The following amendment has been made to the "Cameroon Cobalt-Nickel Project Update" announcement released on 22 July 2019 at 10:28 under RNS number 2762G.
A total of six pits were dug on the Company’s three licenses rather than 5 pits as previously announced, with the sixth and final pit achieving a depth of 5m by the time weather conditions forced an end to the programme.
All other information remains unchanged. The correct version of the announcement is below:
Power Metal Resources plc (LON:POW) the AIM listed battery metal exploration and development company is pleased to announce the conclusion of field activities in the Company’s pitting, mapping and sampling programme its 100% owned Cobalt-Nickel project (the “Project”) in Cameroon.
The Company in 2018 acquired license interests in south-eastern Cameroon including 4 adjacent or near to the Nkamouna Co-Ni deposit of Geovic Mining Corporation (“Geovic”). Nkamouna is believed to be the largest defined cobalt Resource outside the Democratic Republic of Congo and is exceptional among laterites for its high Cobalt to Nickel ratio.
Geovic identified and holds 7 lateritic plateaus in its 1250 sq km permit area, of which Nkamouna and Mada have been explored, and the 4km by 2km Nkamouna deposit is the most defined.
The Company holds nearly 2000 sq km containing a number of potentially similar plateaus, on which it conducted a preliminary reconnaissance and sampling programme last year but failed to reach the depth at which the target laterised strata might be encountered.
The rains in this part of Cameroon become too heavy by July to conduct programmes of the type planned by the Company, so a short-notice programme to access the key laterised horizons, enabling samples to be taken, was planned, with 2 pits in each of three licenses.
Note: With respect to Nkamouna Geovic published an NI 43-101 compliant Mineral Resource1 on the Nkamouna deposit with a total Measured, Indicated and Inferred Mineral Resource of 323mt of 0.21% cobalt, 0.61% nickel and 1.26% manganese.
1 Source: NI 43-101 Technical Report, Geovic Mining Corp by SRK Consulting, 02 June 2011 (viewable at Edgar Online)
Paul Johnson, Executive Director of Power Metal Resources commented: “I am pleased to announce the successful completion of field operations in Cameroon, and our thanks go to the operational team who delivered the programme in a timely and safe manner.
It is extremely encouraging to have all pits encountering the lateritic profile we were targeting and we are looking forward to receipt of the XRF findings, in respect of cobalt-nickel mineralisation, in due course.
It is worth noting again that should we be able to confirm geological similarity of our licence areas to the nearby Nkamouna deposit, our Cameroon interests become a very important strategic interest for the Company.”
Competent Person Statement
The technical and related information in this report relates to exploration results based on information from third parties and data compiled by Mr John Asafo-Akowuah who is a member of Australian Institute of Geoscientists. Mr John Asafo-Akowuah has sufficient experience in the style of mineralisation and type of deposit under consideration. Mr John Asafo-Akowuah consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
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.
22 July 2019