Power Metal confirms nickel intersections at Molopo

Power Metal Resources plc announced significant nickel intersections from the first assay results for diamond drilling at the Molopo Farms Complex project in Botswana.

Site operator, Kalahari Key Mineral Exploration Pty Ltd, is targeting prospective magmatic intrusion-hosted massive nickel sulphide and platinum-group element (PGE) mineralisation at the district-scale site.

In October 2020, Kalahari Key began diamond drilling at MFC four planned holes of which three 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.

Core samples were sent to the University of Witwatersrand for thin section mineralogical analysis, which confirmed the presence of nickel sulphides in the drill core.

RESULTS

Assay results for angled hole KKME 1-6, downhole, show significant nickel intersections including:

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

Power Metal said that, as drill core was selectively sent for sample analysis, all five reported mineralised intervals were considered to be open.

Assay results confirming nickel grades for pentlandite-bearing mineralogical samples analysed include:

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)

“Recognising these drill results come from early stage reconnaissance drilling it is extremely positive to identify nickel mineralisation as confirmed today,” said chief executive Paul Johnson.

MOLOPO FARMS COMPLEX

In 2014, KKME acquired mineral exploration licences (PL310/2016 and PL311/2016) covering the eastern and central parts of a shear/feeder zone through the centre of the Bushveld-related MFC in southern Botswana.

A third licence (PL202/2018) was acquired in early 2018 immediately to the south of PL311/2016, taking the total project area to 2,725sq km.

Power Metal acquired an 18.26% stake in KKME, a Botswana registered exploration company, for $194,810.

In December 2019, Power Metal elected to earn-in to a 40% direct project interest by spending $500,000 by 31 April 2021 on ground exploration, including drilling of high priority targets.

Upon completion of the earn-in expenditure, the company will hold an economic interest of 50.96% in the project and will have representation on the operating committee and the Kalahari Key board.