Power Metal Resources plc confirmed nickel sulphides and platinum group elements from its 2,402.8m drill results at Molopo Farms Complex (MFC), southwest Botswana.
MOLOPO
The company said it had also been in discussions with potential partners to advance the project to large-scale exploration.
The site, covered with Kalahari sand, comprises commercial cattle ranches on a layered mafic-ultramafic intrusion covering approximately 13,000 km2 across southern Botswana and into South Africa.
Molopo consists of a lower zone of ultramafic rocks and an upper zone of mafic rocks, with a total thickness of about 3,200m of which the lower ultramafic zone makes up at least 2,000m.
Power Metal’s licence covers 1,478.6 km2.
MAIN RESULTS
During the 2022-23 diamond core drilling campaign, the company drilled five holes for 2,402.8m, focusing on four individual target areas of T1-6, T1-14, T1-3 and T2-3.
Drilling aimed to test geophysical conductors identified by the time-domain electromagnetic (TDEM) geophysics surveys completed in 2022.
Power Metal said that multiple drillholes successfully intersected mineralised pyroxenites which returned anomalous precious metal (Au), platinum (Pt) and palladium (Pd) mineralisation.
These include 2.3m @ 0.56 g/t Pt-Pd-Au and 0.17% Ni from 497.2m downhole, including 0.8m @ 0.81 g/t Pt-Pd-Au & 0.18% Ni from 498.7m downhole, in drill hole DDH1-6B.
Drill hole DDH1-14B needs to be extended after the company failed to intersect the targeted superconductor which lies beyond the current end of hole (519m) at a projected depth of approximately 610m.
Power Metal said that the results were in line with or exceeded some of the highest results achieved from the minimal historical exploration within Molopo.
“Although these grades are currently not at levels permitting economical extraction, they are very encouraging.”
PROJECT PARTNERS
Chief executive officer Sean Wade added that the discovery of major nickel sulphide and PGE deposits was “highly challenging”, reflecting their high demand and value.
“Some of the main challenges are to find demonstrable evidence of the right geological environment and targeted mineralisation within what is a very large area of sand covered ground – as is the case at Molopo Farms with a 1,478.6 km2 project footprint.
“These major challenges have been overcome and we have been able to confirm the postulated geological model and confirm the presence of nickel sulphides and PGEs.”
The company will now progress to the next stage of using the data to continue ground exploration.
“In this regard, conversations with potential project partners are underway as previously announced, with further interest received very recently,” added Mr Wade.
“We strongly believe that we are now in a position to significantly advance those conversations and set a course for the large-scale exploration programme that Molopo Farms needs to prove the potential for a magmatic sulphide deposit or deposits.”