences (PLs) 082/2018 and 083/2018 in the Kalahari Copper Belt (KCB). The two PLs are held in a Joint Venture farm-in with LVR GeoExplorers Ltd (the “LVR Project”).
The Targets were detected as a result of the recent Airborne EM (AEM) surveys flown over the LVR Project. Strong soil geochemical anomalies occur at surface above the Targets.
Highlights
- 1,216km of Airborne Electromagnetic (AEM) surveys flown over the LVR Project in March
- Stage 1 of the LVR farm-in now complete, taking Kavango’s stake in the LVR Project to 25%
- PL 082/2018
- Identification of a series of conductors over a 3.5km wide deformation zone
- The conductors lie along strike of the Plutus deposit and the Boseto Mine to the north east
- The primary target is a large EM conductor, extending to at least 400m from the surface
- Strong coincidental copper (25ppm to >56ppm) and zinc (50ppm to >100ppm) in soils anomaly on surface
- Fault controlled soil geochemistry anomalies striking over 5km
- Distinct similarities with Cupric Canyon’s Banana Zone South Limb (mirror image) on the south side of the Ghanzi Ridge
- PL 083/2018,
- >10km of AEM conductors in the south-east of the PL, across two main targets (6km and 4km wide)
- Both targets have coincidental copper in soils anomaly over three lines (500m spacing) and the anomaly remains open
- The conductors are underlain by a linear magnetic anomaly extending for over 2km beneath the soil anomaly
- The structural position of the Targets is prospective for the discovery of copper/silver mineralisation
- PL 082/2018 is drill ready
- PL 083/2018 requires further field exploration to delineate drill targets
- Drilling expected in Q3, on award of Environmental Management Plan.
Michael Foster, Chief Executive Officer of Kavango Resources, commented:
“The Airborne EM surveys have produced compelling justification for Kavango’s strategy in the Kalahari Copper Belt. We are confident we have identified copper mineralised systems, which we now have to test through drilling.
The Company’s integrated exploration approach, combining soil geochemistry, stratigraphical and structural mapping together with geophysical surveying is proving to be highly effective. A program of trenching on PL082/2018 and additional soil geochemistry on PL083/2018 is planned prior to a drill program later in the year.”
Background
SkyTEM Ltd conducted the AEM surveys in February 2021, flying a total of 1,216 line/kms over the LVR Project.
The AEM surveys, flown together with airborne magnetic surveying, were carried out on lines 200m apart, on an approximately north-south orientation.
The survey blocks were selected by Kavango’s geophysical team, based upon analysis of magnetic data and soil geochemistry results obtained at the end of 2020 combined with the remote mapping of geological structures from the analysis of Landsat imagery.
The LVR JV
The LVR JV Agreement between Kavango and LVR GeoExplorers Ltd comprise two PLs totalling 1,091km2. Kavango has the right to acquire a 90% interest in the PLs through staged exploration expenditure commitments.
With completion of Stage 1 of the JV, Kavango has earned its first 25% interest in the two licences.
The plots of the AEM surveys and their interpretation will be posted on the Company’s website.
PL 082/2018
PL 082/2018 is 126km2 and lies along strike of the Plutus deposit and the Boseto Mine, owned by Cupric Canyon. This PL is characterised by steeply dipping repetitions of D’Kar and Ngwako Pan formations sitting above and either side of a basement dome.
The AEM survey has identified a series of EM conductors over 3.5km, which are coincident with a significant geochemical anomaly. Kavango has completed extensive soil sampling over this target area, including fifteen 4km sample lines that have returned copper readings in the range of 25ppm to >56ppm and zinc readings of 50ppm to >100ppm. Fault controlled soil geochemistry anomalies strike over 5km and merit immediate further investigation.
The conductors appear to be centred on an area of deformation and thrusting marked by a number of NNE trending faults commonly associated with economic mineralisation on the KCB.
The geological interpretation suggests an almost mirror image of the Banana Zone deposit (15km to the SE) that has been drilled out by Cupric Canyon on the southern side of the adjacent Ghanzi Ridge.
The main conductor lies just 1km from the main tarred road to Maun and a few hundred meters from a major power line. It is close to surface and extends to 400m depth. It represents an attractive drill target.
LVR PL 083/2018,
PL 083/2018 covers 965km2 and lies in the western part of the KCB in Botswana.
The AEM survey over this PL shows a series of thin formational conductors (possible redox boundaries) proceeding west for over 20km but, as they approach the eastern boundary of the PL, these conductors are intercepted by NNE faults and “blossom” into a large conductive body 6km wide (Target A), with another conductive body (Target B) 4km wide further to the north.
Kalahari sand cover is approximately 10m thick in this area, but soil geochemistry anomalies remain strong.
A well-defined copper in soil anomaly (>40ppm Cu), sitting above Target A, is defined over three sample lines 500m apart. The soil anomaly remains open.
A 2km magnetic anomaly is also coincident with both the AEM survey results and the soil anomalies.
Further exploration work is required on these two anomalies to identify their stratigraphical associations and depth. However, initial data suggests both have good potential for metal mineralisation.
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
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson