London-listed Power Metal Resources operating partner, Kalahari Key Mineral Exploration, has proven its approach to recent discoveries of primary nickel-copper and groups of tech-critical elements at its Molopo Farms Complex project mining-friendly Botswana.
The project, which is effectively held by Power Metals with a combined company and project stake of more than 50 per cent, is believed to be consistent with the same structure as the highly prolific Bushveld Igneous complex located in South Africa.
“… the TML is believed to be the feeder for the Molopo Farms complex, and thus a target for a Voisey’sVoisey’s Bay style major nickel deposit. A feeder zone structure is interpreted to be close to hole K1-6 and extends north-eastwards to the edge of the licence area,” Kalahari’s Christian Schaffalitzky said.
“Recently completed proof-of-concept drilling by Kalahari Key, including three widely spaced diamond drill holes targeting large-scale conductive electromagnetic geophysics anomalies, has identified in hole K1-6 the highest nickel grades to date within the MFC.
“Significantly, thin section analysis of select drill intercepts has identified primary magmatic sulphide mineralisation including pentlandite and chalcopyrite.”
Power Metal said the results to date from the project’s first phase of drilling had clearly shown the validity of Kalahari’s geological model.
“The results to date from the Phase I drill programme at the MFC Project have successfully demonstrated the validity of the geological model developed by our operating partner Kalahari Key, which has led to the discovery of primary nickel-copper and PGE mineralisation.
“Further technical review of the Phase I exploration results is ongoing, and we look forward to providing further information in this regard,” Power Metals chief executive Paul Johnson said.
“The aim of our venture at the MFC project is the discovery of a major nickel deposit, and we have clearly taken a number of important steps forward with recent exploration.
“Now we need to finalise the technical review of the work done thus far and implement next stage exploration work including a Phase II drill programme.”
Power Metal said the next steps would be to continue technical work, including further core inspection of the third drill hole K1-11a and assay testing of samples from this hole together with assay testing of additional samples from K1-6 at the location of other identified sulphides.
The company said updates on existing works and other exploration are pending in due course.
At market close in London yesterday, the company’s London Stock Exchange listed shares had risen 0.74 per cent, trading at £GBP2.04 or $AU$3.80.