Power Metal Resources plc said it had signed a drilling contract and is mobilising the rig to its 5,000 km2 nickel and platinum group metals (PGM) project in Haneti, central Tanzania.
NOTABLE
Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold plc.
The drill contract was signed with Amazon Drilling Ltd in Morogoro for 2,000m of rotary air blast (RAB) drilling for a planned 50 holes to a depth of 40m.
The holes will be drilled across three target areas of Milhanza Hill, Mwaka Hill and Igari Hill before a diamond drill programme.
Power Metal said pro-rata costs contribution were fully covered from existing cash resources.
The metals exploration company holds a diverse portfolio and drilling at Haneti is the third project where such programmes are underway.
Chief executive Paul Johnson said that mobilisation for the maiden drill programme at Haneti had been a long anticipated event.
“Across a project covering some 5,000 km2, we are focusing here on an initial three target areas which are part of an 80km long ultramafic belt which is prospective principally for nickel sulphide and PGM mineralisation.
“For Katoro and Power Metal this is a notable event, delivering on the promise of maiden drilling at Haneti and seeking a major metal discovery.”
HANETI
The Haneti project lies in central Tanzania and comprises tenements (prospecting licences, offers and applications) prospective for nickel, PGMs and gold.
The area was first explored in 1931 by a private prospector and then in the early 1960s the Geological Survey of Tanzania which carried out mapping, pitting, soil sampling, trenching and rock chip sampling of ultramafic outcrops on the Zoani, Mindii and Mihanza hills.
Further geological mapping and sampling was undertaken in 2006, 2007 and in 2013.
A study commissioned in 2015 identified the nickel, copper, platinum, palladium anomaly at Mihanza Hill as a target ready for drilling.
In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and results confirmed the existing knowledge base and also identified a new ultramafic subcrop.
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