Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce the commencement of the second diamond drill hole (KKME 1-6) at 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.
CHIEF EXECUTIVE OFFICER UPDATE
Paul Johnson Chief Executive Officer of Power Metal Resources commented:
“I am pleased to report the second exploration hole, KKME 1-6, to test conductive targets within the Molopo Farms Complex feeder zone has now commenced.
This hole is designed to test Target 1-6 a conductive geophysical body within the Tshepo (Hope) Central Target Area, approximately 20km WSW of the previous hole KKME 1-14, which is located in the project’s Chipo (Gift) Northern Target Area.
We look forward to sharing further findings in due course.”
OWNERSHIP STRUCTURE - MOLOPO FARMS COMPLEX PROJECT
Power Metal currently 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 (the “Drill Programme”). On completion of the Earn-In, and on the basis of the current 18.26% shareholding in Kalahari Key, Power Metal will have an effective economic interest of 50.96% in the MFC Project.
THE DRILL PROGRAMME
The Drill Programme is for an initial planned 2,505m across four diamond core drill holes with planned target hole depths varying from 525m to 710m.
The Drill Programme is designed to intersect four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic ("EM") and Natural Field Audio Magneto Telluric ("NF-AMT") geophysics surveys.
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 Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
20 November 2020