Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update on the Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key” or “KKME”) Molopo Farms Complex Project (the “Project” or “MFC Project”), which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.
OWNERSHIP STRUCTURE - MOLOPO FARMS COMPLEX PROJECT
Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (“Earn-In”) to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.
For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing cash resources.
Paul Johnson Chief Executive Officer of Power Metal Resources commented:
“We are very pleased to report the commencement of drilling at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation.
The drilling is the culmination of a great deal of high quality technical work and studies undertaken by KKME including a helicopter magnetics and electromagnetics survey and targeted Time Domain Electromagnetic and Natural Field Audio Magneto Telluric (“NF-AMT”) ground geophysics surveys.
The technical work is being overseen by a respected independent geological consultancy who have good experience of working on this style of target mineralisation and within Botswana.
We look forward to providing further updates as the drill programme progresses.”
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulti
15 October 2020