Power Metal Resources plc has failed to find economically significant intersections of nickel from drilling results at the Haneti project in central Tanzania.
LITHIUM
The company said it was planning advanced targeting and re-engagement with potential partners.
The joint venture, between Power Metal (35%) and operator Kotoro Gold (65%), includes the new Babayu lithium prospect, 40km southwest of Haneti.
In early 2022, the JV conducted diamond drilling at Haneti and prospecting and rock sampling at Babayu.
Rock sampling results highlighted “significant” lithium and tantalum potential with lithium-caesium-tantalum pegmatite mineralisation outlined over a 600m strike-length.
“The chip sample results (up to >10,000ppm Li and 2,680ppm Ta) and strike length combined with the perceived shallow dip of the main pegmatite body show the potential for a significant near-surface mineralised body that warrants further assessment and evaluation,” added Power Metal.
The JV has also applied for licences in the lithium prospective areas.
Chief executive Paul Johnson said that there had previously been less focus on assessing lithium prospectivity.
“The results of this work have confirmed significant lithium potential and the JV is now implementing a lithium consolidation strategy to build our interests in this area.
“Drilling has confirmed the presence of nickel [at Haneti] albeit not as yet in economically significant intersections.
“However with the information from the programme we can now undertake more advanced targeting for next stage exploration.
“We are targeting the discovery of economic nickel with the work programme going forward.”