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#FCM First Class Metals – Warrant Extension
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 announce that, subject to specific warrant holder approval, it has approved a twelve month extension of the outstanding ‘Existing Shareholder Warrants’ and the ‘First Warrants’, which were issued at the point of the Initial Public Offering ‘IPO’ on the 28th July 2022, by way of amendment to the instruments pursuant to which those warrants were constitued.
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Type Of Warrant |
Number Outstanding |
Proposed Expiry |
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10p ‘Existing Shareholder Warrants’ |
6,054,991 |
28th July 2024 |
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12.5p ‘First Warrants’ |
6,195,785 |
28th July 2024 |
The proposed extension to the Existing Warrants is subject to approval in writing by holders of at least two-thirds of the Existing Warrants now outstanding.
The proposed extension to the First Warrants is subject to approval by the holders of First Warrants at a meeting to be held on the 4th August 2023 at 10.00am.
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
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Jonathan Brown |
0207 3742212 |
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Jason Robertson |
0207 3742212 |
#SVML Sovereign Metals – June 2023 Quarterly Report
Sovereign Metals Limited (Company or Sovereign) (ASX:SVM & AIM:SVML) is pleased to provide its quarterly report for the period ended 30 June 2023.
HIGHLIGHTS
Rio Tinto invests $40.4m to become a 15% Strategic Investor
· Subsequent to the end of the quarter, Rio Tinto made an investment of A$40.4 million in Sovereign resulting in an initial 15% shareholding plus options to increase their position to potentially 19.99% within 12 months
· Investment proceeds will be used to advance the Kasiya Rutile-Graphite Project (Kasiya) in Malawi
· Rio Tinto’s investment represents a significant step towards unlocking a major new supply of low-CO2-footprint natural rutile and flake graphite
· Under the Investment Agreement, Rio Tinto will provide assistance and advice on technical and marketing aspects of Kasiya including with respect to Sovereign’s graphite co-product, with a primary focus on spherical purified graphite for the lithium-ion battery anode market
Government of Malawi publicly applauds Rio Tinto’s Investment
· The Government applauded the timely investment by Rio Tinto and marked it as a milestone towards realising the country’s aspirations of growing the mining sector as a priority industry
· The Government’s public statement confirms its commitment to ensuring the growth of the mining sector through deliberate initiatives aiming at establishing a conducive investment environment in the sector
Kasiya Rutile-Graphite Project PFS targeting completion this Quarter
· Sovereign is in the advanced stages of the Pre-Feasibility Study (PFS) for Kasiya, a potential industry-leading major source of critical raw materials from Malawi
· Kasiya aims to be one of the world’s largest and lowest cost producers of natural rutile and natural graphitewith a carbon-footprint substantially lower than other current and planned producers
Downstream Testwork on Kasiya’s Graphite shows Excellent Suitability for us in Lithium-Ion Batteries
· Downstream testwork on Kasiya’s graphite co-product demonstrated it to have superior qualities showing excellent suitability for use in lithium-ion batteries. Key outcomes include:
o Near perfect crystallinity – an indicator of battery anode performance
o Above benchmark >99.95% carbon purity achieved
o No critical impurities or deleterious elements commonly found in other natural graphite sources
Bulk Sample Operations Commenced
· Bulk sample program commenced to produce larger volumes of rutile and graphite from Kasiya. Samples to be used for downstream testwork and product qualification for the lithium-ion battery sector
link to the full results and financial statements here
ENQUIRIES
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Dylan Browne +61(8) 9322 6322 |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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Tavistock PR |
+44 20 7920 3150 |
#KAV Kavango Resources – Option to acquire further Zimbabwe gold projects
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce that it has signed an exclusive 6-month option to acquire two gold exploration projects in Matabeleland, southern Zimbabwe (the “Option”).
The Hillside Project comprises 40 contiguous gold claims and contains a historic high-grade underground mine. This is reported to have produced historically 18,000 ounces (“oz”) of gold at a grade of 7.7 grams per tonne (“g/t”) over a strike length of more than 350m.
The Leopard Project comprises 44 contiguous gold claims and has supported historical gold production from two underground mines. One of these (“Site One”) is reported to have produced more than 2,000oz from ore grading 3.5g/t gold, while the second (“Site Two”) is reported to have produced historically more than 1Moz from ore at an average grade of more than 0.5g/t gold.
Kavango believes Hillside and Leopard (the “Projects”) each have the potential to host bulk mineable gold deposits.
Hillside is located on the same greenstone belt as the Nara Project, where Kavango is currently completing due field diligence after signing an exclusive 2-year purchase option (announced >>> 26 June 2023). Hillside is about 20km from Nara. Leopard is located on a separate greenstone belt to the north.
Ben Turney, Chief executive of Kavango Resources, commented:
“I’m very pleased to announce that we have already been able to expand our footprint in Zimbabwe after signing the Nara project last month. The Hillside and Leopard projects both contain historically producing mines and have been underexplored with modern-day exploration techniques.
We look forward to carrying out a thorough assessment of their commercial gold potential during our 6-month option period, as we continue to build on our first-mover advantage in Zimbabwe.”
The Hillside Project
Kavango has identified multiple zones with the potential for scheelite and gold production parallel to the trend responsible for the Hillside Project’s historical production.
The Company has designated three priority prospects within these zones with near-surface, bulk mining potential.
Kavango has prepared an exploration plan for these three zones, which will include (but not necessarily be limited to):
-Mapping
-Surface surveying
-Drilling to assess geology, nature of mineralisation, grade, and geophysical properties
The Leopard Project
The Leopard Project is located in a favourable regional setting, surrounded by historical and modern gold producing mines.
Site One is located within a shear zone to the north of the property. The mine’s underground and bulk mining exploration potential is evidenced by nearby artisanal workings and historical, non-code compliant indicated and inferred resource estimates of 200,000t @ 6.8g/t gold and 1Mt @ 5.5g/t gold respectively.
Site Two is located towards the south of the property and was historically mined down to a depth of 1km from surface within a north-south trending quartz reef. No exploration has taken place at the mine since the 1930s, with artisanal workings supporting its modern-day underground and bulk mining potential.
Kavango plans to assess the underground and near-surface potential of these two mines through:
-Mapping
-Sampling
-Twinning historical holes at Site One
Hillside and Leopard Project Option Terms
Kavango has entered exclusive, binding 6-month options to acquire the Projects. The Company can exercise the exclusive options at its sole discretion.
The 6-month option period will allow Kavango to perform an appropriate exploration program to assess the potential of the Hillside and Leopard Projects.
To exercise the options and acquire the projects, Kavango will pay the Vendors or its designate/s US$500,000 in cash (the “Acquisition Price”).
Kavango has also agreed to issue 84,000,000 shares in Kavango to the Vendors or their designate/s, and assume responsibility for repayment of outstanding debts relating to the projects of US$400,000. This debt will be repaid on its existing terms, at a rate of US$7,500 per calendar month.
During the 6-month option period, Kavango will be granted full access to the Hillside and Leopard project areas to conduct initial exploration. Kavango will work alongside the Vendors of the Projects (“the Vendors”) to ensure all necessary permits are in place prior to beginning any field exploration. The Vendors are separate parties to the vendor of the Nara Project. The Company is currently establishing a field camp to support exploration and drilling at Hillside and Nara.
Performance Consideration
On declaring of a code-compliant (e.g. JORC or equivalent) gold resource in excess of 200,000 ounces of gold (inferred category or above) at the Leopard Project by Kavango (the “Resource”), the Company will pay the Vendor or its designate/s a payment in shares to a value of US$1 million at a 10% discount to the prevailing 10-day volume weighted average price on the date of publication of the Resource.
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
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
ECR Minerals #ECR – Adam Jones discusses the latest developments at Lolworth, Hurricane and Creswick
In the latest interview, Technical Director Adam Jones discusses the Lolworth niobium / tantalum announcement, the samples from the soil grid covering the main drainage channel and why the pXRF gun has proved so effective in identifying minerals like niobium. Adam explains how team originally went to Lolworth for gold, but they quickly realised the area’s potential for niobium, tantalum and rare earths and that the geology is very suited to hosting critical minerals. With 140+ rock chips collected, ECR expects a 2-3 week turnaround, but that the sheer size and scale of the area will require further rock chip collections and further refining of the best anomalous target areas.
Adam then moves to the Hurricane project, and his plans to return in August to determine access points and undertake further field work to collect rock chips. Finally Adam talks through yesterday’s Creswick announcement, and the company’s commitments to keep the ground work ticking along and further define ore shoots.
The interview finishes with Adam highlighting the expected news flow for the coming months, and explaining why the Queensland projects are lower risk and represent a bigger bang for the buck.
GreenX Metals Limited #GRX – Issue of Shares
GreenX Metals Limited (GreenX or Company) advises that following the announcement made on 13 July 2023, the Company has completed the placing and issued 5,204,500 ordinary fully paid shares (Shares).
An application will be made for admission of the Shares to the standard listing segment of the Official List of the Financial Conduct Authority’s (FCA) (Official List) and to trading on the main market of the London Stock Exchange for listed securities (LSE Admission). LSE Admission is expected to take place on or about 14 August 2023.
For the purposes of the FCAs Disclosure Guidance and Transparency Rules (DTRs), following LSE Admission, the Company’s issued ordinary share capital will be 272,878,939 ordinary shares. The above figure of 272,878,939 may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company following LSE Admission.
Following the issue of Shares, GreenX has the following securities on issue:
· 272,878,939 ordinary fully paid shares;
· 5,375,000 unlisted options exercisable at A$0.45 each on or before 30 November 2025;
· 5,525,000 unlisted options exercisable at A$0.55 each on or before 30 November 2026;
· 5,000,000 Class A performance rights that have an expiry date 8 October 2026;
· 6,000,000 Class B performance rights that have an expiry date 8 October 2026; and
· A convertible loan note with a principal amount of A$2,627,430, convertible into 5,711,805 ordinary shares at a conversion price of A$0.46 per share with no expiry date.
ECR Minerals #ECR – Hurricane Force
Andrew Scott talks to ECR Minerals Technical Director Adam Jones about the recently completed LIDAR survey at the Hurricane Project. Adam explains the LIDAR technology and its accuracy, and describes the results and elevations identified alongside the existing outcrops on a NW strike trend. Adam discusses the primary prospects Tornado, Cyclone and Holmes – Tornado is at least 200m long, averaging 3m wide and up to 20m wide in parts, with the best historical rock chips registering 17 g/t Au. ECR are waiting for indigenous approval to send a bulldozer out to fix the access track. Adam adds to CEO Andrew Haythorpe’s previous appraisal that Hurricane is a later stage project, and he believes the simplified geology will enable the company to get in, drill out and establish a mineral resource estimate in fairly short order.
Adam also touches on the Lolworth soil samples results. WIth 200 stream seds and approx 130 rock chips taken, the labs have been instructed to test for gold results first, then niobium, tantalum and rare earths. A steady flow of news is expected over the next 3 months.
GreenX Metals #GRX – Share Placing
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to announce that it has successfully completed a bookbuild and secured commitments for 5.2 million new ordinary shares at a price of A$0.80 (41 pence) per share for gross proceeds of approximately A$4.2 million (~£2.1 million) from new and existing investors. (Placing).
Together with the Company’s existing cash resources (A$8.7 million as at 30 June 2023), the proceeds of the Placing will help ensure that GreenX retains a strong balance sheet position.
The net proceeds from the Placing will be used for exploration activities at the company’s projects in Greenland.
· GreenX recently acquired the option (Option) to earn 100% of the Eleonore North gold Project (Eleonore North or Project) which has potential to host large scale, shallow, bulk tonnage gold deposits. The Project remains underexplored, with the existence of a possible reduced intrusion-related gold system being a relatively new geological interpretation based on the historical data. The Company’s Option vests upon GreenX spending A$600,000 on exploration on the Project within 12 months and can be exercised in return for a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000 payable in either cash or GreenX shares at GreenX’s election.
· The Arctic Rift Copper Project (ARC) is an exploration joint venture between GreenX and Greenfields Exploration Ltd (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.
The Company will issue the Placing shares under its capacity pursuant to ASX Listing Rule 7.1.
Power Resource Metals #POW – Acquisition of Authier North Lithium Project
Power Metal Resources PLC (LON:POW), the AIM listed metals exploration and development company, announces the Company has negotiated early completion of the Authier North Lithium Project Earn-In to a 100% interest (the “Earn-In”). The Company also announces a further issue of equity in lieu of professional fees.
EARLY COMPLETION OF AUTHIER NORTH EARN-IN
The Earn-in was originally outlined in the Company’s announcement dated 16 July 2021 which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/agreement-canadian-lithium-properties/15061434
The Earn-in Agreement concerns two properties, Authier North and Duval East (the “Properties”). The Properties are situated in the prolific Val’d’Or mining camp approximately 45km northwest of the city of Val-d’Or and approximately 500km northwest of Montreal, Quebec.
Power Metal has to date satisfied cash and POW equity payments on signing of the original agreement and the following year’s payments together with the year 1 exploration spend commitment. The Company has now agreed with Eagle Ridge Mining Limited based out of Barrie, Ontario, Canada (the “Vendor”), that all further commitments to secure the 100% Earn-In will be satisfied in full with the following balancing cash and equity payments as outlined in the original Earn-in:
– CAD$25,000 in cash to the Vendor
– The issue of CAD$75,000 of shares to the Vendor (GBP£43,941). At the previously agreed Power Metal ten-day volume weighted average price of 0.705835p (immediately prior to Earn-In completion) this equates to the issue of 6,225,392 new Power Metal ordinary shares of 0.1p (the “Earn-In Shares).”
– The year 2 and 3 exploration commitments totalling CAD$50,000 and CAD$100,000 have been waived.
There is an existing 1.00% net smelter royalty (“NSR”) over the Properties that will remain in place. In addition, as per terms of the original Earn-In Agreement Power Metal will grant to the Vendors a further 1.25% NSR (the “Vendor NSR”) and 0.5% of the Vendor NSR may be bought back by Power Metal Canada at any time for a cash payment of CAD$500,000. In total therefore prior to any buyback, the total NSRs amount to 2.25% over the Properties.
Upon completion of administration in relation to the Earn-In, the ownership of the Properties will be held through Power Metal’s wholly owned UK subsidiary, ION Battery Resources Limited and its local operating subsidiary in Canada.
ISSUE OF EQUITY FOR PROFESSIONAL FEES
Power Metal is also to settle professional fees totalling £65,000 through the issue of 9,208,951 new ordinary shares of 0.1p at an issue price of 0.705835p (the “Fee Shares”). 3,541,904 Fee Shares have been issued to SP Angel Corporate Finance LLP, the Company’s nominated adviser and joint broker, in lieu of fees for value of £25,000. The remaining 5,667,047 Fee Shares have been issued to another corporate adviser in lieu of fees for value of £40,000.
The services provided and settled by the Fee Shares are not specifically related to the Earn-In.
Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented:
“I am delighted to secure a 100% interest in the Authier North Project for Power Metal through this transaction which sees an expedited completion of the Earn-in. Given the importance of lithium in the future growth and development of green technology globally, it is important to retain exposure to this metal.
With the Earn-in of Authier North now complete pending payment of consideration, we are also able to move forward with commercial plans for ION Battery Resources Ltd which will now hold this 100% interest and further on that to follow in due course.”
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 6,225,392 Acquisition Shares and 9,208,951 Fee Shares to be admitted to trading on AIM which is expected to occur on or around 18 July 2023 (“Admission”). The Acquisition and Fee 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 2,080,106,256 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.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
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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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BlytheRay (PR Advisors) |
+44 (0) 20 7138 3204 |
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Tim Blythe |
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Megan Ray |
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Kavango Resources #KAV – KSZ – Completion of KSZDD003
Kavango Resources plc (LSE:KAV), the Southern Africa-focussed metals exploration company, announces it has today completed Hole KSZDD003 within the Company’s Kalahari Suture Zone North (“KSZ North”) project.
Hole KSZDD003 aimed to test the B1 Conductor drill target, which was previously identified by Time Domain Electromagnetic (“TDEM”) and Downhole Electromagnetic (“DHEM”) survey data. The B1 Conductor is a 28,700 Siemens DHEM conductor remodelled as located approximately 60m to the side of the Company’s previously drilled hole, KSZDD002.
KSZDD003 was successfully drilled to a depth of 606.00 m to test the remodelled B1 Conductor. As in hole KSZDD002, the hole passed through a sedimentary sequence and two intrusive bodies, thought to be of Karoo age. No sulphide was intersected that is considered to explain the 28,700 Siemens response. DHEM will be carried out and remodelled to further investigate the B1 Conductor.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“This was a technically challenging hole, that was successfully completed, allowing us to test the B1 Conductor target. Our team performed extremely well, which reflects the strong progress Kavango continues to make in developing our exploration capabilities.
While we are disappointed that B1 has not turned out to be significant nickel or copper sulphide, we believe we have an answer on this target. It appears the thicker carbonaceous material, containing coincident graphite and pyrite rich bands, with minor pyrrhotite veining, is the most probable conductive source. While this hole has not intersected visible nickel or copper sulphides we had hoped for, we expect that the DHEM survey will help further confirm the cause of the conductor.
As such, we have decided to end the current drill campaign. We’ve learned valuable lessons in our exploration of the Kalahari Suture Zone and the time is right for us to draw these together before we decide on next steps for this project.
Meanwhile, we will preserve our working capital for redeployment to the Kalahari Copper Belt and our new Zimbabwe gold opportunity. We will focus our drilling efforts on these projects in the second half of this year, where we believe we have much greater chances of success.
Kavango will now also finalise the prospectus for completion of the £4.6million investment from Purebond that will move ahead on the terms agreed in May.”
OVERVIEW
– KSZDD003 was successfully drilled to a depth of 606.00 m to verify the remodelled B1 conductor.
– As in hole KSZDD002, the hole passed through a sedimentary sequence and two intrusive bodies, thought to be of Karoo age.
– The sedimentary sequence comprises sandstones, carbonaceous mudstones, and coals, with the carbonaceous units appearing more extensive than in KSZDD002.
– Thin sedimentary pyrite and marcasite bands were observed in the coals and mudstones. Additionally a thin steeply dipping pyrrhotite vein was seen. No sulphide was intersected that is considered to be associated with the intrusive bodies.
– Contacts of the sediments with the intrusive bodies showed contact metamorphism. Graphite was observed on fracture planes and in drill cuttings, coincident in position and orientation with the depth of the modelled conductor plates, and it is therefore thought likely that this is the conductor.
– Results from the DHEM are awaited, to confirm whether the modelled conductor was penetrated, and to use the hole as a platform for the evaluation of any deeper or adjacent conductors.
Next steps
– DHEM survey is in progress, aimed at ensuring that the target has been fully tested and there are no adjacent or deeper conductors.
– Following this, drill contractor will demobilise.
– Wider geophysics is under consideration aimed at Kavango’s wider 9,300km2 KSZ holding.
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
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Golden Metal Resources #GMET – Claims Staked at Kibby Lithium Basin Project
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce the Company has staked claims over a significant footprint within the Kibby Basin, where lithium brine discoveries were recently made.
The claims acquired sit very near to the Company’s 100% owned flagship Pilot Mountain Project (“Pilot Mountain”, “PM” or the “Project”), located within the prolific Walker Lake Mineral Belt in Nevada, USA.
Highlights:
– Nevada is a well-established lithium jurisdiction which hosts some of the United States and World’s largest lithium deposits including Thacker Pass and Silver Peak. Within the State, lithium is found predominantly within brines & clays (as opposed to pegmatites; see fig. 1).
– The criticality of the Company’s Nevada focussed portfolio has increased materially with the acquisition via claim staking of the Kibby North and Kibby South lithium brine Properties (collectively the “Lithium Properties”) located less than 1.5 and 3.5km from the Company’s Pilot Mountain Project (see fig. 2).
– Both tungsten and lithium are included in the latest United States Geological Survey’s Critical Minerals List, positioning Pilot Mountain and the Lithium Properties as a strategically important exploration and development opportunity.
Oliver Friesen, CEO of Golden Metal, commented:
“Investors familiar with our work in Nevada, USA will have seen that progress has recently been made at our 100%-owned Pilot Mountain Project, especially as its tungsten exploration and development potential has grown significantly over the last few weeks. This has been evidenced with the announcement of five newly identified exploration targets as well as the signing of a LOI off-take agreement for tungsten concentrates with Global Tungsten & Powders LLC.
“The staking of the claims at the Lithium Properties, which are located only a few kilometres from Pilot Mountain, is a positive step for our Nevada business, especially as the footprint now within the Lithium Properties includes an area less than 250m from one drill hole, which encountered a 169m thick zone of lithium brine mineralisation that was determined to be open in all directions.
“We are looking forward to informing the market as to next exploration steps on our newly acquired Lithium Properties.”
Further Detailed Highlights:
– The Kibby Valley Basin (the “Basin”) covers a total area of 54km2 which is bound by the Pilot Mountains to the west. The Basin is located less than 60km north of the prolific Clayton Valley Basin which hosts the Silver Peak Lithium Mine, owned and operated by Albemarle Corp.
– The Lithium Properties cover a combined 923-acres for a total of 47 placer claims which cover the rights for any and all lithium brine enrichment found within the claim boundaries.
– Lithium brines are highly conductive (due to their high salt contents). A magnetotelluric (“MT”) geophysical survey was completed in 2021 over the entirety of the Kibby Valley Basin and a 34km2 significant conductive anomaly was identified. Subsequent drilling confirmed a c169m thick zone of lithium brine mineralisation in KB22-02 which was determined to be open in all directions.1 KM22-02 is located approximately 250m away from Kibby South (see fig. 2).
– The conductivity anomaly extends in a north-south direction and the Lithium Properties cover some of the strongest parts of the conductor which have never been drill tested to date.
– The Lithium Properties are transected by multiple trails and roads providing suitable access for future exploration. Other ideal infrastructure includes a power line located less than 5km away. The Lithium Properties, like Pilot Mountain, are less than 30km (straight-line distance) from the town of Mina, Nevada which is accessible by well maintained roads.
– Further technical details about the Lithium Properties acquired, as well as the areas which possess the potential for the discovery of additional lithium brine mineralisation, including detailed technical maps outlining the location of the major conductor within the Kibby Basin will be announced in a subsequent RNS.
Figure 1 – Major Lithium Projects and Deposits within Nevada, USA.
Figure 2 – Location of the Kibby Lithium Properties as well as the Company’s Pilot Mountain tungsten Project.
References
1https://belmontresources.com/belmont-resources-jv-partner-marquee-resources-intercepts-thick-lithium-bearing-sediments-at-kibby-basin-nevada/
Property Ownership
Golden Metal holds a 100% interest in the Pilot Mountain Project and the Lithium Properties through its wholly-owned Nevada-based operating companies BFM Resources Inc, Pilot Metals Inc, and Golden Metal Resources LLC.
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 Golden Metal Resources plc to provide technical support.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |