{"id":94938,"title":"Power Metal (AIM:POW) Kalahari Key Update – Ditau Drilling Commences","publisher":"Share Talk","author":"sharetalk","published":"2022-03-22T14:46:07+00:00","modified":"2022-03-22T14:46:07+00:00","canonical_url":"https://www.share-talk.com/power-metal-aimpow-kalahari-key-update-ditau-drilling-commences/","markdown_url":"https://www.share-talk.com/power-metal-aimpow-kalahari-key-update-ditau-drilling-commences.md","json_url":"https://www.share-talk.com/power-metal-aimpow-kalahari-key-update-ditau-drilling-commences.json","category":"Mining","categories":["Mining"],"tags":["Australian","Botswana","British Columbia","Cameroon","canada","Canadian","Christian Schaffalitzky","Cobalt","Coco East","COPPER","Copperbelt","Democratic Republic of Congo","Democratic Republic of the Congo","Ditau Project","drilling","Exploration","Farms","Gold","Golden Metal","Golden Metal Resources","group metals","Haneti","Haneti Project","helicopter","Jupiter Mines","KAT","Katoro Gold","KAV","Kavango Resources","Kenya","Kisinka","KKME","Lithium","Lubumbashi","Magical","McKellar","Molopo","Molopo Farms","Nevada","Nickel","Paul Johnson","pegmatite","Piedmont Lithium","platinum","PLL","POW","Power Metal","Power Metal Resources","Project","Québec","Red Rock Australasia","Red Rock Resources","RRR","Sayona Mining","silver","Silver Peak Project","SYA","Tanzania","tungsten","URANIUM","USA","Victoria","Victoria Goldfields"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&ssl=1","format":"news","language":"en-GB","content":"**Kalahari Key Update – Ditau Camp Project Drill Programme Commencement**\n\n**Power Metal Resources plc (LON:POW),** the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update in respect of certain Botswana interests.\n\n**Proposed Offer for Kalahari Key**\n\nFurther to previous announcements, Kavango Resources plc (“Kavango”)(LON:KAV) has at this time withdrawn from making an offer for the entire issued share capital of Kalahari Key Mineral Exploration Pty Limited (“Kalahari Key” or “KKME”) in order to focus on its other business interests.\n\nKavango made a proposal that was supported by the majority of Kalahari Key shareholders, including Power Metal. It was not possible, on the timescale required, to secure unanimous support to move the proposal forward and therefore with the upcoming planned drill programme at Ditau, Kavango have decided to withdraw their proposal.\n\nKalahari Key has a 60% interest in the Molopo Farms Complex Project (“Molopo”). Molopo is targeting nickel sulphides, copper and platinum group elements in Botswana.\n\nPower Metal holds 5,313 shares in Kalahari Key (circa 21.5% of the issued Kalahari Key shares) and together with an earned-in 40% direct Molopo project interest has an effective economic interest of circa 53% in Molopo.\n\nPower Metal will now engage with Kalahari Key and its shareholders to review alternative strategies and take Molopo forward.\n\n**Ditau Camp Drill Programme**\n\nPower Metal has a 50% interest (with Kavango 50%) in the Ditau Camp Project (“Ditau”) in Botswana.\n\nFollowing site preparations, a diamond drill rig is now mobilising to the first drill location, targeting rare earth elements through the drilling of potential carbonatites at Ditau.\n\nA further update will be released by Kavango and Power Metal, providing further information with respect to key drill targets and drill plans in the coming days.\n\n**Paul Johnson, Chief Executive Officer, Power Metal Resources plc, commented:**\n\n“I would have preferred to announce that the Kavango proposal to acquire Kalahari Key was proceeding with full Kalahari Key shareholder approval. Unfortunately, corporate activities don’t always go according to expectations, particularly where ownership of a company is fragmented with varying minority interests.\n\nLife goes on and the default position is that Power Metal retains its circa 53% effective interest in the Molopo Farms Complex Project and will now liaise with Kalahari Key to see what should be done to move things forward. Expeditious solutions are key here. Molopo is in my view a superb exploration opportunity with nickel sulphides confirmed through our first drill programme and we should look to move the project forward with due dispatch.\n\n**Turning to Ditau,** I am extremely happy to see this drill programme launched, having followed the Ditau Camp project for years, I think we have real potential to make company changing discoveries. A further detailed update on the planned drill programme will be released to market shortly. Meanwhile, the rig is now mobilising to site.”\n\nThis 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.\n\nFor further information please visit [https://www.powermetalresources.com/](https://www.powermetalresources.com/) or contact:\n\n**Power Metal Resources plc**\n\n**Paul Johnson (Chief Executive Officer)**\n\n**+44 (0) 7766 465 617**"}