Power Metal jumps on Molopo Farms drilling plans

23rd Aug 2022 11:36

(Sharecast News) - Exploration company Power Metal Resources updated the market on the Molopo Farms Complex project on Tuesday, which is targeting a large-scale nickel-copper-platinum group element discovery in southwestern Botswana.

The AIM-traded firm identified a large electromagnetic conductor earlier in the month, the edge of which was intersected by previous diamond core drillhole K1-6 at similar stratigraphic levels to a broad nickel sulphide mineralised interval.

It announced at the time that drill testing the conductor was the focus of the upcoming expedited diamond drill programme.

As a result, preparations for the first Power Metal managed and operated diamond drill programme at Molopo Farms were advancing at pace, and the start date was expected to be announced shortly.

The drilling would target the core of the new conductor, immediately south of K1-6, with multiple holes planned of varying positions in order to maximise the discovery potential of the programme.

Precision drill hole targeting work at K1-6 was also underway - given the size of the conductor, the first two holes were expected to be located 500 and 1,000 metres south of the original K1-6 hole.

The company said the programme was being designed to ensure "expeditious" core analysis to include geologists on site to conduct continuous core inspection and logging, the identification of visible sulphides, selection of core samples for assay testing, and the arrangement of expedited laboratory assays to minimise turnaround time.

Two additional high-priority targets located southwest of K1-6 had also been selected for moving loop electro-magnetic surveys, to provide further targets for planned diamond drilling.

"It is encouraging to see the interest in Molopo Farms shown by shareholders and investors," said chief executive officer Paul Johnson.

"We share the excitement this Project brings, and the K1-6 conductor is considered by our technical team to be a very compelling drill target.

"We are seeking commencement of drilling as soon as possible and making expedited final preparations for this."

Johnson said there would be further announcements to follow in that regard, adding that expanding the geophysics programme to cover two new targets demonstrated the "size and scale" of the Molopo Farms opportunity.

"As this work progresses, in parallel, we continue to engage with third parties that have expressed an interest in Molopo Farms and the high-impact exploration work we are undertaking.

"The level of interest in the project is notable, demonstrating we believe not only the project's geological potential, but also its geographic location, Botswana, which is a secure, supportive and positive operating environment for resource exploration and development."

At 1116 BST, shares in Power Metal Resources were up 10% at 1.65p.

Reporting by Josh White at Sharecast.com.