POW through an Investment in Katoro Gold Plc (AIM: KAT) has exposure to a highly prospective Nickel project in Tanzania known as the Haneti Nickel Project.
POW has earned a 25% interest of the Haneti Project along with 5.96% of Katoro’s issued share capital. POW have an option to acquire a further 10% interest in the Haneti Project for a further payment to Katoro of £25,000 in cash. The full announcement of the Haneti investment can be viewed here.
The Haneti project comprises tenements covering an area of circa 5,000 sq. km (prospecting licences, offers and applications) prospective for nickel, platinum-group-elements, cobalt, copper, gold and lithium.
Of four established targets, the key target is an 80km long ultramafic belt with grades of up to 13% Nickel and 2.33 grams per tonne of Palladium and Gold.
Extensive work completed to date resulting in Nickel Sulphide and PGM drill ready targets. Newly identified potential for lithium pegmatite and associated elements of niobium and tantalum.
Katoro also holds a 100% interest in the Imweru and Lubando gold projects in Tanzania which in total host a JORC compliant gold resource (inferred and indicated) of 754,980 ounces of gold.
Target metals: Nickel - Lithium
Objective: Discovery | Through drilling of large targets identified from geological survey and follow up work to secure a major nickel sulphide discovery
Status: Active | Drilling nickel sulphide targets in near term and separately exploration review of lithium pegmatites with additional rare earth element potential