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#POW Power Metal Resources – Haneti Project – Diamond Drilling Complete
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 Company’s inaugural diamond drilling programme on the nickel-copper-cobalt-platinum group element Haneti Project (“Haneti” or the “Project”) located in central Tanzania.
Highlights:
– The Company confirms the drill programme has been completed successfully with a total of 900.04 metres completed across three drill holes as planned.
– Core logging and sampling is underway, with samples being prepared for thin section petrographic analysis and laboratory assay testing (for nickel, copper, platinum, palladium, cobalt, chromium and gold) at SGS Tanzania.
– Large intersections of serpentinite and gabbroic rocks were identified in MWDD01 and MWDD02 (Mwaka drill holes) with indications of peridotitic sequences, the latter subject to confirmation through the thin section petrographic analysis.
– MHDD01 (Mihanza drill hole) intersected massive serpentinite from surface and serpentinised meta-gabbroic rocks at depth.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“This drill programme was safely executed and delivered on schedule and within budget. We are grateful to the operational team for a job well done.
Now that the physical drilling has been completed we move into the core logging, sampling and testing phase, and clearly there are various elements to this.
We are cautious with early interpretations until the core logging and testing is complete. What we can say is that we have seen thick sections of ultramafic rocks and have postulated that the anticipated geological model has been demonstrated from the core recovered.
We are encouraged by the technical and geological success so far and look forward to providing further updates as and when they become available. “
Joint Venture Ownership Structure
The Haneti Project is currently held under a Joint Venture (“JV”) with Katoro Gold Plc (LON:KAT “Katoro”) who hold a 65% interest, with the remaining 35% interest held by Power Metal.
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.
Glossary:
· Serpentinite: a green coloured rock formed through the low-temperature metamorphism of ultramafic rocks from the earrth’s mantle. The metamorphic chemical reactions convert unhydrous ferromagnesian silicate minerals (pyroxene, olivine) into hydrous silicate minerals (serpentine).
· Gabbroic: rock within the range classified as Gabbro which is a coarse-grained, mafic intrusive igneous rock formed from the slow cooling of magnesium-rich and iron-rich magma. Gabbro is found at the mid-ocean ridges and as plutons associated with continental volcanism. Gabbro intrusives can be associated with chromium, nickel, cobalt, gold, silver, platinum and copper mineralisation.
· Peridotitic: related to Peridotite rock, a dense, coarse-grained ultramafic igneous rock consisting mostly of the silicate minerals olivine and pyroxene. Peridotites is often a constituent in the layered igneous complexes that can host platiunum group metals and nickel.
· Ultramafic: Ultramafic rocks are a group of igneous and meta-igneous rocks with a very low silica content (less than 45%), generally >18% MgO, high FeO, low potassium, and are composed of usually greater than 90% mafic minerals (dark colored, high magnesium and iron content). The Earth’s mantle is composed of ultramafic rocks. Intrusive ultramafic rocks are often found in large, layered ultramafic igneous intrusions where differentiated rock types often occur in layers and metals can be concentrated.
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 |
Power Metal Resources #POW – Haneti Project Diamond Drilling Programme – Drill Rig has Successfully Mobilised to Site and Drilling has now Commenced
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolioannounces an update from the Company’s inaugural diamond drilling programme on the nickel-copper-cobalt-platinum group element Haneti Project (“Haneti” or the “Project”) located in central Tanzania.
The Company confirms that the mobilisation of the diamond drill rig and operational team has been successfully completed and diamond drilling has now commenced.
Drill Programme
Details in respect of the planned drill programme can be reviewed in the Company’s announcement on 11 January 2022 which may be viewed through the following link:
A map highlighting the planned locations for the 2022 diamond drilling programme can be found at the following link:
https://www.powermetalresources.com/haneti-project-drill-programme/
Joint Venture Ownership Structure
The Haneti Project is currently held under a Joint Venture (“JV”) with Katoro Gold Plc (LON:KAT “Katoro”) who hold a 65% interest, with the remaining 35% interest held by Power Metal.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“This is a great day, one that has been years in the making, as we commence inaugural diamond drilling at the Haneti Project targeting magmatic sulphide hosted nickel, copper, cobalt and platinum group metals.
Haneti represents a district scale opportunity and we hope that drilling will unlock further value from the Project enabling our technical team to better understand the various geological environments. Ultimately, a discovery of the metals targeted could be transformational for Power Metal and our partners Katoro.
Our thanks go to the operational team for battling the challenging weather conditions locally to mobilise the rig and crew safely to site, establish an operational camp, and commence drilling.“
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:
|
Project |
Location |
POW % |
Work Completed or Underway |
Results Awaited |
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Alamo Gold Project |
USA |
Earn-in to 75% |
Excavation of multiple test pits and mapping & sampling. |
Field and assay results from on-site work programme. |
|
Authier North Lithium |
Canada |
Earn-in to 100% |
Soil & rock sampling completed |
Interpretation of laboratory assay results of samples collected. |
|
Ditau Project |
Botswana |
50% |
Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals
|
Field programme findings and defined drill targets for near term drilling. |
|
Kalahari Copper Belt |
Botswana |
50% |
Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas |
Field programme findings and defined drill targets for near term drilling |
|
Molopo Farms |
Botswana |
53%A |
Kavango Option to acquire an interest in local project holding company. Option fee payable through defined work programme |
Results from various work activities underway as part of the Kavango Option |
|
Tati Gold/Nickel |
Botswana |
100% |
Reverse circulation drill programme completed |
Laboratory assay results awaited |
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Haneti Project |
Tanzania |
35% |
Diamon drill programme underway |
Results from field programme including drill programme underway |
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Victoria Goldfields |
Australia |
49.9% |
Ongoing exploration across 848km2 of granted exploration licences
|
Results from field programme including drill programme underway |
|
Wallal Gold/Copper Project |
Australia |
83.33%B |
Passive seismic and 2D seismic processing work programme completed. Ground reconnaissance work underway. |
Results awaited |
A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project
B assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors
Power Metal Resources #POW – Haneti Project – Drill Programme Commencement
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that mobilisation has successfully commenced for the Company’s inaugural diamond drilling programme on the Haneti Project (“Haneti” or the “Project”) located in central Tanzania.
The Haneti Project is currently held under a Joint Venture (“JV”) with Katoro Gold Plc (LON:KAT “Katoro”) who hold a 65% interest, with the remaining 35% interest held by Power Metal.
A map highlighting the planned locations for the 2022 diamond drilling programme can be found at the following link:
https://www.powermetalresources.com/haneti-project-drill-programme/
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The Haneti Project, targeting magmatic sulphide hosted nickel, copper and platinum group metals, represents a unique district-scale opportunity for Power Metal and our JV partner Katoro .
The preparatory work leading up to this campaign has been extensive, though ultimately, it is deep diamond drilling that is now needed in order to broaden our understanding of the geological environments and to unlock the potential for a commercial discovery.
With some considerable enthusiasm we launch the programme and very much look forward to updates from the field, and ultimately the results of the assay testing of drill core samples which will be collected during the 2022 campaign.“
HIGHLIGHTS:
– Mobilisation by the drilling contractor has commenced with the drilling rig expected to be on site around 17 January 2022, and drilling expected to commence on or around 20 January 2022.
– The planned 1,000m drill programme consists of three deep diamond core targeting magmatic nickel (Ni) copper (Cu) platinum group element (PGE) sulphide mineralisation. The work will constitute the first diamond drilling conducted out by the JV within the Haneti Project area.
– In advance of the drilling programme the Haneti Project licences have successfully been renewed for an additional 7 years.
– The planned drillholes are designed to provide a full intersection through the various ultramafic sequences in order to produce fresh rock samples for detailed geochemical and petrographic analysis.
– Two diamond core holes are planned at the Mwaka Target for a combined total of approximately 505m. The holes have current planned depths of 264m and 241m and are designed to test two discrete high-priority conductors which were identified during the 2012 electromagnetic (“EM”) geophysics survey.
– A single 495m deep diamond core drill hole is planned at the Mihanza Target. The Mihanza target was subject to a shallow Rotary Air Blast (“RAB”) drill programme that was completed in early 2021; the programme confirmed the presence of near-surface Ni-Cu-PGE sulphide mineralisation. The Mihanza Target is centred around coincident magnetic high geophysical and nickel geochemical anomalies. Detailed modelling and inversion analysis of the airborne magnetic data completed in 2014 identified a large plug shaped magnetic anomaly (following work undertaken by consultants to former project owner Kibo Mining plc this was interpreted to represent an ultramafic body) which lies at roughly 300m below surface. This plug shaped body has never been drill tested, and the drill hole planned at Mihanza is specifically designed to intersect the anomaly at depth.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
|
|
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
|
|
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
|
|
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:
|
Project |
Location |
POW % |
Work Completed or Underway |
Results Awaited |
|
|
|
|
|
|
|
Alamo Gold Project |
USA |
Earn-in to 75% |
Excavation of multiple test pits and mapping & sampling. |
Field and assay results from on-site work programme. |
|
Authier North Lithium |
Canada |
Earn-in to 100% |
Soil & rock sampling completed |
Laboratory assay results of samples collected |
|
Ditau Project |
Botswana |
50% |
Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals
|
Field programme findings and defined drill targets for near term drilling. |
|
Kalahari Copper Belt |
Botswana |
50% |
Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas |
Field programme findings and defined drill targets for near term drilling |
|
Molopo Farms |
Botswana |
53%1 |
Kavango Option to acquire an interest in local project holding company. Option fee payable through defined work programme |
Results from various work activities underway as part of the Kavango Option |
|
Tati Gold/Nickel |
Botswana |
100% |
Reverse circulation drill programme completed |
Laboratory assay results awaited |
|
Victoria Goldfields |
Australia |
49.9% |
Ongoing exploration across 848km2 of granted exploration licences
|
Results from field programme including drill programme underway |
|
Wallal Gold/Copper Project |
Australia |
83.33%2 |
Passive seismic and 2D seismic processing work programme completed |
Results awaited |
1 should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project
2 assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors
Alan Green discusses Katoro Gold #KAT & Lexington Gold #LEX on this week’s Stockbox Research talk
Alan Green discusses Katoro Gold #KAT & Lexington Gold #LEX on this week’s Stockbox Research talk
Power Metal Resources #POW – Katoro Gold Update – Haneti Nickel PGM Project
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, draws investors’ attention to the announcement issued today by Katoro Gold plc (LON: KAT)(“Katoro Gold”)(“Katoro”).
The Katoro announcement may be viewed through the following link:
https://polaris.brighterir.com/public/katoro_gold/news/rns/story/rg784zr
An extract from the Katoro announcement, relating to the Haneti Project and planned drilling is provided below
“Further to our announcement of 7 April 2021 in which a planned diamond drilling project was announced with the objective to intersect the TDEM and magnetic geophysics anomalies, i.e. the primary sulphide mineralisation and fresh unaltered rock samples for mineralogical analysis, the Company can now confirm that planning for the campaign has been completed. The planning process involved amongst others the careful consideration of exploration results to date to ensure accurate hole positioning and required extensive technical consultation.
The drill programme and associated budget for Haneti will now be submitted for approval and subsequent implementation.”
POWER METAL – HOLDING IN KATORO
Power Metal Resources currently holds 10,000,000 Katoro shares and 10,000,000 warrants in Katoro Gold exercisable at 1.25p (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).
POW also has a direct 35% interest in the Haneti project in Tanzania.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The Haneti PGM Project offers Katoro Gold and Power Metal shareholders exposure to a district scale exploration opportunity.
As shareholders will note the project is moving forward into the next phase of drilling and Power Metal is looking forward to getting this underway.
Haneti is one of a number of drill programmes planned within our African portfolio including projects in Botswana, the DRC and Tanzania. We are targeting major metal discoveries across each project drill programme.”
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 (LON:POW) is an AIM listed metals exploration and development 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 principle focus on opportunities offering district scale potential across a global portfolio including precious and base 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.