Power Metal Resources PLC (AIM: POW) has completed the first hole of its latest drilling programme at the Molopo Farms Project in Botswana, intersecting what is believed to be nickel mineralisation as it targets a district-scale nickel and platinum group element discovery.
The first drill hole, Hole 1-9, reached a depth of 382 metres and intersected disseminated suspected nickel mineralisation within a leuconorite band between 243 metres and 269 metres downhole.
Samples from the mineralised interval are now being assayed, with results to be announced once they have been received, analysed and verified.
The hole forms part of a 1,600-metre core drilling programme designed to test five priority geological and geophysical targets along the eastern feeder dyke of the Molopo Farms Igneous Complex. The programme is results-driven and may be refined as new geological data becomes available, with drilling continuing on the remaining targets.
Chief executive Sean Wade said the intersection of suspected nickel mineralisation was an encouraging early indication that the company’s revised exploration strategy was targeting the right geological structures.
Power Metal said the results reinforce its belief that the project has the potential to host a district-scale nickel and platinum group element discovery.
The company holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, which owns 100% of the Molopo Farms Project.
