Power Metal Resources said it had completed drilling the first hole (KKME 1-14) in a 2,505-metre four-hole programme for its nickel sulphide and platinum-group metal (PGM ) project in Botswana.
The hole reached the target depth of 520m with near 100% core recovery at the Molopo Farms Complex (MFC).
Power Metal added that the suite of rocks encountered in KKME 1-14 confirmed that the geology at MFC is that of a feeder zone.
The company has encountered some 167m of ultramafic rock, a potential host for PGMs and nickel, below an altered contact around 41m down the hole.
Power Metal chief executive Paul Johnson said the programme had had a “great start.”
“We have some important work to undertake utilising the core from KKME 1-14 which includes field-based core review and sample preparation for assay testing.
“Whilst the analysis of the core and down hole geophysics is being carried out at KKME 1-14, and to keep the programme running efficiently, we will now move the drill rig to the second hole location where drilling is expected to commence imminently.
“In summary, we are now full thrust into the MFC Project programme, and are already many steps forward from just a few weeks ago. “
The company is preparing samples for assay tests and expects downhole geophysics to be undertaken at the end of hole to clarify “the conductive structures” around and below the 520m hole.
KKME 1-14 was in the Jwaneng-Makopong Shear/Feeder zone to the east of the main MFC intrusion, and the following two holes are planned to intersect the same zone within the main part of the intrusion.
The MFC project is owned by the Kalahari Key Mineral Exploration Pty Ltd in which Power Metal has an 18.26% share and a 40% earn-in by funding $500,000 exploration expenditure during 2020, notably the diamond drilling.
On completion of the earn-in Power Metal will have an economic interest of 50.96% in the project.