Haneti Project Drill Programme - Pre-Mobilisation
1 October 2020
Power Metal Resources plc ("Power Metal" or the "Company")
Haneti Project Nickel Drill Programme - Pre-Mobilisation
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update with respect to the planned drilling programme targeting the discovery of nickel and platinum group metals ("PGM") at the Haneti Project ("Haneti") in Tanzania.
Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold plc (LON:KAT)("Katoro").
· Pre-drill rig mobilisation now underway to finalise preparations for the maiden drilling programme targeting potential nickel sulphide and PGM mineralisation.
· Technical team mobilising to site shortly to liaise with the Tanzania Ministry of Minerals and regional/local government, prepare equipment for mobilisation and arrange ground operational staffing.
· The drill contractor availability has now been confirmed and the key objective is for mobilisation of the drilling rig and field team to site as soon as possible, subject to applicable Covid-19 related restrictions."
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
"Reaching the pre-mobilisation phase at Haneti is a significant step forward, as the technical team prepares to arrive in-country and final site-based preparations are made for drill rig.
As previously stated Haneti is a considerable opportunity in terms of size and geological potential. This significant drill programme will be focused principally on possible nickel sulphide and PGM targets within the 80km strike length of prospective ultramafic complex.
In addition to the potential nickel and PGM sulphides being targeted by the forthcoming drilling programme the 5,000km2 Haneti Project area is also prospective for a range of other deposit / commodity types including nickel laterites, copper, gold, lithium and rare earth deposits.
There is a clear appetite for large-scale nickel sulphide projects amongst large and mid-tier organisations at present, and therefore it makes commercial sense for the joint venture to focus initially on the nickel sulphide exploration opportunity. Later we expect to examine in further detail the other exploration opportunities, of which there are many, at the project."
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)
+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 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.