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Power Metal Resources Unveils Two New Targets at Molopo Farms Complex Project

9 October 2023 10:43

Power Metals Resources PLC (AIM:POW) has pinpointed high-priority, untested drill targets at the Molopo Farms Complex Project in southwestern Botswana, with the potential for hosting massive sulphide mineralisation.

01 27 2022 Licenses Power Scaled

Figure 1: Molopo Farm Complex Project location

Updating Exploration Activities

In 2019, Power Metal Resources acquired the vast 1,478 square kilometre Molopo Farms Complex Project located in southwestern Botswana through an equity stake in the private company Kalahari Key Mineral Exploration Pty Limited.

By 2021, the Company secured a 40% direct project interest by investing $500,000 in exploration efforts aimed at uncovering a district-scale nickel and platinum group element (PGE) discovery.

The Project’s ongoing exploration efforts, which encompassed airborne electromagnetic (EM) geophysics surveys in 2018, drilling activities at three target zones (1-6, 1-14, 1-11) in late 2020 and early 2021, as well as ground moving loop electromagnetic (MLEM) geophysics surveys conducted in 2022, collectively played a pivotal role in identifying and subsequently drilling the targets during the 2022/2023 campaign.

27 04 23 Molopo RNS Map For Pres

Figure 1: Molopo Farm Complex targets

The Company’s report indicates that during the 2022/2023 drill campaign, Drillhole DDH1-14B did not intersect the modelled superconductor, prompting Power Metal to enlist the expertise of a geophysicist for inversions of the widely spaced audio-frequency magnetotelluric (AMT) survey data from 2020, specifically conducted over target area T1-14.

As a result, Power Metal Resources has pinpointed target area T1-14 as having the highest potential, primarily due to the robustness of the initially identified superconductor.

The utilisation of AMT technology offers a broader scope for measuring conductivities, both in terms of range and depth, as compared to traditional airborne and ground EM methods.

The Company pursued this approach with the expectation of achieving a more precise definition of the conductor within the target area, with the outcome of these surveys proving significant, revealing the presence of two distinct conductors at target area T1-14.

This stark contrast to the previous MLEM survey, which had identified only one moderately dipping conductor, underscores the efficacy and superiority of these exploration techniques.

The surveys also included a very strong, steeply dipping, multi-kilometre long, conductor which is co-incident with the keel of the feeder zone intrusion.

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Figure 2: 1st vertical derivative magnetics show in the background. Four AMT cross-section lines highlight the presence of a steeping dipping conductor (blue) as well as a shallow conductor which was ultimately drilled by both historical drillholes at target area T1-14. The total distance between L3 and L4 is approximately six kilometres.

The first conductor, with its potential to accommodate substantial sulphide mineralisation, has earned the designation of a high-priority exploration target. Remarkably, it has never undergone drilling testing thus far.

In contrast, the second conductor, characterised by its relatively horizontal orientation, has been determined to have sedimentary origins, shedding light on the misguidance it caused during the preceding drilling campaign.

Future Outlook

Given the promising outcomes of the AMT survey, Power Metal is enthusiastic about the potential for substantial further exploration efforts at the Molopo Farms Complex Project.

Presently, the Company is collaborating with its technical consultants to strategise the execution of a drilling program in target area T1-14, with this initiative aiming to assess the newly modelled, steeply dipping conductor and its exploration prospects.

Looking to its other exploration efforts in Botswana, Power Metals has recommenced field exploration at its wholly owned Tati Gold Project on the Tati Greenstone Belt near Francistown, planing to complete additional detailed soil sampling on six unique targets identified, including 450 samples for gold assay testing.

The Company has also reached a significant milestone in September at wholly-owned Badger Lake Uranium Project, located in the Athabasca Basin, with hyperspectral satellite data revealing striking parallels to nearby prolific deposit, emphasising the immense potential in the Company’s uranium portfolio.

Power Metal Resources Comments

Power Metal Resources Chief Executive Officer Sean Wade said that the historical exploration work at Molopo Farms was necessary to narrow down key targets for exploration drilling within a very large license footprint.

“The Company is targeting major discoveries and the work completed to date has confirmed that the MFC has the required geological ingredients to host a significant nickel deposit as found in other mafic/ultramafic belts worldwide,” he said.

“In exploration, geophysics alone is never enough and drilling is always necessary to firm up the geological model and confirm economic deposits. As drilling is undertaken, the additional data gathered can, with other exploration techniques, provide a step-change enhancement of the technical understanding of a project and its potential.”

“On this basis, the work focused on target area T1-14 has delivered a superior database and is now the highest priority conductor target, based on all the evidence we have gathered thus far. We are particularly excited by this development and look forward to updating the market in due course with drilling plans for this target.”

“This exploration work, which is currently focused on target area T1-14, is being conducted in parallel with our ongoing engagement with third parties with regard to commercial avenues for Molopo Farms as previously highlighted.”

POW’s London Stock Exchange-listed share price is currently trading at 0.63 pence (10.30am UTC+ 8 hours).

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