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Power Metal - Botswana Kalahari Copper Belt - Exploration Update

RNS Number : 3591A
Power Metal Resources PLC
29 September 2020
 

29 September 2020

Power Metal Resources plc ("Power Metal" or the "Company")

Botswana Kalahari Copper Belt - Exploration Commences

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the commencement of exploration at the Kalahari Copper Belt Joint Venture ("KCB JV") with Kavango Resources plc (LON:KAV)( "Kavango").

HIGHLIGHTS

·    The KCB JV includes two prospecting licenses prospective for copper and covering 1,294.2km2, situated in the Kalahari Copper Belt in central west Botswana located directly to the southwest of Sandfire Resources' T3 and A4 Dome copper-silver discoveries.  Power Metal has a 50% interest in the KCB JV.

 

·    Exploration now underway in the KCB JV will initially focus on soil sampling and geophysics to identify dome structures that are known to host potential copper deposits.

 

·    Geology of the area is well known and the JV will work quickly towards test drilling of shallow targets, once it has been able to develop a geological model.

 

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

"Power Metal is seeing a number of its projects launch exploration programmes and it is particularly positive to see the expeditious launch of exploration at the KCB JV in Botswana which is targeting a large scale copper-silver discovery.

The KCB JV is following an efficient, disciplined and methodical approach designed to build a geological model that can be tested through drilling at the earliest opportunity.

I look forward to providing further updates on this exploration programme."

FURTHER INFORMATION:

Prospecting licences on the KCB

The KCB JV Project is located within an area of newly discovered sediment-hosted copper deposits, such as Cupric Canyon's Zone 5 deposit and MOD's T3 deposit, both of which are now being developed as mining operations. The KCB extends 1,000km by 250km from NE Botswana to central Namibia.

The KCB JV covers 1,294km2 over two prospecting licences, PL036/2020 and PL037/2020.  These lie in a highly prospective area immediately south of the district capital of Ghanzi and are along strike to the west of Sandfire Resource's T3 and A4 Dome copper-silver discoveries.

The position of the KCB JV prospecting licences can be viewed on the Company's website through the following link:

https://www.powermetalresources.com/p/226/kalahari-copper-belt-project

 

The KCB soil-sampling programme

Exploration across the Company's interests in the KCB will initially focus on soil sampling and ground based geophysics, using Controlled-source audio-frequency magnetotellurics ("CSAMT") to identify dome structures that are known to host potential copper deposits.

For the initial orientation programme, soil samples are being taken at 100m intervals on lines 4km apart. The first sample lines are intended to map out the soil geochemistry across undeformed sequences of the late Proterozoic Ghanzi Formation sediments.

Samples are being collected and sieved in the field and transported back to Kavango's base camp to be tested for metal elements with a portable Niton X-ray Fluorescence Analyser ("XRF").

Sieved samples reserved for check analysis (or duplicates) and for comparison will be sent for laboratory assay analysis to an accredited laboratory in South Africa.

Initial results are expected in Q4 2020

Geophysical surveying

Kavango's geophysical team have identified a number of deformation zones within the KCB licences, which will be followed up once the orientation sampling has been completed.

Ground magnetic surveying will be conducted at 25m intervals over the deformation zones to supplement the regional data. This will be supplemented by CSAMT surveying over structural/geochemical anomalies.

If results warrant, an Airborne Electromagnetic ("AEM") survey will be considered.

Project Drilling

Geology of the area is well known and the JV partners will work quickly towards test drilling of shallow targets, once it has been able to develop a geological model.

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, 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.

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:

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 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 drill ready prospects.

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.

 

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