Power Metal Resources plc said it was encouraged by the technical and geological success of its first diamond drill programme on the nickel-copper-cobalt-platinum group element Haneti project in central Tanzania.
PROGRAMME
The joint venture (JV) between Katoro Gold plc (65%) and Power Metal (35) drilled 900.04 metres across three holes.
Operator Katoro has started core logging and sampling in readiness for laboratory assay testing for nickel, copper, platinum, palladium, cobalt, chromium and gold.
GEOLOGICAL MODEL
Power Metal chief executive Paul Johnson said that the JV had completed the drill programme on time and within budget.
“We are cautious with early interpretations until the core logging and testing is complete.
“What we can say is that we have seen thick sections of ultramafic* rocks and have postulated that the anticipated geological model has been demonstrated from the core recovered.
“We are encouraged by the technical and geological success so far.”
* ultramafic rocks are a group of igneous and meta-igneous rocks with a very low silica content (less than 45%), generally >18% MgO, high FeO, low potassium, and are composed of usually greater than 90% mafic minerals (dark colored, high magnesium and iron content).