Power Metal Hits Suspected Nickel

Power Metal says its first Molopo Farms drill hole intersected suspected nickel mineralisation, but laboratory assays are still needed to confirm the result.

GAZETTE REPORTER

Power Metal Resources PLC, the London-listed exploration company and project incubator with a global project portfolio, has completed the first hole of its latest drilling programme at the Molopo Farms Igneous Complex in southwestern Botswana.

Assays Pending

The company is targeting a district-scale nickel and platinum group element discovery at Molopo Farms, with the current programme focused on the eastern feeder dyke to the complex.

Power Metal said Hole 1-9 was drilled to a depth of 382 metres and intersected disseminated suspected nickel mineralisation associated with a leuconorite band between 243 and 269 metres downhole.

Sampling and assaying of the interval is now underway. The company said results will be announced once they have been received, analysed and verified.

Drilling Programme

The completed hole forms part of a previously announced 1,600-metre core drilling programme targeting five high-interest geological and geophysical targets on the eastern feeder zone to the Molopo Farms Igneous Complex.

The programme is results-driven and may be optimised as additional data is acquired, according to the company. Drilling is continuing on the remaining targets.

Sean Wade, chief executive officer of Power Metal Resources, said the completion of the first hole was encouraging, particularly because of the suspected nickel mineralisation encountered within the target structure.

“I am delighted to report the completion of the first hole of our current drilling campaign at Molopo Farms, and particularly the intersection of suspected nickel mineralisation within the target structure,” Wade said.

He said the company would await the sampling and assay results, adding that the early indication supported its revised targeting approach, which is focused on the controlling structure and feeder dykes to the complex.

“It reinforces our belief that a district-scale discovery remains within our reach,” Wade said.

Company Interest

Power Metal holds an 87.71 percent interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company that holds a 100 percent interest in the Molopo Farms Complex Project.

The company said it will provide further updates as assay results are received and as the drilling programme progresses.