POWER METAL RESOURCES PLC
Power Metal holds a 35% ownership interest in Haneti with 65% held by
HIGHLIGHTS: Drill contract now signed with
All phases of pre - deployment activity, notably liaison and coordination with the
Drilling rig and supporting personnel and equipment have been fully prepared and are now mobilising to the first drill location subject to any changes in Covid-19 restrictions.
Maiden drill programme will involve 2,000 metres of Rotary Air Blast ('RAB') drilling with a planned 50 holes to circa 40 metres depth.
The RAB holes will be drilled on profiles across the three target areas in order to provide enhanced information of the subsurface shape and orientation of the ultramafic bodies being targeted and allowing for the optimisation of a planned follow-on diamond drill programme.
Power Metal's pro-rata costs contribution in respect of the programme are fully covered from existing cash resources.
Across a project covering some 5,000 km2, we are focusing here on an initial three target areas which are part of an 80km long ultramafic belt which is prospective principally for nickel sulphide and PGM mineralisation.
HANETI PROJECT - NICKEL SULPHIDE AND PGM TARGETS - FURTHER INFORMATION
PROJECT OVERVIEW
One of the key exploration objectives for the JV partners at Haneti is to delineate the potential for economic nickel mineralisation on the linear dyke-like,
RAB DRILL PROGRAMME
An initial three target areas have been selected for RAB drilling; Milhanza Hill;
The planned 2,000m RAB drilling programme will consist of approximately 50 holes drilled on linear fences across the targets. The programme will seek to verify the existence of near surface nickel sulphide mineralisation at each target whilst increasing the geological understanding such that the orientation and the meterage of a planned follow-up diamond drill programme can be optimised to confirm the scale of any nickel sulphide mineralisation.
The drilling will be conducted by an experienced Tanzanian company in line with international best practice and in accordance to health and safety and Covid-19 precautions.
HISTORIC NICKEL EXPLORATION
The Haneti area was first explored in 1931 by a private prospector who collected a nickel rich magnetite sample at Mihanza Hill. Later trenching uncovered a few discontinuous green stained veins rich in nickel silicates and containing several percent nickel.
In the early 1960s the
Further geological mapping and sampling was undertaken in 2006, 2007 and in 2013.
An AEM geophysics survey was completed over the Mihanza and
A study commissioned with a consultant expert in ultramafic geochemistry in 2015 identified the nickel, copper, platinum, palladium anomaly at Mihanza Hill as a drill ready target. This report suggested that the Itiso Haneti Ultramafic body may fit the Chonolith-Type Nickel exploration model which would imply that the main ultramafic belt may have small discrete sulphide bodies associated with it.
In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic subcrop.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr
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:
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Notes to Editors
The Company has a global portfolio of project interests including precious metals exploration in
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
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