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#SVML Sovereign Metals Ltd – ASX Trading Halt
Sovereign Metals Limited advises that the Company announced a voluntary trading halt to the Company’s securities on the Australian Securities Exchange (“ASX”), pending an announcement regarding a response to an ASX price query.
The Company requested that the trading halt remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on 31 January 2023.
The Company also notes the recent share price rise in the trading of its securities on AIM, and observes that on 26 January 2023, Mkango Resources Limited (AIM/TSX-V: MKA) (“Mkango”) announced the receipt of Environmental Social Health Impact Assessment (“ESHIA”) approval from the Malawi Environmental Protection Authority (“MEPA”) for their Songwe Hill Rare Earths Project. The approval of the ESHIA is a significant milestone in the Mining Development Agreement (“MDA”) approvals process as it is a fundamental requirement for obtaining a mining licence, and while not directly associated with Sovereign’s Kasiya Rutile Project (“Kasiya”) in Malawi, could be perceived as an encouraging regulatory sign.
The Company also notes that it intends to release infill drilling results at Kasiya shortly, which would be incorporated into the next iteration of Kasiya’s Mineral Resource Estimate, and the impending release of the Notice of Meeting for the demerger of its standalone graphite projects (see RNS dated 7 December 2022).
ENQUIRIES
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Dylan Browne +61(8) 9322 6322 |
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Nominated Adviser on AIM |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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#POW Power Metal Resources PLC – Molopo Farms Complex Project Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 21 September 2022 the Company announced an update regarding the commencement of drilling at priority target area T1-6, as well as the ongoing geophysics programme. The link to this announcement is below:
KEY HIGHLIGHTS
T2-3 Major Drill Target
– Data from ground-based electromagnetic (“EM”) as well as magnetic geophysical surveys covering target areas T1-14, T1-3 and T2-3 has now been compiled and analysed.
– Final results have highlighted a large, significant geophysical conductor at target area T2-3. This conductor remains open in all directions and is strongly coincident with a magnetic body identified here by the ground and airborne magnetic surveys. No drilling has ever been completed over this target area.
– The historical airborne magnetic results at T2-3 have been further analysed and the magnetic body coincident with this newly identified moving loop electromagnetic (“MLEM”) geophysical conductor is shown to extend for approximately 12km in an east-west direction.
– This conductor has been given a high-priority (A+) ranking by the Company, the same priority ranking granted to the conductor at T1-6 (where drilling is ongoing).
– A planned 600m diamond core drillhole, DDH2-3A, has been designed to intersect the T2-3 conductor at approximately 300-350m downhole depth. The Company is planning on drilling this hole following the completion of diamond drillholes DDH1-6B (drilling currently in progress) and DDH1-6C.
Additional Airborne Electromagnetic Conductors
– Power Metal in conjunction with its geophysical contractor, completed an in-depth review of all airborne electromatic (“AEM”) geophysics conductors identified by the previous operator. Five of these AEM conductors (1-2, 1-4, 1-5, 1-10 and 1-11) have been upgraded and are now designated as priority airborne conductors, where follow up work is being considered.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“Drilling is successfully underway at the priority target area T1-6 where a very large geophysical conductor was identified from recently completed geophysical surveys, the initial results of which we announced on 16 August 2022. In that announcement I noted that the exploration findings were potentially among the most significant the Company had delivered.
Today’s news potentially has even greater significance with the confirmation of a major conductor at T2-3 which adds another high-priority target to the list for drill testing during the ongoing campaign. Significantly, airborne magnetic survey results over this new conductor suggest that it could be very sizeable.
Our focus is the continuation of drilling at T1-6 which is still in its early stages and where the diamond drill is progressing down to the target zone.
The findings from T1-6 in terms of potential mineralisation are keenly awaited and, given the results of the latest geophysical review, we will be looking to also drill T2-3 at the earliest opportunity.
Further to T1-6 and now T2-3, we have confirmed numerous additional targets for further investigation where there is the potential for multiple additional drill targets to be identified.”
GEOPHYSICAL SURVEY – OVERVIEW
– Spectral Geophysics have completed the 2022 Phase II exploration programme which included three MLEM and three magnetic geophysics surveys over targets T1-14 and T2-3 and T1-3. The MLEM and magnetic survey results will assist the company in refining further drill collar locations for the ongoing 2022 diamond drilling campaign.
– MLEM survey results over T2-3 have highlighted a large flat-lying, slightly concave (downward), strong conductor which remains open in all directions. The magnetic survey over this target also identified a large magnetic body that is spatially coincident with the conductor, which is interpreted to be an indication that the conductor is associated with or found within mafic to ultramafic rocks of the Molopo Farms Complex.
– MLEM results over the T1-14 target have highlighted the presence of a strong conductor located south of the 2021 drillhole (KKME1-14) that targeted this zone. It is estimated that a circa 650m drillhole would be needed to test the top of this conductor. While there are conductive Transvaal carbonaceous mudstones in the area of the survey, the centre of this anomaly is strongly coincident with a magnetic high interpreted to be caused by the ultramafic rocks in the area – suggesting that the magnetic conductor detected by this survey may be located within the ultramafic intrusive rocks. The Company is considering next steps at target area T1-14.
– Further geophysical data analysis and processing inversions are ongoing at T1-3, where a large AEM conductor was originally identified by the previous operators. The results of the completed MLEM and magnetic surveys over this target will be released following the completion of these further analyses.
– The Company also has completed an in-depth review of a previously completed AEM report covering the majority of the Molopo Farms Complex Project. Considering priority areas T1-6 and now T2-3 were originally identified by the airborne EM survey, it was decided that further investigation of the targets identified by this report was warranted. Significantly, five of the strong AEM conductors, including T1-2, T1-4, T1-5, T1-10 and T1-11 have been upgraded and are now classified as priority airborne targets by the Company. At T1-11, a 2020/2021 drillhole (KKME1-11) completed by the previous operator was determined to not have adequately targeted this conductor. Further work at these targets, which may include MLEM surveys, as well as the possibility of downhole EM at T1-11 is being contemplated and next steps will be outlined by the Company in due course.
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 – Molopo Farms Complex Project T2-3 Plan Map: A plan map of the priority area T2-3, including the location of the MLEM survey, airborne magnetic results (first vertical derivative) and location of planned drillhole DDH2-3A.
Figure 3 – Priority Target Area T2-3 Cross-Section: A cross section showing the location of the planned drillhole DDH2-3A and the MLEM results (new conductor in blue).
The diagrams and image presented above may also be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/molopo-farms-complex-project-major-drill-target-t2-3/
Further photographs and videos from the drill programme are and will be available on the Company’s website gallery section, through the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
REFERENCES
1: Power Metal PLC announcement, Botswana Molopo Farms Complex – Drilling Progress Update, 14 December 2020
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq269w )
2: Power Metal PLC announcement, Significant Nickel Intersections Confirmed by Drill Sample Assay Results, 8 April 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq7mnw )
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.finance
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 #POW – Molopo Farms Complex – Geophysics & Drill Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 8 September 2022 the Company announced an update regarding progress being made towards the first Power Metal managed and operated diamond drilling programme at Molopo Farms. The link to this announcement is below:
HIGHLIGHTS
– High-resolution ground magnetic geophysics (“Ground-Mag”) survey completed over high priority Target 1-6 (“T1-6”).
– Three dimensional (“3D”) inversion modelling of Ground-Mag data and all other available geophysical datasets covering the T1-6 electromagnetic (“EM”) conductor, also completed.
– Interpretation of historical airborne electromagnetic (“AEM”) survey data with recently collected moving-loop EM (“MLEM”) geophysics results, estimates the T1-6 conductor has an approximate strike length of 2,600m and an estimated down dip extent of 1,000m.
– Diamond core drillhole parameters for the first two planned holes at T1-6 have now been established, with the two drill collar sites under preparation and drilling expected to commence shortly.
– MLEM surveys are ongoing at additional target areas T1-3 and T2-3, and MLEM and Ground-Mag surveys are ongoing at target area T1-14, with further updates to follow shortly.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“Our work at Molopo Farms is gathering pace with the parameters for the first two diamond core drillholes into Target 1-6 now confirmed. With the drill rig now on-site we expect to start drilling the first priority target hole shortly.
Significantly, based on recently completed 3D geophysical modelling the strike-length of the priority conductor at T1-6 is interpreted to be 2,600m, a considerable target.
We are working closely with the team in Botswana who have done an incredible job thus far. It is less than a month since the initial geophysical survey findings at T1-6 that inspired this acceleration to drilling and I look forward to providing further progress updates.”
FURTHER INFORMATION
– A high-resolution Ground-Mag survey covering an area of approximately 2,700m by 1,600m has now been completed over priority target area T1-6. A strong east-west trending magnetic anomaly was identified near the southern edge of the survey area.
– Magnetic inversions of this newly identified anomaly show that the magnetic body intersects the down dip extent of the southerly dipping EM conductor identified by the previously completed ground-based MLEM survey over T1-6.
– As a result of the recently completed geophysics work at T1-6, as well as the extensive 3D analysis and inversion modelling now completed, two priority drillholes have now been planned for T1-6. The two drill collar sites are now being prepared and cleared in preparation for the programme start. The two sites selected are summarised below:
– Diamond core drillhole DDH1-6B : Located 530m directly south of drillhole KKME 1-6 (completed December 2020 1). Planned 600m hole depth, inclined at 80° dip and 0° azimuth (to the north). Based on the 3D modelling completed, DDH1-6B has been planned to intersect the southerly dipping conductor at a relatively shallow depth of 300m.
– Diamond core drillhole DDH1-6C : Located 830m directly south drillhole KKME 1-6 1. Planned 650m hole depth, inclined at 80° dip and 0° azimuth (to the north). Based on the 3D modelling completed, DDH1-6C is planned to test the intersection zone between the southerly dipping conductor and the newly identified strongly magnetic E-W trending body, which is estimated to be at a depth of approximately 350m.
– Based on 3D modelling of all available geophysical data including the previous AEM survey, the targeted T1-6 EM conductor been estimated to have an approximate strike-length of 2,600m in a broadly E-W direction and is estimated to extend for around 1,000m down dip (towards the south).
– Power is currently preparing a short video which highlights the above information and will include a demonstration of the 3D geophysical modelling with the plots of previous drillhole KKME 1-6 and the planned drillholes DDH1-6B and DDH1-6C.
– Camp setup and preparation for the upcoming programme continues at pace. The Company will announce to the market once drilling has commenced, which is expected shortly.
– MLEM surveys are ongoing at target areas T1-3 and T2-3, and MLEM and Ground-Mag surveys are ongoing at target area T1-14. A further update in regard to this work, as well as survey results, are also expected shortly.
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
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.
REFERENCES
1: Power Metal PLC announcement, 14 December 2020
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq269w )
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 |
#TYM Tertiary Minerals plc – Collaborative Agreement – Zambia Copper Projects
Tertiary Minerals plc is pleased to announce that it has signed a Technical Cooperation Agreement (the “Agreement”) with First Quantum Minerals Limited (“FQM”) in connection with two of its copper exploration projects in Zambia.
Key Points:
· The Agreement covers Tertiary’s Mukai and Mushima North Project Interests (the “Projects”).
· The Mukai Project Exploration Licence is located in Zambia’s North-western Province and is directly adjacent to FQM’s Trident Project which includes the large Sentinel Copper Mine and the recently opened enterprise Nickel Mine.
· The Mushima North Exploration Licence, in the Kasempa District, is also in an active exploration area for FQM and is prospective primarily for iron-oxide-copper-gold (IOCG) mineralisation.
· FQM & Tertiary will establish a Technical Committee with the objective to work collaboratively with respect to advancing exploration and development of the Projects.
· The Technical Committee will advise and assist Tertiary in relation to all technical matters relating to the Projects.
· FQM will provide Tertiary with all of its historical exploration data for the two licence areas and Tertiary will submit its exploration results to the Technical Committee on an ongoing basis.
Commenting today, Executive Chairman Patrick Cheetham said:
“This Agreement will turbo-charge Tertiary’s Zambian exploration in these two key licence areas. We are set to benefit from FQM’s extensive and in-depth country experience, gained over many years of exploration and mine development in Zambia and, importantly, its site-specific historical exploration in and around these two exciting projects.
“For Tertiary, the Agreement will effectively harness the expertise of one of the world’s largest copper producers without the associated cost, and in return FQM will gain first-hand knowledge of any new discoveries that we make, and will be in pole position, should we seek an exploration or development partner in future. Nevertheless, it is important to stress that the Agreement does not bind either company to any further agreement or grant FQM any first rights of refusal and so is not commercially restrictive for Tertiary.
“We are grateful to FQM for proposing such a free-thinking arrangement and we look forward to working with their team.”
For more information please contact:
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Additional Information.
Tertiary is exploring in Zambia through local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ has the right to acquire up to a 90% interest in the Mukai and Mushima North exploration licences from local company and licence holder Mwashia Resources Ltd.
Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.
Mukai Copper Project, 27066-HQ-LEL
Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the north-western Province of Zambia. Geologically it is in the Domes Region of the Central African Copperbelt and it encompasses Lower Roan Subgroup rocks which are part of the southern flank of the highly prospective Kabompo Dome.
The licence is directly adjacent to FQM’s Trident Project licences which include the recently opened Enterprise nickel mine and the large producing Sentinel (Kalumbila) copper mine, located 8km south and 18km southeast of the licence, respectively.
FQM has invested US$2.1 billion in the Sentinel copper mine where the plant has the capacity to treat 55 million tonnes of ore per annum.
Enterprise is a sediment-hosted nickel-sulphide deposit with a total measured and indicated resource of 40 million tonnes of ore containing 431,000 tonnes of nickel from which FQM envisages processing some 4 million tonnes per year of nickel ore making Enterprise the largest nickel mine in Africa.
The project is also located west of Arc Minerals project area on the opposite flank of the Kabompo Dome where Anglo American plc can earn a 70% interest from Arc Minerals plc through expenditure of US$88.5 million including US$14.5 in cash payments.
Mushima North Copper Project, 27068-HQ-LEL
Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga.
The licence encompasses basement rocks outside of the traditional Copper Belt and the region is a focus of exploration for copper-gold in so called Iron-Oxide-Copper-Gold (“IOCG”) deposits best exemplified by the giant Olympic Dam copper-gold-uranium deposit in South Australia.
The past producing Kalengwa copper mine is situated approximately 20km west of the licence and is believed to be one of the highest-grade copper deposits ever to be mined in Zambia. In the 1970s high grade ore in excess of 26% copper, making up approximately 20% of the orebody, was trucked for direct smelting at Copper Belt mines.
First Quantum Minerals Ltd (“FQM”)
FQM is a global copper company operating long life mines in several countries. It employs approximately 20,000 people world-wide.
FQM is ranked the sixth largest copper producer in the world and is forecasting global copper metal production of at least 790,000t in 2022.
Just under half of FQM’s copper production is expected to come from its Kansanshi and Sentinel mines in Zambia which together represent approximately 50% of total Zambian copper output.