Power Metal Resources said it had identified additional visible sulphides as the company awaits test results from its nickel sulphide and platinum group metals project (PGM) in Molopo Farms Complex (MFC), Botswana.
The metal mining company added that that up to 14 new targets in order of priority for ground exploration work have also been identified.
These are based on a report from Aster Funds Ltd based in Toronto on ‘Satellite-Based Long Wave Infrared (LWIR), Short Wave Infrared (SWIR) and Synthetic Aperture Radar (SAR) Mapping’.
“So far we are encouraged by the indications from core logging, and await assay results and mineralogical studies to confirm the sulphide minerals present,” said chief executive Paul Johnson.
“To be absolutely clear we make no assumption as to which sulphide minerals are present and await the assay results, and those results will likely guide the next exploration steps.”
The visible suphides are in Power Metal’s second diamond drill hole, KKME 1-6. bityl.co/5hzL
It has been continued from 547 metres to a final depth of 598m in ultramafic rocks. The company said that the extra depth would provide further core from the geophysical target depth and assist in further geophysical interpretation.
Core from KKME 1-6 and from the first drill hole at KKME 1-14 has been transported to Lobatse where it is being cut by the Botswana Geoscience Institute.
Selected half core samples will be sent to a South African assay laboratory for base and precious metal analysis, this week.
Logging KKME 1-6 cut core has identified disseminated sulphide mineralisation below 500m drill hole depth, notably in the section marked as a target by the geophysics.
This is further to disseminated sulphide mineralisation identified around 308-313m drill hole depth from the initial KKME 1-6 core inspection.
Power Metal said it had signed an agreement with the University of Witwatersrand in Johannesburg, and selected quarter core samples will be sent to the university’s Geology Department this week for mineralogical and thin section analysis.
The company added it expected to acquire down-hole geophysics data during the next phase of the current programme.
This should help identify any massive sulphide mineralisation near the disseminated sulphides encountered at around 308-313m drill hole depth and below 500m drill hole depth, in angled hole KKME 1-6.
“Substantial new data continues to be generated on a relatively untested environment, advancing a journey of discovery in a geological setting where there is the clear potential for large scale metal deposits,” added Mr Johnson.
The operator at MFC is Kalahari Key Mineral Exploration Pty Ltd.
Power Metal currently 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 expenditure by 30 April 2021, notably the diamond drilling of selected targets.
To date, Power Metal has paid $392,641 leaving a balance of $107,359 (£76,801) which is fully covered by the company’s cash resources.