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#GRX GreenX Metals Limited – Quarterly Activities Report September 2022
HIGHLIGHTS
· GreenX continued with its exploration work program to acquire up to 80% of the ARC copper project in Greenland:
o ARC is a significant, large-scale project (5,774km2 license area) with historical exploration results and recent analysis indicative of an extensive mineral system with potential to host world-class copper deposits.
o In August 2022, laboratory XRF analysis of native copper samples from ARC showed high purity consistently over 99% copper. Analysis also confirmed the presence of silver in one sample, and no significant deleterious elements in any of the samples.
o Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.
o Results for the 2022 site visit to be released in the coming weeks.
· International arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty continue at pace:
o Statement of Reply for ongoing arbitration against Poland has been filed with a revised claim for compensation in the amount of £737 million (A$1.3 billion/PLN 4.0 billion) as prepared by external quantum experts.
o Claim includes an updated assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko mines, and accrued interest related to any damages.
o Following the lodgement of final substantive filings from both parties subsequent to the end of the quarter, the next step in the arbitration process is for the hearing to be conducted in front of the Tribunal.
o GreenX notes the recent success of AIM listed, Rockhopper Exploration plc’s Energy Charter Treaty claim against the Republic of Italy in relation to oil and gas licenses including a unanimous decision against the Republic of Italy to award €190 million in damages plus interest.
· Cash balance at 30 September 2022 of A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 September 2022.
LABORATORY ANALYSIS OF HISTORICAL SAMPLES FROM ARC CONFIRMS UP TO 99.8% PURE NATIVE COPPER
During the quarter, GreenX and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) announced the results of preliminary analysis on three historical samples of native copper nodules from the ARC Project (ARC or the Project) in Greenland. The samples were obtained from a recently opened government geological storage facility in Copenhagen. Three native copper samples found at Discovery Zone, Neergaard Dal, and Neergaard South within ARC were subject to advanced micro-XRF scanning, a more precise and comprehensive technology when compared to more common portable XRFs.
The best analysis result was for a sample found immediately south of the Discovery Zone, which indicated median copper purity of 99.8%, with 255 g/t silver, 0.004% antimony and 0.000% arsenic.
The samples from Neergard Dal and Neergard South indicated copper purity of 99.7% and 99.4% respectively, with low to no deleterious elements detected in any of the samples. The high quality of the analysed samples is comparable to blister copper, a product typically produced by smelting prior to being sent to a refinery.
The results of the micro-XRF analysis are supportive of the potential quality of the mineralisation at ARC and will inform future field programs which will incorporate geochemical sampling, portable core drilling, and geophysics at high-priority targets within ARC. The Discovery Zone, where the highest-purity analysed sample was recovered, is the highest priority exploration target.
Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.
ABOUT ARC
ARC is an exploration joint venture between GreenX and 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.
GreenX and GEX consider the observed geological setting and features of ARC to be indicative of an extensive mineral system capable of hosting world-class copper deposits. The large scale of the mineral system, widespread copper anomalism, combined with dual mineralising events are analogous to the largest copper systems known worldwide. Accordingly, GreenX considers that ARC has the potential to be a globally significant metallogenic province.
Historical field programs identified widespread copper-silver occurrences at surface:
· geochemical sampling found that 80% of stream sediment samples contain native copper
· native copper is found in situ or as float, with individual clasts of native copper weighing up to 1 kg+
· high grade copper sulphides, grading up to 2.15% Cu and 35.5g/t Ag over 4.5m true width, are known from trench sampling of fault zones within sediments (see GreenX announcement dated 20 January 2022 entitled “New Copper Targets Identified at ARC”)
· assay results from individual samples are much higher grade, including:
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o 53.8% Cu and 2,480g/t Ag |
o 7.9% Cu and 53 g/t Ag |
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o 20.7% Cu and 488g/t Ag |
o 5.3% Cu and 112 g/t Ag |
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o 12.5% Cu and 385g/t Ag |
o 5.0% Cu and 304 g/t Ag |
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o 9.0% Cu and 112 g/t Ag |
o 4.0% Cu and 82 g/t Ag |
Very high-grade copper mineralisation identified at ARC is associated with the Minik Anomaly, a coincident magnetic-electromagnetic-gravity feature in an area where there is a change in oxidation state and widespread native copper in stream sediments. These features are presented as the footprint of a large-scale hydrothermal system.
The frequency and size of the native copper clasts, and the high grade of the copper-silver sulphides that are exposed at the surface, bode well for the prospectivity of copper deposits and will be a will be a key focus of the first field campaign.
There are multiple targets and favourable geological settings considered to be prospective within the ARC project area, including the following.
· The highly anomalous basalt is a high priority target that has not previously been the focus of commercial exploration. These basalts are the source of the native copper.
· The sulphide mineralised faults passing through these basalts into the overlying sediments have been subject to first pass exploration and shown to be rich in copper and silver. The high-grade sulphides in these faults will be the focus of further exploration.
· The permeable coarse-grained sandstone within the Jyske Ås Fm has high grade copper that is effectively unexplored. This stratiform mineralisation adds the potential for significant lateral extension of the known mineralisation exposed in the faults of the Discovery Zone.
As such, the extensive ARC mineral system is known to be prospective for basalt, fault, and sedimentary rock-hosted (‘sediment-hosted’) mineralisation that despite the attractive grades, is virtually unexplored.
CORPORATE
Financial Position
As at 30 September 2022, GreenX had A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.
DISPUTE WITH POLISH GOVERNMENT
During the quarter, the Company reported that as part of the ongoing international arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties), GreenX had filed its Statement of Reply in the BIT arbitration.
This is the final material filing that GreenX has made for the BIT arbitration, with the next step in the arbitration process, following the lodgement of Poland’s Rejoinder, is for the hearing to be conducted in front of the Tribunal.
Based upon revised external expert reports in response to Poland’s Statement of Defence, GreenX is now seeking compensation in the amount of £737 million (equivalent to A$1.3 billion or PLN 4.0 billion).
Details of the Claim
The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings.
The claim Tribunals have been constituted, with both Claims being registered with the Permanent Court of Arbitration in the Hague. The BIT and ECT claim proceedings proceed at pace, with the Company now having filed a revised claim for damages against Poland with the Tribunal in the amount of £737 million (A$1.3 billion/PLN4.0 billion), which includes damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by external quantum experts appointed by GreenX specifically for the purposes of the Claim.
In July 2020, the Company announced it had executed a Litigation Funding Agreement (LFA) for US$12.3 million with Litigation Capital Management (LCM). The facility is currently being drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.
In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last significant filing to be made by the Company, has now been filed in both Arbitrations. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.
GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprives GreenX of the entire value of its investments in Poland.
In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably. As of the date of this report, no amicable resolution of the dispute has occurred, since the Polish Government has declined to participate in discussions related to the dispute and accordingly the Company has formally proceeded with its Claim as discussed above.
GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.
Furthermore, GreenX notes the recent success of AIM listed Rockhopper Exploration plc’s (Rockhopper) ECT claim against the Republic of Italy in relation to oil and gas licenses.
On 24 August 2022, Rockhopper announced that an ECT arbitration panel had reached a unanimous decision against the Republic of Italy to award Rockhopper €190 million in damages plus interest at EURIBOR +4% compounded annually from 2016 until the time of payment.
All costs associated with the Rockhopper arbitration were funded on a non-recourse (“no win – no fee”) basis from a specialist arbitration funder, similar to GreenX’s litigation funding arrangements. After payments due to the arbitration funder, Rockhopper expects to retain approximately 80% of the award.
#MNRG MetalNRG PLC – Further Litigation Update
MetalNRG plc (“the Company”) announces that further to the High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants (together the “Defendants”), in its action for recission of certain contracts and restitution, the deadline for the Defendants to make payment to the Company in the sum of £1,122,961.85 (which includes interest awarded and interim costs recovery) was 4.00pm yesterday (26th October 2022) (the “Payment Deadline”).
The Company has this morning received the second payment of £250,000 mentioned in the previous release and therefore a total of £500,001 has been received, the Defendants are currently in default in the sum of £622,960.85.
As previously announced the Company will today issue statutory demands for the unpaid balance, as a measure to protect its and its shareholders interests, and if such balance is not paid in full by the Defendants (with such additional interest as may accrue), will proceed to petition for the winding up of, or administrators appointed over, the Defendants on grounds of insolvency.
END
Contact details:
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MetalNRG plc Rolf Gerritsen |
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Corporate Broker |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
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#MNRG MetalNRG PLC – Litigation Update
MetalNRG plc (“the Company”) announces that it has received High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants, in its action for recission of certain contracts and restitution referred to as the “April Transaction”. As previously announced, the Company was advised that the claims against the second defendant (Mr Rocco) required the Court to hear oral evidence, so were not suitable for summary judgment at this juncture.
Highlights:
* Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd has been granted.
* The Judge refused an application for leave to appeal made to her on the day by the Defendants
* The Judge dismissed the application for a stay of execution as being “without merit”.
Noting that representatives of the Defendants appear to have been posting on social media that they achieved some measure of favourable outcome at the hearing, we have set out below a summary of the Court’s findings and Orders as actually made and have extracted what we believe to be key points from the full written judgements delivered by the Court,
We have also made the full judgements available on the Company’s web site www.metalnrg.com under a special section entitled “Summary Judgement”. so that interested parties can draw their own conclusions. The Judge delivered a very detailed judgment on the case before her for summary judgement and also dealt with an additional application, made by all three defendants on the day of the hearing, for a stay of execution, pending the hearing of yet another claim made by Mr Rocco by way of a petition for unfair prejudice under section 994 of the Companies Act 2006.
Key Points from the Summary Judgement
The Judge (1) granted the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants; (2) refused an application for leave to appeal made to her on the day; and (3) dismissed the application for a stay of execution as being “without merit”.
These judgements follow the Company’s successful defence of Mr Rocco’s claims in the Scottish Court which he is now appealing.
We understand that Mr Rocco and associates have publicly stated that BritEnergy Holdings LLP and BritNRG Ltd will appeal the latest judgements against them. We would suggest that this merely shows a refusal to accept the reality of the situation in which the first and third defendants now find themselves; namely that payment of the sum of £1,019,999 must now be made to the Company by 4pm on 26 October 2022 together with a further £65,000, by way of an interim costs award, and interest on the judgment sum at a rate of 2% over Bank of England Base rate from the 23 September 2021. Further costs will be assessed in the Company’s favour in due course (including the Company’s costs of dealing with the meritless stay application, which costs have been awarded on the indemnity basis – see below). Any appeal (should permission to appeal even be granted) will not (by itself) delay or curtail the requirement for these payments to be made.
We should stress that if full payment is not made in accordance with the Court Orders on the due date, MetalNRG will proceed immediately to take enforcement action.
We are equally dismissive of Mr Rocco and his associates’ public statements that BritEnergy Holdings LLP and BritNRG Ltd have an excellent case for an appeal. The Judge refused leave to appeal at the hearing and, in the event that BritEnergy Holdings LLP and BritNRG Ltd seek leave to appeal, they will have to deliver compelling written arguments to the Court of Appeal in seeking such leave to appeal. Given the clarity and comprehensive nature of the judgement of the Judge, we do not believe that an application to appeal stands, in the words of the Judge, “any reasonable chance of success”; it is merely, once again, indicative of an unwillingness to accept reality and part of a pattern of denial to accept responsibility.
In respect of the application made by all three defendants for a stay of execution, the Judge not only dismissed the application as being “without merit” but also ordered that BritEnergy Holdings LLP and BritNRG Ltd should pay MetalNRG’s costs of that application, such costs to be subject to detailed assessment on the indemnity basis if not agreed. Costs are generally only awarded on an “indemnity basis” if the judge feels that there is a feature of a party’s conduct which takes its actions ‘outside of the norm’ – which in this case was the hopelessness of the argument being run.
Whilst we have no desire to give any potentially biased slant to the judgements (the full judgements available on the Company’s web site www.metalnrg.com (under the general heading investors section and a special section entitled “Summary Judgement”), we note that representatives of the defendants have always asserted that they would easily prevail in this case and we accordingly consider that it is important to demonstrate that the claims made by MetalNRG were not considered by the Judge to be “purely technical” or “contrived”, as has been asserted by the defendants.
The following are extracts from the judgements:
“I would mention at this stage that originally, as part of their Defence, the Defendants contended that [section 190 of the Companies Act 2006] was not engaged because the April Transaction was not with a connected party. However, shortly before the hearing, the Defendants conceded that this point was not correct and did not pursue it. In my judgment, that concession was rightly made”.
“If I accepted the arguments of Mr Levey KC (Counsel for the Defendants), this would, in my judgment, drive a coach and horses through [section 190 of the Companies Act 2006] and defeat the legislative purpose of that provision. Mr Levey KC admitted that, if he were right and no approval by the shareholders was required under [section 190 of the Companies Act 2006], no such approval of the transaction would subsequently be required if ultimately the condition was satisfied. His concession must be correct, because pursuant to [section 190 of the Companies Act 2006] approval of an arrangement must take place at the inception of the arrangement”.
“In conclusion, I accept the submissions of the Claimant and find that the Defendants have no real prospect of establishing at trial that the SPA was not subject to requirements of [section 190 of the Companies Act 2006]. It is, therefore, unnecessary for me to consider Mr Dougherty’s (Counsel to MetalNRG) alternative argument, although had it been necessary to do so, for the reasons set out above and also for reasons similar to those relating to the Company Option, I would have found that the SPA created a right over the Sale Shares.”
“The application for a stay is refused. In brief, my reasons are as follows: although this application is made by all three Defendants, the reality is that it is an application by the Second Defendant (Rocco), against whom no judgment has been entered in these proceedings, in order to protect the remedies that he seeks in the [Petition brought under section 994 of the Companies Act 2006], to which neither the First nor Third Defendant (BritEnergy LLP and BritNRG Ltd) are a party. In my judgment, this is not the right forum to make an application, which effectively seeks to prevent the Claimant from enforcing its judgment against the First and Third Defendants.”
“I am concerned about the purpose of the application for a stay. The purpose of the [Petition brought under section 994 of the Companies Act 2006] is to protect the Second Defendant’s (Rocco’s) interest as a member of the Claimant. However, it would appear that what the Second Defendant [Mr Rocco] is seeking to do by relying on his [Petition brought under section 994 of the Companies Act 2006] in this application to stay the Judgment is to confer an indirect and collateral benefit on the First and Third Defendants who are not members of the Company and, as already stated, are not parties to the [Petition brought under section 994 of the Companies Act 2006]. It is difficult to see how it is in the interests of the Claimant, and, therefore, in the interests of the Second Defendant as a member of the Claimant, for there to be a stay of the Judgment. No evidence has been adduced before me to show that the Claimant’s interests would be advanced if the rescission of the April Transaction were to be reversed. On the evidence before me, the only interests that would be served if I were to order a stay (which, in any event, could only be a stay on the rescission order and not on any liability to account) would be those of the First and Third Defendants”.
Rolf Gerritsen commented:
“MNRG successfully obtained dismissal of Mr Rocco’s claims in Scotland and we have now obtained the summary judgement in the High Court which we sought; summary judgement is only granted in cases where there is no real prospect of a case being defended at trial.
We have also obtained dismissal of the attempts by all three defendants to secure additional delays to avoid repayment of funds that would never have been paid to them had the full facts been known at the time.
The Board sees the appeals and threats to appeal as merely being a tactic to delay the inevitable need to account to MetalNRG, in full, in respect of a transaction that was not lawful. Despite their best efforts the defendants must now repay the funds to MetalNRG by 4pm on 26 October 2022, together with interest and an interim costs award.
If payment is not received, we are already prepared to take immediate enforcement action to give effect to the orders made by the High Court.
We hope that the Company can now focus on building its core business and that this distracting sideshow will finally be at an end for all involved.“
END
Contact details:
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MetalNRG plc Rolf Gerritsen |
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Corporate Broker |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
#GRX GreenX Metals – Notice of AGM
DATE OF ANNUAL GENERAL MEETING
GreenX Metals Limited (GreenX or the Company) advises that the Annual General Meeting (AGM) of the Company will be held at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia on Wednesday, 16 November 2022 at 10.00am (AWST).
Further information relating to the AGM, including the resolutions proposed and explanatory information in respect of such resolutions, is set out in the Notice of AGM which is available for download on GreenX’s website at: https://greenxmetals.com/investors/announcements/.
A Form of Instruction will be sent to all depository interest holders allowing them the opportunity to vote via proxy at the AGM.
For further information please contact:
Dylan Browne
Company Secretary
+61 8 9322 6322
#POW Power Metal Resources PLC – Molopo Farms Complex Project 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 relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 28 September 2022 the Company announced an update regarding the delineation of a second major conductor at target area T2-3, as well as an update regarding its ongoing geophysics programme. The link to this announcement is below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15647138
The above update noted that further analyses in respect of target (T1-3) were ongoing, the results of which are now covered below.
KEY HIGHLIGHTS
T1-3 Major Drill Target
– Final compilation and analyses of the ground-based moving loop electromagnetic (“MLEM”) and magnetic geophysical surveys over target area T1-3 are now complete.
– Geophysical inversion of the MLEM data has highlighted a significant ‘jelly-bean’ shaped, geophysical conductor at target area T1-3. This conductor remains open to the east-west and sits within a magnetic trough observed in both the ground and airborne magnetic surveys. No drilling has ever been completed over this target area.
– Historical airborne electromagnetic (“AEM”) data over T1-3 have been further analysed with results showing the MLEM conductor may extend out to 1.6km in an east-west direction, based on coincident airborne/ground survey anomalies.
– The T1-3 conductor has been given a high-priority (A+) ranking by the Company, the same priority attributed to the conductor at T1-6 (where drilling is ongoing) as well as the new conductor identified at T2-3.
– A planned 450m diamond core drillhole, DDH1-3A, has been designed to intersect the T1-3 conductor at approximately 300m downhole depth. The Company has added this hole to the list of holes to be drilled during the ongoing 2022 campaign. Considering the proximity of T1-3 to ongoing drilling at T1-6 (33km southwest), it is possible that T1-3 will be drilled after holes DDH1-6B and DDH1-6C complete, with drilling at T2-3 to follow (see map for relative locations).
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“The inventory of high priority A+ ranked drill targets at Molopo are building and we now have the third, T1-3, added to the list. We plan to drill all three high priority targets during the current drill programme.
Our review has also identified further targets which we believe could become additional priority drill targets subject to additional technical work over those areas.
Each priority conductor identified to date, including T1-6, T1-3 and T2-3, are located proximal to a geological feeder zone but each possess unique size and scale dimensions. By drilling all of these targets, the Project becomes inherently de-risked, and the prospect of a discovery or discoveries increases.
Our attention is principally focused on drilling, with our first drill hole into the T1-6 conductor underway and I look forward to providing further updates at the earliest opportunity.”
GEOPHYSICAL SURVEY – OVERVIEW
– Spectral Geophysics have now completed the 2022 Phase I & II exploration programmes which included four MLEM and four magnetic geophysics surveys over targets T1-6, T1-14 and T2-3 and T1-3. The MLEM and magnetic survey results are assisting the company in refining further drill collar locations for the ongoing 2022 diamond drilling campaign.
– To date, the MLEM survey results have now highlighted:
o T2-3 (A+): A flat-lying, slightly concave (downward), conductor which remains open in all directions. Drilling is planned at this target.
o T1-6 (A+): A large, southerly dipping conductor which remains open towards the south, east and west. Drilling is ongoing over this target.
o T1-3 (A+): A ‘jelly-bean’ shaped conductor which remains open towards the east and west. Drilling is planned at this target.
o T1-14 (B): A conductor which is near-to the contact zone with known Transvaal carbonaceous mudstones. Due to the estimated depth required to reach this conductor (approx. 650m) and the geological complexity associated with this area, it has been given a lower priority ranking than T2-3, T1-6 and T1-3.
– The Company has also completed an in-depth review of a historical AEM report covering the majority of the Molopo Farms Complex Project. Considering priority areas T1-6, T2-3 and T1-3 were originally identified by the historical AEM survey results, it was decided that further investigation of the targets identified by this report were warranted. Significantly, five of the strong AEM conductors, including T1-2, T1-4, T1-5, T1-10 and T1-11 have been upgraded and are now classified as priority airborne targets by the Company. At T1-11, a 2020/2021 drillhole (KKME1-11) completed by the previous operator was determined to not have adequately targeted this conductor. The Company is in ongoing discussions with its geophysical contractor to determine next steps over these target areas.
FURTHER INFORMATION
Figure 1 – Molopo Farms Complex Project Plan Map: A plan map of the Project area, including the location of various elements mentioned above is outlined in Figure 1 below.
Figure 2 – Priority Target Area T1-3 3D View: A 3D view showing the location of the planned drillhole DDH1-3A and the MLEM results (new conductor in blue). The red-pink block model are magnetic inversion results showing the new ‘jelly-bean’ shaped conductor sits within a magnetic trough.
The diagrams and image presented above may also be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/molopo-farms-major-drill-target-t1-3/
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/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
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.
REFERENCES
1: Power Metal PLC announcement, Molopo Farms Complex Project, Botswana – Major Drill Target T2-3
(https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15647138)
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 |