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Power Metal Resources PLC Advance Towards Nickel and PGE Discovery at Molopo Farms Complex

7 December 2023 08:35

Power Metal Resources PLC (AIM:POW) has provided an operational update on its Molopo Farms Complex Project in southwestern Botswana, with a strategic focus on exploring the potential for a district-scale nickel (Ni) and platinum group element (PGE) discovery in the region.

Geophysical Discoveries & Prioritisation

On October 6, 2023, Power Metal Resources unveiled the results of recently completed geophysical inversions, leading to the identification of the highest priority conductor to date at the Molopo Farms Complex Project.

The announcement, accessible here, provides a comprehensive overview of the geophysical findings.

The identified conductor, known as T1-14, stands out due to its exceptional strength, steep dip, and multi-kilometre length. Crucially, it aligns with the keel of the feeder zone intrusion within target area T1-14.

This geological positioning heightens confidence in the potential presence of significant nickel sulphides within a mafic/ultramafic complex.

Drilling Plans

Following the identification of the high-priority conductor, Power Metal Resources has expedited plans to drill test T1-14. Analysis has determined up to two optimal areas for testing this conductor, and the Company is currently finalising preparations for the planned drill program.

In advanced negotiations for a drill contract, the Company aims to commence drilling operations in early Q1 2024, emphasising its commitment to maximising the exploration potential of the Molopo Farms Complex.

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Figure 1: Inversion results from AMT line 1. The red traces represent the location of the historical drillholes which targeted what has now been determined to likely be a shallow dipping sedimentary conductor. The large purple to blue conductor is the newly discovered steeply dipping conductor which has not yet been drill tested. The black line represents the approximate location of one of the planned drillholes.

Future Outlook

Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, the Botswana private company that, in turn, holds a 100% interest in the Molopo Farms Complex Project.

Sean Wade, Chief Executive Officer of Power Metal Resources, expressed satisfaction with the progress at Molopo Farms, highlighting the Project’s significance in the Company’s exploration portfolio.

“I am pleased to report further progress at Molopo, and we look forward to commencing the drilling of this high priority conductor. Molopo has been, and remains, one our highest priority exploration opportunities, and one that we remain convinced has the potential to be a significant value driver for Power Metal,” he said.

Wade anticipates the upcoming drilling of the high-priority conductor to be a pivotal step in unlocking the potential value of Molopo Farms for Power Metal.

“Given the amount of data collated over previous exploration campaigns at Molopo Farms, our London based technical team have been working with local advisors to complete a detailed examination of findings to date. The outcome of this work was the confirmation of the highest priority conductor identified to date at Molopo Farms. It has been important to take the appropriate amount of time and to diligently prepare for what we believe may be a highly significant next round of drilling. We look forward to updating shareholders further on this important next step for Molopo.”

POW’s London Stock Exchange-listed share price is currently trading at 0.51 Great British Pence (8.30am UTC+ 8 hours).

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