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Power Metal get the key to Kalahari

21 November 2022 13:10
LON: POW

Power Metal Resources continues to grow its footprint in Botswana, and have completed its acquisition in Kalahari Key, bringing its total stake in the company and the Molopo Farms Complex to 87.71 per cent.

The acquisition is timely, with a 2,600-metre diamond drill campaign underway at the project and the rig now moving to the target area T1-14 in the hopes of hitting a recently identified superconductor holding a conductance reading similar to massive sulphides.

Molopo Farms’ potential has been shooting skyward in recent months, with the T1-14 super conductor being the 4th A+ priority target on the project after a similar conductor was uncovered in September.

The Kalahari Key acquisition is not the only way Power is building its presence in Botswana, with the company also becoming a strategic investor in its Kalahari neighbour and former JV partner Kavango Resources.

Power Metals now holds a 9.85 stake in Kavango in consideration for the disposal of all interest in the Kanye Resources JV, including the Ditau and Ghazni south projects, back to Kavango, as announced in June.

With the issuing of shares, the company said it will be watching developments closely.

“This in our view is just the start and our objective is to continue to build the Power Metal balance sheet through corporate transactions underpinning the financial value of the Company whilst our exploration activities continue at some pace across our extensive global portfolio,” chief executive Paul Johnson said.

Power Metal expects a further exploration update from Molopo to follow soon as it continues spinning what the explorer notes as a particularly exciting drill programme.

POW’s London Stock Exchange-listed share price was trading at 1.7 British pence today (12.46 pm UTC+ 8 hours).

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