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Power Metal #POV Molopo Farms Complex – Geophysics Update T1-14
Power Metal #POV Molopo Farms Complex – Geophysics Update T1-14
On 20 October 2022 the Company announced an update regarding the ongoing drilling programme and the link to this announcement is below:
Further detailed work in regard to the moving loop electromagnetic (“MLEM”) survey results over the target area T1-14 has been ongoing, with an update relating to those results presented herein.
HIGHLIGHTS
– A geophysical electromagnetic (“EM”) ‘superconductor’ has now been identified at target area T1-14, with a conductance reading akin to that of massive sulphides. 1
– As a result, the superconductor at target area T1-14 has been upgraded to priority status and will be subject to diamond drilling in the coming weeks, being now the strongest MLEM conductor identified on the Project to date.
– Diamond drilling at target area T1-14 will commence after the completion of diamond drillholes DDH1-6B and DDH1-6B(2), both targeting the conductor identified within target area T1-6.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“The momentum at our Molopo Farms Complex Project continues to build and we now have four Company designated priority (A+) targets that we plan to test during the ongoing drilling campaign.
The results from the extra MLEM work over target area T1-14 are quite definitive and have resulted in the upgrade of this target area following the identification of a superconductor.
I appreciate that the mineral discoveries under cover that we seek at Molopo Farms, and at other Company interests, often require a long lead time with complex preparatory work often needed to define drill targets. However, we have the rig drilling now at Molopo Farms and the drill testing of the T1-14 superconductor, targeting a massive nickel sulphide discovery, is expected to commence in the coming weeks.”
FURTHER INFORMATION
Target Area T1-14
§ During the 2020/2021 drilling campaign, a 515.8m long diamond drillhole (KKME1-14) was drilled within target area T1-14 which was targeting a priority airborne EM conductor.
§ Drillhole KKME1-14 intersected three main geological units including serpentinites (40.4m – 208.5m) quartzites (208.5 – 479.6m) and graphitic mudstones (479.6 – 515.8m). It was originally assumed that the graphitic mudstone was the cause of the airborne conductive anomaly identified at this target zone – and as a result the hole was shut down at 515.8m.
§ The conductor at target area T1-14 was originally given a lower priority B ranking due to it being slightly deeper than priority conductors found at T1-6, T2-3 and T1-3. However, following further analysis of available datasets, the following conclusions have been reached:
– The MLEM conductor modelled at target area T1-14 has been classified as a superconductor, ranking it as the strongest conductor identified at the Project to date. The conductance reading at T1-14 is akin to that of massive sulphides.
– KKME1-14 was drilled mostly within a magnetic low, which is consistent with the drillhole intersecting mostly sedimentary rock units instead of targeted mafic/ultramafic rocks (which are typically strongly magnetic and can host primary magmatic nickel sulphides).
– The MLEM superconductor now modelled at target area T1-14 has a discrete shape. If the graphitic mudstones were the cause of the conductor identified at this target area, it would be expected that this conductor would be flat-lying, consistent with the typically very flat-lying and continuous nature of Transvaal sedimentary units within the Molopo Farms Complex.
– Three dimensional (“3D”) modelling of KKME1-14 shows that it intersected only the edge of the newly identified superconductor.
§ The combination of the ground MLEM and airborne EM geophysics datasets into a single 3D model has enabled a geological model to be developed. This is interpreted to show a geological contact zone between mafic/ultramafic magmatic intrusive rocks and potentially sulphur rich sedimentary rocks (as signified by overlapping highly magnetic and conductive bodies). Melting of the sedimentary rocks at this intrusive contact zone could have led to magma mixing, differentiation, and contamination that triggered sulphide saturation and the segregation of an immiscible sulphide melt which could have resulted in the accumulation of massive sulphide mineralisation. It appears that this prospective, highly conductive, contact zone was not intersected by the previous drillhole KKME1-14.
§ As a result of further integration and analysis of available datasets, target area T1-14 has been upgraded by the Company to Priority A+ status and a 700m drillhole (DDH1-14A) is now planned following the completion of DDH1-6B(2). It is estimated that the superconductor could be reached at a downhole depth between 450-500m.
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 – T1-14 3D View (Magnetics; Pink = Magnetic High): A 3D view showing the location of the planned drillhole DDH1-14A and historical drillhole KKME1-14 with the ground magnetic inversion. KKME1-14 was drilled mostly within a magnetic low, which is consistent with the quartzites and carbonaceous mudstones.
Figure 3 – T1-14 3D View (MLEM: Blue = Conductivity High): A 3D view showing the location of the planned drillhole DDH1-14A and historical drillhole KKME1-14 with the MLEM superconductor identified.
The diagrams and images presented above will be uploaded shortly to the Company’s website which may be reached 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/
Power Metal #POW Tati Project Botswana – Drill Programme Results
Tati Project Botswana – Drill Programme Results
Company’s Inaugural Drill Programme Confirms Target Geological Formations, Returns Near Surface Gold and Application for Adjacent Prospective Land Successfuly Lodged
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces results from the Company’s inaugural drilling programme on the Tati Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.
Highlights:
– Drill programme completed safely and on-budget. Primary programme objective to confirm prospective geological formations was completed successfully.
– Near surface gold mineralisation intersected, including shallow depth Reverse Circulation (“RC”) drilling results of up to 5.17g/t gold (“Au”) over 3m from 9m downhole.
– Further Prospecting Licence (“PL”) application lodged, covering along strike extension of identified major regional gold prospective structure.
– The 1614-hectare lodged PL application covers a strong gold-in-soil anomaly and the historical Cherished Hope Gold Mine.
Maps highlighting various aspects of the 2021 drilling programme can be found below at the following link:
https://www.powermetalresources.com/tati-project-drill-results/
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“It took a certain boldness for our team to advance the Tati Project to the drilling stage so quickly. However, due to the thin sand cover over most of the Project, we felt that gaining knowledge of the underlying geological formations through relatively inexpensive RC drilling was crucial in order to better gauge the overall prospectivity of the Project. The drilling results achieved will now allow us to continue to push our Tati exploration forward at pace.
The RC drillholes completed within PL126/2019 targeted a relatively small area within a much broader gold-in-soil anomaly. Our main goal was to better understand how the geochemical anomaly correlated with the thinly blanketed geological formations. What we found was very encouraging.
Whilst our main programme goals were to gain a better understanding of the subsurface geology over the Project, we were encouraged to obtain near surface gold including results of up to 5.17g/t Au over 3m from a shallow depth of only 9m. Importantly, as noted above, these results were achieved from only a small area tested within a much larger geochemical anomaly.
In parallel with our ground exploration work programmes, we completed a further detailed analysis of the broader Tati Greenstone Belt surrounding the Project – with the hopes of identifying additional gold targets located near to the Project.
Significantly, we were able to identify a 1614-hectare area adjacent to our PL126/2019 licence, and further along strike of a regionally important northwest-southeast trending structure, which contained widespread, strong gold soil anomalism – including several targets of greater than 100ppb gold-in-soil (much stronger than the area tested by the 2021 drilling campaign). As a result, we moved swiftly to secure this area by submitting a new licence application to cover all anomalous zones identified.
By applying the positive drill findings from this early RC programme across the entire Project and specifically into this new application area, we have in our view confirmed that the Tati Project is a major target for gold discoveries.
We are seeking to accelerate our work on this exciting Project.”
Programme Background:
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Drill Programme |
A total of 1,062m of RC drilling was completed across five target zones which was undertaken by Power Metal’s drill partners Equity Drilling Ltd and Mindea Exploration and Drilling Services (Pty) Ltd.
All drill holes as part of this programme were shallow, and completed to depths ranging from 21-81m, with an average depth of 47m. RC drilling provides a inexpensive, and rapid testing method which is well suited for an early-stage drilling campaign.
The RC chip samples collected were sent to Intertek Group plc’s laboratory located in Perth, Australia, for multi-element analysis.
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Exploration to Date
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Exploration on the Project has advanced at a rapid pace to its current stage since Power Metal exercised its option to acquire a 100% interest in the Project on 28 July 2021.
Work to date has included soil sampling, ground-based magnetics and radiometrics, as well as intermittent prospecting and rock sampling over select targets.
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Rationale for Early Drilling |
Kalahari sands which blanket the majority of the Project have precluded widespread geological mapping and prospecting, as a result the Company decided to launch the drilling campaign in order to obtain bedrock RC chip samples from the various target areas below Kalahari sand cover.
The main goal of the drill programme was to test for the presence of the geological formations which host many of nearby historic and currently operating gold and nickel mines within the Tati Greenstone Belt.
The laboratory assay results, combined with geological logging of the RC bedrock samples have provided the company with important geological information which will help guide future exploration and drilling campaigns on the Project.
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Key Findings Include:
A northwest-southeast oriented quartz reef was intersected in multiple drillholes over a combined strike length of 200m; including highlight results of 5.17g/t Au over 3m (TGRC00017) from 9-12m and 1.3g/t Au over 3m from 15-18m.
· The drillholes were targeting only 200m of strike length along a 2,000m Au-in-soil anomaly (open to east and west) discovered by the Company during a Phase I geochemical survey completed over PL126/2019 and announced on 14 September, 2021. The Au-in-soil anomaly is coincident with a prominent northeast-southwest oriented structure which extends for at least 14km to the nearby Monarch Gold Mine.
· Based on the work undertaken to date, Power Metal, through its 100%-owned Botswana subsidiary Tati Greenstone Resources Pty Ltd., lodged a new Prospecting Licence (“PL”) application in order to cover the southeastern extension of this regionally important gold prospective structure.
· The PL applicaton covers an additional 6km of strike-length along this significant structure, including several large-scale Au-in-soil anomalies as well as the historical Cherished Hope Mine. If granted, this area represents a high-priority exploration target for the Company going forward.
All RC samples were shipped to Johannesburg for sample preparation at Intertek Genalysis’ (“Intertek”) prepararatory facility, and further sent on to Intertek’s laboratory located in Perth, Australia, where they underwent analysis. All samples from this programme were sent as 3m composite samples. Subsequently, 1m samples from the zones of interest returned from the sample composites have been compiled and sent off to Intertek for further sample preparation and analysis.
PL126/2019 Drill Results
A total of 7 RC drillholes (TGRC00017-TGRC00023) were completed on PL126/2019 targetting 200m of strike length within a >2,000m long (open to the east and west) Au-in-soil anomaly defined by the company during its 2021 Phase I geochemical work programme. 6 of the drillholes were completed within a fan array, at a set dip of -50 ° , with each hole being stepped back 20m from another. The two fans were positioned exactly 200m along strike from one another, with the 7th hole being completed within the middle of the array – approximately 100m equidistant from each drillhole fan.
Drillholes intersected a modest to shallow dipping quartzite unit with variable gold grades including highlight results up to 3m of 5.17g/t Au. The drill results highlighted the down dip extent of the quartzite, which remains open at depth and along strike.
Mapping within the area identified a northwest-southeast oriented structure which extends at least 17km, intersecting the nearby Monarch Gold Mine along its extent. The structure extends from the 2021 drilling area, as well as to previously unstaked ground to the southeast of PL126/2019. Additionally, Power Metal was able to obtain historically geochemical data collected over this ground, which showed a larger and higher-tenor Au-in-soil anomaly than the area targeted during the 2021 drilling campaign. As a result, a Prospecting Licence application was lodged with the Botswana Department of Mines (“DOM”). The Company is waiting for the results of this PL application, and will update the market once an update is available.
PL127/2019 Drill Results
A total of 6 RC drillholes (TGRC0001-TGRC0006) were drilled targeting along the strike extension of the Signal Hill gold mine. The drillholes were drilled along two fan arrays, which included 3 holes per fan. The holes were drilled to a maximum depth of 81m. No significant results were achieved in these holes. The drillholes all intersected various banded iron formation (“BIF”), schist and siltstones intervals with variable calcite alteration.
A total of 6 RC drillholes (TGRC0007-TGRC0012) were drilled targeting a nickel (“Ni”)-in-soil anomaly which was postulated to represent an extension of mafic-ultramafic units which host the nearby Selkik and Tekwane nickel mines. The drillholes were drilled along two fan arrays, which included 3 holes per fan. The holes were drilled to a maximum depth of 81m. Several holes intersected variable BIF, dacite, shale and schist intervals, and locally, disseminated pentlandite and pyrite mineralisation were logged.
A total of 4 RC drillholes (TGRC0013-TGRC0016) were drilled targeting a northwest-southeast oriented As-in-soil anomaly identified by the Company during its Phase I soil sampling programme. The holes were drilled to maximum depth of 51m. The drillholes were drilled along two fan arrays, which included 2 holes per fan. The drillholes intersected variable meta andesite, dolerite, schist and quartzite with variable hematite alteration.
In all instances, the drillholes completed as part of the programme on PL127/2019 were targeting geochemical anomalies identified by Power Metal during its 2021 Phase I soil samping programme. In many cases, these Ni- and arsenic (“As”)-in-soil anomalies were kilometre scale, and as a result only minimal parts of these anomalies were adequately tested during this programme.
Programme Data:
Tati 2021 Drill Programme Assay Table
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Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppb) |
Au* (gram/ton) |
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TGRC00001 to TGRC00016 |
No Significant Values |
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TGRC00017 |
9 |
12 |
3 |
>2,000 |
5.174 |
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TGRC00018 |
0 |
3 |
3 |
101 |
– |
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TGRC00019 |
No Significant Values |
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TGRC00020 |
0 |
3 |
3 |
106 |
– |
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Incl. |
15 |
18 |
3 |
1,299 |
– |
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TGRC00021 |
21 |
24 |
3 |
591 |
– |
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TGRC00022 |
39 |
42 |
3 |
255 |
– |
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TGRC00023 |
0 |
3 |
3 |
131 |
– |
*Overlimit assay anaylsed via FA25/OE (25g Fire-Assay)
Tati 2021 Drill Programme Collar Table
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Drill hole ID |
Dip |
Azimuth |
Hole Depth (m) |
Northing** |
Easting** |
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TGRC00001 |
-50° |
90° |
21 |
584342 |
7635151 |
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TGRC00002 |
-50° |
66° |
51 |
589342 |
7634767 |
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TGRC00003 |
-50° |
90° |
81 |
584303 |
7635156 |
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TGRC00004 |
-50° |
90° |
21 |
584324 |
7634902 |
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TGRC00005 |
-50° |
90° |
51 |
584305 |
7634903 |
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TGRC00006 |
-50° |
90° |
81 |
584284 |
7634903 |
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TGRC00007 |
-50° |
340° |
21 |
581941 |
7638331 |
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TGRC00008 |
-50° |
340° |
51 |
581965 |
7638298 |
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TGRC00009 |
-50° |
340° |
81 |
581965 |
7638298 |
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TGRC00010 |
-50° |
270° |
21 |
582330 |
7638996 |
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TGRC00011 |
-50° |
270° |
51 |
582347 |
7638985 |
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TGRC00012 |
-50° |
270° |
81 |
582366 |
7638972 |
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TGRC00013 |
-50° |
66° |
21 |
589360 |
7634776 |
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TGRC00014 |
-50° |
66° |
51 |
589342 |
7634767 |
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TGRC00015 |
-50° |
66° |
21 |
589752 |
7634113 |
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TGRC00016 |
-50° |
66° |
51 |
589735 |
7634113 |
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TGRC00017 |
-50° |
45° |
21 |
559931 |
7653529 |
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TGRC00018 |
-50° |
45° |
51 |
559916 |
7653512 |
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TGRC00019 |
-50° |
45° |
81 |
559904 |
7653493 |
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TGRC00020 |
-50° |
45° |
21 |
559780 |
7653652 |
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TGRC00021 |
-50° |
45° |
51 |
559763 |
7653639 |
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TGRC00022 |
-50° |
45° |
81 |
559749 |
7653624 |
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TGRC00023 |
-50° |
45° |
30 |
559849 |
7653602 |
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TGRC00001 |
-50° |
90° |
21 |
584342 |
7635151 |
** Projection: WGS84 – UTM Zone 35S
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:
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Project |
Location |
POW % |
Work Completed or Underway |
Results Awaited |
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Alamo Gold Project |
USA |
Earn-in to 75% |
Excavation of multiple test pits and mapping & sampling. |
Field and assay results from on-site work programme. |
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Athabasca Uranium |
Canada |
100% |
Data compilation across uranium properties |
Interpretation results from 2 of 7 properties. |
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Authier North Lithium |
Canada |
Earn-in to 100% |
Soil & rock sampling completed |
Technical Review of exploration results & define next exploration steps. |
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Ditau Project |
Botswana |
50% |
Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements. |
Field updates and receipt & review of laboratory assay results. |
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Kalahari Copper Belt |
Botswana |
50% |
Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas |
Field programme findings and defined drill targets for near term drilling. |
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Molopo Farms |
Botswana |
53% |
Review of recent exploration findings. |
Determine next exploration steps and action plan. |
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Haneti Project |
Tanzania |
35% |
Diamond drill programme completed |
Receipt & review of laboratory assay results. |
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Victoria Goldfields |
Australia |
49.9% |
Diamond drill programme underway
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Field updates and receipt & review of laboratory assay results. |
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Paterson Projects |
Australia |
83.33% |
Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects.
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Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling. |
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Selta Project |
Australia |
83.33% |
Field reconnaissance work now underway, including mapping and sampling. |
Field updates. |
Power Metal Resources #POW – Total Voting Rights
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that as at 28 February 2022 there are 1,466,953,915 ordinary shares of 0.1 pence each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 1,466,953,915 .
The above figure of 1,466,953,915 may 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 in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.