Evrima Plc - Investee Update: Kalahari Key, Drill Programme Complete

7 February 2023

Evrima plc

("Evrima" or the "Company")

Investee Update: Kalahari Key, Drill Programme Complete

Evrima plc, the investment issuer focused on structuring investment transactions in the mining and junior exploration and development industries wishes to  notify its shareholders of an update on its investee company, Kalahari Key Minerals Exploration Pty Limited (“Kalahari Key”) in which the Company own a 8.93% project-level interest in the Molopo Farms Complex Project (“MFC”).

Power Metal Resources plc (“Power Metal”) has today provided an update on the completion of a 2,402m diamond drill programme at the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel and platinum group element (“PGE”) discovery in southwestern Botswana. The Company provides key extracts from the Power Metal news release below, the original source release can be found here.

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:

“Historical exploration work completed at Molopo Farms prior to this drill programme demonstrated the validity of the feeder zone geological model with evidence of the targeted nickel sulphides.  From our recent work and technical findings from this drill programme thus far, the model has been further validated.

With diamond drilling, downhole geophysics, technical core review and assay testing we are bringing together a significant amount of data with multiple final datasets awaited, including assay results and the interpretation thereof.

We expect the data and interpretations from this drill programme will add considerably to the existing understanding of what we believe is a particularly exciting opportunity at Molopo Farms. Further updates will follow in due course.”

KEY HIGHLIGHTS:

• The inaugural drillhole (DDH2-3A) into target area T2-3 has been completed to a final downhole depth of 483m.

• A total of 2,402m was drilled in this campaign across five drillholes targeting four individual target areas including:
  • DDH2-3A (483m), DDH1-3A (450m), DDH1-14B (519m), DDH1-6B (2) (300m), DDH1-6B (650m).

• The programme was completed safely and efficiently thanks to the Company’s various in-country drilling and geological contractors.

• The Company is now working on completing detailed logging of all remaining cores, as well as cutting, processing, and shipping of all remaining samples for assay testing at an accredited laboratory located in Johannesburg, South Africa.

• Once all technical information, including assays, have been received and interpreted, the Company will release a comprehensive RNS covering all results from the programme, including geological interpretations, downhole electromagnetic and assay data.

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 / George Duxberry: + 44 (0) 20 7399 9400