Power Metal Resources plc announced that diamond drilling had started on the third hole at its nickel sulphide and platinum group metals project at Molopo Farms Complex (MFC) in Botswana.
Site operator Kalahari Key Mineral Exploration Pty Ltd began drilling hole KKME 1-11a as part of a planned 2,505 metre programme.
Power Metal said that KKME 1-11a was inclined at 60 degrees and had a planned down-hole target depth of 450m to the upper side of a conductive body modelled from geophysical survey data.
Drilling restarted last Thursday (11 March) after stopping in early January for an extensive technical review. bityl.co/5zjU
By Friday the drillers had reached 106.4m down-hole depth in ultramafic rocks situated immediately below the Kalahari sands.
Power Metal chief executive Paul Johnson said that work had restarted after an agreed period of no-cost stand-by.
“We paused drilling between holes two and three to review the extensive technical information gathered and to determine the optimal target for the third hole on the basis of the technical review work undertaken.
“This hole is designed to test a conductive geophysical body within the Chipo (Gift) Northern Target Area.
“Core samples from the previous two holes have been submitted for assay and compositional analysis and we await the results.”
Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in to a 40% direct interest in the MFC project by funding $500,000 of exploration by 30 April 2021, including the diamond drilling of selected targets.
On completion of the earn-in, Power Metal will have an effective economic interest of 50.96% in the project.
To date, Power Metal has funded $408,141 of the $500,000 earn-in requirement, with $91,859 (£65,991) remaining to complete the earn-in funding requirement.