Evrima Plc - Investee Update

PR Newswire

London, August 16

15 August 2022

Evrima plc

("Evrima" or the "Company")

Investee Update: Kalahari Key Project Operator, Power Metal Resources plc, provide Molopo Farms Complex Project –Drill Target K1-6 Update

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.

Power Metal has today provided an update on the completion of two ground-based electromagnetic (“EM”) surveys, highlights for which can be found below with the source release available here.

Power Metal have also made available a map highlighting the location plan map of the Project (Fig.1) as well as a zoomed out (Fig. 2) and zoomed in (Fig. 3) cross-section of the MLEM results over target area K1-6 can be found at the link below:

https://www.powermetalresources.com/molopo-farms-complex-rns/

KEY HIGHLIGHTS:

• Two ground-based electromagnetic (“EM”) geophysics surveys now complete, covering areas hosting 2020/2021 diamond drillholes KKME 1-14 (“K1-14”) and KKME 1-6 (“K1-6”).

• Preliminary survey results have highlighted a large shallow dipping magnetic conductor at drillhole K1-6.

• Plotting of drillhole K1-6 shows that the drillhole penetrated the edge of the newly identified magnetic  conductor at a similar stratigraphic level to nickel-sulphide mineralisation averaging 7.0m @ 0.443% Ni from 445m, including 0.6m @ 1.69% Ni, 0.55g/t Pt & 0.14g/t Au from 446.7m downhole.¹ This is within a broader mineralised interval from 294.7m (when pentlandite was first logged – assay result of 6606ppm Ni from 294.7m – 295.28m) to the end of the hole at 597.8m (minor sulphides logged - assay result 2852ppm Ni from 597.0m – 597.8m).

• Planned 2022 diamond drill programme start date now being brought forward. The upcoming programme will now focus on testing the central and stronger part of this magnetic conductor. At present the plan is to drill 6 drillholes for approximately 2600m during this upcoming programme.

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).

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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