Evrima Plc Investee Update: Kalahari Key Project Drilling Underway
September 22 2022 - 2:00AM
UK Regulatory
TIDMEVA
22 September 2022
Evrima plc
("Evrima" or the "Company")
Investee Update: Kalahari Key Project Operator, Power Metal Resources plc,
Drilling 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 21st September 2022, Power Metal announced the commencement of drill
mobilisation, the source release can accessed here.
Key Updates:
Drill Programme
* Inaugural drilling campaign at Molopo Farms has now commenced.
* Diamond core drilling at drillhole DDH1-6B is now underway and is targeting
a large southerly dipping conductor that was identified by the Company's
recently completed moving loop electromagnetic ("MLEM") geophysics survey
over the priority Target area 1-6 ("T1-6").
* DDH1-6B is located 530m to the south of December 2020 drill hole KKME 1-6
which intersected significant nickel mineralisation 1, 2 subsequently
interpreted to be on the edge of a large electromagnetic ("EM") conductor.
* The second diamond core drillhole DDH 1-6C planned for the ongoing drilling
campaign will be located 830m to the south of KKME1-6. Site preparations
are underway and will be completed shortly.
Geophysics
* Additional ground magnetic and MLEM geophysics surveys over target areas
1-3, 2-3 and 1-14 have now been completed.
* Preliminary geophysical data has now been received, and the Company is now
compiling and interpreting these results.
* Power Metal will release a further update to the market in due course with
the findings of this geophysical work and the additional drill targets
derived from the analysis undertaken.
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
(END) Dow Jones Newswires
September 22, 2022 02:00 ET (06:00 GMT)
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