Power Metal Resources PLC (LON:POW) said drilling has commenced at the Molopo Farms Complex project in Botswana, owned by Kalahari Key Mineral Exploration Pty Ltd (KKME) in which it has an 18.26% stake.
The AIM-listed metals explorer said the initial drilling covers the first of four planned holes constituting a phase one programme at the project, which is for an initial planned 2,505 metres with depths to vary from 525mln to 710m.
The first hole has been designed to intersect the first of an initial four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (EM) and Natural Field Audio Magneto Telluric (NF-AMT) geophysics surveys.
The drilling, logging and sampling are being overseen at the site by an experienced independent geological consultancy in line with international best practice, the company said, adding that drilling and hole casing is commencing with a rotary tri-cone drill bit through the Kalahari sand cover before switching to a diamond core drill bit at HQ and NQ core diameters for drilling through the host lithologies.
The core will undergo geological and geotechnical logging and photography ahead of appropriate core sampling and analysis by a laboratory.
“We are very pleased to report the commencement of drilling at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation. The drilling is the culmination of a great deal of high quality technical work and studies undertaken by KKME including a helicopter magnetics and electromagnetics survey and targeted Time Domain Electromagnetic and Natural Field Audio Magneto Telluric…ground geophysics surveys”, Power Metal’s chief executive Paul Johnson said in a statement.
“The technical work is being overseen by a respected independent geological consultancy who have good experience of working on this style of target mineralisation and within Botswana. We look forward to providing further updates as the drill programme progresses”, he added.
Shares in Power Metal surged 15.4% to 1.6p in late-afternoon trading on Thursday.