Kalahari Key Acquisition Complete – Power Metal Now Holds 87.71% Interest
Molopo Farms Complex Drilling Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the completion of the transaction to increase the Company’s interest in Kalahari Key Mineral Exploration Pty Limited (“KKME” or “Kalahari Key”) further details of which were provided in the Company’s announcement of 3 November 2022 (the “Transaction”):
Kalahari Key holds a 100% interest in the Molopo Farms Complex Project (the “Project”, “Molopo Farms”), where a large-scale nickel platinum-group metal (“PGM”) discovery is being targeted in southwestern Botswana.
HIGHLIGHTS:
§ Following completion of the Transaction, Power Metal now holds 87.71% of Kalahari Key and therefore the Molopo Farms Project.
§ The 2,600m diamond drill programme at Molopo Farms is progressing well with two holes now completed at target area T1-6, and the third drill hole in progress at target area T1-14.
§ At T1-14 the Company is testing an electromagnetic superconductor identified by a recently completed moving loop electromagnetic (MLEM) survey. The last reported depth from the drillhole in progress, DDH1-14B, was 345 metres.
§ Downhole geophysics is now complete on drill hole DDH1-6B from Target area T1-6, with the geophysics interpretation results expected shortly.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“Today’s confirmation that Power Metal has now completed the transaction and increased its interest in Molopo Farms to 87.71% is great news for the Company. My thanks to all involved in enabling this Transaction to happen so efficiently.
We have completed the Transaction whilst in the midst of the Molopo Farms drill programme where we are progressing well with the third drill hole targeting the superconductor at target area T1-14.
A further exploration update is expected to follow in the near term as we continue, what for Power Metal, is a particularly exciting drill programme.”
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
