Power Metal Resources PLC (AIM:POW) said exploration drilling at the Molopo Farms Complex (MFC) project in Botswana has confirmed the presence of nickel sulphides and platinum group metals, but not yet in economic quantities.
The junior carried out a total of 2,402.8 metres of drilling across five drill holes targeting four individual target areas, resulting in multiple intersections of nickel, platinum and also gold.
One hole also indicated a superconductor target lay deeper than the drill's target depth, said the statement.
Sean Wade, chief executive, commented that the exploration programme had been "challenging" but Power Metal had been able "to confirm the postulated geological model and confirm the presence of nickel sulphides and PGEs".
“It is now time to move to the next stage where the knowledge and data we have assembled can be deployed in continuing ground exploration."
Based on the drill results, including historical drilling and petrographic results, he said "it is evident that the MFC has the required ingredients which would allow for the formation of a magmatic sulphide deposit.
“In this regard, conversations with potential project partners are underway as previously announced, with further interest received very recently.”