Power Metal Resources PLC (AIM:POW) said it has identified nickel sulphides from its inaugural drillhole into target area T1-3 at its Molopo Farms Complex project in southwestern Botswana.
The presence of nickel sulphides was determined via a visual inspection of core and subsequent analysis utilising a portable X-Ray Fluorescence spectrometer, said the London-listed explorer.
The initial core review identified visible nickel sulphides at 327 metres (m) and within the interval from 348m-354m, it said, emphasising that this was an initial review and that the core will still need to be assay tested at an accredited laboratory once the drill hole reaches its targeted depth of about 450m.
The drillhole is currently at around a depth of 355.7m.
"The Molopo Farms Complex project represents a substantial discovery opportunity, both in terms of size and potential, and I am thrilled to report the presence of the targeted nickel sulphides from the inaugural drillhole into target area T1-3, which is an immense target,” said Power Metal chief executive Paul Johnson in a statement.
Power Metal also provided a drilling update at two other targets - T1-14 and T1-6 - at the project.