Power Metal Resources PLC (LON:POW) said the maiden drill programme targeting the discovery of nickel and platinum group metals (PGM) is now underway at the Haneti nickel project in Tanzania.
The AIM-listed explorer, which owns a 35% stake in Haneti, said the programme involves 2,000 metres of Rotary Air Blast (RAB) drilling with a planned 50 holes to circa 40 metres depth per hole.
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The RAB drill holes will be drilled on profiles across three target areas in order to provide enhanced information of the subsurface shape and orientation of the ultramafic rock bodies being targeted and allow for the optimisation of a planned follow-on diamond drill programme, Power Metal said.
The company added that drilling samples will be prepared and submitted to inspection, verification, testing and certification company SGS Tanzania for laboratory assay testing, while its share of the pro rata costs for the programme will be fully covered by existing cash resources.
“Today’s announcement represents a watershed moment in the life of the Haneti project with the maiden drilling programme now underway. The project is prospective for both nickel sulphide and PGM mineralisation and the targets form part of an 80 km long ultramafic rock complex that we believe has the potential to deliver a large-scale metal discovery”, Power Metal’s chief executive Paul Johnson said in a statement.
“With Haneti a discovery can only be achieved through drilling and we are particularly excited to see this drilling programme now fully underway”, he added.
Power Metal shares jumped 2.9% to 2.8p in early trading on Wednesday.
