Evrima Plc Investee Update: Kalahari Key, Drill Programme Underway
September 09 2022 - 2:00AM
UK Regulatory
TIDMEVA
9 September 2022
Evrima plc
("Evrima" or the "Company")
Investee Update: Kalahari Key Project Operator, Power Metal Resources plc,
provide Drill Programme Underway
Evrima are pleased to provide an update on its investee company, Kalahari Key
Minerals Exploration Pty Limited ("Kalahari Key") and its Molopo Farms Complex
Project ("MFC").
On 18 May 2022, Power Metal Resources plc ("Power Metal") (AIM: POW) announced
a conditional acquisition of certain of the Kalahari Key shareholdings which if
approved would result in Power Metal becoming the single largest shareholder of
Kalahari Key (87.71%) and the project operator. The acquisition was approved by
the shareholders and Power Metal continues to make strong progress in
completing the acquisition with the principal elements outstanding being that
of regulatory and legal approvals, in-country.
Evrima have elected to retain its equity investment and upon closing of the
acquisition, will maintain an 8.93% project-level interest in Kalahari Key. The
interest is to be governed by a shareholder agreement that provides the terms
for retention of the Company's interest.
On 8th September 2022, Power Metal announced the commencement of drill
mobilisation, the source release can accessed here.
Key Updates:
* Mindea Exploration and Drilling Services (Pty) ("Mindea"), an experienced
Botswana-based company with extensive experience in-country has officially
commenced mobilisation for the upcoming drilling programme.
* The planned drilling start date is now set for mid-September 2022. A
further RNS will be provided to the market once drilling has officially
commenced.
* The current planned programme is for circa 2,600m of drilling across an
expected 6 drillholes, with at least two drillholes planned into the newly
identified conductor within the T1-6 target area.
* Additional geophysics, including further Moving Loop Electromagnetic
("MLEM") surveys as well as high-resolution ground-based magnetic surveys
are underway. A further update in regard to this work, as well as survey
results, are expected shortly.
* The programme is being designed to ensure expeditious core analysis to
include: geologists on site to conduct continuous core inspection and
logging, identification of visible sulphides, selection of core samples for
assay testing and the arrangement where appropriate of expedited laboratory
assays to minimise turnaround time. Hiring of the personnel required for
the above is in the process of being finalised with crews arriving to site
shortly.
The Directors of Evrima accept responsibility for this announcement.
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).
Ends -
Enquiries :
Company:
Burns Singh Tennent-Bhohi (CEO & Director): burns@evrimaplc.com
Simon Grant-Rennick (Executive Chairman): simon@evrimaplc.com
Novum Securities Limited (AQSE Corporate Adviser):
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400
About Kalahari Key Mineral Exploration
The KKME opportunity developed from a recognition that no historical
exploration targeting "feeder" styles of Ni-Cu-PGM mineralisation had been
completed within the MFC ultramafic complex. The founding group of four
seasoned metals explorers identified a number of prospecting licences over a
prospective geological feature often associated with feeder-style deposits.
KKME is a privately owned company, which currently owns 100% of prospecting
licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively making
up KKME's interest in the MFP. KKME holds no other interests and is debt-free.
END
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