Power Metal Resources PLC (LON:POW) chief executive, Paul Johnson has sounded an upbeat note on the second completed drillhole at the Molopo Farms nickel and PGM project in Botswana.
“The confirmation from our consultants that we have intersected at least one conductive target in the over 500 metres of ultramafic rock through which we drilled in the second hole of our programme is most encouraging news,” he said in a statement.
Power Metal owns an 18.26% interest in Kalahari Key, the company that’s undertaking the drilling, and has elected to earn-in to a 40% direct interest in Molopo Farms by funding US$500,000 of exploration expenditure by January 341, 2021.
To date, Power Metal has paid US$192,641 leaving a balance remaining of US$307,359, which is fully covered by Power Metal cash resources.
“Detailed logging and analysis of the core will continue, and further sections of interest may be identified in the 26 major units intersected,” Johnson added.
“We are told that with ultramafic rock in this area it is difficult to see sulphides on the core surface, and easier on a cut surface, so there remains work to be done to determine metal content. We now know that we should look deeper for a further significant target and that additional drilling work will start after the Christmas break. The drill has been left in place aligned with the hole.”
The hole is to be deepened to depths of 600-to-650 metres in further drilling to be undertaken after Christmas, on both geological and geophysical grounds.
The overall drill programme is designed to intersect four high priority targets prospective for massive nickel sulphide mineralisation.
