Power Metal Resources PLC (LON:POW) said the second drill hole at Molopo Farms complex in Botswana has reached just over half target depth and has indicated possible further confirmation of the geological model.
Partner Kalahari Key Mineral Exploration is in charge of the four-hole programme and is targeting prospective massive nickel sulphide and platinum metals (PGM) mineralisation.
Paul Johnson. Power Metal Resources’ chief executive, said: “Further significant progress has been achieved with the geological model of the feeder zone being demonstrated through the core from the first and second holes.
“The first hole produced 167 metres of ultramafic rock and this second hole has already produced about 260 metres of ultramafic rock, which has potential to host nickel and PGMs, and will be subject to assay testing.
“After a short weekend break, the drilling team will now continue the hole down to the target depth of circa 500 metres.”
Power Metal currently has an 18.26% shareholding in Kalahari Key and has elected to earn into a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure.
To date, Power Metal has paid US$192,641 leaving a balance remaining of US$307,359, which it now has until 31 January 2021 to spend following an agreement to extend the deadline by one month.