Molopo Farms Project, Botswana – Prospecting Licences Renewed & Drilling Underway
Power Metal Resources Plc (AIM: POW) has provided an exploration update from its Molopo Farms Complex Project in southwestern Botswana, where the company is targeting a district-scale discovery of nickel and platinum group elements.
The London-listed exploration company and project incubator confirmed that Prospecting Licence PL 311/2016 has been renewed for a further two years and is now valid until 31 March 2028.
Drilling has also commenced on a 1,600-metre core drilling programme, which will initially test five high-interest geological and geophysical targets on the eastern feeder zone to the Molopo Farms Igneous Complex.
Power Metal said the latest programme differs from previous and historical drilling, as it will test targets within the controlling structure of the Molopo Farms Complex and its related feeder dykes.
Drill locations have been selected using the latest interpretations of magnetic, audio-frequency magnetotelluric and time-domain electromagnetic data previously acquired by Power Metal, alongside limited additional ground magnetic traverses.
The company said the programme will be results-driven and may be optimised as further data is gathered.
Chief executive Sean Wade said Power Metal remained “completely committed” to the Molopo Farms Project and was optimistic that the latest campaign would build on the significant body of work already completed.
He added that the company continues to believe a district-scale discovery remains within reach and expects to provide further updates to shareholders in the coming months.
Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company which owns 100% of the Molopo Farms Complex Project.
