Power Metal Resources PLC (AIM:POW) chief executive Paul Johnson said the work completed during the final quarter of 2021 has set the company up well for the coming year.
The quarter included completion of a 1,092-metre drill programme at the Tati project in Botswana; the achievement of bonanza-grade silver in 10 out of 19 drillholes completed during the Phase I Silver Peak project in Canada; and rock sampling and prospecting programmes at the Tait Hill, Thibaut Lake and Clearwater uranium properties in Saskatchewan, Canada that turned out high-grade assay results.
An option agreement was also secured for Kavango Resources to acquire Power Metals’ current project partner Kalahari Key Mineral Exploration to advance and streamline exploration work for nickel, copper and platinum group elements at the Molopo Farms Complex project, following the discovery of nickel sulphides during the inaugural 2021 drill programme.
There was also progress for Power Metals’ part-owned spin out projects, New Ballarat Gold Corporation, First Development Resources Limited and Golden Metal Resources Limited, with the latter now moving through the listing process with a full management board, advisers after a £750,000 pre-IPO financing round was completed last month.
“We have chosen a non-conformist path for Power Metal in order to build a company, and investment proposition, quite unlike any other within the London junior resource space,” said Johnson.
“We have opted for scale and diversity, assembling a large portfolio, widely spread across multiple jurisdictions and commodities, with a main focus on district scale opportunities.
“Our mission, after the first phase of portfolio building, was to create value through proactive exploration and corporate activity. We are doing just that as you will see from the project level detail provided for the most recent quarter below.
“We currently sit at an important point in the Power Metal life-cycle, coincidentally, at a time when the world is demanding unprecedented quantities of metals for investment security, new infrastructure builds and to power the ongoing green technological revolution.
“Despite the world's aspirations, the practical reality is that in recent years we have seen metal supply attrition with a lack of large-scale metal discoveries combined with subdued investment in the exploration and project development space.
“With such skewed supply/demand fundamentals, sectors can come alive, and we believe 2022 will be an exciting year for the junior mining resource space… The work completed during the final quarter of 2021 has set up Power Metal well for the coming year.”