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Power Metal mobilise

9 September 2022 14:22
LON: POW

A diamond drilling campaign is set to soon begin at Power Metal Resources‘ Molopo Farms Complex with drilling services officially mobilised for the Botswana project.

At least two holes will be dedicated to a large-scale conductor, the discovery of which the company said was potentially one its most significant news items ever.

The campaign is focused on a large scale nickel, copper and platinum group element discovery, expected to be six holes for 2600 meters, with freshly raised funds in the bank allowing for expansion.

Work will continue as the rig gets set up, with numerous surveys underway at the project.

Power Metals have had a busy few weeks across its portfolio, expanding its Australian Holdings and firing up drilling elsewhere in Botswana, but through it all, the company has maintained Molopo as its top priority.

“The preparations for this important diamond drill programme continue at pace, with mobilisation of equipment to site and a target date for drill commencement next week,” chief executive Paul Johnson said.

“This is a big moment for Power Metal and we are eager to commence drilling as soon as possible.”

The company has also offered more detail on its sale of the Reitenbach uranium project to Teathers Financial.

Teathers is set to be renamed Uranium Energy Exploration PLC, with Power Metal expected to hold up to 55 per cent of interest after a planned listing on the London Stock Exchange.

Multiple uranium prospective anomalies have been identified across Reitenbach, alongside a significant New Lake Geochem Zone demonstrating high-tenor results.

The company said the sale will give UK investors a new opportunity to get involved in uranium’s glowing future.

“We are seeing uranium shares move sharply higher across the UK, Canadian and Australian exchanges, reflecting the increasing recognition across the globe of an urgent need for the uptake in the utilisation of nuclear power generation,” Johnson said.

POW’s London Stock Exchange-listed share price has risen 3.91 per cent today, selling at 1.53 British pence (11.55 am UTC+ 8 hours).

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