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Technology Minerals #TM1 – Notice of General Meeting
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that a General Meeting (“GM”) will be held at 09.00 a.m. on Wednesday 26 October 2022 at 18 Savile Row, London, W1S 3PW.
The purpose of the GM is to address the following resolutions, of which Resolution 1 will be proposed as an ordinary resolution and Resolution 2 will be proposed as a special resolution:
Ordinary Resolution
1. That the directors be and they are hereby generally and unconditionally authorised pursuant to section 551 of the Companies Act 2006 (the “Act”) in substitution for all previous powers granted to them, to exercise all the powers of the Company to allot shares in the Company or grant rights to subscribe for or convert any security into shares in the Company (“Rights”) up to an aggregate nominal amount of £423,808 being approximately one third of the issued ordinary share capital of the Company and such authority shall, unless previously revoked, varied or renewed by the Company in general meeting, expire at the conclusion of the Annual General Meeting of the Company to be held in 2022, but, in each case, provided that the Company may, at any time before such expiry, make an offer or enter into an agreement which would or might require shares to be allotted or Rights to be granted after such expiry and the directors may allot shares or grant Rights pursuant to any such offer or agreement as if the authority conferred hereby had not expired.
Special Resolution
2. THAT, conditional on the passing of Resolution 1, the directors be, and they are hereby authorised pursuant to section 570 of the Act to allot equity securities (as defined insection 560 of the Act) for cash pursuant to the authority conferred by Resolution 1 above as if section 561 of the Act did not apply to any such allotment, provided that this authority shall be limited to:
(a) the allotment of equity securities in connection with an issue in favour of shareholders where the equity securities respectively attributable to the interests of all such shareholders are proportionate (or as nearly as may be practicable) to the respective number of ordinary shares in the capital of the Company held by them on the record date for such allotment, but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements or legal or practical problems under the laws of, or the requirements of, any recognised regulatory body or any stock exchange, in any territory; and
(b) the allotment (otherwise than pursuant to sub-paragraph (a) above) of equity securities up to an aggregate nominal amount of £190,714 , being approximately 15% of the current issued share capital of the Company such authority to expire (unless previously renewed, varied or revoked by special resolution of the Company in general meeting) at the conclusion of the Annual General Meeting of the Company to be held in 2022. The Company may, before such expiry, make offers or enter into agreements, which would or might require equity securities to be allotted after such expiry and the directors are hereby authorised to allot equity securities in pursuance of such offers or agreements as if the authority conferred hereby had not expired.
Recommendation
The Board believes that the resolutions contained in the Notice of GM are in the best interests of the Company and shareholders as a whole and recommends you to vote in favour of them, as your Directors intend to do in respect of their beneficial shareholdings.
The Notice of GM and Form of Proxy will be posted to Shareholders and copies will also be made available on the Company’s website at www.technologyminerals.co.uk .
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 4582 3500 |
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Arden Partners Plc |
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Ruari McGirr, George Morgan |
+44 207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Amy Stupavsky |
+44 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
Sovereign Metals #SVML – Notification of Change of Auditor
Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) advises that Ernst & Young has been appointed as auditor of the Company, with effect from today. This appointment follows the resignation of Deloitte Touche Tohmatsu (Deloitte) and ASIC’s consent to the resignation in accordance with s329(5) of the Corporations Act 2001.
The appointment of Ernst & Young follows a review of the Company’s external audit arrangements and the Board selected Ernst & Young based upon their expertise and competitive fee structure. The Board would like to take this opportunity to thank Deloitte for its past assistance and services rendered to the Company.
In accordance with s327C of the Corporations Act 2001, a resolution will be put before shareholders at the Company’s 2022 Annual General Meeting, to ratify the appointment of Ernst & Young as the Company’s external auditor.
Power Metal #POW – Reitenbach Uranium Disposal – Progress Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a progress update in respect of the conditional disposal of its Reintenbach uranium property (“Reintenbach” of the “Property”) located east of the Athabasca Basin in Northern Saskatchewan, Canada.
The conditional disposal of Reitenbach to Teathers Financial Plc (“Teathers Financial” or “Teathers”), was announced on 8 August 2022 and may be viewed through the following link:
Teathers is an unlisted public company which is planning an initial public offering (“IPO”) on the London capital markets. Subject to the conditional terms of the agreed Property Purchase Agreement (the “Agreement”) being met, the Power Metal group would be expected to hold an estimated 40-55% interest in the newly listed company.
HIGHLIGHTS
§ Teathers to be renamed Uranium Energy Exploration PLC for its planned listing on the London capital markets.
§ Preparations for planned listing progressing well and £125k pre-IPO fundraising round completed.
§ Multiple significant uranium prospective anomalies identified across the Property.
§ A significant ‘New Lake Geochem Zone’ has been identified which is demonstrated by high-
tenor uranium results from historical lake sediment geochemical sampling
§ Additional staking of 1,333 hectares (13.33Km2) completed to cover new prospective zone and increasing the size of the Property to 15,979 hectares (159.79km2).
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The planned disposal of the Reitenbach uranium Property into what will be Uranium Energy Exploration PLC is progressing well, with significant corporate and technical progress having been made in the last 4 weeks since the transaction was announced.
We are seeing uranium shares move sharply higher across UK, Canadian and Australian exchanges, reflecting the increasing recognition across the globe of an urgent need for the uptake in utilisation of nuclear power generation.
Regrettably the UK capital markets do not have many uranium focused shares, and there is limited opportunity for UK investors to participate in the uranium sector. This new planned listing will add another opportunity, and we understand the investor engagement thus far, has demonstrated there is a great deal of interest.
Should you wish to be kept informed of developments, please email info@uraniumenergyexploration.com.”
FURTHER INFORMATION
Corporate:
– Teathers Financial recently completed a £125,000 pre-IPO financing.
– Teathers has secured the company name, Uranium Energy Exploration and ticker symbol UEE, in advance of its planned listing on the London capital markets in the near term.
– Teathers has also secured the website holding page (https://uraniumenergyexploration.com) as well as the Twitter handle @uranium_energy as it continues to build out its online presence.
Reitenbach Technical:
Prior to the acquisition of the Property becoming unconditional, Power Metal’s technical team have continued to undertake exploration work on the Property. The outcome of that work is outlined below.
– Hyperspectral remote sensing analysis utilising Sentinel-2 satellite data on hydrogen and helium gas reflectance was recently obtained over the Reitenbach area. The results of this spectral survey highlighted the existence of several anomalies located across the Property.
– These spectral results, combined with government and historical geophysical data, have allowed for the refinement of several high-priority targets for inspection during future work programmes, which includes a strong northeast-southwest trending anomaly in close proximity to the original ‘Lake Geochem Zone’ identified in 2021 by Power Metal.
– A significant ‘New Lake Geochem Zone’ was also identified through further historical data digitisation, which includes lake sediment sample results up to 346ppm Uranium (“U”) (with 6 results returning > 285ppm U) which represent very high tenor results for this type of geochemical sample. The combined Lake Geochem Zone now stretches for greater than 7km.
– The spectral results also have highlighted a significant hydrogen and helium anomaly present along the regionally important Needle Falls Shear Zone.
– As a result of the spectral results and the identification of the ‘New Lake Geochem Zone’, an additional 1,333 hectares have been claim staked (13.33 km2), bringing the total Property area under licence to 159.79 km2. The new ground staked covers the extension of a northeast-southwest trending uranium-rich boulder train as well as spectral anomalies identified at the ‘New Lake Geochem Zone’. All Reitenbach Property claims are being held by Power Metal, in trust for Teathers, pending completion.
A map highlighting the newly staked area and results from the ‘New Lake Geochem Zone’ be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/reitenbach-property-overview-sept-22/
Power Metal #POW – Investee Update – First Class Metals PLC
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today from First Class Metals PLC (LON:FCM) (“First Class”) providing an exploration update confirming a high grade nickel sulphide discovery at Pickle Lake within the Schreiber-Hemlo region, Ontario, Canada.
This announcement and other announcements released by First Class may be viewed through the following link:
https://www.firstclassmetalsplc.com/rns-announcements
Power Metal and its wholly owned subsidiary Power Metal Resources Canada Ltd hold 18,516,097 First Class shares representing 28.19% of issued share capital (the “FCM Holding”).
The FCM Holding is subject to a lock-in agreement preventing the sale of the FCM Holding until 29 July 2023 and an orderly market arrangement for 12-months thereafter until 29 July 2024.
In addition, Power Metal holds 517,705 warrants to subscribe for a further 517,705 First Class shares at an exercise price of 10p per FCM share and with an expiry date of 29 July 2023.
New UK Investor Magazine Podcast – UK GDP, Wetherspoons #JDW, Golden Metal Resources #GMT, Power Metal Resources #POW, Mode with Alan Green
Alan Green joins the UK Investor Magazine Podcast for our weekly instalment of markets and Uk equities.
UK GDP rose 0.5% in May dispelling fears about an impending recession, for now. The impact of bank holidays and a boost in travel spending drove the boost, despite ongoing fears of a cost of living crisis.
We look at the current playbook for inflation and a potential snap back in markets.
However, the boost in economic activity was missed by Wetherspoon that suffered a contraction in sales, albeit an improvement on prior quarters declines. The demographics of the Wetherspoon customer may be to blame as their core ale sales suffer while spirits grew.
Bitcoin app Mode has had a torrid year during the crypto crash and we discuss recent activity at the activity. Revenue nearly tripled in 2021 but increases in their expenses meant continued cash burn.
Golden Metal Resources is set for a spin out from Power Metal Resources and help crystalise valuation creation by the parent company. We outline the Golden Metal Resources portfolio and progress of the IPO.
Power Metal Resources #POW – Canadian Lithium Projects – Earn-In 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 respect of its earn-in agreement to acquire 100% of the Authier North and Duval East lithium properties (“Authier North” and “Duval East”, collectively the “Properties”), located in the prolific Val D’Or mining camp in Quebec, Canada (the “Earn-In”).
The Authier North and Duval East Earn-In interest is held by Power Metal’s wholly-owned Canadian subsidiary Power Metal Resources Canada Ltd (“POW Canada”) which is focused on strategic energy metal opportunities within Canada’s top mining jurisdictions.
EARN-IN AGREEMENT CONTINUATION
The Earn-In agreement was originally signed in July 2021 and a link to the announcement covering this is below:
https://www.londonstockexchange.com/news-article/POW/agreement-canadian-lithium-properties/15061434
The Earn-In is staged with annual decision points to consider continuation into the next year and Power Metal have notified the property owner that the Company will continue into year two of the Earn-In.
RATIONALE FOR CONTINUATION
· On the back of strong lithium price fundamentals, and continued success at the neighbouring Sayona Mining Limited (“Sayona Mining”; ASX: SYA) Authier Lithium Project (“Authier Project”), Power Metal has made the decision to continue into the 2nd year of the Authier North Lithium Earn-In.1
· The Company engaged a Canada-based lithium geologist to produce a Property Evaluation report (the “Evaluation”). The Evaluation considered the Authier North 2021 programme results, as well as the ongoing results from the neighbouring Authier Project in order to determine next exploration steps.
· On 1 March 2022, Sayona Mining announced a doubling of their Quebec lithium resource base, including an updated JORC (2012) compliant Measured, Indicated and Inferred Mineral Resource at their Authier Project of 17,136,000 tonnes at 1.01% Li20.2
· The Sayona Mining updated Authier Project Resource model includes the further downdip extension of their main lithium-bearing pegmatite dyke towards Power Metal’s Authier North Property, as well as the establishment of an additional, sub-parallel pegmatite dyke which outcrops approximately 350m closer to the shared claim border with Authier North.2 This newly discovered dyke also dips towards the Authier North Property.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“Power Metal’s Authier North and Duval East lithium Properties represent a strategic lithium interest for the Company with a footprint adjacent to the highly successful Authier Project held and operated by Sayona Mining.
Our work has identified priority lithium targets and we intend to continue our ground exploration work at the Properties in the near future.”
PROPERTY EVALUATION AND EXPLORATION NEXT STEPS
The evaluation that was completed highlighted a priority Target Area (the “Target”) on the Authier North Property that was not investigated by the Company during the 2021 programme. This Target is located near the eastern property boundary, where there is a contact zone between the La Motte Batholith (granitic intrusive) and the surrounding metasediments. This contact zone represents an analogous geological setting to that of lithium-bearing pegmatite dyke constituting the Authier Project Mineral Resource, which is located approximately 2km along strike to the west.
Power Metal will be sending a geologist to site in order to geologically map and prospect the approximately 800m of strike-length of this contact zone which exists within the Authier North Property. The next exploration steps for the property will be planned based on the findings of this work.
EARN-IN CONTINUATION PAYMENTS
By continuing into the second year of the Earn-In with Eagle Ridge Mining Limited, the following has become payable:
· Cash payment of CAD$25,000.
· Share-based payment of CAD$50,000, which is satisfied by the issue of new ordinary shares with the price determined using a 10-day volume weight average price (“VWAP”) over the period 27 June to 8 July 2022. That VWAP is 0.85859p per share, and at the current exchange rate, CAD$50,000 is equivalent to £32,197, so 3,749,985 new Power Metal ordinary shares of 0.1p each (“Earn-In Shares”) will be issued to Eagle Ridge Mining Limited.
Once issued, the Company has satisfied all requirements outlined in order to proceed to year 2 of the Earn-In. Prior to the expiry of two years from the date of the Earn-In original agreement, Power Metal must incur CAD $50,000 in exploration costs on the Property.
FURTHER INFORMATION
Authier North Property
The Authier North Property consists of fifteen (15) mineral claims covering an area of approximately 560-hectares and is prospective for lithium-bearing pegmatites and base-metal mineralisation.
The Authier North Property shares an extended claim border with Sayona Mining’s Authier Lithium Project which hosts a JORC (2012) compliant Measured, Indicated and Inferred Mineral Resource of 17.1Mt at 1.01% Li2O (Lithium Oxide). The deposit is less than 700m from the shared claim boundary.
Sayona Mining published a revised Definitive Feasibility Study (“DFS” reported 11 November 2019 3) on their Authier Lithium Project. This DFS highlighted a net present value (discount factor 8%) of CAD$216 million and a pre-tax internal rate of return at 33.9% based on a Proven and Probable Ore Reserve estimate of 12.10 Mt @ 1.00% Li2O at a 0.55% Li2O cut‐off grade.
Additionally, on 11 January 20214, Sayona Mining announced a strategic partnership and offtake agreement with Piedmont Lithium Limited (ASX:PLL, Nasdaq:PLL) which includes a 25% ownership stake in Sayona Quebec (a wholly owned subsidiary of Sayona Mining), as well as 50% (60,000 tpa) offtake agreement for future production from the Authier Lithium Project. Sayona Mining reported they expect full commercial production of spodumene concentrate to commence between July 2023 and July 2024.
Very little historic exploration has been completed on the Authier North Property, with reports of five short drillholes completed in 1955 by Lyndhurst Mining Company Ltd (four of which returned elevated lithium and nickel assays), and only 4 rock samples which returned strongly anomalous chromium and nickel results (up to 0.42% Cr203 (Chromium (III) Oxide), and 0.21% nickel).
Duval East Property
The Duval East Property is located 3km east of the Authier North property and is located immediately east of a historical, non-compliant Duval lithium oxide resource. It is postulated that the geology containing the historical resource may extend towards the east onto the Duval East Property.
GLOSSARY
Batholith – large body of igneous rock formed beneath the Earth’s surface by the intrusion and solidification of magma.
contact zone – Where two differing geological units are in contact with each other.
Dyke – An intrusion of igneous rock cutting across existing strata.
Granite – A coarse-grained (phaneritic) intrusive igneous rock composed mostly of quartz, alkali feldspar, and plagioclase.
Meta-sediments – Partially metamorphosed sedimentary rocks.
Pegmatite – An igneous rock showing a very coarse texture, with large interlocking crystals usually greater in size than 1 cm (0.4 in) and sometimes greater than 1 meter (3 ft). Most pegmatites are composed of quartz, feldspar, and mica, having a similar silicic composition to granite.
REFERENCES
1: https://tradingeconomics.com/commodity/lithium
2: Sayona Mining Limited, ASX announcement dated 1 March 2022: https://sayonamining.com.au/wp/wp-content/uploads/2022/03/SYA_Doubling-resource-base_1-Mar-22.pdf
3: Sayona Mining Limited, ASX announcement dated 11 November 2019: https://sayonamining.com.au/wp/wp-content/uploads/2019/11/SYA_ASX-Announ_20191111_Revised-Authier-DFS.pdf
4: Sayona Mining Limited, ASX announcement dated 11 January 2021: https://sayonamining.com.au/wp/wp-content/uploads/2021/01/SYA_ASX-Announ_20210111_Piedmont-Transaction.pdf
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.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 3,749,985 Earn-In Shares to be admitted to trading on AIM which is expected to occur on or around 19 July 2022 (“Admission”). The Earn-In Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 1,480,786,146 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Exploration Work Overview
Power Metal has internal exploration programmes completed or underway, with results awaited, as outlined in the table below.
Exploration work programmes may also be underway within planned IPO vehicles where Power Metal has a material interest the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required:
www.firstdevelopmentresources.com
Power Metal also holds a material investment in Kavango Resources plc with exploration updates available through their regulatory announcements and on their website:
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Project |
Location |
Current POW % |
Work Completed or Underway |
Results Awaited |
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Alamo Gold Project |
USA |
Earn-in to 75% |
Technical reports received following excavation of multiple test pits and mapping & sampling completed. |
Analysis of technical reports and potential follow-on work programme under review. |
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Athabasca Uranium |
Canada |
100% |
Data compilation across uranium properties. |
Interpretation results from all Properties complete. Next steps upcoming. |
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Authier North Lithium |
Canada |
Earn-in to 100% |
Property Evaluation Report completed. |
Update covering exploration plans for target areas identified during the Evaluation. |
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Molopo Farms |
Botswana |
53%# |
Comprehensive data review complete and establishment of data room for third party review. |
Finalise next exploration steps and action plan. |
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Victoria Goldfields |
Australia |
49.9% |
Diamond drill programme completed. Review of Ajax & Berringa mine remaining resource potential.
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Final drill programme results analysis and resource potential analysis from former high-grade producing mines in granted licences. |
# subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%
Cadence Minerals PLC #KDNC – Notice of AGM
Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to confirm that it has posted the notice of the 2022 AGM and forms of proxy to registered shareholders. The AGM will be held at 11 am 10 August 2022 at the offices of Hill Dickinson LLP, The Broadgate Tower, 8th Floor, 20 Primrose Street, London, EC2A 2EW.
Shareholders are therefore strongly encouraged to exercise their AGM voting rights by submitting the proxy form attached with the AGM notice. The deadline for submission of proxies to the Registrar is 11 a.m. on 8 August 2022 or 48 hours before any adjourned meeting. You are strongly advised to appoint the chairman of the meeting as your proxy to ensure your vote is counted.
The Circular and notice of AGM is available at: https://www.cadenceminerals.com/investors/aim-rule-26/
The result of the AGM will be announced shortly after its conclusion and published on the Company’s website.
Power Metal Resources #POW – Acquisition of Historic Berringa Gold Mine
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 its joint venture (“JV”) subsidiary New Ballarat Gold Corporation Plc (“NBGC”), which is focused on the prolific Victorian Goldfields of Australia. The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources plc (50.1%).
Red Rock Australasia Pty Ltd (“RRAL”), the 100% owned Australian operating subsidiary of NBGC, has entered an agreement (“Agreement”) to acquire the exploration licence EL5535 covering the historic Berringa Mine (“Berringa” or the “Project”) from Balmaine Gold Pty Ltd (“Vendor”).
A map highlighting the location of the Project may be seen on the Company’s website through the following link:
https://www.powermetalresources.com/berringa-map-2/
HIGHLIGHTS:
· RRAL has signed an agreement to acquire EL5535, a 288-hectare exploration licence located approximately 25km southwest of Ballarat, Australia. EL5535 covers the Berringa Gold Mine which has historical production of 293,250 ounces of gold from 1898-1952, at an average grade of 8.3g/t.1
· A 30 tonne bulk sample extracted in the mid-1970s from a 116m deep central shaft returned an impressive grade of 9.8g/t.1
· Drill targets identified from an analysis of previous exploration will enable RRAL to move rapidly to drilling.1,2
· 2004 and 2014 technical reports calculated possible exploration target ranges down to 1000m of 0.91 to 3.89million*,** and 0.70 to 2.91million*,** ounces of gold respectively at Berringa.1,2 Further details in respect of these exploration targets are provided below.
· NBGC is in discussions with the Vendor, regarding the possibility of processing ore at their nearby Ballarat Gold Mine should NBGC discover and develop an economic deposit – located approximately 25km away. This would dramatically reduce both mine build-out time horizons and heavy capital requirements for building a new standalone processing facility.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“This acquisition brings into our Victoria Goldfields JV a second former high-grade gold mine, where there exists significant underexplored exploration potential below historical workings where minimal drilling has been completed to date.
The historic Berringa Gold Mine adds to 1,832km2 of already granted licence footprint in the Victoria Goldfields, and complements another former high-grade gold mine within the JV footprint, Ajax, which has recorded historical production of 312,789 ounces of gold at an average grade of 14.8g/t.3
Further information will follow in the near term from the JV and next stage developments.”
FURTHER INFORMATION
Exploration Licence 5535 is held by Balmaine Gold Pty Ltd, which is a wholly owned subsidiary of Golden Point Group Pty Ltd (“GPG”), itself the subsidiary of Shen Yao Holdings Ltd, a company listed on the Singapore Exchange (the companies collectively being the “Vendor Group”).
GPG are the owners of the nearby Ballarat Gold Mine, which has annual production guidance of 40,000 to 50,000 ounces of gold per year.4
The Vendor Group’s licence has its origins in the acquisition of the tenement area in 1998 with the view of the tenement supplying additional gold to the nearby Ballarat Mine. After passing through Lihir Gold, the tenement came into the hands of the Vendor Group. The mining licence was surrendered in 2014, with an exploration licence covering the same area then being granted to the Vendor. For various reasons, the work on the tenement has not been as extensive as planned.
A 2004 Berringa Exploration Strategy Technical report was produced by Hamish Forgan & Steven Olsen on behalf of a previous owner of the Licence, Ballarat Goldfields NL (“Ballarat Goldfields”). Mr Olsen was an employee of Ballarat Goldfields and a compent person as defined by the JORC code. The 2004 report highlighted a proposed exploration target ranging from 913,488 to 3,889,718 ounces of gold down to a depth of 1000m at Berringa.2
Subsequently, on the surrender of the previous mining licence, a further technical report was prepared which summarised the findings from work undertaken from 1992 to October 2014. The 2015 report was produced by Jason Fothergill on behalf of the operators at the time Caslemaine Goldfields Pty Ltd. Within the 2015 report, an updated proposed exploration target was calculated which ranged from 697,112 to 2,907,790 ounces of gold down to a depth of 1000m.1 The results from this report are summarized in the below table.*,**
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Depth Extent |
Theoretical tonnage |
Assumed Grade |
Target Size |
Risk Weighted Exploration Target |
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0 – 300m |
475 – 2,974k t |
5.8 – 14.2g/t Au |
554k oz. Au |
217k oz. Au |
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300 – 600m |
494 – 5,793k t |
5.8 – 14.2g/t Au |
1.080 Moz. Au |
225k oz. Au |
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600 – 1,000m |
558 – 6,827k t |
5.8 – 14.2g/t Au |
1.273 Moz. Au |
255k oz. Au |
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TOTAL |
1.5 to 15.6 Mt |
5.8 -14.2g/t Au |
2.907 Moz. Au |
0.697 Moz. Au |
*The exploration targets tabled above are not to be considered as an estimate of a Mineral Resource or Ore Reserve as those terms are defined in the JORC (2012) Code. The potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource It is uncertain if further exploration will result in the subsequent estimation of any Mineral Resource. A drilling programme planned to test the valididy of the exploration target outlined above is currently being planned, and details will be included in the licence renewal application which will be submitted prior to the expiration date of 16 November 2022. Further updates regarding the proposed drilling programme will be supplied to the market in due course.
**The top end of the exploration target ranges produced represents the total ounce potential that would exist if each target area (0-300m, 300-600m, 600-1000m) had the same gold endowment as the historically mined orebodies at Berringa. Several risk factors were applied to the above calculation, which take into account the unknown location of various faults, folds and diltational jogs down to 1000m. The low end of the exploration target range reflects the full application of all calculated risk factors to the top end estimate.
Transaction Terms
For the purchase of 100% of the Vendor’s interest in the Licence to RRAL, covering the historical Berringa Gold Mine, the following consideration is payable:
· The issue to the Vendor staged cash payments totalling AUD$500,000 as outlined below:
o Initial payment of AUD$20,000 payable on successful transfer of the exploration licence to RRAL.
o On successful renewal of the Licence for an additional term of 5 years, which currently expires on 16 November 2022, an additional payment of AUD$130,000, which can be satisfied through the issue of either cash and/or publically traded shares.
o On public release of a initial JORC Compliant resource estimate of greater than 100,000 cumulative ounces of gold in the Inferred category, a further payment of AUD$350,000, which can be satisfied through the issue of either cash and/or publically traded shares.
· Upon the successful commencement of commerical production, a 1.5% Net Smelter Return (“NSR”) royalty will be issued to the Vendor over the Licence, with total payments capped at AUD$1,500,000 over the life of the NSR royalty.
· RRAL inherits the responsibility for a pre-existing 2.5% NSR Royalty, with total payments capped at AUD$50m, payable to Altus Strategies Plc. This royalty is part of a wider royalty covering actual or potential gold production from a number of licences including that from the Ballarat gold mine. Of the AUD$50m, to date AUD$14.5m has been received by the royalty holder and therefore AUD$35.5m of the capped amount remains.5
New Ballarat Gold Corporation
NBGC through its wholly owned local operating subsidiary RRAL holds a strong land position comprising 14 granted exploration licences for a total area of 1,832 km2 within the gold fields of Victoria, Australia, principally around the mining centre of Ballarat.
5 licences covering 493km2 await grant. The company has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.
With the first tenements granted only in 2021, RRAL has already conducted detailed exploration of its initial targets, including a diamond drill test of two prospects starting in December 2021.
520m of diamond drilling has been carried out at O’Loughlin’s and 340m has been carried out at Mt Bute, with samples sent to MinAnalytical Laboratory Services in Perth, WA, for laboratory assay testing.
References
1 Final Technical Report Berringa Gold Project MIN 4191 Oct 2014. J Fothergill Balmaine Gold Pty Ltd
2 Berringa Exploration Strategy Technical Report: Sept 2004, H Forgan
3 Sharp, D. & Sheerin K: OreTech Mining Solutions – Tenement Review and Exploration Strategy – EL007330 Daylesford. Unpublished independent geologist report prepared for Red Rock Australasia Pty Ltd. (2020).
4 https://ballaratgoldmine.com.au/our-mine/
5 Royalty Overview Dashboard – Altus Strategies ( https://altus-strategies.com/projects/royalty-dashboard/caserones-2/ )
COMPETENT PERSON STATEMENT
The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and a director of NBGC, and the Exploration Director of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
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