Home » Posts tagged 'mine'
Tag Archives: mine
#TM1 Technology Minerals PLC – Licenses in Cameroon and Funding Drawdown Update
Facility Drawdown
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has drawn down a further £560,000 from the £4.0 million convertible bond facility (the “Facility”) with Macquarie Bank Limited (“MBL”) and Atlas Capital Markets LLC (“ACM”) as detailed in the Company’s announcement on 9 December 2022. Following this, a total of £1,060,000 of the Facility has been drawn down.
This convertible bond tranche has a coupon of 5% per annum over the SONIA rate, payable quarterly in cash or in shares at the Company’s discretion. As part of the agreement, MBL and ACM can convert the convertible bonds to Technology Minerals shares (“Shares”) by issuing a conversion notice with the price set at 90% of the 3-day Volume Weighted Average Price of the Shares, where the three days may be consecutive or not and are selected by MBL or ACM (as applicable) from the 20 days prior to the issue of a conversion notice by MBL or ACM. The convertible bonds shall have a maturity of two years from issuance.
Conversion Notice and Total Voting Rights
In addition, Technology Minerals announces that it has received further Conversion Notices from Macquarie Bank Limited (“MBL”) for a total of £210,000 of Convertible Bonds of the first £500,000 tranche drawn from the £4.0 million convertible bond facility (the “Facility”).
|
Conversion Notice Date |
Amount Converted (£) |
Number of shares |
|
17.02.2023 |
100,000 |
10,068,972 |
|
20.02.2023 |
90,000 |
9,062,075 |
|
23.02.2023 |
20,000 |
2,013,794 |
Technology Minerals will issue 21,144,841 ordinary shares of £0.001 per share (“Ordinary Shares”) at a conversion price of 0.993150p per Ordinary Share.
Admission and Total Voting Rights
Application will be made for the 21,144,841 new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to the Standard List segment of Official List and to trading on the main market of the London Stock Exchange plc, which is expected to occur on or around 8.00 a.m. on 3 March 2023 (“Admission”). Upon Admission, the total number of issued shares and the total number of voting rights in the Company will be 1,333,482,275.
The above figure of 1,333,482,275 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Cameroon exploration permits validated and granted to Technology Minerals
Further to the announcement on 27 June 2022, Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the Cameroon Ministry of Mines, Industry and Technological Development has confirmed that the five exploration permits at the Technology Minerals Cameroon (“TMC”) Property have been validated under Cameroon law and granted to the Company.
The property covers an area of 2,456km² in south-eastern Cameroon, proximal to the world-class Nkamouna nickel-cobalt laterite deposit, 600km by road east of the port city of Douala, and 400km by road east of the capital of Yaoundé. At least three of the permits are in areas considered prospective for nickel-cobalt rich laterite.
To date, TMC has performed a reconnaissance exploration on the five permit areas, which entailed geochemical evaluation, soil sampling, and lithogeochemical (rock) sampling. With the approval of the permits finalised, the Company plans to continue further exploration and perform a more detailed remote sensing study of the area for Nickel, Cobalt and Manganese.
Alex Stanbury, CEO of Technology Minerals, said: “We are pleased to receive confirmation that these exploration permits have been validated and awarded to the Company. With the prospect located near the world-class Nkamouna nickel-cobalt laterite deposit and covering around 2,500km2 in an area considered prospective for nickel and cobalt, we look forward to further exploration work to increase our understanding of the prospect’s potential.”
Enquiries
|
Technology Minerals Plc |
|
|
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
c/o +44 (0)20 4582 3500 |
|
Oberon Investments Limited |
|
|
Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
|
|
|
|
Arden Partners Plc |
|
|
Tim Dainton, Louisa Waddell |
+44 (0)20 3829 5000 |
|
Gracechurch Group |
|
|
Harry Chathli, Alexis Gore, Rebecca Scott |
+44 (0)20 4582 3500 |
#FCM First Class Metals PLC – Sunbeam 2nd Instalment, Funding & Issue of Equity
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to provide an update on the Sunbeam past producing high grade gold mine.
Highlights
· Second payment of CAD$150,000 made to Nuinsco Resources Ltd (CNSX:NWI) (Nuinsco) which will trigger the transfer of ownership of the ‘core’ Sunbeam mine area claims to FCM ($550,000 of the $700,000 total acquisition amount now paid).
· Historical Data Review commenced with the objective of gaining a greater understanding of this past producing high grade gold project and its district potential.
· Archaeological heritage review commenced in order to identify and preserve any specific areas of special significance to the local First Nations Peoples.
· Drawdown requested of the second tranche, Sanderson Capital Partners Limited (Sanderson) Convertible Loan Note (CLN), which is set at a fixed conversion price of 15p per share.
· Tender process for 2023 Sunbeam Drilling Program initiated.
Since announcing the Sunbeam acquisition in early October 2022, we have been working to advance the project, this started with the award of the Exploration Permits which allows drilling, announced on the 19th October2022. https://polaris.brighterir.com/public/first_class_metals/news/rns/story/x87m39w
Following on from the Exploration Permits we have now contracted Emerald Geological Services, in conjunction with Nuinsco geologists to conduct a detailed historical review of all available data from the time historical production commenced in the early 1900’s through to the last drilling campaign and geophysical survey by the previous operators in 2021. The review which will focus on three elements: drilling, structure, and area wide reconnaissance. When completed should allow for a more focussed, swifter development of FCM’s 2023 exploration plans for the property.
In line with our key ESG objectives and respect for the local First Nation Peoples who have an interest in the area a Stage 1, Archaeological Heritage Review (AHR) has been commissioned to be undertaken by White Spruce Archaeology Inc. The AHR will focus on identifying any historical areas of First Nation interest.
Both reviews are expected to be completed before the Spring thaw occurs and will be key to our early-stage planning in the progression of high impact exploration activities on the property.
Figure 1-Sunbeam Property and the extent of the overall project including the Perry English Option area.
Marc Sale Chief Executive Officer commented:
“Once these key reviews are completed it will allow an acceleration and focus to the field work when the Spring thaw commences. I look forward to reviewing the data these studies provide so FCM can plan a focussed drilling campaign on Sunbeam as soon as is feasible this year. I am also pleased to confirm that our funding partners Sanderson Capital are in the process of releasing the stage two 15p £250,000 drawdown which covers the second instalment, now paid to Nuinsco and all other commitments we currently have on Sunbeam”
Funding & Issue of Equity
Notice has been given to Sanderson for drawdown of the second tranche of £250,000 from the funding package announced at the time of the Sunbeam acquisition. This tranche, the second of four is fixed at a conversion price of 15p per share. Two further tranches (£250,000 x 2) of the £1m facility will then remain, at fixed conversion levels of 19p & 22p respectively.
https://polaris.brighterir.com/public/first_class_metals/news/rns/story/x4ngzdr
These funds when received will be used for the second Sunbeam payment instalment, costs associated with the historical data & archaeological reviews and part payment to secure a suitable drilling rig for the planned exploration activities later in 2023.
200,000 shares have been issued to Sanderson Capital Partners in respect of fees.
The new ordinary shares will rank pari-passu with the Company’s existing issued ordinary shares. The Company intends to allot and issue these new ordinary shares under its existing authorities on a non-pre-emptive basis.
The Company will be making its application to admit the new ordinary shares to the Official List of the FCA and to trading on the Main Market (Standard List) of the LSE. Admission is expected to occur on 13th February 2023.
Conditional on Admission, the Company’s issued ordinary share capital will be 70,294,589 ordinary shares, which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
For Further Information:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
#POW Power Metal Resources PLC – Victoria Goldfields Australia – Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a corporate and exploration update from the Company’s Victoria Goldfields joint-venture (“JV”).
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Diamond drilling at the historic Berringa Gold Mine has efficiently recommenced after the Christmas break and the first hole is progressing well.
In other positive news we can announce the grant of 3 further licence applications as well as rock sampling results from the Dereel project which returned extensive gold mineralisation with a highlight result of 229g/t Au.
Work continues at pace in Victoria, Australia, and further updates will follow in due course.“
HIGHLIGHTS:
Diamond Drilling – Berringa Gold Mine
On 13th December 2022, Power Metal announced the commencement of a 5 hole, approximately 1,000m, diamond drilling programme at the historic Berringa Gold Mine (“Berringa”). Drilling of the first hole (BE23D001), into the Birthday South target (see announcement 13.12.22 for further information), paused on 23rd December 2022, for the holiday season at a downhole depth of 125.7m.
Drilling successfully recommenced on 3rd January 2023 with BE23D001 at end-of-day 5th January 2023, at a downhole depth of 167m at which point the HQ (96mm) drill bit was replaced by an NQ (75.7mm) bit. Drilling continues with an expected final target depth of approximately 420m.
Grant of Exploration Licences
A further three exploration licences (“ELs”) have now been granted including:
– EL 7756: a 22km2 inlier of Crown land within EL 7271, the prominent EL south of Ballarat gold mine within the Ajax project containing the old Monmouth and Happy Thought mines but where forest cover has limited modern exploration.
– EL 7799: a 3km2 inlier of Crown land originally excluded from licence EL 7327 within the Dereel Project. Investigations have identified the Golden Reef (Dereel) mine as an active high grade mine at the turn of the last century and Crown land will improve access for any future drill programme. The JV has gathered a number of rock chip samples in the area.
– EL 7826: a 4km2 tenement enhancing the land position surrounding Ballarat mine itself and covering potential for southern extension of the main Ballarat lode system known as Ballarat south within the Ajax project.
With the above now granted, seventeen EL grants have now been received from the nineteen original applications. Table 1 below provides a full breakdown.
Rock Sampling Results
A rock chip sampling programme was successfully completed within the Dereel project (EL 7799 & EL7327). The sampling campaign included the collection of 24 rock samples. Gold mineralisation was successfully identified with 16 of the 24 samples returning gold assays >0.1g/t, including a highlight result of 229g/t Au.
Table 2 below provides a breakdown of all rock sampling results.
JOINT VENTURE STRUCTURE
The joint venture (“JV”) is held through New Ballarat Gold Corporation PLC (“NBGC”), which is focused on the prolific Victoria Goldfields of Australia. The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%) (together the “JV Partners”).
NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which holds a strong land position comprising 17 granted exploration licences and one purchased licence for a total area of 1,867km2 within the gold fields of Victoria, Australia, principally surrounding the mining centre of Ballarat, Australia.
In addition, 2 licences covering 467km2 await grant. The JV has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, which remain largely under-explored by modern explorers.
The JV Partners have the intention of listing the JV company on a recognised stock exchange and will make further announcements as appropriate.
TABLE 1: LICENCE TABLES
The seventeen granted and one purchased licence (EL005535) cover high priority areas, covering 1,867km2 as outlined below.
|
Licence Number |
Project Name |
Area (km2) |
|
EL007271
|
Buninyong (renamed) |
133 |
|
EL007281
|
Blue Chip |
74 |
|
EL007282
|
Blue Sky |
489 |
|
EL007285
|
Blue Ribbon |
8 |
|
EL007327 |
Dereel |
60 |
|
EL007385 |
Sardinia |
4 |
|
EL007329 |
Kilmore |
484 |
|
EL007301 |
Pitfield/Mt. Bute |
85 |
|
EL007328 |
Blue Yonder |
164 |
|
State land within EL007271
EL007505 |
–
|
[9] |
|
State land within EL007271
EL007506 |
– |
[9] |
|
State land within EL007271
EL007507 |
–
|
[8] |
|
EL007330 |
Daylesford (renamed)
|
202 |
EL 007294 |
Talbot(renamed)
|
129 |
EL 5535 |
Berringa |
9 (228 net ha) |
EL007756 |
Monmouth |
22 |
|
State land within EL007327
EL007799 |
Dereel (2) |
[3] |
EL007826 |
Ballarat East |
4 |
|
Total
|
1,867 |
Licence Applications:
RRAL has applications in process for two other new gold exploration licence areas, covering 467 km2 in the Victoria Goldfields of Australia including:
|
Licence Application Number |
Project Name |
Area (km2) |
|
EL007540* (3 competing applications)
|
Outer Ballarat |
142 |
|
EL007460 |
Kilmore West
|
325 |
TOTAL |
467 |
*Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.
The following applications have also been made in Western Australia.
|
EL45/5859
|
Paterson |
227 |
|
EL45/5885 |
Pilbara/Paterson |
70 |
Table 2: ROCK CHIP SAMPLING RESULTS
Each sample below represents a 1kg sample which was pulverised and analysed with a aqua regia digest (AAS finish).
|
Sample ID |
Tenement |
Easting |
Northing |
Gold (g/t) |
|
41514 |
EL007799 |
743094.1 |
5809362 |
229 |
|
41562 |
EL007327 |
743239.5 |
5809050 |
1.67 |
|
41513 |
EL007799 |
743102.2 |
5809331 |
0.79 |
|
41515 |
EL007799 |
743095.4 |
5809397 |
0.39 |
|
41560 |
EL007327 |
743233.9 |
5809046 |
0.33 |
|
41564 |
EL007327 |
743248.8 |
5809037 |
0.3 |
|
41561 |
EL007327 |
743232.1 |
5809046 |
0.28 |
|
41563 |
EL007327 |
743252.6 |
5809041 |
0.15 |
|
41565 |
EL007327 |
743243.8 |
5809041 |
0.15 |
|
41511 |
EL007799 |
743110.2 |
5809315 |
0.08 |
|
41516 |
EL007799 |
743082.2 |
5809399 |
0.04 |
|
41512 |
EL007799 |
743108.7 |
5809318 |
0.02 |
|
41566 |
EL007327 |
743270.9 |
5809071 |
0.01 |
|
41510 |
EL007799 |
743119.2 |
5809285 |
0.01 |
|
52525 |
EL007327 |
743264.7 |
5809564 |
<0.04 |
|
58299 |
EL007327 |
743259 |
5809518 |
0.97 |
|
58300 |
EL007327 |
743262.8 |
5809508 |
0.21 |
|
58523 |
EL007327 |
743264.7 |
5809583 |
0.07 |
|
58524 |
EL007327 |
743267.8 |
5809572 |
0.1 |
|
58526 |
EL007327 |
743260.3 |
5809550 |
0.2 |
|
58295B |
EL007327 |
743267.1 |
5809491 |
0.13 |
|
58296B |
EL007327 |
743267.5 |
5809496 |
0.31 |
|
58297B |
EL007327 |
743268.8 |
5809521 |
0.27 |
|
58298B |
EL007327 |
743266.5 |
5809530 |
<0.04 |
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.
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 – Molopo Farms Complex, 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 a drilling update from the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel and platinum group element (“PGE”) discovery in southwestern Botswana.
A short presentation capturing developments at Molopo Farms and Power Metal’s 100% owned Tati gold Project is available on the Company’s website which is available through the following link:
https://www.powermetalresources.com/investors/botswana-in-focus-december-22/
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“There is a strong momentum with our operations at Molopo Farms in Botswana where we have now commenced drilling at target area T2-3, a 12-kilometre-long magnetic body which represents another stand-out target we are eager to test.
From 5 drillholes across 4 target areas we have completed over 2,000m of diamond drilling, the drill core from which, is now the focus of multiple ongoing technical work streams including detailed core logging, downhole geophysics analysis and assay testing.
I look forward to reporting back to the market on developments at Molopo Farms as soon as practicable.”
HIGHLIGHTS:
§ Diamond drillhole DDH1-3A has been completed at target area T1-3 to a depth of 450m.
§ The inaugural drillhole (DDH2-3A) into target area T2-3A has progressed well to the current downhole depth of 129.4m (see Fig. 3). Drilling operations have now paused for the holiday season.
§ The electromagnetic (“EM”) geophysics conductor at target area T2-3A is located at approximately 400m downhole depth, so will be drill tested following the resumption of drilling operations expected early to mid-January 2023.
BACKGROUND INFORMATION
The following three figures outlining the Molopo Farms Complex Project Area, EM geophysics conductor targets, and details of the priority target area T2-3, may also be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
Further photographs and videos from the drill programme 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/
|
Figure 1: Map showing Molopo Farms Complex Project, Named Electromagnetic Targets and Current Drill Programme Status
(Map Projection: UTM Zone 35S WGS84) |
|
Figure 2: Map Showing Location of In-Progress Drillhole DDH2-3A at Target T2-3 with Moving Loop EM Geophysics Section Line (A-A’ Figure 3), over 1st Derivative Magnetic Geophysics Response |
|
(Map Projection: UTM Zone 35S WGS84) |
|
Figure 3: Moving Loop EM Conductivity Cross-Section over Target Area T2-3 with Downhole Trend of In-Progress Drillhole DDH2-3A (targeted conductor in blue) |
|
(vertical scale interpreted metres) |
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 – New Lithium Project – Ontario, Canada
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the acquisition by staking of the 100% owned, North Wind Lithium Project (“North Wind” or the “Project”) located in Ontario, Canada.
The staking was completed through Power Metal’s wholly-owned Canadian subsidiary, Power Metal Resources Canada Inc (“Power Canada”).
HIGHLIGHTS:
· Following a detailed review of several publicly available provincial government geological databases and reports, Power Metal have staked a total of 5,788.5-hectares over a 16km long trend of highly anomalous lithium-in-lake sediment results.
· The North Wind Lithium Project is considered by the Company to be prospective for lithium (Li), caesium (Cs), and tantalum (Ta) (“LCT”) bearing pegmatite occurrences.
· The Project is ideally located less than 25km northwest of the town of Beardmore, Ontario, and is criss-crossed by multiple access roads which connect up to the Trans-Canada Highway located less than 40km away.
· This Project acquisition provides Power Metal Resources with a significant land holding which is prospective for LCT pegmatite occurrences within the stable and supportive mining jurisdiction of Ontario, Canada.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“The addition of the North Wind Lithium Project is a significant boost for Power Metal Resources as it provides the Company with a new and potentially high-impact lithium focused opportunity.
We consider that lithium as a commodity has a particularly bright future with high demand and constrained supply. In fact, the significant move higher in the lithium price has sparked considerable interest in available exploration properties around the world, and particularly those in safe jurisdictions.
It was a great achievement that through painstaking work, the Power Metal technical team have been able to identify this new opportunity and secure it through staking, one of the most cost-effective ways to secure new interests.
Further updates will follow as we advance our knowledge and set out exploration plans for the North Wind Lithium Project.”
ADDITIONAL INFORMATION:
The Project is located within the Onaman-Tashota greenstone belt, where historical exploration has traditionally focused on precious and base-metals – however the geology, in a provincial Open File Report (the “Report”), determined that the belt was prospective for LCT pegmatite occurrences – the main source of ‘hard rock’ lithium worldwide. 1
Other lithium explorers and operators within the region include Imagine Lithium Inc. (TSX.V: ILI) with their Jackpot Lithium Project (with a reported historical non-compliant resource of 2,000,000 tonnes at 1.09% Li2O), located 50km to the south of North Wind and Green Technology Metals (ASX: GT1) with their flagship Seymour Project (which hosts a JORC compliant total Mineral Resource of 9.9Mt at 1.04% Li2O) located approximately 65km to the northwest.
The Project is centred on a granitic intrusion, cut by numerous mapped dykes. Highly anomalous lake sediment results (detailed further below) suggest that a zoned LCT pegmatite system may be present but has never been investigated. North Wind was identified through detailed research and analysis by the Power Metal Resources technical team, utilising over 600,000 individual lake sediment sample points collected by the Ontario Geological Survey (OGS), who also prepared selected recommendations for exploration which were presented in the Report 1. Based on this data as well as information contained within the Report; the area encompassing the North Wind Project was selected for the strategic acquisition by staking.
The highly prospective and anomalous lake sediment data contained within the Project includes:
· Seven instances of >99th percentile (with respect to regional data) Li-in-lake sediment results (ranging from 18.63 to 34.95 ppm Li) with 34.95 ppm representing the 99.95th percentile result.
· Of those seven samples, six are >95th percentile for caesium (1.26 to 2.21 ppm Cs), with three >99th percentile (1.94 to 2.21 ppm Cs).
· The seven samples are also noted to be highly elevated in tantalum with results ranging between 0.6 and 0.9 ppm Ta.
The presence of anomalous, or highly elevated concentrations of lithium, caesium and tantalum from samples collected within the same water body suggest a nearby mineralised source, and therefore the Project represents a highly prospective target for LCT pegmatite occurrences. Further desktop analysis is currently underway, with a comprehensive Phase I Field Sampling Programme planned in Q1-Q2, 2023.
STAKING PROCESS:
A total of 278 Mining Claim cells were registered by electronic staking through the Ontario Mining Lands Administration System, covering a total area of 5,788.5-hectares for a total cost to the Company of CAD $13,900 (circa £8,500). The mining cells are 100% owned by Power Canada, a wholly owned subsidiary of Power Metal Resources plc. Each Mining Claim cell covers 20.82-hectares and has an annual exploration spend commitment of CAD$400 from year two onwards. The Project therefore has a total exploration spend commitment of circa £68,000 by the end of year 2 and then annually onwards, in order to keep all 278 Mining Claim cells in good standing.
A map showing the outline of the property, basic geological information and lake sediment results is below:
Fig. 1: Plan Map of the North Wind Lithium Project and Surrounding Area.
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 |
REFERENCE NOTES;
1: Cundari, R.M., Paju, G.F., Hinz, S.L.K., Tuomi, R.D., Fudge, S.P., Pettigrew, T.K., 2019, Ontario Geological Survey Open File Report 6352, Report of Activities, 2018 Resident Geologist Program.
#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: