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#KAV Kavango Resources Plc – KCB – Drilling to restart at PL082
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce that drilling is about to restart on the Company’s Kalahari Copper Belt (“KCB”) project area following a scheduled summer break.
HIGHLIGHTS
– Hole KCBRD006
o Kavango will recommence drilling on the sixth and final hole in the current drilling programme on prospecting licence (“PL”) PL082/2018 this weekend
o Upon completion, the Company expects to have drilled around 1,640m in the programme, exceeding its original guidance
– KCBRD006 is targeting a major stratigraphic structure identified by its Controlled-Source Audio MagnetoTelluric (“CSAMT”) surveying
o Kavango has interpreted the CSAMT data as indicating the presence of a D’Kar/Ngwako Pan horizon contact. This is the primary control for economic copper/silver mineralisation in the KCB
§ The Company’s analysis identifies this as a continuation of the horizon hosting Sandfire Resources’ (ASX:SFR) neighbouring Kronos copper target zone
o Physical confirmation of the contact’s presence will validate the Company’s use of CSAMT as a KCB exploration tool
Ben Turney, Chief Executive Officer of Kavango Resources, commented: “Through our innovative use of CSAMT, Kavango has identified major structures for the first time on our KCB licences. Our ongoing drill programme has subsequently confirmed these to be associated with deformation, fluid flow, and alteration. This could be a game changer in exploration for a new generation of drill targets on the KCB. Given the large size of our KCB licence package, Kavango is currently working to optimise and prioritise these. Our COO Brett Grist is presently in Botswana with our senior consultants, the results of which work are expected to refine our 2023 KCB exploration strategy.”
KCBRD006 details
Kavango began drilling KCBRD006 in December 2022 and following a scheduled break in its ongoing PL082/2018 drilling campaign is about to continue the hole to completion. The Company expects to have drilled approximately 1,640m over six holes once the hole completes, exceeding the 1,250m it originally planned (announced >>> 11 October 2022). To date, 1,211.97m have been drilled.
Kavango is using KCBRD006 to target a D’Kar/Ngwako Pan horizon contact interpreted from the inversion results of its Line 4A CSAMT survey on PL082/2018 (announced >>> 16 December 2022) , and from a survey on Line 6A.
Line 4A was extended beyond the licence boundary to the southeast and onto ground held by Sandfire Resources (ASX:SFR). This ground hosts the Kronos copper target zone (“Kronos”), which is known to lie at a D’Kar/Ngwako Pan horizon.
Kavango’s interpretation of the inversion shows that the horizon hosting Kronos extends over the licence boundary and across PL082/2018 as a syncline. With KCBRD006, the Company is testing for favourable host geology associated with resistivity highs related to this interpreted Ngwako Pan horizon.
KCBRD006 is being drilled on the northwest edge of PL082/2018, which the Company has interpreted as a limb of the syncline where it rises towards the surface. Targeting the horizon on its shallowest interpreted zone enables Kavango to physically confirm its presence in the quickest and most cost-effective way possible.
Kavango commenced KCBRD006 using the Reverse Circulation (“RC”) technique with a multi-purpose rig. This approach permits a cost-effective start to drilling the hole. Drilling is being completed using the Diamond Core technique to provide a higher quality of data for analysis.
KCBRD006 is being drilled approximately 250m to the south-southwest of the last hole in Kavango’s PL082/2018 drill programme, KCBRD005. This was the first hole to be targeted principally using CSAMT and encountered an intense zone of brecciation and shearing intermittently from 379m to the end of hole at 497.55m. Kavango drilled to the end of the brecciated zone to act as a control for future use and interpretation of CSAMT.
Figure 1: Highly sheared core from bottom of hole KCBRD005; this coincides with the deformed zone seen on the CSAMT
This brecciation coincides with a steeply south-southeast dipping structure interpreted from the CSAMT inversions as a ‘strain breccia zone’, partially validating the CSAMT method in this part of the KCB.
Alteration fluids can pass through brecciated zones and deposit metal ions. When this takes place in the vicinity of the favourable Ngwako/D’Kar Pan contact, these ions can accumulate and form deposits due to reductive conditions.
Kavango will publish full drill results at the end of the campaign, once all data has been processed.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied to the styles of mineralisation and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.
#POW Power Metal Resources PLC – Merger Agreement – Wilan Project, South Australia
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a merger of its Wilan Project (“Wilan” or the “Project”), located in South Australia, with a number of other Australian exploration interests (the “Merger”). The Merger will create a new Australian exploration company and provide Power Metal with exposure to the world class Mount Isa copper belt located within Queensland, Australia
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Power Metal recognises the forward dynamic of copper as a commodity and the Merger will provide the Company with an immediate equity exposure to a strategic portfolio of exploration interests in the Mount Isa copper belt of Queensland, Australia.
The Queensland Projects are targeting major copper discoveries within a world class copper belt and are situated close to ground held by a number of substantial mining companies.”
HIGHLIGHTS
·The Wilan Project is comprised of two exploration licences (“ELs”) which cover a total area of 1,994km2, held within Power Metal Resources Australia Pty Ltd (“POW Australia”), which is a wholly-owned subsidiary of Power Metal Resources PLC.
·A heads-of-terms agreement (the “Agreement”) has been signed to combine POW Australia (100% owner of the Wilan Project) with two companies holding a 100% interest in a portfolio of two granted exploration licences and four licence applications covering 1,507km2 in the Mount Isa copper belt of Queensland, Australia (the “Queensland Projects”).
·The Queensland Projects are held by two private Australian companies, RAB Resources Pty Ltd (“RAB Resources” or “RAB”) and New Horizon Metals Pty Ltd (“New Horizon” or “NHM”).
·A new company (“NewCo”) will acquire outright the shares in POW Australia, RAB Resources and New Horizon (the “Merger Parties”). Following the Merger Power Metal Resources plc will hold a 20% interest in NewCo.
·POW Australia will be renamed Wilan Resources Pty Ltd shortly after completion of the Merger, enabling Power to retain the POW Australia name.
·Following the Merger, NewCo will then commence the process for a planned listing targeting Q2 2023 or the acquisition of NewCo and its interests from an existing listed vehicle, subject to agreement of all the Merger parties.
·Further information to follow with regard to the Merger progress & structuring, planned listing and project level developments across the combined project portfolio.
PROJECT MAPS
Project maps covering the Queensland Projects and Wilan Project licence footprints are provided below and will be uploaded to the Power Metal website in due course.
Fig. 1: Queensland Licence Footprint
Fig. 2 – Wilan Project Licence Footprint and Surrounding Area
TRANSACTION TERMS
NewCo will acquire 100% of the share capital of New Horizon, RAB Resources and POW Australia and then hold the Queensland projects and the Wilan Project.
The NewCo ownership on completion of the Merger and grant of the New Horizon licence applications below is outlined in the table below.
|
Company Name |
% of NewCo Issued Share Capital |
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New Horizon |
40% |
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RAB Resources |
40% |
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POW Australia |
20% |
|
Total |
100% |
The Merger Parties will appoint the board of NewCo and will each have a right to nominate at least one board member.
Note: 20% of the NewCo shares will be issued to New Horizon immediately, with the balancing 20% issued on the grant of the Copper Creek and Bortala licence applications. Should an acquisition of NewCo and/or its interests by an existing listed vehicle complete prior to any planned listing (which may only proceed with the agreement of all the Merger parties), then the remaining 20% of NewCo shares would be automatically issued to New Horizon on completion.
PROJECT LICENCE OVERVIEW
RAB interests include:
Gregory River – East and West
Tenures Exploration for Minerals (EPM’s) 28642 and 28643, the Gregory River (East and West) Project, are exploration licences in application by RAB Resources covering 169.6km2 and 220.8km2, respectively.
Gregory River East and West tenements are prospective for copper, gold, lead, zinc, and cobalt.
Fiery Creek
Tenure EPM 27879 the Fiery Creek Project is a granted exploration licence held outright by RAB Resources covering 320km2 with an expiry date of 16/03/2027. Fiery Creek is believed to be prospective for copper, gold, lead, zinc, and cobalt.
Dynamite Creek
Tenure EPM 27870 the Dynamite Creek Project is a granted exploration licence held outright by RAB Resources covering 288km2 with an expiry date of 16/03/2027. Dynamite Creek believed to be is prospective for copper, gold, and cobalt.
NHM interests include:
Copper Creek
Tenure EPM 28272, the Copper Creek Project is an exploration licence in application by New Horizon covering 195.2km2 with a lodgement date of 31/1/2022. Copper Creek is prospective for copper, cobalt, silver, uranium, and rare earth elements.
Bortala
Tenure EPM 28271, the Bortala Project is an exploration licence in application by New Horizon covering 313.6km2 with a lodgement date of 31/1/2022. Bortala is prospective for copper, cobalt, silver, lead, zinc, uranium, and rare earth elements.
POW Australia interests include:
Wilan Project
The Wilan Project includes two granted exploration licences (“ELs”) including EL6819 and EL6870.
EL6819, is a granted exploration licence held outright by POW Australia covering 999km2 with an expiry date of 23/08/2028.
A desktop technical review completed over EL6819 identified an approximately 4 x 6km coincident magnetic and gravity geophysical anomaly located in the southeastern part of the Project. Such coincident geophysical anomalies have been noted as potential targets for iron oxide copper-gold mineralisation (“IOCG”) elsewhere within the highly prospective Gawler Craton.
The Wilan Project also includes recently granted EL6870 which covers an area of 995km2 and lies to the northwest of EL6819 which carries an expiry date of 10/11/2028.
Exploration targets within EL6870 include potential surficial lacustrine uranium (U) and vanadium (V) mineralisation located within the western part of the Project. The lacustrine targets were identified by recently completed radiometric and hyperspectral analysis. In addition, within the northern part of EL6870, multiple kimberlitic indicator minerals have been identified by a previous operator, including occurrences of pyrope, kimberlitic ilmenite and picroilmenite.
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 |
#TM1 Technology Minerals – £4 million convertible bond facility
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that it has entered into a £4.0 million convertible bond facility (the “Facility”) with Macquarie Bank Limited (“MBL”) and Atlas Capital Markets LLC (“ACM”).
Use of Funds
The Facility would be used primarily to enable the Company to:
·Ramp up of the first phase of operations at the Tipton lead-acid battery recycling plant and prepare to commence industrial-scale processing through an automated plant following approval from the Environmental Agency
·Support operating costs and capital expenditure required to accelerate the Company’s twin-track growth strategy to create a circular economy for battery metals to capture the industrial scale opportunity for recycling Lithium- ion and lead-acid batteries
Details of the Proposed Facility
Under the Facility, MBL and ACM will provide a £4.0 million convertible bond facility with a coupon of 5% per annum over the SONIA rate, payable quarterly in cash or in shares at the Company’s discretion. The Facility can be drawn in eight tranches of up to £500,000 with each tranche being called at Technology Mineral’s discretion once the previous tranche has been fully converted and subject to certain conditions. MBL and ACM will purchase the convertible bonds at a fixed price equal to 95% of the principal amount. MBL will purchase the first tranche, and each subsequent tranche will be purchased by MBL or ACM pursuant to the terms of the subscription agreement among the parties.
MBL and ACM can convert the convertible bonds to Technology Minerals shares (“Shares”) by issuing a conversion notice with the price set at 90% of the 3-day Volume Weighted Average Price of the Shares, where the 3 days may be consecutive or not and are selected by MBL or ACM (as applicable) from the 20 days prior to the issue of a conversion notice by MBL or ACM. The convertible bonds shall have a maturity of two years from issuance.
The Company will pay a transaction fee equal to 3% of each tranche (the “Commission”). The Commission is payable in cash, and may be deducted from the amount payable by MBL or ACM (as applicable) to Technology Minerals for each tranche.
In addition, warrants amounting to 30% of each tranche will be attached to each tranche of the convertible bonds. The warrants will have a strike price fixed at 30% premium to the Volume Weighted Average Price of the Shares for the 5 consecutive days prior to the issue date of each tranche. The warrants will expire two years after issuance.
The convertible bonds would be capable of redemption at any time by the Company with 60 business days’ notice at par plus 10% premium of the principal amount remaining.
MBL and ACM would be unable to convert the convertible bonds to Shares where such conversion would mean that it would become interested (as defined in the City Code on Takeovers and Mergers (the “Takeover Code”)) in shares that in aggregate carry more than 29.9 per cent of the of the voting rights of the Technology Minerals.
Shareholder Approval
The Company will seek shareholder approval should this be required in order to issue the convertible bonds in accordance with the tranches which may be drawn under the Facility.
Alex Stanbury, CEO of Technology Minerals, said: “We are delighted by the confidence Macquarie Bank and Atlas Capital Markets have shown in us and look forward to working with them closely as we turn our focus to scaling operations domestically and overseas. The £4.0m convertible bond facility complements our fundraise in November and strengthens the Company’s position as we look to ramp up our operations at Tipton and progress with our twin-track growth strategy to create a circular economy for battery metals.”
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 (0)20 4582 3500 |
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Oberon Investments Limited |
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Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
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Arden Partners Plc |
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Ruari McGirr |
+44 (0)207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, William Dobinson |
+44 (0)20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Macquarie Bank Limited
Macquarie Bank Limited (ABN 46 008 583 542), a corporation constituted with limited liability under the laws of the Commonwealth of Australia and authorised to carry on banking business in, amongst others, the Commonwealth of Australia, and the United Kingdom. Macquarie Bank’s expertise covers asset finance, lending, banking and risk and capital solutions across debt, equity and commodities.
Atlas Capital Markets LLC
Atlas Capital Markets (“ACM”) is an investment company based in London, founded in 2012. ACM is managed by a team of experienced professionals that has originated, structured and managed over $10bn in special situation financing and asset-orientated investments globally. ACM takes pride in the relationship fostered with each portfolio company and the added value we bring in expertise and strategic introductions in addition to our invested capital. ACM’s management has decades of experience and has executed numerous deals across the world successfully.
#POW Power Metal Resources – Tati Project Botswana Final Drill Assay Results
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces final results from the Company’s recently completed drilling programme on the 100% owned and operated Tati Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.
Assay results from the first three holes which included the bonanza intercept 1m of 47.1g/t gold (“Au”) from 6m downhole depth in reverse circulation (“RC”) drillhole CHRC0003, were previously announced to the market on 3 November 2022 and can be found at the link below:
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Tati is becoming a significant Project for Power Metal – with only 175m strike distance of an 8km long gold-in-soil anomaly drill tested and extensive high-grade gold confirmed from the RC drilling.
Naturally the 47.1g/t Au and 40.6g/t Au grades peak excitement, which they should, however more important is the continuity of gold mineralisation over the 175m strike drill tested thus far, which bodes well for the significant amount of the anomaly yet to be tested. That drill testing is now a priority for Power Metal.
Complementing the extremely exciting gold exploration results we have to note the practical advantages of the Tati Project.
The gold mineralisation identified to date is near surface, significantly de-risking any mining proposition. And the Project is centred on the former working gold mine, Cherished Hope, with gold fines dumps available for processing at a local processing site, potentially generating revenue for further exploration and development of the Project.
The processing site for the fines dumps is located within 20 minutes by road from the Project, and clearly also presents an avenue for processing of gold from the newly discovered mineralised areas, subject to undertaking commercial agreements and local regulatory approvals.
All told the Tati Project is making major progress and the Company intends to accelerate its activity to undertake RC drilling to more fully test the very large Au-in-soil anomaly, prove up more extensive gold mineralisation and in parallel develop avenues for future gold production from the Project.”
Highlights:
– A total of nine RC holes totalling 490m were completed at Tati as part of the August 2022 exploration programme – representing the first ever known drilling programme carried out on prospecting licence (“PL”) 049/2022. Complete assay results have now been received for the remaining 6 holes and are presented herein.
– In addition to multiple high-grade gold intersections reported from the first three RC drillholes, significant near-surface dolerite and quartz reef hosted gold mineralisation was successfully intersected in 5 of the 6 remaining holes. Key down-hole intersections (>1g/t Au) include:
§ Hole CHRC0004
Ø 1m @ 1.36 g/t Au from surface
Ø 2m @ 1.81 g/t Au from 2m
Ø 1m @ 1.56 g/t Au from 5m
Ø 1m @ 2.53 g/t Au from 36m
§ Hole CHRC0005
Ø 1m @ 1.13 g/t Au from 22m
Ø 2m @ 1.78 g/t Au from 52m
§ Hole CHRC0006
Ø 2m @ 23.17 g/t Au from 25m, including
§ 1m @ 40.63 g/t Au from 26m
§ Hole CHRC0007
Ø 1m @ 4.80 g/t Au from 1m
Ø 2m @ 6.59 g/t from 5m, including
§ 1m @ 11.27g/t Au
Ø 1m @ 1.55 g/t from 13m
Ø 1m @ 11.16g/t from 54m
§ Hole CHRC0009
Ø 2m @ 2.11 g/t Au from 49m
– Drilling intersections have confirmed gold mineralisation over a strike length of 175m, with mineralisation remaining open towards the northwest, southeast and downdip.
– Significantly, the Q3 2022 drilling area is located along a major northwest-southeast oriented regional shear that is thought to be the control of gold mineralisation observed within the area.
– Along this major regional shear is a coincident Au-in-soil anomaly that extends for a strike distance of approximately 8km, and which is located entirely within the 100%-owned Tati Project. The majority of this geochemical anomaly remains underexplored, with additional mineralisation identified by Power Metal circa 6.5km to the northwest including Q1 2022 RC drillhole TGRC00017 which returned 3m of 5.17g/t Au from 9m 1, as well as the undrilled GoldSource Zone where rock sampling of a northwest-southeast oriented quartz reef returned up to 26.5g/t Au 2.
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:
The maps presented above will also be uploaded to the Tati Project page on the Company’s website found at the link below:
One metre RC chip samples were riffle split and sent for analysis by Intertek Genalysis in Perth Western Australia, by 50g fire assay with inductively coupled plasma mass spectrometry (ICP-MS) analysis (method FA50/MS). High grade samples were additionally analysed by 50g fire assay with inductively coupled plasma optical emission spectroscopy (ICP-OES) (method FA50/OE). Significant assay results are presented in Table 1, drill collar locations are set out in Table 2.
Table 1: Full Assay Results for Downhole Intersections >1g/t Au
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppb) |
Au (g/t)* |
Note |
|
CHRC0001 |
21 |
22 |
1 |
2,154 |
||
|
24 |
25 |
1 |
1,344 |
|||
|
33 |
34 |
1 |
12,490 |
10.2 |
||
|
CHRC0002 |
10 |
15 |
5 |
N/A |
Mined out void |
|
|
15 |
16 |
1 |
5,572 |
|||
|
CHRC0003 |
0 |
1 |
1 |
1,816 |
||
|
1 |
2 |
1 |
1,261 |
|||
|
5 |
6 |
1 |
1,251 |
|||
|
6 |
7 |
1 |
44,821 |
47.1 |
||
|
7 |
8 |
1 |
1,360 |
|||
|
CHRC0004 |
0 |
1 |
1 |
1,362 |
||
|
2 |
3 |
1 |
1,911 |
|||
|
3 |
4 |
1 |
1,716 |
|||
|
5 |
6 |
1 |
1,560 |
|||
|
36 |
37 |
1 |
2,377 |
2.526 |
||
|
37 |
39 |
2 |
|
|
Mined out, poor return |
|
|
CHRC0005 |
22 |
23 |
1 |
1,155 |
1.13 |
|
|
52 |
53 |
1 |
1,262 |
|||
|
53 |
54 |
1 |
2,641 |
2.296 |
||
|
CHRC0006 |
25 |
26 |
1 |
8,761 |
5.721 |
|
|
26 |
27 |
1 |
41,037 |
40.625 |
||
|
CHRC0007 |
1 |
2 |
1 |
1,546 |
4.802 |
|
|
5 |
6 |
1 |
1,762 |
1.915 |
||
|
6 |
7 |
1 |
10,933 |
11.272 |
||
|
13 |
14 |
1 |
1,695 |
1.546 |
||
|
54 |
55 |
1 |
12,166 |
11.157 |
||
|
CHRC0008 |
No Significant Values |
|||||
|
CHRC0009 |
49 |
50 |
1 |
2,514 |
|
|
|
50 |
51 |
1 |
2,608 |
1.707 |
*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g Fire-Assay)
Table 2: Tati 2022 Drill Programme Collar Table
|
Drill Hole ID |
Dip |
Azimuth |
Depth (m) |
Northing* |
Easting* |
|
CHRC0001 |
45° |
28° |
40 |
564875 |
7650896 |
|
CHRC0002 |
45° |
35° |
30 |
564856 |
7650925 |
|
CHRC0003 |
45° |
31° |
30 |
564842 |
7650942 |
|
CHRC0004 |
45° |
35° |
60 |
564818 |
7650929 |
|
CHRC0005 |
45° |
52° |
80 |
564797 |
7650937 |
|
CHRC0006 |
45° |
44° |
50 |
564798 |
7650936 |
|
CHRC0007 |
45° |
44° |
70 |
564772 |
7650950 |
|
CHRC0008 |
45° |
35° |
30 |
564748 |
7650986 |
|
CHRC0009 |
45° |
48° |
100 |
564744 |
7650958 |
* Projection: UTM Zone 35S WGS84
Reference Notes
1. Company announcement, Tati Project Botswana – Drill Programme Results, 4 April 2022
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9klmer )
2. Company announcement, Tati Project Botswana – Large Scale Gold Anomaly Confirmed, 14 September 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w6pve9x )
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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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 |
#MNRG MetalNRG PLC – 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 received a total of £250,001 before the Payment Deadline and were informed that further £250,000 had been remitted, although as at the current time the second payment has not actually been received, accordingly the Defendants are currently in default in the sum of £972,960.85.
Given that representatives of the Defendants made public statements that they were able to pay the judgement in full, additionally requesting and being granted an extra 14 days from the court to pay over the standard 14 day period, and that the Defendants are now in default of those judgements made by the High Court, the Company will today issue statutory demands for the unpaid balance, as a measure to protect it 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.
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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#SVML Sovereign Metals Limited – Kasiya Recognised by the President of Malawi
GLOBAL SIGNIFICANCE OF KASIYA RECOGNISED BY THE PRESIDENT OF MALAWI AT UNITED NATIONS
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) was delighted with a special mention of the Kasiya Rutile Project (Kasiya) by His Excellency Dr Lazarus McCarthy Chakwera, President of the Republic of Malawi, during his address at the 77th session of The United Nations General Assembly in New York.
Extract from His Excellency Dr Lazarus McCarthy Chakwera’s address: “We are delighted that many private sector investors are flocking to us to join the agricultural revolution that is coming to Malawi, as well as investors in mining, who know that the recent discovery in Malawi of the largest deposit of rutile in the world means that Malawi’s economic rise is imminent.”
His Excellency’s confirmation of the importance and global significance of Kasiya comes as Sovereign continues its close working relationship with the Government of Malawi and other key stakeholders.
The Expanded Scoping Study announced in June 2022 confirms Kasiya could become one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current titanium feedstocks alternatives while significantly contributing to the social and economic development of Malawi.
Sovereign’s Managing Director Dr Julian Stephens commented: “It is a terrific endorsement of the Kasiya discovery and its immense potential by receiving recognition at such an important global forum. Sovereign appreciates the great support it has received from the Malawi Government and we look forward making a significant contribution to development of the mining sector and achievement of the country’s economic vision.“
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About Sovereign Metals
Sovereign Metals Limited (ASX:SVM & AIM:SVML) is an ASX and AIM-listed company focused on the exploration and development of its Kasiya rutile project in Malawi.
The Company recently completed an Expanded Scoping Study which confirmed Kasiya as a large-scale, long-life operation with a low-cost profile as a significant source of critical raw materials. Kasiya has the potential to become a major producer of both the natural rutile and graphite markets whilst contributing significantly to the economy of Malawi.
Natural rutile is the purest, highest-grade natural form of titanium dioxide (TiO2) and is the preferred feedstock in manufacturing titanium pigment and producing titanium metal.
The natural rutile market is in structural deficit with current supply estimated to decline rapidly by 45% in the next three years, following the scheduled closures by two major high-grade producers1. A resurgence in demand for titanium pigment and from the welding sector combined with concurrent supply shortages has led the CIF China spot prices sharply upwards to over US$2,200 per tonne2.
Sources
1. TZMI
2. Ruidow.com based on Australian Rutile (TiO2>95%, P<0.03%, S<0.03) CIF Tianjin Port
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.