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Power Metal Resources #POW – Kalahari Copper Belt – Encouraging Preliminary AEM Survey Results
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an exploration update for shareholders to confirm encouraging initial results from the airborne electromagnetic (“AEM”) surveys recently flown over the South Ghanzi Project (the “Project” or “South Ghanzi”) in the Kalahari Copper Belt, Botswana (“KCB”).
The South Ghanzi Project is part of a Strategic Joint Venture (“SJV”) with Kavango Resources plc (“Kavango”)(LON:KAV) covering precious, base and strategic metal opportunities in Botswana. Power Metal and Kavango each have a 50% interest in the SJV.
Highlights:
- Over 1,200 km of AEM surveys flown by SkyTEM Surveys ApS (“SkyTEM”), a leading airborne geophysical survey company, over South Ghanzi Project.
- Preliminary data plots conform to Kavango’s developing exploration models across the South Ghanzi Project.
- Initial results correlate encouragingly to results from Kavango’s other exploration efforts, including:
- Close correlation to Kavango’s interpretation of regional geological structures.
- Confirmation of areas of interest identified by previous soil sampling and ground magnetic surveys.
- Data processing underway, with the results expected later in the spring, and with a goal of identifying targets for test drilling in H2/2021.
- Initial results from AEM surveys has been used to augment next steps of field exploration across the JV’s KCB licence area.
Paul Johnson, Chief Executive Officer of Power Metal Resources, commented:
“The pathway to major metal discoveries requires a disciplined and targeted step-by-step approach, something which is being applied to the South Ghanzi exploration model.
What stands out however, for me, is the speed at which we have been able to implement the AEM surveys and to gather initial results, which are demonstrating that the South Ghanzi Project is shaping up very nicely.
So, with our SJV partners, we are pushing ahead with the next stage of work, which is focused on delineating drill targets ASAP, the objective of which will be a large-scale copper/silver metal discovery, or discoveries.”
Initial AEM survey results
Heavy rains and low cloud cover across southern Africa slightly delayed the AEM survey, but SkyTEM completed all AEM survey work by the first week in March.
Kavango’s in-house geophysics team has plotted the preliminary electromagnetic data on maps of the Company’s licences. These maps have been overlaid on regional geological survey maps and proprietary maps, which also plots results from soil sampling and ground magnetic surveys.
The preliminary AEM anomalies are associated with a number of plunging fold hinges that represent potential drill targets. Follow-up work will require the development of geological models to determine the stratigraphic location of these anomalies and potential drill collar locations and orientations. The AEM anomalies are supported by zinc soil geochemistry anomalies and malachite staining (often formed by the near-surface weathering of copper bearing primary sulphide minerals) in PL 036/2020.
The AEM survey data will now undergo further processing and finalisation, ahead of a detailed interpretation and drill hole target planning. Further details will be provided once this work has been completed.
THE SOUTH GHANZI PROJECT
The SJV South Ghanzi Project includes two prospecting licences in the KCB (PL036/2020 and PL037/2020) covering an area of 1,294 km2.
The South Ghanzi Project, located on the highly prospective Kalahri Copper Belt (“KCB”) in northern Botswana, includes lengthy geological reduction-oxidation (“redox”) boundaries and geological fold structures that represent high priority exploration targets.
The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.
Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges and other structural trap-sites.
Several large-scale copper/silver ore deposits have been discovered on the KCB in association with fold hinges in areas now held under licence by Sandfire Resources Ltd (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and may be amenable to open pit mining operations.
Accumulations of sulphide metals can be traced along the strike of redox boundaries (sometimes for many kilometres), since they often have a higher magnetic signature than the surrounding rock.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Kalahari Copper Belt – Exploration Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update with regard to the South Ghanzi Project in the Kalahari Copper Belt (“KCB”), Botswana.
The South Ghanzi Project is part of a Strategic Joint Venture with Kavango Resources plc (LON:KAV) covering precious, base and strategic metal opportunities in Botswana. Power Metal and Kavango each have a 50% interest in the SJV.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“Both Kavango and Power Metal are eager to push ahead with ground exploration in the KCB, with the South Ghanzi Project demonstrating geological features similar to recent major copper/silver discoveries in the area.
We now intend to conduct an airborne electromagnetic and magnetic geophysics survey in parallel to ongoing ground exploration work which includes intensified soil sampling around target areas. By doing this we will speed up the exploration process at this key stage, hopefully fast-tracking the delineation of initial drill targets.
There is a sense across the SJV team that the South Ghanzi project is shaping up rather well with each step forward. Having seen the benefits of a major discovery in the KCB previously, I am personally keen that we continue to push-on at pace.”
Highlights:
- At the South Ghanzi Project the SJV is exploring for potential large-scale copper/silver deposits on the highly prospective KCB.
- Kavango has signed a contract with SkyTEM Surveys ApS, a leading airborne geophysical survey company, to fly 1,173 km of airborne electromagnetic (“AEM”) and magnetic (“Mag”) geophysics survey over the South Ghanzi Project.
- AEM and Mag geophysics have been instrumental in helping other companies identify significant copper mineralisation and copper deposits in the KCB. Through analysis of combined data of geological structures, ground conductivity and surface soil geochemical anomalies, exploration companies can increase chances of drilling success.
- The AEM survey flights are due to commence this month, while ongoing soil sampling and ground survey programmes will continue.
- Given the acceleration of exploration programmes at the KCB, the SJV expects to commence work on an Environmental Management Plan (“EMP”) imminently. An approved EMP will allow the drilling of key targets subject to postive outcomes from the current exploration work .
- In addition to exploration progress outlined above, and in preparation for the potential listing of the SJV on a recognised stock exchange, holding companies for the SJV have now been established with Kanye Resources Pty Ltd in Botswana and Kanye Resources Ltd in England.
THE SOUTH GHANZI PROJECT
The SJV South Ghanzi Project includes two prospecting licences in the KCB (PL036/2020 and PL037/2020) covering an area of 1,294 km2.
The South Ghanzi Project includes lengthy geological reduction-oxidation (“redox”) boundaries, close to surface, that represent prospective exploration targets.
The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.
Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges.
Several large-scale copper/silver ore deposits have been discovered on the KCB in association with fold hinges in areas now held under licence by Sandfire Resources Ltd (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and may be amenable to open pit mining operations.
Accumulations of sulphide metals can be traced along the strike of redox boundaries (sometimes for many kilometres), since they often have a higher magnetic signature than the surrounding rock.
KCB AEM SURVEYS AND FURTHER EXPLORATION
SkyTEM acquires electromagnetic, magnetic and radiometric data from a helicopter platform. The highly accurate data it delivers is a critical component for subsurface exploration.
AEM data is gathered by transmitting an electromagnetic signal from a system attached to the helicopter. This signal induces current eddies in the ground, which are received by a large loop of coils carried underneath the helicopter.
This technology enables SkyTEM to detect variations in the conductivity of ground up to depths of over 300 metres. Processing and interpretation of this data will enable Kavango’s exploration team to identify and differentiate any conductors encountered. Depending on the conductivity response of these conductors and their position in the ground, if any of these are found they could become targets for future drilling.
SkyTEM will fly 1,173km over the South Ghanzi Project.
Final flight plans are currently being prepared, guided by encouraging initial soil sample results from the South Ghanzi Project.
Following its reinterpretation of previous regional airborne survey data, Kavango’s geological team has mapped certain underground formations of particular interest. Soil samples taken above these formations conformed well to Kavango’s exploration model.
Kavango expects that SkyTEM will fly the first AEM surveys later in February.
In the meantime the SJV will continue to carry out further soil sampling and ground magnetic surveys at the South Ghanzi Project.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Botswana Strategic Kavango Resources #KAV Joint Venture Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update with regard to the Strategic Joint Venture (“SJV”) with Kavango Resources plc (“Kavango”)(LON:KAV) covering precious, base and strategic metal opportunities in Botswana.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“The Strategic Joint Venture with Kavango is gathering considerable momentum with proactive exploration underway at the Ghanzi Project in the Kalahari Copper Belt and at the Ditau Project.
Power Metal and Kavango are to accelerate the SJV both from an exploration and corporate perspective, including the plans for a potential listing on a North American or UK stock exchange as soon as practicable.
To fund the proactive exploration programmes and the preparation for a listing of the SJV, Power Metal has accelerated remaining payments under the SJV agreement, meaning all financial commitments thereunder have now been satisfied in full, and earlier than initially planned.
Further information in respect of ongoing exploration findings and the SJV listing plans will be provided in the near future.”
Highlights:
- Power Metal and Kavango announced a new SJV on 21 September 2020, bringing four Botswana prospecting licences held by Kavango into the SJV arrangement.
- The four licences form two distinct projects, namely:
- the Ghanzi Project (two licences covering 1,294.2km2 in the Kalahari Copper Belt (“KCB”) in south west Botswana located directly to the southwest of Sandfire Resources’ T3 and A4 Dome copper-silver discoveries);
- the Ditau Project (two licences covering 1,386km2 and prospective for rare earths and other mineralisation).
- The SJV agreement included a condition that Power Metal will pay the first US$75,000 toward Ditau Project and Ghanzi Project exploration spend within 12 months and a further US$75,000 in the subsequent 12 months (the “Initial Spend”). Power Metal was able, at its sole discretion, to accelerate the Initial Spend of US$150,000 into the first 12 months of the SJV agreement period.
- Power Metal has satisfied the US$75,000 first 12 months Initial Spend and has now elected to accelerate the second year Initial Spend and has therefore paid Kavango a further US$75,000.
- In addition the SJV agreement stipulated Power Metal was to provide a fund of up to £10,000 to cover the costs of the corporate structuring necessary in respect of the SJV. To clear this amount Power Metal has made a payment to Kavango of £10,000.
- All initial SJV agreement related Power Metal amounts due have now been satisfied in full on an accelerated basis. Going forward both Power Metal and Kavango will be required to fund 50% of SJV costs, or be diluted in line with standard industry dilution provisions.
- Exploration work on the two SJV projects continues at pace, with the latest updates provided in the Power Metal market announcements of 23 December 2020 (Ghanzi Project – Kalahari Copper Belt) and 4 January 2021 (Ditau Project).
THE SOUTH GHANZI PROJECT
The SJV South Ghanzi Project covers two prospecting licences in the KCB (PL036/2020 and PL037/2020) covering an area of 1,294 km 2 .
The South Ghanzi Project area includes lengthy geological reduction-oxidation (“redox”) boundaries, close to surface, that represent prospective exploration targets.
The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.
Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges.
Several large-scale copper/silver ore deposits have been discovered on the KCB in association with fold hinges in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and may be amenable to open pit mining operations.
Accumulations of sulphide metals can be traced along the strike of redox boundaries (sometimes for many kilometres), since they often have a higher magnetic signature than the surrounding rock.
THE DITAU PROJECT
The SJV Ditau Project comprises two prospecting licences (“PLs”) (PL169/2012 & PL010/2019)that cover an area of 1,386km2.
Geophysical and geochemical analyses by Kavango in the two PLs have identified 10 magnetic geophysical “ring structures” (including at least one possible kimberlite structure).
The “ring structures” are potential associated with alkaline and carbonatite intrusions.
Alkaline rocks are the principal source of REEs including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (“EVs”), magnets and other high-tech applications.
One of the geophysical ring structures is a 7km x 5km magnetic and gravity anomaly with significant zinc-in-soils values. Assay and whole rock geochemistry results from two drill holes drilled on this ring structure in 2019 by Kavango demonstrated the presence of an extensive zone of altered Karoo sediments sitting above a mafic intrusive body. The alteration extended to over 300m in depth in both holes, which were 1.8km apart. The geochemistry obtained from the drill core suggested that the alteration was due to “fenitization”, a type of extensive alteration associated with alkali magmatism and carbonatites.
Fenite alteration is particularly associated with carbonatite intrusions, where it occurs as an aureole or halos around the carbonatite intrusive. It can indicate the presence of mineralised intrusions in a similar way that alteration patterns are used in other ore systems, such as porphyry copper deposits.
Kavango suspects that the post-Karoo fenitized rocks intersected at Ditau may be comparable to the Longonjo weathered carbonatite in Angola being developed as a neodymium and praseodymium open pit mine by Pensana Metals Limited.
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.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Kalahari Copper Belt exploration, very positive initial findings
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an exploration update for the South Ghanzi Project in the Kalahari Copper Belt.
The Project includes two prospecting licences in the KCB held in a Strategic Joint Venture with Kavango Resources plc (LON:KAV).
Highlights
- Portable x-ray fluorescence “pXRF” analysis of 335 previously collected soil samples completed:
- Encouraging concentrations of zinc identified.
- Zinc is a recognised pathfinder element for the less mobile copper ions in the soil.
- Elevated levels of zinc in soil samples can be associated with shallow strata-bound copper mineralisation.
- 127 new soil samples collected, dried and sieved:
- Soil samples taken in areas of particular interest.
- pXRF analysis ongoing.
- Interpretation of regional aeromagnetic surveys has identified favourable stratigraphy in anticlines and synclines within the licences:
- Anticlines and synclines are types of rock strata fold that respectively form crests and troughs. Where anticlinal folds also vary in slope along the fold axis-strike they can also create stratigraphic “domes” which can be favourable sites for the formation of orebodies.
- Anticlinal “domes” can bring the mineralisation close to surface and within reach of open pit mining.
- Higher concentrations of soil zinc anomalies identified near several anticlines
- Soil samples have been submitted for TerraLeach™ assay testing, an analytical method designed to remove the mobile ion component from soil samples with a view to detecting metal dispersion from a buried orebody.
- Assay results expected in the New Year.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“I am delighted to report very positive initial exploration findings from the KCB, with the soil sampling results highlighting target areas, in very similar geological settings to other material copper/silver discoveries, made in neighbouring projects in recent years.
This area of Botswana is evidently highly prospective for copper and Power Metal and Kavango Resources are particularly excited to be proactively exploring in the heart of the KCB.
Of note, both Power Metal and Kavango have a strong working capital position meaning we have the financial means, alongside the operational determination, to push on with proactive exploration through the Strategic Joint Venture.”
Progress at South Ghanzi
Portable XRF analysis (“pXRF”) was completed on the 335 soil samples previously collected at South Ghanzi (4 December 2020).
Results from the XRF analysis revealed elevated concentrations of zinc in several key areas.
In parallel to this, Kavango’s geophysicists completed reinterpretation work on data gathered from government sponsored regional aeromagnetic surveys. Magnetic data collected by previous exploration companies is also available on “open source”.
Thanks to the reinterpretation of this data, Kavango’s exploration team has identified a number of significant anticlines and synclines that occur close to geochemical reduction-oxidation (“redox”) boundaries across the South Ghanzi Project.
Anticlinal “domes” often act as trap sites for high-grade copper/silver deposits across the KCB. Their proximity to surface makes them extremely attractive exploration targets.
Because zinc in soil anomalies occur close to several anticlines, Kavango’s exploration team collected an additional 127 new soil samples in those areas.
A selection of these samples has been sent to a laboratory in Johannesburg for assay testing using the TerraLeach™ method. Results are expected in the New Year.
Together with Power Metals, Kavango expects to conduct airborne electromagnetic geophysics (“AEM”) surveys over prospective sections of the South Ghanzi project in Q1 2021. If results are favourable, the Strategic Joint Venture will work quickly towards test drilling of shallow targets once a 3 dimensional model has been developed.
STRATEGIC JOINT VENTURE INTERESTS IN THE KALAHARI COPPER BELT
The Strategic Joint Venture South Ghanzi Project covers two prospecting licences in the KCB (PL036/2020 and PL037/2020) covering an area of 1,294 km2. Power Metal has a 50% ownership interest in the Strategic Joint Venture with Kavango holding 50%.
THE SOUTH GHANZI PROJECT GEOLOGICAL SETTING
The South Ghanzi Project area includes lengthy redox boundaries, close to surface, that represent prospective exploration targets.
The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.
Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges.
Several large-scale copper/silver ore deposits have been discovered on the KCB in association with fold hinges in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and may be amenable to open pit mining operations.
Accumulations of sulphide metals can be traced along the strike of redox boundaries (sometimes for many kilometres), since they often have a higher magnetic signature than the surrounding rock.
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.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Kalahari Copper Belt Exploration Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the commencement of exploration fieldwork on the South Ghanzi Project on the Kalahari Copper Belt (“KCB”) in northwest Botswana.
South Ghanzi comprises two prospecting licences PL036/2020 and PL037/2020 (total area 1,294km2) held in a 50% owned strategic joint venture (“JV”) with Kavango Resource PLC, as announced 21 September 2020. The JV holds of a total 2,680km2 portfolio of base and strategic metal project interests in Botswana which include the South Ghanzi project.
Exploration Rationale
The Botswana KCB is an emerging world-class exploration province for strata-bound copper-silver deposits with a trend extending over 1,000km along the northern boundary of the Kalahari carton in Botswana and Namibia.
The JV’s highly prospective South Ghanzi licences are strategically placed in the centre of this trend and are located immediately adjacent and interstitial to exploration targets and resource projects held by Sandfire Resources who recently committed to the commercial development of the T3 Copper-Silver Project (30km from JV) and to the regional Motheo Production Hub strategy targeting satellite high-grade copper deposits such as their A4 Maiden Resource Project (approximately 20km from the JV).
HIGHLIGHTS
- Field based exploration activities targeting the discovery of sedimentary copper deposits at the South Ghanzi Project have recently commenced under the operational management of Kavango.
- Workstreams consist of soil sampling and ground magnetic geophysics surveys which seek to delineate regional targets for future airborne electromagnetic (“AEM”) geophysical surveying. This is the same exploration strategy which led to the discovery of a number of the neighbouring copper deposits.
- JV Project comprises 1,294km2 of highly prospective ground held under licence PL036/2020 and PL037/2020.
- Mobile exploration fieldcamp has been established on the outskirts of Ghanzi town.
- To date, initial soil sampling has completed with 335 samples taken over 33.5 line km (on six lines at 100m spacing) over targeted areas selected on an interpretation of geological structures from regional magnetic and geological mapping data.
- Encouragingly only thin overburden Kalahari sand cover has been encountered to date with soil samples tested by a portable X-ray fluorescent analyser (“XRF”) ahead of being selected for assay at an accredited laboratory.
- Ground geophysics completed to date, and currently being processed, consists of 68.8 line km of magnetic survey based on 200m line spacing and 10m survey stations targeting potential geological reduction-oxidation (redox) boundaries and deformation zones which are considered prospective for the concentration of copper mineralisation.
- Results of sampling and geophysical surveying will be published as soon as available.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“We are very excited to undertake ground exploration work at the South Ghanzi Project, our highly prospective joint venture tenements on the Kalahari Copper Belt.
The tried-and-tested regional exploration strategy of soil geochemistry, ground geophysics, follow-on airborne electromagnetic surveying techniques and drilling, has led to the discovery of a number of the high-profile adjacent copper deposits in close proximity to the JV.
Personally, I am delighted to return to the Kalahari Copper Belt and follow a similar pathway with this programme to that leading to the discovery of the T3 copper deposit in 2016 whilst I served as CEO of Metal Tiger plc, a joint venture partner in that discovery.
With this programme in full swing, yet another Power Metal project is the subject of proactive exploration in the search for a large-scale metal discovery.”
FURTHER INFORMATION:
South Ghanzi Work Programme
The first phase of field exploration on the JV South Ghanzi Project is an orientation programme, designed by the Kavango technical team, to map out the soil geochemistry and geological structures across the areas of initial interest. This will help identify targets for follow up work.
335 soil samples have been taken across 6 lines, totalling 33.5km. Only thin Kalahari sand cover was encountered, which is encouraging for future exploration work. The samples were sieved to 50 microns and are now being analysed using a portable XRF Analyser. Selected samples will then be sent to a laboratory for further testing.
Meanwhile, ground magnetic surveying was conducted over 68.8km. The surveying covered a number of sub-outcropping redox boundaries, which are believed to be typically associated with copper mineralisation. Line spacing was set at 200m, with 10m-station spacing. The survey data is now being processed and plotted.
Results from the laboratory testing of the soil samples and the reprocessing of the ground magnetic data are expected later this month.
The JV expects to conduct AEM surveys over prospective sections of the South Ghanzi project in the New Year.
The JV will work quickly towards test drilling of shallow targets once a 3 dimensional exploration model has been developed following the completion of the exploration activities described above.
The work has been reviewed and compiled by Kavango’s Mike Moles who is the competent person for fieldwork reporting.
Kalahari Copper Belt Project
The KCB stretches 1,000 km from northern Botswana to central Namibia and is prospective for copper-silver deposits. The KCB is relatively underexplored but is emerging as a globally significant copper belt , boosted by the fact it is located in stable and pro-mining Botswana which consistently ranks in the top three African countries in the Fraser Institute Investment Attractiveness Index (2015-2019).
In recent years the KCB has attracted substantial exploration interest. This has resulted in significant copper-silver discoveries including:
- Cupric Canyon Capital’s Zone 5 deposit, which hosts a Total Mineral Resource of 91.7 million tonnes (“Mt”) grading at 2.1% copper and 14 grams a tonne (“g/t”) of silver. In July 2019 Cupric raised US$650M for the construction of the Khoemacau Starter Project with previously announced plans to begin mining Zone 5 in mid-2021. ( https://www.khoemacau.com/assets/docs/2019_07_18_Cupric_KCM_Funding_Increase-20190718061954.pdf )
- MOD Resources’ and Metal Tiger’s (LON:MTR) commercial discovery at T3, which was subsequently acquired by Sandfire Resources (ASX:SFR) (“Sandfire”) in October 2019. Following the completion of a definitive feasibility study Sandfire announced the investment decision to develop the T3 Copper-Silver Project as a mine on 1 December 2020. This involves a US$259 million development of the T3 Motheo Copper-Silver Project on a base case 3.2Mtpa operation with clear visibility to expand rapidly to 5.2Mtpa and an estimated life-of-mine (LOM) revenue of US$2.45 billion. https://www.sandfire.com.au/site/PDF/8dfc69c6-9a2e-43cc-9079-c9880da7a102/SandfireApprovesDevelopmentofnewLonglifeCopperMine
- Sandfire’s A4 Dome satellite deposit, which is a high-grade vein hosted system, located 8km west of T3, also announced a maiden resource and recent high grade drill intersections (including 33.0m @ 4.6% Cu and 74.3 g/t Ag from 109m down-hole) on 1 December 2020. https://www.sandfire.com.au/site/PDF/db4fbfe1-563a-4b8b-8577-dd857fd123c0/MaidenMineralResourceforA4CopperSilverDeposit The Project’s two JV Prospecting Licences (“PLs”) were awarded in April 2020, they lie in a highly prospective area immediately south of the District capital of Ghanzi. The PLs covering a total of 1,294.2 km2 are as follows:
- PL 036/2020 – (590.20km2) for initially 3yrs to 31 March 2023 — Yr1 exploration expenditure BWP 548,000 (about £37,500)
- PL 037/2020 – (704.00km2) for initially 3yrs to 31 March 2023 — Yr1 exploration expenditure BWP 548,000 (about £37,500)
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MAusIMM, MIMMM, 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.
REGULATORY STATEMENT
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
CONTACT INFORMATION
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 and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently the subject of drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.