Power Metals

Jan 16, 2023

01/16/2023 | 06:56am EST Message : *Required fields (Alliance News) - Power Metal Resources on Monday said it raised GBP900,000 to advance its exploration projects. The metal discoveries exploration company will apply the proceeds to its exploration programme at the Tati gold project in Botswana, alongside its uranium portfolio in the Athabasca Basin region of Saskatchewan, Canada. It raised GBP900,000 through the issue of 64.3 million shares at 1.4 pence per share on Friday. Power Metals said its exploration plans at the Tati project include soil geochemistry, geophysics, mechanised trading, reverse circulation and diamond drilling. It will examine near surface gold mineralisation across a far larger proportion of the 8 kilomeres gold-in-soil anomaly, it added, which extends through the centre of the Tati licence footprint and will test for gold mineralisation at depth via planned drilling. Power Metals is also looking to begin exploration programmes at numerous Athabasca uranium properties in the upcoming spring and summer after any local snow cover has melted. It hopes to follow up on high-grade uranium rock sample results achieved during Power Metals' 2022 campaigns, alongside inaugural work programmes at other properties in its portfolio which are yet to be explored to-date. It said diamond drilling has recommenced at the Molopo farms complex project in Botswana after the Christmas period, specifically at drillhole DDH2-3A into target area T2-3A. A diamond drill programme is also underway at Power Metals' Victoria Goldfields joint-venture, targeting extensions of the former high-grade working Berring gold mine. "With multiple exploration work streams underway, Power Metal expects to release further updates to the market over the coming weeks and months as operational activities advance," said Chief Executive Officer Paul Johnson. "The recent strong move higher in the price of gold from under USD1,650 at the start of November 2022, to USD1,920 at the close on Friday is an important event, with gold acting as a key indicator for the strength of our sector." Gold was priced at USD1,919.19 an ounce at around 1145 GMT on Monday. Johnson continued: "I believe the future is bright for the junior resource sector and the proactive junior resource explorers within it. Shares in Power Metal were down 3.4% to 1.40 pence each in London on Monday before midday. By Greg Rosenvinge, Alliance News reporter