logo-loader
Power Metal Resources

Power Metal Resources notes completion of ground geophysics at Molopo Farms Complex

The results of the programme will now be used to plan drilling at the project to test key targets

Power Metal Resources - Power Metal Resources notes completion of ground geophysics at Molopo Farms Complex
Power Metal has an 18.26% stake in the Molopo project

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.

READ: Power Metal Resources takes option over cobalt licence in DRC

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.

Quick facts: Power Metal Resources

Price: £0.00

Market: AIM
Market Cap: £1.77 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Power Metal Resources named herein, including the promotion by the Company of Power Metal Resources in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Glencore mine shutdown could prompt a near-term price hike in Cobalt

Mining Capital's Alastair Ford says the closure of Glencore’s Mutanda mine in the DRC comes in response to the collapse in the cobalt price over the last year or so. ''The price went very high in 2017 and then came back down and now it's at the $15/lb level which is where it started its rise...

2 days, 19 hours ago

2 min read