Power Metal Resources PLC (LON:POW) has noted the completion of ground geophysics at the Molopo Farms Complex in Botswana.
The Africa-focused exploration firm said that the results from the programme, carried out by project owner Kalahari Key Mineral Exploration in which it owns an 18.26% stake, would now be interpreted and used to design a drill programme to test key targets.
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Paul Johnson, Power Metal’s executive director, said that the results of the interpretation process were expected “later this month”.
In addition to its current shareholding, the company also has a right by 31 December 2019 to earn a 40% interest in the Molopo project by investing US$500,000 by the end of 2020.
If the firm decides to exercise the right, it will hold a 50.96% stake in the Molopo project.
In late-morning trading on Tuesday, Power Metal’s shares were steady at 0.5p.