Power Metal preparing for drilling at Molopo Farms

14th Dec 2023 16:41

(Sharecast News) - Power Metal Resources updated the market on its Molopo Farms Complex Project in southwestern Botswana on Thursday, where it was pursuing a district-scale discovery of nickel and platinum group elements (PGE).

The AIM-traded firm revealed the results of geophysical inversions in October, leading to the identification of a high-priority conductor known as T1-14.

It said the conductor had specific robust characteristics, including a steep dip and a multi-kilometre length.

Most importantly, it coincided with the keel of the feeder zone intrusion within the target area T1-14.

The company said the geological alignment suggested significant nickel sulphides within a mafic or ultramafic complex, bolstering its confidence in the conductor's significance.

In response to the findings, Power Metal Resources said it had taken steps to advance its drilling plans for T1-14.

The company entered into a drilling contract with Discovery Drilling Contractors Africa, the same company that conducted drilling operations in 2021 on behalf of Kalahari Key Mineral Exploration.

Final preparations were underway, and drilling was expected to start in January.

"I am pleased to be able to give shareholders certainty on the drill contract following our previous announcement on Molopo Farms," said chief executive officer Sean Wade.

"We are very excited to be getting underway in the New Year and are confident that the detailed analytical work we have done this year will maximise our chances of success with this campaign.

"I very much look forward to sharing the results in due course."

At 1458 GMT, shares in Power Metal Resources were down 0.32% at 0.77p.

Reporting by Josh White for Sharecast.com.