Power Metal Resources PLC Advances Nickel and PGE Discovery in Botswana

1 February 2024 09:05
Molopo Farm Complex

Power Metal Resources PLC (AIM:POW) continues to progress its district-scale nickel and platinum group element (PGE) discovery in southwestern Botswana, providing an operational update on its Molopo Farms Complex Project.

Drilling Update

In October last year, Power Metal Resources identified the highest priority drill target to date within a geophysical conductor, highlighted through completed geophysical inversions of the widely spaced audio-frequency magnetotelluric survey completed over target area T1-14.

Following this discovery, the Company announced its plans to drill test this significant target.

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.

The conductor is also located in an area where the Company anticipates to find accumulations of significant nickel sulphides within a mafic/ultramafic complex, giving Power further confidence in the provenance of this particular conductor.

In the new year, Power Metals has progressed its drill planning, electing Discovery Drilling Contractors Africa to commence mobilisation for the drilling programme.

Drilling is anticipated to begin in the coming days, targeting the high priority conductor at target area T1-14.

The Company provided further information regarding the conductor, which can be read here.

Company Comments

Power Metal Resources Chief Executive Officer Sean Wade commented on the Company’s progress.

“I am pleased to confirm the mobilisation for this important drill programme targeting the highest priority conductor identified to date at the Molopo Farms Complex Project in Botswana,” he said.

“We are very excited to be getting this work underway, which is testament to an immense amount of technical analysis and preparatory work completed by the team.”

“I very much look forward to sharing our progress with this programme in due course.”

POW’s London Stock Exchange-listed share price has risen 14.12% and is currently trading at 0.97 Great British Pence (9:00am UTC+ 8 hours).

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