Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update on the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.
OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT
Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.
For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing cash resources.
· Drilling has commenced for the first of four planned holes constituting the Phase 1 Drilling Programme at the Molopo Farms Complex Project in Botswana.
· The Phase 1 Drilling programme is for an initial planned 2,505m across four diamond core drill holes. Planned target hole depths vary from 525m to 710m.
· Hole 1 has been designed to intersect the first of an initial four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics surveys.
· The drilling, logging and sampling is being overseen at site by an experienced independent geological consultancy in line with international best practice.
· Drilling and hole casing is commencing with a rotary tri-cone drill bit through the Kalahari sand cover before switching to a diamond core drill bit at HQ and NQ core diameters for drilling through the host lithologies.
· Core will undergo geological and geotechnical logging and photography ahead of appropriate core sampling and analysis by an accredited laboratory.
· Images from the drilling programme may be viewed through the following link: https://www.powermetalresources.com/gallery/7/molopo-farms-complex-botswana
Paul Johnson Chief Executive Officer of Power Metal Resources commented:
“We are very pleased to report the commencement of drilling at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation.
The drilling is the culmination of a great deal of high quality technical work and studies undertaken by KKME including a helicopter magnetics and electromagnetics survey and targeted Time Domain Electromagnetic and Natural Field Audio Magneto Telluric (“NF-AMT”) ground geophysics surveys.
The technical work is being overseen by a respected independent geological consultancy who have good experience of working on this style of target mineralisation and within Botswana.
We look forward to providing further updates as the drill programme progresses.”
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
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