Power Metal Resources PLC (LON:POW) welcomed a £100,000 fundraise from Katoro Gold to advance the Haneti nickel project in Tanzania.
The AIM-listed metals explorer has a direct 25% interest in the project with a right to increase its interest to 35% through the payment to Katoro Gold of £25,000 in cash by 15 May 2020.
WATCH: Power Metal Resources confirms nickel sulphide targets at its Botswana project
Power’s chief executive Paul Johnson said it is “working closely” with Katoro to review the full extent of Haneti’s resources, which as well as nickel might be also be economic quantities of platinum, gold, copper, lithium and rare earth elements.
As well as its direct stake in the Haneti project, Power owns a 6% shareholding in Katoro Gold.