Power Metal Resources PLC (LON:POW) told investors that it has successfully completed the second drill hole at its Molopo Farms Complex project in Botswana.
Hole KKME 1-6 was drilled down to depth of 547 metres (m). The company noted that ultramafic rocks were intersected immediately beneath the Kalahari Group sediments at 27m and continue to the end of hole.
The hole had a total ultramafic intercept of approximately 520m, it added. Two shear zones were intercepted, at 501m and 515m respectively. Core from the hole will undergo detailed geological logging with selected samples sent to nickel and PGM assays.
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A third drill hole is set to be drilled when the drill team returns from their scheduled Christmas break.
“We are pleased with progress at Molopo Farms Complex,” said Paul Johnson, chief executive in a statement.
“Results from the second drill hole continue to demonstrate the target geological model of an intrusive feeder zone which is a prospective setting for nickel and PGM mineralisation.”
“Drilling for the remaining two drill targets will recommence after the Christmas break and in the interim the extensive technical work in relation to the first two completed holes continues. We will provide further updates as material developments occur.”
Johnson, meanwhile, highlighted a new collaboration in Botswana. “We are also excited to report that Kalahari Key has signed collaboration agreements with two companies which are at the cutting-edge of remote sensing and data processing for exploration targeting,” he said.
“These collaborations have the potential to provide valuable insight and efficiencies into the exploration process proving supplementary high resolution targeting over the extensive Molopo Farms Complex licences.”