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Power Metal light up

17 August 2022 13:50
LON: POW
POW Molopo EM

Power Metal Resources have had a bumper day on the London Stock Exchange with over 55 million shares sold at a 45 per cent price rise after results came in from its nickel-copper-platinum group element Molopo Farms Complex Project in mining-friendly Botswana.

Electromagnetic downhole surveys at the project revealed an enticingly large conductor at a similar stratigraphic level to nickel-sulphide mineralisation averaging seven metres at 0.443 per cent nickel.

The edge of the conductor had been intersected through prior drilling, and the UK-based explorer is looking to maintain its momentum and move up its 2022 diamond drilling campaign for the new target.

The company said it was potentially one of the most significant items of news it had released in its three year history as Power Metal.

“We have confirmed that drillhole K1-6 intersected the edge of a very large-scale and strong magnetic conductor — significantly, drillhole K1-6 highlighted that the edge of the magnetic conductor was mineralised, with widespread nickel sulphides demonstrated from assay testing and follow up petrological analysis,” chief executive Paul Johnson said.

“This is an exciting time for the Power Metal team and we are now pushing ahead at pace.”

This discovery comes on the heels of a conditional transaction which would see Power Metal become project operator and raise its stake to 87.71 per cent as it prepares the rig for what could be a momentous campaign.

POW’s London Stock Exchange-listed share price has risen 45.71 per cent today, selling at 1.28 British pence (9.50 am UTC+ 8 hours).

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