Power Metal preparing to drill test Molopo Farms target

6th Dec 2023 15:02

(Sharecast News) - Power Metal Resources updated the market on its Molopo Farms Complex Project in southwestern Botswana on Wednesday, where it was aiming to make significant discoveries of nickel and platinum group elements (PGE) on a district scale.

The AIM-traded firm had announced in early October that recent geophysical inversions led to identifying the highest priority conductor observed thus far at the project.

It said the conductor, T1-14, was characterised by its strong intensity, steep dip, and a multi-kilometre length.

Crucially, it aligned with the keel of the feeder zone intrusion in the designated target area T1-14.

The geological positioning of the conductor within a mafic-ultramafic complex was significant, the board explained, as it corresponded to the expected location for substantial nickel sulphide accumulations.

It said the development bolstered its confidence in the conductor's potential.

After the October announcement, Power Metal said it planned to drill test the T1-14 target.

Further analysis identified up to two optimal areas for testing the conductor.

The firm said it was currently in the final stages of preparations, including negotiations and signing a drilling contract, intending to start drilling operations early in the first quarter of next year.

"I am pleased to report further progress at Molopo, and we look forward to commencing the drilling of this high priority conductor," said chief executive officer Sean Wade.

"Molopo has been, and remains, one of our highest priority exploration opportunities, and one that we remain convinced has the potential to be a significant value driver for Power Metal.

"Given the amount of data collated over previous exploration campaigns at Molopo Farms, our London based technical team have been working with local advisors to complete a detailed examination of findings to date."

Wade said the outcome of the work was the confirmation of the highest priority conductor identified to date at Molopo Farms.

"It has been important to take the appropriate amount of time and to diligently prepare for what we believe may be a highly significant next round of drilling.

"We look forward to updating shareholders further on this important next step for Molopo."

At 1352 GMT, shares in Power Metal Resources were down 4.76% at 0.5p.

Reporting by Josh White for Sharecast.com.