Power Metal Resources plc intersected a conductive target in the second hole of its nickel sulphide-platinum group metals drill programme at Molopo Farms Complex in Botswana.
PRIORITY TARGETS
Hole 1-6 was drilled more than 500m with a further 100m expected to meet a “significant” target.
The drill programme, for an initial 2,505m in four diamond core drill holes with planned depths from 525m to 710m, aims to intersect four high priority targets.
More than 1,000m have so far been drilled from two holes with samples to be sent for assay.
Chief executive Paul Johnson said that the intersection of at least one conductive target in ultramafic rock was “most encouraging”.
“Detailed logging and analysis of the core will continue, and further sections of interest may be identified in the 26 major units intersected.
“We are told that with ultramafic rock in this area it is difficult to see sulphides on the core surface, and easier on a cut surface, so there remains work to be done to determine metal content.
“We now know that we should look deeper for a further significant target and that additional drilling work will start after the Christmas break. The drill has been left in place aligned with the hole.”
The operator at Molopo is Kalahari Key Mineral Exploration Pty Ltd in which Power Metal holds 18.26%, before a 40% earn in by funding $500,000 of exploration by 31 January 2021.
The company has to date spent $192,641 with $307,359 (£230,523) remaining.