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Cameroon - Significant Exploration Results
Cameroon - Significant Exploration Results.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1681J Power Metal Resources PLC 15 August 2019 \n\n15 August 2019\nPower Metal Resources plc (\"POW\" or the \"Company\")\nCameroon Project - Significant Exploration Results \nPower Metal Resources plc (LON:POW) the AIM listed African focused metal exploration and development company is pleased to announce positive preliminary findings from the pitting, mapping and sampling programme at its 100% owned Cobalt-Nickel project (the \"Project\") in Cameroon.\nExploration Background:\nIn 2018 the Company acquired license interests in south-eastern Cameroon including 4 licenses adjacent or near to the Nkamouna cobalt-nickel deposit of Geovic Mining Corporation (\"Geovic\"). Nkamouna is believed to be the largest defined cobalt Resource outside the Democratic Republic of the Congo and is exceptional among laterites for its high cobalt to nickel ratio. \nGeovic identified and holds 7 lateritic plateaus in its 1,250 sq km permit area, of which Nkamouna and Mada have been explored, and the 4km by 2km Nkamouna deposit is the most defined. \nThe Company holds nearly 2,000 sq km containing a number of potentially similar plateaus. A short-notice programme was undertaken in June and July 2019 to dig 6 pits through the hypothesised lateritic profile and 65 samples were taken for X-ray Fluorescence (\"XRF\") testing. \nThe principle purpose of this work was to test the hypothesis that the POW licenses bear geological similarity to that found at the Nkamouna deposit adjacent or near to POW licenses.\nHighlights:\n· POW's Cameroon project, in the key respects, has been confirmed as having similar geology as that found at Nkamouna; \n· XRF testing of samples has identified anomalous cobalt across all pits with samples grading up to 1m at 0.23% cobalt which is in line with Nkamouna grades;\n \n· XRF testing also identified precious metals in samples, which was unexpected as Geovic had not referred to them in their results at Nkamouna, however technical review has confirmed that the presence of precious metals may not be anomalous given the nature of the geological system encountered;\n \n· POW is continuing its technical review of the results and will be submitting samples for full laboratory assay tests to validate the results identi...