Power Metal Resources plc said it had found extensive historical gold workings and dumps at its 100% owned Tati gold-nickel project within the prolific Tati Greenstone Belt near Francistown, Botswana.
TATI
Chief executive Paul Johnson described the initial findings as “extremely positive”.
The project covers prospecting licences for gold and nickel mineralisation including PL126/2019, PL127/2019, and the newly acquired 16.14km2 PL049/2022 covering the historic Cherished Hope gold mine.
GOLD WORKINGS
Power Metal completed a site visit to the Cherished Hope mine where ground mapping showed “significantly” more extensive historical gold workings than the company had previously understood.
At least 10 individual workings comprising vertical shafts and trial pits, extend over some 175m of strike-length.
DUMPS
Power Metal added that two fines dumps with waste material from Cherished Hope lay near the historical workings.
A survey, including sampling, will determine the volume of fines material in each dump to estimate the amount of contained gold.
The company said that operational processing plants in the Tati Greenstone Belt commonly extracted potentially economic gold from lower grade material.
EARLY REVENUE
Power Metal is investigating the dumps as a potential source of low-cost near-term revenue to help fund “more extensive and expeditious exploration activities”.
The Cherished Hope gold mine and fines dumps cover only a small portion of the gold-in-soil anomaly which extends across the majority of PL049/2022.
EXPLORATION & DRILLING
The company is reviewing the report from the site visit covering the newly acquired licence and finalising next exploration steps.
Power Metal is additionally planning an early and low-cost reverse circulation (RC) drilling programme to test the along-strike and down-dip extent of the Cherished Hope mineralised quartz reef structures.
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