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Alan Green covers Red Rock Resources #RRR & Kavango Resources #KAV on this week’s Stockbox Research Talks
Alan Green covers Red Rock Resources #RRR & Kavango Resources #KAV on this week’s Stockbox Research Talks
Power Metal Resources #POW – Assay Results Return Gold from all Drillholes; Confirms Down-Dip and Along-Strike Extension of Mineralised Quartz Reefs
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from the Company’s Berringa Gold Mine Project (“Berringa” or the “Project”), which forms part of the Victorian Goldfields joint-venture (“JV”) located in Victoria, Australia.
On 15 March 2023 the Company issued an update regarding the completion of the 2022/2023 drilling campaign at Berringa. The link to this announcement can be found below:
HIGHLIGHTS:
|
Programme Highlights |
Explanation |
|
|
|
|
Drilling Overview |
The Diamond Drilling programme consisted of 988 metres in six drillholes, four of which encountered visible gold mineralisation. |
|
Extensive Gold Confirmed |
All drillholes returning gold mineralisation in laboratory assay test results. Multiple gold (Au) mineralised intersections were encountered including drillhole BE23D002 which returned 5.2m at 2.38g/t Au including 0.2m at 34.76g/t Au, and BE23D006 which returned 3.5m at 5.43g/t Au including 0.7m at 23.9g/t Au. |
|
The “Nugget Effect” |
Variability in grade was experienced due to “nugget effect” typical of the area, and this led to changes in the sampling protocol. Additional drilling will be needed to determine a representative grade. |
|
Key Objectives Met |
Key objectives of this drill programme have been met with drilling successfully intersecting the down dip and along strike extensions of previously mined Berringa gold mineralised quartz reefs. As the gold is hosted in the quartz reef the identification of a larger volumes of quartz reef is a positive development. |
|
Extensive Quartz Reef Confirmed in Final Hole |
The final drillhole (BE23D006) intersected a more than 30-metre-wide quartz reef intersection approximately 100 metres east of the main Berringa line of workings. The hole was ended while still in mineralisation and so is open at depth. |
|
Next Steps |
The programme has enabled the partners to gain a better understanding of the structure of the historic Berringa gold mine and this work will be further advanced as the results continue to be analysed and related to historical data. The partners will then announce the next phase of exploration. |
Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:
“It is very pleasing to be able to report another good set of drill results, which clearly show us meeting our key objectives. We have added substantial value to the project through this programme, in particular a significant improvement in the structural understanding of Berringa. Nugget gold, whilst extremely exciting, is hard to establish with limited drilling and an enhanced programme will be needed to establish a reliable grade. It has long been our intention to fund such further exploration through an IPO, and this set of results allows us to set about that intention with renewed vigour.”
FURTHER INFORMATION
Highlight Assay Results
|
Hole ID |
Hole Length (m) |
Interval (Au) |
Incl. |
|
BE23D001 |
431.5 |
1.4m @ 0.25g/t from 381m |
|
|
0.3m @ 0.83g/t from 389.45m |
|||
|
0.2m @ 3.61g/t from 421m |
|||
|
BE23D002 |
107.4 |
5.2m @ 2.38g/t from 88.9m |
0.25m @ 34.76g/t |
|
BE23D003 |
119.5 |
1.7m @ 1.89g/t from 105m |
0.25m @ 8.74g/t |
|
1.65m @ 0.88g/t from 111m |
|||
|
BE23D004 |
77.4 |
0.9m @ 0.86g/t from 2m |
|
|
1m @ 0.54g/t from 39.4m |
|||
|
BE23D005 |
94.8 |
0.4m @ 0.62g/t from 73.6m |
|
|
BE23D006 |
158.1 |
0.7m @ 1.5g/t from 130.4m |
|
|
3.5m @ 5.43g/t from 133m |
0.2m @ 23.9g/t |
||
|
4.9m @ 1.09g/t from 140m |
|
||
|
3.9m @ 1.62g/t from 153.6m |
0.7m @ 7.49g/t |
Programme Overview
Drill programme assay results from the Company’s inaugural diamond drilling campaign at its historical Berringa mine Project located in Victoria, Australia, have confirmed extensions of gold mineralised lodes within the main reef systems.
The limited programme was specifically designed to test three potential sites for further evaluation and has exceeded expectations with visible gold identified in 4 of the 6 holes drilled.
All targets tested have proved the mineralised quartz lode systems are continuous and open down plunge and along strike. All zones require further diamond drilling to build on the early success and work towards possible Resource definition.
Gaining access to the mine through an historical adit has also become a high priority to enable a bulk sampling of the Berringa syndicate lode for preliminary metallurgical test work. This will accelerate the process to recommence gold mining at the historical mine site. This work is ongoing subject to regulatory requirements and approvals from the State Government regulator.
Geological Interpretations
South Birthday Zone – Drillhole BE23D001
A single long drillhole, BE23D001, was completed targeting a possible extension of the west-dipping lode in the South Birthday Zone, and investigating possible similarities with the reef system currently mined at Ballarat 20km to the east. BE23D001 successfully intersected a fault structure of approximately 9 metres in width which extends the west dipping lode over 50 meters further down plunge from the last known stope.
Geological logging of the core identified predominantly massive quartz veining with sphalerite, galena, pyrite and minor arsenopyrite. The quartz reef has a hanging wall contact marked by a laminated quartz vein and overall the lode closely resembles the Ballarat mine reef system.
The hole ended in sandstone and not the expected black shale, and computer modelling based upon detailed lithological core logging will assist in determining where and at what depth the historically gold rich intersections typically found within black shales may sit in the South Birthday Zone.
Berringa Syndicate Zone – Drillholes BE23002 & BE23003
Near the centre of the licence area, located approximately 1.5km north of BE23D001, drilling at the Berringa Syndicate Zone, which historically produced at 7-8 g/t, returned positive results including minor fine visible gold within a well-defined lode structure.
This unmined zone was identified in the late 1980s from sampling in underground drives and adits with BE23002 and BE23003 being the first drillholes to test this zone. Downhole quartz vein intersections included intervals of 9m and 14m with abundant quartz near the footwall and hanging wall contact.
Kangaroo Zone – BE23004, BE23005 & BE23006
Located due east of the Berringa Syndicate Zone, the Kangaroo Zone was tested by drillholes BE23D004,005 and 006. This underexplored lode system has no surface expression.
Identification of a potential mineralised reef was made from an old plan map of underground workings. Only a single crosscut pushed from the historical Kangaroo mine towards the east which successfully intersected a mineralized structure. It is unclear if any stoping took place.
BE23004 and BE23005 drill tested the northern extension of the possible structure with BE23004 potentially intersecting a cross-course fault which appeared to have offset mineralisation. BE23005 also pierced the cross course in a different position but has struck part of a lode structure on the north side of the fault. It is possible that the estimated location of the underground workings was not yet exact so that drilling may have passed over the top of the lode. Further geological work on the lithological core logging will help to refine the positioning and identify optimal locations on the east lode for future drilling.
Drillhole BE23006 exceeded expectations, intersecting a broad (over 30m apparent width) mineralised quartz reef structure that had not been known containing minor arsenopyrite, galena, sphalerite. Visible gold was also identified in the hanging wall contact. Initial interpretation suggests the mineralised zone may be closer to the west than previously considered, and the drilling may have intersected a saddle reef not previously mined.
This supports the inference of a second (parallel) line of mineralization to the east of the main Berringa line and has substantially increased the prospectivity of the Berringa property overall.
Next steps
Currently the technical team is completing detailed review of all new drillhole data including inputting all geological and structural data into 3D modelling software. Next steps will be determined in due course and the market will be updated once plans have been finalised.
JOINT VENTURE STRUCTURE
The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%) (together the “JV Partners”).
NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which holds a strong land position comprising seventeen granted exploration licences and one purchased licence for a total area of 1,867km2 within the prolific Victorian Goldfields of Victoria, Australia, principally surrounding the mining centre of Ballarat, Australia.
In addition, 2 licences covering 467km2 await grant. The JV has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely underexplored by modern explorers.
The JV Partners have the intention of listing the JV company NBGC and will make further announcements as appropriate.
GLOSSARY
Arsenopyrite: iron arsenic sulphide (FeAsS), a sulphide mineral found in hydrothermal veins and often an indicator of gold presence
Fire assay: the industry standard method of obtaining gold data from high grade ores by heating a sample in a furnace to separate the gold from other materials present
Galena: the natural mineral form of lead sulphide (PbS) typically found in hydrothermal veins
KCN bottle roll: an industry standard test for assessing gold recovery possible by cyanide leaching using potassium cyanide (KCN)
Lode : a deposit of metalliferous ore that fills or is embedded in a fissure in a rock formation or a vein of ore that is deposited or embedded between layers of rock, generally formed by deposition from hydrothermal solutions
Pyrite : iron disulphide (FeS2), the primary iron sulphide and most abundant sulphide mineral, generally found in association with other sulphides and found in hydrothermal quartz veins and other environments
Sphalerite : the primary zinc sulphide ((Zn, Fe)S) found in association with other sulphides in a variety of deposit types
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Resources #POW – New Ballarat – Licence Grant and Drilling Commences
Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from its joint venture subsidiary New Ballarat Gold Corporation PLC (“NBGC”) which is undertaking gold exploration at its granted exploration licences in the Victoria Goldfields in Australia.
Highlights
- NBGC’s first diamond drill programme begins at O’Loughlin’s prospect south of Buninyong
- Grant of new 489 km2 exploration licence EL007282 (Blue Sky) in Victoria, Australia, with 9 licences now granted covering 1,501 km2
Further information in respect of the granted licences and licence applications is provided below and for additional information regarding the above drill programme, now commenced, please review the Company’s announcement dated 7 December 2021 which may be viewed through the following link:
Paul Johnson, Chief Executive Officer of Power metal Resources commented: “Today marks an important point in the life of New Ballarat Gold Corporation as inaugural gold exploration drilling commences. We look forward to the results feeding out from the project.
We also have the welcome news that a further large exploration licence, EL007282 (Blue Sky), has been granted, taking the total portfolio of granted licences to over 1,500km2 for the first time. To hold such a large land granted footprint in the Victoria Goldfields is a tremendous positive.”
Granted Licences
The granted licences cover high priority areas covering 1,501 km2 where NBGC has early drill targets and in which exploration has already started.
| Licence Number | Project Name | Area (km2) |
| EL007271
|
Buninyong
(renamed) |
133 |
| EL007281
|
Blue Chip | 74 |
| EL007285
|
Blue Ribbon | 8 |
| EL007327 | Dereel | 60 |
| EL007385 | Sardinia | 4 |
| EL007329 | Kilmore | 484 |
| EL007301 | Pitfield/Mt Bute | 85 |
| EL007328 | Blue Yonder | 164 |
| EL007282 | Blue Sky
(Announced today) |
489 |
| Total | c 1,501 |
Licence Applications
RRAL has applications in process for seven other new gold exploration licence areas covering approximately 805 km2 in the Victoria Goldfields of Australia including:
| Licence Application Number | Project Name | Area (km2) |
| EL007294 | Red Queen | 130 |
| EL007330 | Daylesford
(renamed) |
202 |
| EL007460 | Kilmore West | 325 |
| State land within EL007271
[EL007505 EL007506 EL007507]
|
|
[9 9 8] |
| EL007540*
(3 competing applications)
|
Outer Ballarat | 148 |
| Total | c 805 |
* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.
New Ballarat Gold Corporation PLC
NBGC is a privately owned joint venture company owned 50.1% by Red Rock Resources plc (LON:RRR) and 49.9% by Power Metal.
NBGC holds a 100% interest in local operating subsidiary Red Rock Australasia Pty Limited a private Australian company which holds a 100% interest in all operating granted licences and licence applications (“RRAL”).
NBGC holds a strong land position of 2,306km2 (1,501km2 granted licences) in the rich gold fields of Victoria, Australia, principally around the mining centre of Ballarat, as the result of a focused exploration strategy targeting high grade quartz hosted gold veins systems in a region where the exploration models and targets are well understood.
NBGC has carefully assembled its portfolio of properties comprising a broad range of robust exploration targets, all of which remain largely undeveloped by modern explorers.
With the first tenements granted only in 2021 NBGC is already at an advanced stage of exploration with three promising gold prospects one of which is the subject of the diamond drilling now underway.
Still able to actively operate in the current global pandemic, NBGC has exploration geologists and field crews active in the field. This is coupled with a technical team holding an in-depth knowledge of Victorian geology including extensive underground experience gained from working in currently operating mines in the area.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
| Power Metal Resources plc | |
| Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
| SP Angel Corporate Finance (Nomad and Joint Broker) | |
| Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
| SI Capital Limited (Joint Broker) | |
| Nick Emerson | +44 (0) 1483 413 500 |
| First Equity Limited (Joint Broker) | |
| David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:
| Project | Location | POW % | Work Completed or Underway | Results Awaited |
| Alamo Gold Project | USA | Earn-in to 75% | Excavation of multiple test pits and mapping & sampling. | Field results from on-site work programme. |
| Athabasca Uranium | Canada | 100% | Phase I field exploration completed | Laboratory assay results of samples collected for uranium and REEs |
| Authier North Lithium | Canada | Earn-in to 100% | Soil & rock sampling completed | Laboratory assay results of samples collected |
| Ditau Project | Botswana | 50% | Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals
|
Field programme findings and defined drill targets for near term drilling. |
| Kalahari Copper Belt | Botswana | 50% | Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas | Field programme findings and defined drill targets for near term drilling |
| Molopo Farms | Botswana | 53% | Kavango Option to acquire an interest in local project holding company. Option fee payable through defined work programme | Results from various work activities underway as part of the Kavango Option |
| Tati Gold/Nickel | Botswana | 100% | Reverse circulation drill programme completed | Laboratory assay results awaited |
| Victoria Goldfields | Australia | 49.9% | Ongoing exploration across 1,501km2 of granted exploration licences
|
Results from field programme including drill programme underway |
| Wallal Gold/Copper Project | Australia | 83.33%1 | Passive seismic and 2D seismic processing work programme completed | Results awaited |
1 assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Limited shares to vendors.
Power Metal Resources #POW – Business Update – Red Rock Resources Australasia
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces a business update by Red Rock Resources Australasia Pty Ltd (“RRAL”).
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Exploration on our licences within the Victoria Goldfields has been successful with recent soil sampling highlighting multiple high-priority gold targets across granted licences. Certain of these targets are now at the drill-ready stage and will be the subject of the planned upcoming drill programmes, showing great progression from RRAL’s ground exploration to date.
We believe there is potential for major gold discoveries in the granted licences we hold, something which is not surprising given the geological attractiveness of the region, and multiple large-scale discoveries made and gold mines built in the state of Victoria. Therefore the launch of inaugural diamond drilling is an important step forward and we will be eager to see what this drilling delivers.”
HIGHLIGHTS:
Holding Transfer to Planned London Listing Company
Power Metal previously held a direct 49.9% interest in RRAL which has a 100% interest in the various licences held within the state of Victoria and Western Australia, further details of which are provided below.
A new UK plc has been formed, New Ballarat Gold Corporation PLC (“New Ballarat” or “NBGC”), which is the vehicle for the planned London listing. New Ballarat now holds a 100% interest in RRAL.
The original shareholders of RRAL have transferred their holdings up to the vehicle New Ballarat in preparation for the planned listing. As a result, Power Metal now holds 49.9% of New Ballarat, and Red Rock Resources plc (“RRRplc”) holds the remaining 50.1% interest.
Grant of New Exploration Licence
Exploration licence application EL007328 (164km2) was granted on November 26, 2021. Following this grant, a total of 8 licences have now been granted covering a total area of 1,012 km2.
Soil Sampling Update – New Anomalies Identified
A total of 1091 soil samples have now been tested by Portable X-ray Fluorescence (“pXRF”) from the ongoing soil sampling programme.
The interim results have identified several new anomalies as well as confirming the regional correlation of arsenic anomalism with historic gold workings and known gold-bearing structures. Highlights include:
o Buninyong (EL7271): Exciting new 1 km long north-south oriented arsenic anomaly identified which is coincident with a line of gold mineralisation extending north of Mt. Buninyong. Regional structural analysis of this new anomaly reaffirms the concept that the Scotsburn workings (which extend south-southeast of Buninyong down to O’Laughlins) is the continuation of the main Ballarat East line currently being mined underground at the Ballarat Mine (owned by Shen Yao Holdings). Additional infill soil sampling is planned within the area of the newly defined anomaly.
o Pitfield (EL7301): Strong anomalism identified surrounding known gold mineralisation at Mt. Bute. Additionally, strong arsenic anomalism identified near the west margin of the tenement in an area previously not explored. Significantly, this new anomaly is located along a roughly north-south oriented line connecting up with Mt. Bute mineralisation located over 6km away to the north, suggesting that mineralisaiton may continue in a broad north-south orientation throughout the tenement. This new area is presumed to be in part overlain by recent volcanic rocks and this may be the first indication that the pXRF sampling technique may assist in exploring for mineralisation under cover at Pitfield.
o Dereel (EL7327): Soil sampling results highlight an anomalism along the southern extension of the Golden Reefs/DeReel mine (subject to final access agreements, drilling down dip and along strike of these historic mines is planned early in 2022). Additionally, two other anomalies were identified on the tenement including a strong anomaly located in the northwest where there is no known historical information, as well as a strong response in the far southwest lines which appears to be related to the Long Thought Of mine workings (inferred southern extension of Berringa gold fields and remains largely untested). Further infill soil sampling planned over the various anomalies identified.
Further information in respect of the soil sampling programme, findings and related maps is available in today’s announcement released by Power Metal partner, RRRplc through the following link:
https://www.rrrplc.com/investors/regulatory-news/
Diamond Drilling Campaigns
Final preparations underway for multiple near-term diamond drilling campaigns including:
o Programme south of Buninyong at O’Loughlins targeting a 1km structure planned for December 2021;
o Programme at Pitfield planned for early 2022, with further targets now identified for proposed February 2022 drilling.
Currently there are 8 drill pad locations at O’Loughlins and 6 at Pitfield. In theory 2-3 drill holes could be undertaken from each location in various directions. Some holes may extend to over 100 metres, but the drilling is flexible, in part dependent on the core review as each drill hole progresses. At this time the expectation is for circa 600 metres of diamond drilling at O’Loughlins and 1,400 metres at Pitfield for a total 2,000 metres of drilling. The specific location meterage is flexible and may be subject to change depending on results.
Background Information New Ballarat Gold Corporation PLC
NBGC is a privately owned joint venture company owned as to 50.1% by Red Rock and as to 49.9% by Power Metals Resources PLC (AIM:POW).
NBGC holds a strong land position of granted exploration licences totalling 1,012 sq km in the gold-rich fields of Victoria, Australia. The company has carefully assembled its portfolio of gold properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.
With the first tenements granted only in 2021, NBGC has already advanced three promising gold prospects to the drill-ready stage, which is slated to take place Q4 2021 & Q1 2022.
Still able to actively operate in the current global pandemic, the company has exploration geologists and field crews active in the field. This is coupled with a technical team holding in-depth knowledge of Victoria’s geology including extensive underground experience gained from working in active gold mines within the area.
Granted Licences
The granted licences cover high priority areas covering 1,102 km2 where NBGC has early drill targets and in which exploration has already started.
|
Licence Number |
Project Name |
Area (km2) |
|
EL007271
|
Buninyong (renamed) |
133 |
|
EL007281
|
Blue Chip |
74 |
|
EL007285
|
Blue Ribbon |
8 |
|
EL007327 |
Dereel |
60 |
|
EL007385 |
Sardinia |
4 |
|
EL007329 |
Kilmore |
484 |
|
EL007301 |
Pitfield/Mt Bute |
85 |
|
EL007328 |
Blue Yonder (Announced today) |
164 |
|
Total |
|
c 1,012 |
Licence Applications
RRAL has applications in process for eleven other new gold exploration licence areas covering approximately 1,294km2 in the Victoria Goldfields of Australia including:
|
License Application Number |
Project Name |
Area (km2) |
|
EL007282
|
Blue Sky |
489 |
|
EL007294 |
Red Queen |
130 |
|
EL007330 |
Daylesford (renamed) |
202 |
|
EL007460 |
Kilmore West |
325 |
|
State land within EL007271
[EL007505 EL007506 EL007507]
|
|
[9 9 8] |
|
EL007540* (3 competing applications)
|
Outer Ballarat |
148 |
|
Total |
|
c 1,294 |
* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.
The following applications have been made in Western Australia, covering largely areas previously held by the Company at the time of its original listing. The two where there is another applicant will be subject to a ballot.
|
EL45/5859 (One competing application) |
Paterson |
227 |
|
EL45/5885 |
Pilbara/Paterson |
70 |
|
EL45/5881 (One competing application) |
Pilbara/Paterson |
33 |
The technical information relating to exploration in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists. Mr Holden has experience in the style of mineralisation and type of deposit under consideration. Mr Holden is the Exploration Director of RRAL.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
|
|
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
|
|
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
|
|
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Power Metal Resources #POW – Directorate Change
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that Andrew Bell, Chairman of the Company, is to step down as Chairman and as a director on 30 September 2021 to focus on Red Rock Resources plc (“RRR”) and the new planned London capital market IPO of New Ballarat Gold Corporation PLC, the new holding company for the interests of Power Metal and RRR in Red Rock Australasia Pty Limited (“RRAL”).
Power Metal is seeking to appoint a new chairman and a further announcement will be made in due course.
Mr Bell will continue to work with the Company in an advisory capacity for a minimum of 12 months.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“I would like to thank Andrew for his work as Chairman since February 2019 when together we joined the Board of the Company and commenced a process of high paced corporate reinvigoration.
We were able to bring Power Metal back to life and then build a global exploration company with interests across North America, Africa and Australia.
Andrew’s continuous work and willingness to engage with bold new opportunities has enabled Power Metal to assemble the portfolio of projects we have today.
One important project RRAL, our joint venture in the Victoria Goldfields, Australia, has 2,334km2 of ground footprint against which exploration licence applications have been submitted and of which 848km2 has been granted to date. RRAL has active exploration in the field and a number of drill targets for Q4 2021. This joint venture is preparing for a planned IPO in London under the name New Ballarat Gold Corporation PLC and needs the focussed attention that Andrew can provide.
I look forward to reporting on listing developments for New Ballarat, which I believe holds considerable potential value for Power Metal.
We now move forward to a new phase in Power Metal’s development and find ourselves at a notable value inflection point. Our portfolio covers exploration for nine metals and we currently have eleven exploration programmes underway or planned for the balance of 2021, including five drill programmes.”
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Resources #POW – Discovery of Historic Mine Workings – Victoria
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from its joint venture subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which is undertaking gold exploration at its granted licences in the Victoria Goldfields in Australia.
Power Metal holds a 49.9% interest in RRAL, with 50.1% held by joint venture partner Red Rock Resources plc (LON:RRR).
Highlights:
· Discovery of historic workings and well-developed adits and shafts at O’Laughlins
· RRAL begins re-entry programme at mines south of Ballarat to confirm lode continuity and grade
· These provide focal point for accelerated exploration to establish economic potential
· Geological similarities to prolific Ballarat Mine
· Diamond drilling scheduled for Q4 2021
Re-entry Programme at Historic Gold Mine Workings
The RRAL ground exploration team have identified a series of historic workings and well developed adits and shafts at O’Laughlins, which is located within granted Exploration Licence EL007271 (Blue Whale Project).
A map highlighting the detailed plan of O’Laughlins workings may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/detailed-plan-olaughlins-working/
Following the successful completion of safety requirements, RRAL geologists are entering the old workings at O’Laughlins to complete investigations into the nature and extent of the gold mineralisation originally exploited.
No previous reports or indications of historical grade have so far been uncovered in the available literature so this will be the first modern day exploration at these previously forgotten workings since the 1860s.
Other shafts and underground excavations in the immediate area will be included in the re-entry programme. It is hoped that a better understanding of the geometry of the lode systems along with an indication of the tenor of gold grades will be completed prior to diamond drilling scheduled for Q4 2021.
Geological Analysis of Recently Discovered Mine Workings
Enfield Reef
Geological observation at the Enfield Reef adit entrances indicates a broad zone of stockwork style veining in a fault structure marked by a laminated quartz vein exposed on the eastern wall. Bedding appears to be striking north-south with the fault structure and adit orientation of 0200. This can be traced along the entire length of the adit itself.
The inferred fault structure is thought to be obliquely cross cutting an anticlinal hinge zone of tight, slightly overturned, east facing folds in Ordovician age meta-sediments. These structural elements and vein textures conform well with the model of gold mineralisation within the Ballarat/Bendigo Gold zone.
The geology similar in character to that of the lode material currently exploited within the operating Ballarat underground Mine 15 kilometres to the north.
An image showing the main adit at Enfield Reef may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/enfield-reef-adit-entrance/
Note in the image the zone of quartz stockwork in the mine back. The adit is some 30 metres long and has associated shallow pits and trenches marking the line for the lode structure on top of the hill some 20 metres above the adit portal.
Glasgow Reef
A second adit and shafts have recently been identified to the east of the main O’Laughlins prospect in the small adjoining licence EL007507 which is currently under application.
These hidden workings including an adit and shafts thought to have been worked in the 1860s have also recently been uncovered and sufficient work undertaken to allow access for a first pass look at the rocks exposed within.
Whilst granting of this licence is expected imminently, work in the short term will continue to focus on the known mineralisation within the granted licence EL007271, however the discovery of the hidden workings is instrumental in building the regional geological picture of gold mineralisation within the prospect itself.
An image showing inside the hidden adit at Glasgow Reef may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/glasgow-reef-inside-hidden-adit/
Overview
The combined width of the zone across both tenements comprising of at least two main north northeast trending lode structures is over 500 metres with further small historical pits and workings between the two major structures.
Identified quartz veining at surface between the two major mineralized structures is considered by the RRAL exploration team to present strong evidence for multiple parallel reefs trending north south over the width of the zone.
RRAL Exploration Director Dave Holden comments : “As the area is predominantly within an old pine plantation there is little to no exposure of rocks beneath the thick covering of pine litter, so to discover well-developed adits with shafts is an exciting development and adds weight to the proposition that this area was more heavily mined over 100 years ago than previously thought. The known production records of the Ballarat area in that period give only a partial picture, as much production was unrecorded.
This shortened time frame for advancing the project as a result of the discovery of historical workings in the area has RRAL on a trajectory towards potential gold discovery”.
Background on the O’Laughlins/Scotsburn project
The O’Laughlins project lies immediately southeast of the Ballarat line for gold mineralisation. Ballarat currently has a producing underground mine and its immediate area has seen historical gold production in the order of 14 million ounces from alluvial, deep lead and hard rock mining in the region. The Ballarat Gold Camp extends from Creswick in the north down to below the RRAL prospects in the south.
The O’Laughlins project is thought by the RRAL exploration team to be on a similar line of mineralisation to the main Ballarat gold camp off-set to the east,but has seen little of the hard rock exploration and mining which historically remained focused at Ballarat itself.
Preliminary results from a regional geochemical survey undertaken by RRAL recently produced well-defined arsenic anomalies in areas south of the main Ballarat and Scotsburn lines of gold mineralisation. From this, one advanced target has been advanced marking the southern end of the Scotsburn line of gold workings. The elevated arsenic coincides well with historical workings, structural trends and a potassic anomaly identified from airborne radiometric data from the late 1980’s and confirmed the original broad target area identified by CRA Exploration (“CRA”) at the time.
Elevated gold in rock chip samples taken by CRA are in the process of verification by RRAL. Despite the soil and rock anomalism and abundance of historical workings, to the knowledge of RRAL, no drilling has ever been conducted.
The continuous strike length of the reefs mapped to date is approximately 1,000 metres but in a regional sense this prospect marks the southern extent of over 9 kilometres of mineralized corridor from Scotsburn to O’Laughlins. Recent field work has identified additional parallel reefs to the east of the main Enfield reef structure.
Little historical literature exists for these workings other than a single reference to the gold bearing nature of the reef: “The Glasgow Reef is also about to be tested application having been made for a large claim on the same. It is anticipated that some difficulty will be experienced on this reef, in separating the gold from the sulphurets.” (MINING INTELLIGENCE Ballarat Star Newspaper Jan 7th 1865).
About Red Rock Resources Australasia Pty Ltd
Red Rock Australia Pty Ltd. is a privately owned joint venture company owned as to 50.1% by Red Rock Resources plc (LON:RRR) and as to 49.9% by Power Metal Resources PLC (LON:POW).
RRAL holds a strong land position in the rich gold fields of Victoria, Australia as the result of a focused exploration strategy targeting high grade quartz hosted gold veins systems in a region where the exploration models and targets are well understood. The company has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.
With the first tenements granted only 6 months ago RRAL is already at an advanced stage of discovery building 3 promising gold prospects slated for diamond drilling late in Q4 2021. Still able to actively operate in the current global pandemic, the company has exploration geologists and field crews active in the field. This is coupled with a technical team holding an in-depth knowledge of Victorian geology including extensive underground experience gained from working in currently operating mines in the area.
The company continues to develop its advanced prospects as it awaits further tenement grants. As it does so it will increasingly use project names rather than licence numbers as project identifiers. RRAL continues to evaluate other opportunities that may add significant value in the near term.
COMPETENT PERSON STATEMENT
The technical information relating to exploration in this announcement is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and acting as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr Holden has experience in the style of mineralisation and type of deposit under consideration. Mr Holden is the Exploration Director of RRAL.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Power Metal Resources #POW – Notification of Major Holdings – Red Rock Resources #RRR
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
Power Metal Resources plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
x |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify) iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Red Rock Resources plc |
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City and country of registered office (if applicable) |
London England |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi : |
24.8.21 |
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6. Date on which issuer notified (DD/MM/YYYY): |
26.8.21 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer (8.A + 8.B) vii |
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Resulting situation on the date on which threshold was crossed or reached |
3.70% |
3.70% |
45,000,000 |
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Position of previous notification (if applicable) |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (DTR5.1) |
Indirect (DTR5.2.1) |
Direct (DTR5.1) |
Indirect (DTR5.2.1) |
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GB00BYWJZ743 |
45,000,000 |
3.70% |
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SUBTOTAL 8. A |
3.70% |
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B 1: Financial Instruments according to DTR5.3.1R (1) (a) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash Settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
x |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
London |
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Date of completion |
26/8/21 |
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