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

27 April 2023

Evrima plc

("Evrima" or the "Company")

Investee Update: Kalahari Key, Molopo Farms Complex, Botswana – Programme Results

Evrima plc, the investment issuer focused on structuring investment transactions in the mining and junior exploration has received a project-level update in respect of assay results, from the sole operator of Kalahari Key Mineral Exploration Pty Limited (“Kalahari Key”)  and its Molopo Farms Complex project (“MFC”), AIM-listed Power Metal Resources plc (AIM: POW).

Power Metal has today provided an update on the results 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 full update can here seen here:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-programme-results/15933619

Key highlights from Power Metals are as follows:

• During the 2022/2023 diamond core drilling campaign Power Metal successfully completed a total of 2,402.8m of drilling across five drillholes targeting four individual target areas including:

• DDH1-6B (650.2m), DDH1-6B(2) (300.2m), DDH1-14B (519.1m), DDH1-3 (450.1m) and DDH2-3 (483.2m).

• Drilling at all target areas (T1-6, T1-14, T1-3, T2-3) was designed to test geophysical conductors identified by the time-domain electromagnetic (“TDEM”) geophysics surveys completed by Power Metal earlier in 2022.

• Multiple drillholes successfully intersected mineralised pyroxenites which returned anomalous precious metal (gold (Au) + platinum (Pt) + palladium (Pd)) mineralisation including 2.3m @ 0.56 g/t Pt+Pd+Au & 0.17% Ni from 497.2m downhole, including 0.8m @ 0.81 g/t Pt+Pd+Au & 0.18% Ni from 498.7m downhole, in drillhole DDH1-6B.

• Downhole electromagnetic (“EM”) survey completed on drillhole DDH1-14B indicates that the superconductor targeted lies beyond the depth of the current end of hole (519m) at a projected downhole depth of approximately 610m. Conductivity depth imaging completed previously under-estimated the depth to the central part of this conductor.  DDH1-14B would therefore need to be extended to intersect the superconductor target.

• The 2022/2023 results achieved for nickel and precious metals are in line or exceed some of the highest results achieved from the minimal historical exploration that has been completed within the Molopo Farms Complex, and although these grades are currently not a levels permitting economical extraction, they are very encouraging. A detailed overview of the geology, historical exploration, and next steps are included in the body of this release and interested parties are encouraged to read through the below section in its entirety. 

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