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Power finishes Molopo drilling on a high

24 April 2024 10:12

Power Metal Resources (AIM:POW) has finished drilling DDH1-14C within its Molopo Project in Botswana, reaching an impressive final depth of 832.6 metres and intersecting with the desired steeply dipping geophysical superconductor.

The Molopo Farm Complex commenced in February, with the company targeting a district-scale nickel and platinum group element, known to be prospective in southern Botswana.

Drilling success

Power interpreted the geophysical superconductor as a sulphide-mineralised carbonaceous mudstone, which was intersected at a downhole depth between 760.5 – 813 metres and an endhole depth between 828.4 – 832.6 metres.

The mineralised carbonaceous mudstone showed promising signs of value, containing abundant pyrrhotite-quartz-calcite veining and localised sulphide-dominated veins, thought to be pyrrhotite.

Additionally, Power identified further vein-hosted sulphides, mostly pyrite, throughout the intervals.

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Figure 1: Carbonaceous mudstone with localised dominantly pyrrhotite sulphide veins – see just right of DPH marker 775.60 metres

Next steps

Now that drilling is complete, the company’s in-country geological team plans to choose samples from the intervals to undergo certified laboratory multi-element and platinum group element (PGE) assay testing, with assays expected to be received within the coming months.

CEO commentary

Power Metal Resources Chief Executive, Sean Wade, expressed his renewed confidence after receiving the positive news of DDH1-14C’s successful intersection with the target conductor.

“A huge thanks to the entire in-country operations team that was able to complete drill hole DDH1-14C to an impressive depth of 832.6m,” he said.

“Target Area 1-14 has been of interest to Power Metal for some time due to the superconductor that was identified by multiple geophysical surveys.

“The previous drill holes completed into this area were unsuccessful in intersecting the targeted conductor, and now, with the completion of this drill hole, we have achieved this objective.

“We now await further updates from the in-country team as they prepare various sections from the interval for laboratory assay testing and will update the market in due course.”

POW’s London Stock Exchange-listed share price is currently trading at 14.50 GBX (10:00 am UTC+ 8 hours).

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