Power Metal Resources PLC (AIM:POW, FRA:2M5) said it has completed the Phase I work programme on its two gold-nickel licences in the Tati Greenstone Belt near Francistown, Botswana.
The explorer exercised an option to acquire a 100% interest in the project last week, through its local wholly-owned operating subsidiary Power Metal Resources Botswana.
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"The completion of this Phase I programme so quickly after option exercise is a key step for Power Metal and we look forward to receipt of test results from the 1,156 soil and rock samples collected,” said chief executive Paul Johnson in a release.
“The due diligence work completed earlier this year by our exploration teams demonstrated multiple multi-kilometre arsenic, gold, and nickel anomalies, and we believe the results from our Phase I ground exploration programme will continue to demonstrate the size, scale and magnitude of the targets that exist within the licences.”
“We expect the results generated will allow us to plan for our Phase II Programme which will include geophysics, as well as Rotary Airblast drilling, which is planned for late summer 2021,” he continued.
Shares rose 1% to 2.12p on Wednesday morning.