Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update with respect to the planned drilling programme targeting the discovery of nickel and platinum group metals (“PGM”) at the Haneti Project (“Haneti”) in Tanzania.
Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold plc (LON:KAT)(“Katoro”).
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“Reaching the pre-mobilisation phase at Haneti is a significant step forward, as the technical team prepares to arrive in-country and final site-based preparations are made for drill rig.
As previously stated Haneti is a considerable opportunity in terms of size and geological potential. This significant drill programme will be focused principally on possible nickel sulphide and PGM targets within the 80km strike length of prospective ultramafic complex.
In addition to the potential nickel and PGM sulphides being targeted by the forthcoming drilling programme the 5,000km2 Haneti Project area is also prospective for a range of other deposit / commodity types including nickel laterites, copper, gold, lithium and rare earth deposits.
There is a clear appetite for large-scale nickel sulphide projects amongst large and mid-tier organisations at present, and therefore it makes commercial sense for the joint venture to focus initially on the nickel sulphide exploration opportunity. Later we expect to examine in further detail the other exploration opportunities, of which there are many, at the project.”
1 October 2020