Power Metal Resources PLC (AIM:POW, OTCQB:POWMD) said drilling in Target Area T1-14 at the Molopo Farms Complex project in Botswana had intersected its target of a steeply dipping geophysical superconductor.
A diamond core drill hole, DDH1-14C, was completed to a final depth of 832.6m aiming for a superconductor identified by ground moving loop electromagnetic (MLEM) and audio-frequency magnetotelluric (AMT) surveys.
Power Metal added its geologists have concluded the superconductor is a sulphide mineralised carbonaceous to graphitic mudstone, which was intersected between 760.5m - 813m downhole depth and from 828.4m - 832.6m (end of hole) where it remains open at depth.
A total of 8 samples were collected from this interval for laboratory assay testing.
Significant sulphur assays of up to 3.46% were identified, alongside one sample which returned anomalous nickel (IMK-05242: 0.128%).
“This shows that the carbonaceous mudstones are a potential source of sulphur which, if mixed with the ultramafic intrusives of the Molopo Farms Complex, could lead to the formation of nickel sulphide deposits,” said the statement.
"The importance of sulphur within these systems cannot be understated, considering that without abundant sulphur, magmatic sulphide deposits cannot form.
“With the successful identification of this sulphide-rich horizon, the Company has further confidence in the ability of the Molopo Farms Complex to host a nickel sulphide deposit or deposits.
Sean Wade, Power Metal's chief executive, added: "We achieved our principal objective, which was the intersection of the sharply dipping conductor.
“As we have always maintained, Molopo Farms is a potential district-scale deposit, and for that to be ascertained, considerable investment needs to be made at this stage to undertake the scale of exploration required.
“The company continues to look at possible solutions to this requirement, which is aided by the extensive exploration data gathered, the potential for discovery and the supportive operating environment for this type of opportunity in Botswana.”