Botswana Molopo Farms Complex – Assay Results

Significant Nickel Intersections Confirmed by Drill Sample Assay Results

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce an exploration update 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 magmatic intrusion-hosted massive nickel sulphide and platinum-group element (“PGE”) mineralisation in Botswana.

BACKGROUND:

The MFC Project is a district scale exploration opportunity in south-west Botswana.

After extensive preparatory exploration work over a number of years the Project was suitably advanced to commence exploration drilling in 2020.

Diamond drilling commenced at the MFC Project in October 2020 and to date three holes have been completed. Examination of the drill core to date has demonstrated the geological model for the presence of a magmatic feeder zone prospective for the accumulation of Ni/PGE sulphides in the intrusive system.

More recently, core samples were sent to the Geology Department of the University of Witwatersrand in Johannesburg for thin section mineralogical analysis. This analysis confirmed the presence of nickel sulphides in the drill core adding more weight to the geological proposition.

Results have now been received from Scientific Services Geological Laboratories where drill core samples from hole KKME 1-6 were sent for assay testing.

CHIEF EXECUTIVE OFFICER UPDATE:

Paul Johnson, Chief Executive Officer of Power Metal Resources, commented:

“We are delighted to report that significant nickel intersections have been confirmed by the first batch of assay results received for the diamond drilling at the MFC Project. Recognising these drill results come from early stage reconnaissance drilling it is extremely positive to identify nickel mineralisation as confirmed today.

As only select intervals of drill core were sent for laboratory assay all five of the significant drill intersections can be considered open until the intervening samples are analysed.

These results corroborate the earlier identification of Pentlandite, the primary nickel sulphide mineral, in the mineralogical samples previously submitted to Witwatersrand University.

The nickel mineralisation encountered in this drill hole includes sections at grades that have been found to be economic in similar geologies and given the scale of the inferred feeder zone being investigated there is a good prospect of further positive results as exploration continues.”

HIGHLIGHTS:

The first batch of assay results for nickel (Ni), copper (Cu) and zinc (Zn) have been received for the diamond drilling programme at the Molopo Farms Complex Project.

  • Angled diamond drill hole KKME 1-6, downhole, significant Ni intersections 1 include:
    • 4.8m @ 0.2% Ni from 292.7m
    • 4.1m @ 0.49% Ni from 309m, including
      • 1.6m @ 0.72% Ni from 309.6m
    • 16.7m @ 0.16% Ni from 501.8m
    • 10.9m @ 0.13% Ni from 518.2m
    • 3.4m @ 0.28% Ni from 594.4m
  • As drill core was selectively sent for sample analysis the reported mineralised intervals are considered to be open.
  • Assay results confirm Ni grades for pentlandite-bearing mineralogical samples analysed by the University of Witwatersrand in Johannesburg (announced 30 March 2021):
    • IMK-05139 (0.44m pyroxenite sample from 310m down-hole depth) assayed at 6,999ppm Ni (0.70% Ni) from a primary magmatic, pentlandite-bearing, assemblage.
    • IMK-05149 (0.58m pyroxenite sample from 295m down-hole depth) assayed at 6,606ppm Ni (0.66% Ni).
    • IMK-05153 (0.54m pyroxenite sample from 297m down-hole depth) assayed at 2,244ppm Ni (0.22% Ni).
    • Both IMK-05149 and IMK-05153 contained primary pentlandite within predominant secondary nickel sulphides, arsenides and alloys.
  • Further assay data for gold and PGE content for the reported intervals is currently awaited.

Follow the link below to download the full RNS release, including full results of the assay testing.

Download the full RNS release (PDF)

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8 April 2021

 
 
 

Power Metal Resources plc
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3-7 Temple Avenue
London EC4Y 0DT
United Kingdom

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