Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received the Independent National Instrument 43-101 (“NI 43-101”) Technical Report (the “NI 43-101 Report” or “Report”) on the BMV Gold Project held by its Australian gold joint venture (“JV”) company Red Rock Australasia Pty Ltd (“RRAL”) in which POW has a 49.9% interest.
The BMV Gold Project for the purposes of the Report has been defined as eight exploration licence applications comprising the central block (6 licence applications of which 5 are contiguous) and the eastern block (2 contiguous licence applications) out of the twelve for which the JV has applied, which may be viewed through the following link: https://www.powermetalresources.com/p/225/rral-regional-tenement-map
The NI 43-101 Report has been prepared by Caracle Creek International Consulting Inc. and Kinetic Raw Materials Consulting.
An extract of the Interpretation and Conclusions of the Report is given below. The full report which is posted on the Company’s website and is accessible through the following link: https://www.powermetalresources.com/p/222/bmv-gold-project-ni-43-101
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“The receipt of the NI 43-101 is a key moment where, for the first time, investors can see in this report a detailed review of the geological prospectivity and potential within eight of the RRAL licence applications.
The report accelerates the JV to the next stage of its development, charging RRAL with more detailed exploration plans to implement on licence grants and to assist with corporate negotiations in respect of RRAL interests.
Both Power Metal Resources, and our JV partner Red Rock Resources plc, through RRAL have an interest in one of the largest Victoria goldfields licence application footprints. RRAL is a substantial venture and the Report is the accelerant needed to capture the value opportunity available.
The JV partners have many options through which to create value and are working at pace to move this exciting opportunity forward.”
An extract from the NI 43-101 Report, and further information about the Joint Venture Company, can be seen in the full RNS release, which can be downloaded by clicking the link below.
22 September 2020