Power Metal Resources (LSE:POW) revealed that ground geophysics has completed at its part-owned Molopo Farms Complex (MFC) project in Botswana on Tuesday. The work was completed by Kalahari Key and will be used to design a drilling programme at the nickel, copper, and platinum group metals (PGM) asset.
In total 11 loops were conducted on 10 of the best target areas for nickel and PGM mineralisation identified in a recent helicopter-supported, high-resolution electromagnetic survey. The data collected is now being interpreted to identify top priority drill targets by the end of August.
The MFC project consists of three exploration licences spanning 2,725km2 in southern Botswana. Kalahari Key’s primary target is nickel and platinum mineralisation in the geophysically-delineated, major shear/feeder zone through the centre of the project. The business will also seek to identify massive or disseminated nickel sulphide deposits at the base of, or within the ultramafic zone of the MFC moving forward.
Power Metal has an 18.26pc shareholding in Kalahari Key. It also has a right by 31 December 2019 to elect to earn into a 40pc direct interest in MFC through an investment of $500,000 in the project by 31 December 2020. If it chooses to do this, the firm will hold an effective economic interest of 50.96pc in the project.
Alongside its geophysics work, Kalahari Key is preparing relevant environmental submissions for MFC as required in Botswana ahead of drilling. Power Metal noted that the business is also in discussions with drilling companies to ensure that contractors are in place and able to begin drilling when required.
Paul Johnson, executive director of Power Metal, said: ‘I am pleased to advise that, as previously indicated, the KKME team have now completed the ground geophysics programme. The extensive data collected from the 11 loops, covering the ten best target areas, will now be interpreted with a view to designing a drill programme to test the key targets. I look forward to receiving the results of that interpretation process which are expected to be received by the company later this month.’
To read our recent report on the MFC project and the opportunity it offers to Power Metal Resources and its investors, please click here.
Author: Daniel Flynn
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